FLEETCOR Reports Third Quarter 2022 Financial Results
11/02/2022 - 04:05 PM
Completes Three Capability Acquisitions
ATLANTA --(BUSINESS WIRE)--
FLEETCOR Technologies, Inc. (NYSE: FLT), a leading global business payments company, today reported financial results for its third quarter ended September 30, 2022 .
“We reported another strong quarter, with revenues and adjusted net income per share growth of 18% and 21% , respectively,” said Ron Clarke , chairman and chief executive officer, FLEETCOR . “Organic revenue growth was 13% for the quarter, driven by more than 20% growth in both corporate payments and lodging. We completed three capability acquisitions, including EV, corporate payments and an international lodging tuck-in.”
Financial Results for Third Quarter of 2022:
GAAP Results
Total revenues increased 18% to $893.0 million in the third quarter of 2022, compared to $755.5 million in the third quarter of 2021.
Net income increased 6% to $248.9 million in the third quarter of 2022, compared to $234.0 million in the third quarter of 2021.
Net income per diluted share increased 18% to $3.29 in the third quarter of 2022, compared to $2.80 per diluted share in the third quarter of 2021.
Non-GAAP Results1
Adjusted net income1 increased 9% to $320.7 million in the third quarter of 2022, compared to $294.4 million in the third quarter of 2021.
Adjusted net income per diluted share1 increased 21% to $4.24 in the third quarter of 2022, compared to $3.52 per diluted share in the third quarter of 2021.
“Our third quarter results came in ahead of the expectations we provided in August for revenue, which grew 21% at constant currency, and also adjusted net income per share compared to prior year,” said Alissa Vickery , interim chief financial officer, FLEETCOR . “Our businesses continued the positive trends from the first half of the year, with the majority of the third quarter outperformance coming from organic growth. We repurchased $500 million of FLEETCOR stock in the quarter.”
Updated Fiscal Year 2022 Outlook:
“We are raising full-year 2022 revenue guidance slightly, to reflect our outperformance in the third quarter and maintaining full-year adjusted net income per share guidance, despite unfavorable exchange rates, higher interest and bad debt expense,” concluded Vickery.
For fiscal year 2022, FLEETCOR's updated financial guidance1 is as follows:
Total revenues between $3,400 million and $3,420 million ;
Net income between $939 million and $959 million ;
Net income per diluted share between $12.24 and $12.44 ;
Adjusted net income between $1,216 million and $1,236 million ; and
Adjusted net income per diluted share between $15.85 and $16.05 .
FLEETCOR’s guidance assumptions are as follows for the fourth quarter:
Weighted average U.S. fuel prices equal to $4.25 per gallon;
Market spreads favorable to the fourth quarter of 2021;
Approximately 74.5 million fully diluted shares outstanding;
A tax rate of 27.0% to 28.0% ; and
Foreign exchange rates equal to the month-to-date average as of October 26, 2022 .
FLEETCOR’s guidance assumptions are as follows for 2022:
Interest expense between $157 million and $167 million for 2022, which assumes an average reference rate of 3.75% for the fourth quarter;
Approximately 77 million fully diluted shares outstanding for 2022; 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 2-5. 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 2022 financial results today at 5:00 pm ET . Hosting the call will be Ron Clarke , chief executive officer, Alissa Vickery , interim chief financial officer and Jim Eglseder , investor relations. The conference call can be accessed live via webcast from the Company's investor relations website at http://investor.fleetcor.com . A replay will be available one hour after the call and can be accessed by dialing (844) 825-9789 or (412) 317-5180 for international callers; the conference ID is 10172757. The replay will be available until Wednesday November 9, 2022 . Prior to the conference call, the Company will post supplemental financial information that will be discussed during the call and live webcast.
Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about FLEETCOR’s beliefs, assumptions, expectations and future performance, are forward-looking statements. Forward-looking statements can be identified by the use of words such as “anticipate,” “intend,” “believe,” “estimate,” “plan,” “seek,” “project” or “expect,” “may,” “will,” “would,” “could” or “should,” the negative of these terms or other comparable terminology.
These forward-looking statements are not a guarantee of performance, and you should not place undue reliance on such statements. We have based these forward-looking statements largely on preliminary information, internal estimates and management assumptions, expectations and plans about future conditions, events and results. Forward-looking statements are subject to many uncertainties and other variable circumstances, such as 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 coronavirus (including any variants thereof, “COVID-19”) or new outbreaks thereof, including in China ; the impact of vaccine mandates on our workforce in certain jurisdictions; adverse changes or volatility in fuel prices and spreads and the current inflationary environment; adverse changes in program fees or charges we may collect, whether through legal, regulatory or contractual changes; adverse outcomes with respect to current and future legal proceedings or investigations, including without limitation, the FTC lawsuit, or actions of governmental, regulatory or quasi-governmental bodies or standards or industry organizations with respect to our payment cards; delays or failures associated with implication of, or adaption to, new technology, changes in credit risk of customers and associated losses; failure to maintain or renew key business relationships; failure to maintain competitive product offerings; failure to complete, or delays in completing, acquisitions, new partnerships or customer arrangements; and to successfully integrate or otherwise achieve anticipated benefits from such acquisitions, partnerships, and customer arrangements; failure to successfully expand and manage our business internationally; and other risks related to our international operations, including the impact of the conflict between Russia and Ukraine on our business and operations, the potential impact to our business as a result of the United Kingdom’s referendum to leave the European Union ; the impact of foreign exchange rates on operations, revenues and income; and the failure or compromise of our data centers and other information technology assets; as well as the other risks and uncertainties identified under the caption "Risk Factors" in FLEETCOR's Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission (“SEC”) on March 1, 2022 and subsequent filings with the SEC made by us. These factors could cause our actual results and experience to differ materially from any forward-looking statement made herein. The forward-looking statements included in this press release are made only as of the date hereof and we do not undertake, and specifically disclaim, any obligation to update any such statements as a result of new information, future events or developments, except as specifically stated or to the extent required by law. You may access FLEETCOR’s SEC filings for free by visiting the SEC web site at www.sec.gov .
About Non-GAAP Financial Measures:
This press release includes non-GAAP financial measures, which are used by the Company as supplemental measures to evaluate its overall operating performance. The Company’s definitions of the non-GAAP financial measures used herein may differ from similarly titled measures used by others, including within our industry. By providing these non-GAAP financial measures, together with reconciliations to the most directly comparable GAAP financial measures, we believe we are enhancing investors’ understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing strategic initiatives. See the appendix for additional information regarding these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP measure.
Adjusted net income is calculated as net income, adjusted to eliminate (a) non-cash share based compensation expense related to share based compensation awards, (b) amortization of deferred financing costs, discounts, intangible assets, and amortization of the premium recognized on the purchase of receivables, (c) integration and deal related costs, and (d) other non-recurring items, including unusual credit losses 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 and related legal fees. We adjust net income for the tax effect of non-tax items using our effective income tax rate, exclusive of discrete tax items. We calculate adjusted net income and adjusted net income per diluted share to eliminate the effect of items that we do not consider indicative of our core operating performance.
Adjusted net income and adjusted net income per diluted share are supplemental measures of operating performance that do not represent and should not be considered as an alternative to net income, net income per diluted share or cash flow from operations, as determined by U.S. generally accepted accounting principles, or U.S. GAAP. We believe it is useful to exclude non-cash share based compensation expense from adjusted net income because non-cash equity grants made at a certain price and point in time do not necessarily reflect how our business is performing at any particular time and share based compensation expense is not a key measure of our core operating performance. We also believe that amortization expense can vary substantially from company to company and from period to period depending upon their financing and accounting methods, the fair value and average expected life of their acquired intangible assets, their capital structures and the method by which their assets were acquired; therefore, we have excluded amortization expense from our adjusted net income. Integration and deal related costs represent business acquisition transaction costs, professional services fees, short-term retention bonuses and system migration costs, etc., that are not indicative of the performance of the underlying business. We also believe that certain expenses, discrete tax items, recoveries (e.g. legal settlements, write-off of customer receivable, etc.), gains and losses on investments, and impairment charges do not necessarily reflect how our investments and business are performing. We adjust net income for the tax effect of each of these non-tax items using the effective tax rate during the period, exclusive of discrete tax items.
Organic revenue growth is calculated as revenue growth in the current period adjusted for the impact of changes in the macroeconomic environment (to include fuel price, fuel price spreads and changes in foreign exchange rates) over revenue in the comparable prior period adjusted to include or remove the impact of acquisitions and/or divestitures and non-recurring items that have occurred subsequent to that period. We believe that organic revenue growth on a macro-neutral, one-time item, and consistent acquisition/divestiture/non-recurring item basis is useful to investors for understanding the performance of FLEETCOR .
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 FLEETCOR®
FLEETCOR Technologies (NYSE: FLT) is a leading global business payments company that helps businesses spend less by providing innovative solutions that enable and control expense-related purchasing and payment processes. The FLEETCOR portfolio of brands automate, secure, digitize and manage payment transactions on behalf of businesses across more than 100 countries in North America , Latin America , Europe , and Asia Pacific . For more information, please visit www.FLEETCOR.com .
FLEETCOR Technologies, Inc. and Subsidiaries
Unaudited Consolidated Statements of Income
(In thousands, except per share amounts)
Three Months Ended September 30 ,
Nine Months Ended September 30 ,
2022
2021
% Change
2022
2021
% Change
Revenues, net
$
893,000
$
755,477
18
%
$
2,543,519
$
2,031,481
25
%
Expenses:
Processing
203,315
149,564
36
%
563,097
388,286
45
%
Selling
74,005
71,204
4
%
230,218
186,511
23
%
General and administrative
149,294
121,785
23
%
440,262
345,155
28
%
Depreciation and amortization
77,213
74,237
4
%
232,489
209,184
11
%
Other operating, net
3
—
82
81
1
%
Total operating expense
503,830
416,790
21
%
1,466,148
1,129,217
30
%
Operating income
389,170
338,687
15
%
1,077,371
902,264
19
%
Other expenses:
Investment loss (gain)
174
—
NM
519
(9
)
NM
Other expense (income), net
3,688
1,532
NM
6,187
(2,547
)
NM
Interest expense, net
45,410
29,033
56
%
90,510
92,269
(2
) %
Loss on extinguishment of debt
—
—
NM
1,934
6,230
NM
Total other expense
49,272
30,565
61
%
99,150
95,943
3
%
Income before income taxes
339,898
308,122
10
%
978,221
806,321
21
%
Provision for income taxes
91,013
74,115
23
%
249,213
191,828
30
%
Net income
$
248,885
$
234,007
6
%
$
729,008
$
614,493
19
%
Basic earnings per share
$
3.34
$
2.86
17
%
$
9.55
$
7.42
29
%
Diluted earnings per share
$
3.29
$
2.80
18
%
$
9.38
$
7.24
30
%
Weighted average shares outstanding:
Basic shares
74,461
81,836
76,311
82,811
Diluted shares
75,558
83,716
77,687
84,917
NM- Not Meaningful
FLEETCOR Technologies, Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands)
September 30, 2022
December 31, 2021
(Unaudited)
Assets
Current assets:
Cash and cash equivalents
$
1,317,544
$
1,520,027
Restricted cash
983,336
730,668
Accounts and other receivables (less allowance)
2,184,629
1,793,274
Securitized accounts receivable — restricted for securitization investors
1,482,000
1,118,000
Prepaid expenses and other current assets
618,559
326,079
Total current assets
6,586,068
5,488,048
Property and equipment, net
272,589
236,294
Goodwill
5,068,954
5,078,978
Other intangibles, net
2,169,232
2,335,385
Investments
74,349
52,016
Other assets
314,832
213,932
Total assets
$
14,486,024
$
13,404,653
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$
1,693,988
$
1,406,350
Accrued expenses
389,953
369,054
Customer deposits
1,599,853
1,788,705
Securitization facility
1,482,000
1,118,000
Current portion of notes payable and lines of credit
994,088
399,628
Other current liabilities
478,283
208,614
Total current liabilities
6,638,165
5,290,351
Notes payable and other obligations, less current portion
4,745,122
4,460,039
Deferred income taxes
571,448
566,291
Other noncurrent liabilities
304,237
221,392
Total noncurrent liabilities
5,620,807
5,247,722
Commitments and contingencies
Stockholders’ equity:
Common stock
128
127
Additional paid-in capital
3,001,687
2,878,751
Retained earnings
6,985,450
6,256,442
Accumulated other comprehensive loss
(1,660,445
)
(1,464,616
)
Treasury stock
(6,099,768
)
(4,804,124
)
Total stockholders’ equity
2,227,052
2,866,580
Total liabilities and stockholders’ equity
$
14,486,024
$
13,404,653
FLEETCOR Technologies, Inc. and Subsidiaries
Unaudited Consolidated Statements of Cash Flows
(In thousands)
Nine Months Ended September 30 ,
2022
2021
Operating activities
Net income
$
729,008
$
614,493
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
67,066
55,605
Stock-based compensation
100,828
52,085
Provision for credit losses on accounts and other receivables
89,976
19,419
Amortization of deferred financing costs and discounts
5,949
4,903
Amortization of intangible assets and premium on receivables
165,423
153,579
Loss on extinguishment of debt
1,934
6,230
Deferred income taxes
(7,987
)
10,051
Other
601
72
Changes in operating assets and liabilities (net of acquisitions):
Accounts and other receivables
(950,237
)
(1,020,900
)
Prepaid expenses and other current assets
(300,600
)
190,543
Other assets
(105,013
)
28,370
Accounts payable, accrued expenses and customer deposits
641,659
485,091
Net cash provided by operating activities
438,607
599,541
Investing activities
Acquisitions, net of cash acquired
(160,117
)
(545,052
)
Purchases of property and equipment
(107,631
)
(74,455
)
Other
—
(2,281
)
Net cash used in investing activities
(267,748
)
(621,788
)
Financing activities
Proceeds from issuance of common stock
22,109
48,159
Repurchase of common stock
(1,295,644
)
(822,277
)
Borrowings on securitization facility, net
364,000
398,000
Deferred financing costs paid and debt discount
(10,282
)
(21,508
)
Proceeds from issuance of notes payable
3,000,000
1,150,000
Principal payments on notes payable
(2,800,500
)
(462,438
)
Borrowings from revolver
4,338,000
1,140,000
Payments on revolver
(3,658,000
)
(798,851
)
Borrowings (payments) on swing line of credit, net
194
(51,049
)
Other
—
(811
)
Net cash (used in) provided by financing activities
(40,123
)
579,225
Effect of foreign currency exchange rates on cash
(80,551
)
(24,660
)
Net increase in cash and cash equivalents and restricted cash
50,185
532,318
Cash and cash equivalents and restricted cash, beginning of period
2,250,695
1,476,619
Cash and cash equivalents and restricted cash, end of period
$
2,300,880
$
2,008,937
Supplemental cash flow information
Cash paid for interest, net
$
138,310
$
96,146
Cash paid for income taxes, net
$
309,567
$
147,028
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 September 30 ,
Nine Months Ended September 30 ,
2022
2021
2022
2021
Net income
$
248,885
$
234,007
$
729,008
$
614,493
Stock based compensation
34,180
16,453
100,828
52,085
Amortization1
55,748
56,381
171,372
158,482
Integration and deal related costs
4,861
6,638
14,071
18,132
Legal settlements/litigation
2,783
561
4,685
5,619
Restructuring and related costs
507
(568
)
1,270
(1,931
)
Loss on extinguishment of debt
—
—
1,934
6,230
Total pre-tax adjustments
98,079
79,465
294,160
238,617
Income taxes2
(26,262
)
(19,114
)
(86,667
)
(48,193
)
Adjusted net income
$
320,702
$
294,358
$
936,501
$
804,917
Adjusted net income per diluted share
$
4.24
$
3.52
$
12.06
$
9.48
Diluted shares
75,558
83,716
77,687
84,917
1 Includes amortization related to intangible assets, premium on receivables, deferred financing costs and debt discounts.
2 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.
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 September 30 ,
Three Months Ended September 30 ,
2022
2021
Change
%
Change
2022
2021
Change
%
Change
FUEL
- Revenues, net
$361.8
$306.8
$55.0
18%
$321.2
$306.9
$14.3
5%
- Transactions
123.8
117.7
6.1
5%
123.8
119.1
4.7
4%
- Revenues, net per transaction
$2.92
$2.61
$0.31
12%
$2.59
$2.57
$0.02
1%
CORPORATE PAYMENTS
- Revenues, net
$196.9
$168.7
$28.3
17%
$205.0
$169.0
$36.0
21%
- Spend volume
$30,609
$25,666
$4,943
19%
$30,609
$25,666
$4,943
19%
- Revenues, net per spend $
0.64%
0.66%
(0.01)%
(2)%
0.67%
0.66%
0.01%
2%
TOLLS
- Revenues, net
$88.6
$79.0
$9.6
12%
$88.8
$79.0
$9.7
12%
- Tags (average monthly)
6.2
6.0
0.3
4%
6.2
6.0
0.3
4%
- Revenues, net per tag
$14.26
$13.25
$1.01
8%
$14.29
$13.25
$1.03
8%
LODGING
- Revenues, net
$126.0
$85.2
$40.7
48%
$126.6
$99.1
$27.6
28%
- Room nights
9.9
7.6
2.2
29%
9.9
8.7
1.2
14%
- Revenues, net per room night
$12.78
$11.14
$1.64
15%
$12.85
$11.41
$1.44
13%
GIFT
- Revenues, net
$52.0
$48.6
$3.3
7%
$53.2
$48.6
$4.6
9%
- Transactions
249.4
256.2
(6.7)
(3)%
249.4
256.2
(6.7)
(3)%
- Revenues, net per transaction
$0.21
$0.19
$0.02
10%
$0.21
$0.19
$0.02
12%
OTHER 1
- Revenues, net
$67.7
$67.2
$0.5
1%
$71.3
$67.2
$4.1
6%
- Transactions
10.5
8.9
1.6
18%
10.5
8.9
1.6
18%
- Revenues, net per transaction
$6.46
$7.58
$(1.12)
(15)%
$6.80
$7.58
$(0.78)
(10)%
FLEETCOR CONSOLIDATED REVENUES
- Revenues, net
$893.0
$755.5
$137.5
18%
$866.1
$769.7
$96.3
13%
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, net by Geography*
Three Months Ended September 30 ,
Nine Months Ended September 30 ,
2022
%
2021
%
2022
%
2021
%
US
$
558
63
%
$
488
65
%
$
1,558
61
%
$
1,271
63
%
Brazil
109
12
%
95
13
%
323
13
%
262
13
%
UK
90
10
%
82
11
%
278
11
%
241
12
%
Other
136
15
%
91
12
%
384
15
%
256
13
%
Consolidated Revenues, net
$
893
100
%
$
755
100
%
$
2,544
100
%
$
2,031
100
%
*Columns may not calculate due to rounding.
Revenues, net by Solution*
Three Months Ended September 30 ,
Nine Months Ended September 30 ,
2022
%
2021
%
2022
%
2021
%
Fuel
$
362
41
%
$
307
41
%
$
1,027
40
%
$
864
43
%
Corporate Payments
197
22
%
169
22
%
570
22
%
425
21
%
Tolls
89
10
%
79
10
%
265
10
%
219
11
%
Lodging
126
14
%
85
11
%
337
13
%
206
10
%
Gift
52
6
%
49
6
%
147
6
%
124
6
%
Other
68
8
%
67
9
%
197
8
%
192
9
%
Consolidated Revenues, net
$
893
100
%
$
755
100
%
$
2,544
100
%
$
2,031
100
%
*Columns may not calculate due to rounding.
Exhibit 4
Segment Results*
(In thousands)
(Unaudited)
Three Months Ended September 30 ,
Nine Months Ended September 30 ,
20221
2021
% Change
20221
2021
% Change
Revenues, net:
Fleet
$
395,203
$
343,194
15
%
$
1,124,157
$
971,258
16
%
Corporate Payments
196,941
168,684
17
%
570,408
425,466
34
%
Lodging
125,961
85,214
48
%
337,438
206,498
63
%
Brazil
108,583
94,888
14
%
322,945
262,481
23
%
Other2
66,312
63,497
4
%
188,571
165,778
14
%
$
893,000
$
755,477
18
%
$
2,543,519
$
2,031,481
25
%
Operating income:
Fleet
$
192,598
$
181,787
6
%
$
547,233
$
501,406
9
%
Corporate Payments
69,669
53,512
30
%
193,735
146,526
32
%
Lodging
63,463
44,027
44
%
161,802
98,801
64
%
Brazil
44,646
39,943
12
%
123,591
105,499
17
%
Other2
18,794
19,418
(3
) %
51,010
50,032
2
%
$
389,170
$
338,687
15
%
$
1,077,371
$
902,264
19
%
Depreciation and amortization:
Fleet
$
34,897
$
36,378
(4
) %
$
104,531
$
109,417
(4
) %
Corporate Payments
15,864
15,526
2
%
48,936
37,079
32
%
Lodging
10,474
7,301
43
%
31,329
17,685
77
%
Brazil
13,756
12,910
7
%
41,164
38,091
8
%
Other2
2,222
2,122
5
%
6,529
6,912
(6
) %
$
77,213
$
74,237
4
%
$
232,489
$
209,184
11
%
Capital expenditures:
Fleet
$
20,960
$
15,107
39
%
$
55,197
$
41,825
32
%
Corporate Payments
5,952
3,799
57
%
15,598
9,154
70
%
Lodging
3,309
1,555
113
%
7,068
3,419
107
%
Brazil
9,273
6,455
44
%
22,871
15,580
47
%
Other2
9,273
1,774
423
%
6,897
4,477
54
%
$
48,767
$
28,690
70
%
$
107,631
$
74,455
45
%
1 Results from Levarti acquired in the first quarter of 2022 are reported in our Lodging segment. Results from Accrualify and Plugsurfing acquired in the third quarter of 2022 are reported in our Corporate Payments and Fleet segments, respectively.
2 Other includes gift and payroll card components.
* In the second quarter of 2022, in order to align with recent changes in the organizational structure and management reporting, the Company has recast its segments into Fleet, Corporate Payments, Lodging, Brazil and Other. The presentation of segment information has been recast for the prior periods to align with segment presentation for the three and nine months ended September 30, 2022 .
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 September 30 ,
Three Months Ended September 30 ,
2022*
2021*
2022*
2021*
FUEL - TRANSACTIONS
Pro forma and macro adjusted
$
321.2
$
306.9
123.8
119.1
Impact of acquisitions/dispositions
—
(0.1
)
—
(1.4
)
Impact of fuel prices/spread
47.2
—
—
—
Impact of foreign exchange rates
(6.6
)
—
—
—
As reported
$
361.8
$
306.8
123.8
117.7
CORPORATE PAYMENTS - SPEND
Pro forma and macro adjusted
$
205.0
$
169.0
$
30,609
$
25,666
Impact of acquisitions/dispositions
—
(0.3
)
—
—
Impact of fuel prices/spread
0.5
—
—
—
Impact of foreign exchange rates
(8.5
)
—
—
—
As reported
$
196.9
$
168.7
$
30,609
$
25,666
TOLLS - TAGS
Pro forma and macro adjusted
$
88.8
$
79.0
6.2
6.0
Impact of acquisitions/dispositions
—
—
—
—
Impact of fuel prices/spread
—
—
—
—
Impact of foreign exchange rates
(0.2
)
—
—
—
As reported
$
88.6
$
79.0
6.2
6.0
LODGING - ROOM NIGHTS
Pro forma and macro adjusted
$
126.6
$
99.1
9.9
8.7
Impact of acquisitions/dispositions
—
(13.8
)
—
(1.0
)
Impact of fuel prices/spread
—
—
—
—
Impact of foreign exchange rates
(0.7
)
—
—
—
As reported
$
126.0
$
85.2
9.9
7.6
GIFT - TRANSACTIONS
Pro forma and macro adjusted
$
53.2
$
48.6
249.4
256.2
Impact of acquisitions/dispositions
—
—
—
—
Impact of fuel prices/spread
—
—
—
—
Impact of foreign exchange rates
(1.2
)
—
—
—
As reported
$
52.0
$
48.6
249.4
256.2
OTHER1 - TRANSACTIONS
Pro forma and macro adjusted
$
71.3
$
67.2
10.5
8.9
Impact of acquisitions/dispositions
—
—
—
—
Impact of fuel prices/spread
—
—
—
—
Impact of foreign exchange rates
(3.6
)
—
—
—
As reported
$
67.7
$
67.2
10.5
8.9
FLEETCOR CONSOLIDATED REVENUES
Pro forma and macro adjusted
$
866.1
$
769.7
Intentionally Left Blank
Impact of acquisitions/dispositions
—
(14.3
)
Impact of fuel prices/spread2
47.7
—
Impact of foreign exchange rates2
(20.8
)
—
As reported
$
893.0
$
755.5
* Columns may not calculate due to rounding.
1 Other includes telematics, maintenance, food, payroll card and transportation related businesses.
2 Revenues reflect an estimated $26 million positive impact from fuel prices and approximately $21 million positive impact from fuel price spreads, partially offset by the negative impact of movements in foreign exchange rates of approximately $21 million .
Exhibit 6
RECONCILIATION OF NON-GAAP GUIDANCE MEASURES
(In millions, except per share amounts)
(Unaudited)
The following table reconciles 2022 financial guidance for net income to adjusted net income and adjusted net income per diluted share, at both ends of the range.
2022 GUIDANCE
Low*
High*
Net income
$
939
$
959
Net income per diluted share
$
12.24
$
12.44
Stock based compensation
131
131
Amortization
228
228
Other
32
32
Total pre-tax adjustments
391
391
Income taxes
(104
)
(104
)
Discrete taxes
(9
)
(9
)
Adjusted net income
$
1,216
$
1,236
Adjusted net income per diluted share
$
15.85
$
16.05
Diluted shares
77
77
*Columns may not calculate due to rounding.
View source version on businesswire.com : https://www.businesswire.com/news/home/20221102006018/en/
Investor Relations
Jim Eglseder , 770-417-4697
Jim.Eglseder@fleetcor.com
Source: FLEETCOR Technologies, Inc.