[February 08, 2018] |
|
FLEETCOR Reports Fourth Quarter and Fiscal-Year 2017 Financial Results
FLEETCOR Technologies, Inc. (NYSE:FLT), a leading global provider of
commercial payment solutions, today reported financial results for its
fourth quarter and year ended December 31, 2017.
"Our Q4 revenues and profits finished above our expectations, and our
sales, retention, and same store customer trends were very strong. For
fiscal year 2017, revenues and adjusted net income per diluted share
grew 23%; while we re-positioned the company for faster growth, with the
Cambridge acquisition and the Nextraq divestiture," said Ron Clarke,
chairman and chief executive officer, FLEETCOR Technologies, Inc. "For
2018, we expect each of our four primary product categories - fuel,
toll, lodging, corporate payments - to continue to drive our Company's
growth as we focus relentlessly on execution in order to win new
clients, open up new geographies, and provide improved value over a
broader range of spend categories."
Financial Results for Fourth Quarter of 2017:
GAAP Results
-
Total revenues increased 18.5% to $610.0 million in the fourth quarter
of 2017 compared to $515.0 million in the fourth quarter of 2016.
-
Net income increased 196.3% to $282.7 million in the fourth
quarter of 2017 compared to $95.4 million in the fourth quarter of
2016. Included in the fourth quarter is the favorable estimated impact
of adoption of the Tax Reform Act of $127.5 million. Also, included in
the fourth quarter of 2016 were non-cash impairment charges related to
the Company's minority investment in Masternaut of approximately $36
million.
-
Net income per diluted share increased 204.6% to $3.05 in
the fourth quarter of 2017 compared to $1.00 per diluted share in the
fourth quarter of 2016.
Non-GAAP Results1
-
Adjusted revenues1 (revenues, net less merchant
commissions) increased 18.4% to $579.5 million in the fourth quarter
of 2017 compared to $489.4 million in the fourth quarter of 2016.
-
Adjusted net income1 increased 24.1% to $224.1 million in
the fourth quarter of 2017 compared to $180.5 million in the fourth
quarter of 2016.
-
Adjusted net income per diluted share1 increased 27.6% to
$2.42 in the fourth quarter of 2017 compared to $1.90 per diluted
share in the fourth quarter of 2016.
Financial Results for Fiscal-Year 2017:
GAAP Results
-
Total revenues increased 22.8% to $2,249.5 million in 2017 compared to
$1,831.5 million in 2016.
-
GAAP net income increased 63.6% to $740.2 million in 2017
compared to $452.4 million in 2016. Included in 2017 is the favorable
estimated impact of adoption of the Tax Reform Act of $127.5 million
and a gain on the sale of Nextraq of $109.2 million.
-
GAAP net income per diluted share increased 66.5% to $7.91
in 2017 compared to $4.75 per diluted share in 2016.
Non-GAAP Results1
-
Adjusted revenues1 (revenues, net less merchant
commissions) increased 23.7% to 2,136.4 million in 2017 compared to
$1,727.2 million in 2016.
-
Adjusted net income1 increased 21.2% to $798.9 million in
2017 compared to $659.2 million in 2016.
-
Adjusted net income per diluted share1 increased 23.3% to
$8.54 in 2017 compared to $6.92 in 2016.
Fiscal-Year 2018 Outlook:
"2018 is setting up well with a number of tailwinds that we expect will
help drive profits in the year. First, the macro is expected to continue
to be favorable to revenue by approximately $40 million, organic growth
is expected to be in the 8% to 10% range on a normalized basis, and the
new tax act will drive our overall tax rate down by an estimated 5%. As
a result, we are guiding adjusted net income per diluted share to $10.20
at the midpoint which represents approximately a 20% growth from prior
year," said Eric Dey, chief financial officer FLEETCOR Technologies, Inc.
For 2018, FLEETCOR Technologies, Inc. financial guidance is as follows:
-
Total revenues between $2,490 million and $2,550 million;
-
Adjusted Revenues to be between $2,370 million and $2,430 million;
-
GAAP net income between $690 million and $720 million;
-
GAAP net income per diluted share between $7.40 and $7.70;
-
Adjusted net income1 between $935 million and $965 million;
and
-
Adjusted net income per diluted share1 between $10.05 and
$10.35.
FLEETCOR's guidance assumptions for 2018 are as follows:
-
Weighted fuel prices equal to $2.57 per gallon average in the U.S. for
those businesses sensitive to the movement in the retail price of fuel.
-
Market spreads equal to the 2017 average.
-
Foreign exchange rates equal to the seven-day average as of January
22, 2018.
-
Interest expense of $125 million, which assumes two additional
twenty-five basis point increases in 2018.
-
Fully diluted shares outstanding of approximately 93.3 million shares.
-
A tax rate of 22 to 24%.
-
No impact for ASC 606, as we are still completing our analysis.
-
No impact related to acquisitions or material new partnership
agreements not already disclosed.
Fiscal First Quarter of 2018 Outlook:
For those of you that are looking for guidance for the first quarter,
the business has some seasonality and typically the first quarter is the
lowest in terms of both revenue and profit. First quarter seasonality is
impacted by weather, holidays in the U.S., and lower business levels in
Brazil, due to summer break and the Carnival celebration that occurs in
the first quarter.
With that said, the Company is expecting first quarter adjusted net
income per diluted share to be between $2.30 and $2.401.
Additionally, volumes should build throughout the year, and new asset
initiatives are also expected to gain momentum throughout the year
resulting in higher revenue and earnings per share in the second through
fourth quarters.
_______________________________________
|
1 Reconciliations of GAAP results to non-GAAP results are
provided in Exhibit 1 attached. Additional supplemental data is
provided in Exhibit 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
full year 2017 financial results today at 5:00pm ET. Hosting the call
will be Ron Clarke, chief executive officer, Eric Dey, chief financial
officer and Jim Eglseder, investor relations. The conference call can be
accessed live over the phone by dialing (877) 407-0784, or for
international callers (201) 689-8560. A replay will be available one
hour after the call and can be accessed by dialing (844) 512-2921
or (412) 317-6671 for international callers; the conference ID is
13675734. The replay will be available until February 15, 2018. The call
will be webcast live from the Company's investor relations website at investor.fleetcor.com.
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,
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," "expect," "may," "will," "would," "could" or "should," the
negative of these terms or other comparable terminology. Examples of
forward-looking statements in this press release include statements
relating to macro- economic conditions, expected organic growth rates,
impact of the new tax act, and estimated impact of these conditions on
our operations and financial results, expected timing of acquisitions
and dispositions, revenue and earnings guidance and assumptions
underlying financial guidance. These forward-looking statements are
subject to a number of risks and uncertainties that could cause actual
results to differ materially from those contained in any forward-looking
statement, such as fuel price and spread volatility; the impact of
foreign exchange rates on operations, revenue and income; the effects of
general economic conditions on fueling patterns and the commercial
activity of fleets; changes in credit risk of customers and associated
losses; the actions of regulators relating to payment cards or resulting
from investigations; failure to maintain or renew key business
relationships; failure to maintain competitive offerings; failure to
maintain or renew sources of financing; failure to complete, or delays
in completing, anticipated new customer arrangements or acquisitions and
the failure to successfully integrate or otherwise achieve anticipated
benefits from such customer arrangements or acquired businesses; failure
to successfully expand business internationally, risks related to
litigation, 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, 2016, filed with the Securities and
Exchange Commission on March 1, 2017, and quarterly reports on form 10-Q
for the quarters ended June 30 and September 30, 2017 filed with the
Securities and Exchange Commission on August 8, 2017 and November 9,
2017, respectively. FLEETCOR believes these forward-looking statements
are reasonable; however, forward-looking statements are not a guarantee
of performance, and undue reliance should not be placed on such
statements. The forward-looking statements included in this press
release are made only as of the date hereof, and FLEETCOR does not
undertake, and specifically disclaims, any obligation to update any such
statements or to publicly announce the results of any revisions to any
of such statements to reflect future events or developments.
About Non-GAAP Financial Measures
Adjusted revenue is calculated as revenues less merchant commissions.
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 and intangible assets, amortization of the premium recognized
on the purchase of receivables, and our proportionate share of
amortization of intangible assets at our equity method investment, (c) a
non-recurring net gain at our equity method investment, (d) impairment
of our equity method investment, (e) net gain on disposition of
business, (f) loss on early extinguishment of debt and, (g) other
non-recurring items, including the impact of the Tax Reform Act. The
Company uses adjusted revenue as a basis to evaluate the Company's
revenues, net of the commissions that are paid to merchants to
participate in our card programs. The commissions paid to merchants can
vary when market spreads fluctuate in much the same way as revenues are
impacted when market spreads fluctuate. The Company believes this is a
more effective way to evaluate the Company's revenue performance. We
calculate adjusted net income to eliminate the effect of items that we
do not consider indicative of our core operating performance. Adjusted
revenues and adjusted net income are supplemental measures of operating
performance that do not represent and should not be considered as an
alternative to revenues, net income or cash flow from operations, as
determined by U.S. generally accepted accounting principles, or U.S.
GAAP, and our calculation thereof may not be comparable to that reported
by other companies. We believe it is useful to exclude non-cash stock
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 stock 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. We also believe one-time non-recurring gains, losses, and
impairment charges do not necessarily reflect how our investments and
business are performing. Reconciliations of GAAP results to non-GAAP
results are provided in the attached exhibit 1. A reconciliation of GAAP
to non-GAAP product revenue organic growth calculation is provided in
the attached exhibit 5. A reconciliation of GAAP to non-GAAP guidance is
provided in the attached exhibit 6.
Management uses adjusted revenues and adjusted net income:
-
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.
We believe adjusted revenues, adjusted net income, and adjusted net
income per diluted share are key measures used by the Company and
investors as supplemental measures to evaluate the overall operating
performance of companies in our industry. By providing these non-GAAP
financial measures, together with reconciliations, 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.
About FLEETCOR
FLEETCOR Technologies (NYSE: FLT) is a leading global provider of
commercial payment solutions. The Company helps businesses of all sizes
better control, simplify and secure payment of their fuel, toll, lodging
and other general payables. With its proprietary payment acceptance
networks, FLEETCOR provides affiliated merchants with incremental sales
and loyalty. FLEETCOR serves businesses, partners and merchants in North
America, Latin America, Europe, and Australasia. For more information,
please visit www.FLEETCOR.com.
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FleetCor Technologies, Inc. and Subsidiaries
|
Consolidated Balance Sheets
|
(In thousands, except share and par value amounts)
|
|
|
|
|
|
|
|
|
|
December 31, 2017
|
|
|
December 31, 2016
|
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|
|
|
|
|
|
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(Unaudited)
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Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Current assets:
|
|
|
|
|
|
|
|
|
|
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|
Cash and cash equivalents
|
|
|
$
|
941,116
|
|
|
|
$
|
475,018
|
|
|
Restricted cash
|
|
|
|
|
|
189,753
|
|
|
|
|
168,752
|
|
|
Accounts and other receivables (less allowance for doubtful
accounts of $46,031 and $32,506 at December 31, 2017 and
2016, respectively)
|
|
|
|
1,443,578
|
|
|
|
|
1,202,009
|
|
|
Securitized accounts receivable - restricted for securitization
investors
|
|
|
|
811,000
|
|
|
|
|
591,000
|
|
|
Prepaid expenses and other current assets
|
|
|
|
167,282
|
|
|
|
|
90,914
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Total current assets
|
|
|
|
|
|
3,552,729
|
|
|
|
|
2,527,693
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
|
180,057
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|
|
|
|
142,504
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|
Goodwill
|
|
|
|
|
|
|
|
|
4,704,934
|
|
|
|
|
4,195,150
|
|
Other intangibles, net
|
|
|
|
|
|
2,724,957
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|
|
|
|
2,653,233
|
|
Investments
|
|
|
|
|
|
|
|
32,859
|
|
|
|
|
36,200
|
|
Other assets
|
|
|
|
|
|
|
|
115,196
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|
|
|
|
71,952
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
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|
|
|
|
|
|
$
|
11,310,732
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|
|
|
$
|
9,626,732
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|
|
|
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|
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Liabilities and Stockholders' Equity
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|
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|
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|
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Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
$
|
1,469,358
|
|
|
|
$
|
1,151,432
|
|
|
Accrued expenses
|
|
|
|
|
231,230
|
|
|
|
|
238,812
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|
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Customer deposits
|
|
|
|
|
708,347
|
|
|
|
|
530,787
|
|
|
Securitization facility
|
|
|
|
|
811,000
|
|
|
|
|
591,000
|
|
|
Current portion of notes payable and lines of credit
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|
|
|
805,512
|
|
|
|
|
745,506
|
|
|
Other current liabilities
|
|
|
|
65,321
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|
|
|
|
38,781
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|
|
|
|
|
|
|
|
|
|
|
|
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|
Total current liabilities
|
|
|
|
|
|
4,090,768
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|
|
|
|
3,296,318
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Notes payable and other obligations, less current portion
|
|
|
|
2,902,104
|
|
|
|
|
2,521,727
|
|
Deferred income taxes
|
|
|
|
|
516,019
|
|
|
|
|
668,580
|
|
Other noncurrent liabilities
|
|
|
|
|
125,319
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|
|
|
|
56,069
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noncurrent liabilities
|
|
|
|
|
3,543,442
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|
|
|
|
3,246,376
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Commitments and contingencies
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Stockholders' equity:
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Common stock, $0.001 par value; 475,000,000 shares authorized,
122,083,059 shares issued and 89,803,982 shares outstanding
at December 31, 2017; and 121,259,960 shares issued and
91,836,938 shares outstanding at December 31, 2016
|
|
|
|
122
|
|
|
|
|
121
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|
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Additional paid-in capital
|
|
|
|
2,214,224
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|
|
|
|
2,074,094
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|
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Retained earnings
|
|
|
|
|
2,958,921
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|
|
|
|
2,218,721
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|
|
Accumulated other comprehensive loss
|
|
|
|
(551,857
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)
|
|
|
|
(666,403
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)
|
|
Less treasury stock, 32,279,077 shares at December 31, 2017 and
29,423,022 shares at December 31, 2016
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|
|
|
(944,888
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)
|
|
|
|
(542,495
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity
|
|
|
|
|
3,676,522
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|
|
|
|
3,084,038
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|
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|
|
|
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|
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|
|
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Total liabilities and stockholders' equity
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|
|
$
|
11,310,732
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|
|
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$
|
9,626,732
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FleetCor Technologies, Inc. and Subsidiaries
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Consolidated Statements of Income
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(In thousands, except per share amounts)
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Three Months Ended December 31,
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Year Ended December 31,
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2017
|
|
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2016
|
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2017
|
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2016
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(Unaudited)
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|
(Unaudited)
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|
|
|
|
|
|
|
|
|
|
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|
|
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|
|
|
|
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Revenues, net
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|
|
|
|
$
|
609,991
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|
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|
$
|
514,953
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|
|
$
|
2,249,538
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|
|
|
$
|
1,831,546
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|
|
|
|
|
|
|
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|
|
|
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|
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|
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Expenses:
|
|
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|
|
|
|
|
|
|
|
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|
|
|
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|
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Merchant commissions
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|
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|
30,443
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|
|
|
|
25,590
|
|
|
|
113,133
|
|
|
|
|
104,345
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|
|
Processing
|
|
|
|
|
|
113,184
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|
|
|
|
98,676
|
|
|
|
429,613
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|
|
|
|
355,414
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|
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Selling
|
|
|
|
|
|
|
47,863
|
|
|
|
|
38,763
|
|
|
|
170,717
|
|
|
|
|
131,443
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|
|
General and administrative
|
|
|
|
112,648
|
|
|
|
|
74,541
|
|
|
|
387,694
|
|
|
|
|
283,625
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|
|
Depreciation and amortization
|
|
|
|
65,829
|
|
|
|
|
61,408
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|
|
|
264,560
|
|
|
|
|
203,256
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Other operating, net
|
|
|
|
12
|
|
|
|
|
-
|
|
|
|
61
|
|
|
|
|
(690
|
)
|
Operating income
|
|
|
|
|
|
240,012
|
|
|
|
|
215,975
|
|
|
|
883,760
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|
|
|
|
754,153
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|
Investment loss
|
|
|
|
|
667
|
|
|
|
|
38,603
|
|
|
|
53,164
|
|
|
|
|
36,356
|
|
|
Other (income) expense, net
|
|
|
|
190
|
|
|
|
|
1,926
|
|
|
|
(173,436
|
)
|
|
|
|
2,982
|
|
|
Interest expense, net
|
|
|
|
30,825
|
|
|
|
|
21,991
|
|
|
|
107,146
|
|
|
|
|
71,896
|
|
|
Loss on extinguishment of debt
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
3,296
|
|
|
|
|
-
|
|
Total other expense (income)
|
|
|
|
31,682
|
|
|
|
|
62,520
|
|
|
|
(9,830
|
)
|
|
|
|
111,234
|
|
Income before income taxes
|
|
|
|
208,330
|
|
|
|
|
153,455
|
|
|
|
893,590
|
|
|
|
|
642,919
|
|
(Benefit) provision for income taxes
|
|
|
|
(74,366
|
)
|
|
|
|
58,031
|
|
|
|
153,390
|
|
|
|
|
190,534
|
|
Net income
|
|
|
|
|
|
|
$
|
282,696
|
|
|
|
$
|
95,424
|
|
|
$
|
740,200
|
|
|
|
$
|
452,385
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
|
$
|
3.15
|
|
|
|
$
|
1.03
|
|
|
$
|
8.12
|
|
|
|
$
|
4.89
|
|
Diluted earnings per share
|
|
|
$
|
3.05
|
|
|
|
$
|
1.00
|
|
|
$
|
7.91
|
|
|
|
$
|
4.75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic shares
|
|
|
|
|
|
|
89,676
|
|
|
|
|
92,574
|
|
|
|
91,129
|
|
|
|
|
92,597
|
|
Diluted shares
|
|
|
|
|
|
|
92,623
|
|
|
|
|
95,235
|
|
|
|
93,594
|
|
|
|
|
95,213
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FleetCor Technologies, Inc. and Subsidiaries
|
Consolidated Statements of Cash Flows
|
(In thousands)
|
|
|
|
Year Ended December 31,
|
|
|
|
|
2017
|
|
|
|
|
2016
|
|
|
|
|
(Unaudited)
|
|
|
|
Operating activities
|
|
|
|
|
|
|
Net income
|
|
|
$
|
740,200
|
|
|
|
$
|
452,385
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
Depreciation
|
|
|
|
46,599
|
|
|
|
|
36,456
|
|
Stock-based compensation
|
|
|
|
93,297
|
|
|
|
|
63,946
|
|
Provision for losses on accounts receivable
|
|
|
|
44,857
|
|
|
|
|
35,885
|
|
Amortization of deferred financing costs and discounts
|
|
|
|
6,952
|
|
|
|
|
7,582
|
|
Amortization of intangible assets
|
|
|
|
211,849
|
|
|
|
|
161,635
|
|
Amortization of premium on receivables
|
|
|
|
6,112
|
|
|
|
|
5,165
|
|
Loss on extinguishment of debt
|
|
|
|
3,296
|
|
|
|
|
-
|
|
Deferred income taxes
|
|
|
|
(250,115
|
)
|
|
|
|
(28,681
|
)
|
Investment loss
|
|
|
|
53,164
|
|
|
|
|
36,356
|
|
Gain on disposition of business
|
|
|
|
(174,983
|
)
|
|
|
|
-
|
|
Other non-cash operating income
|
|
|
|
(61
|
)
|
|
|
|
(690
|
)
|
Changes in operating assets and liabilities (net of acquisitions and
dispositions):
|
|
|
|
|
|
|
Restricted cash
|
|
|
|
(15,070
|
)
|
|
|
|
(2,306
|
)
|
Accounts and other receivables
|
|
|
|
(438,290
|
)
|
|
|
|
(338,796
|
)
|
Prepaid expenses and other current assets
|
|
|
|
32,255
|
|
|
|
|
5,301
|
|
Other assets
|
|
|
|
(20,957
|
)
|
|
|
|
(20,345
|
)
|
Accounts payable, accrued expenses and customer deposits
|
|
|
|
325,763
|
|
|
|
|
292,019
|
|
Net cash provided by operating activities
|
|
|
|
664,868
|
|
|
|
|
705,912
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
|
Acquisitions, net of cash acquired
|
|
|
|
(667,591
|
)
|
|
|
|
(1,331,985
|
)
|
Purchases of property and equipment
|
|
|
|
(70,093
|
)
|
|
|
|
(59,011
|
)
|
Proceeds from disposal of a business
|
|
|
|
316,501
|
|
|
|
|
-
|
|
Other
|
|
|
|
(38,953
|
)
|
|
|
|
1,411
|
|
Net cash used in investing activities
|
|
|
|
(460,136
|
)
|
|
|
|
(1,389,585
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
Proceeds from issuance of common stock
|
|
|
|
44,690
|
|
|
|
|
21,231
|
|
Repurchase of common stock
|
|
|
|
(402,393
|
)
|
|
|
|
(187,678
|
)
|
Borrowings (payments) on securitization facility, net
|
|
|
|
220,000
|
|
|
|
|
(23,000
|
)
|
Deferred financing costs paid and debt discount
|
|
|
|
(12,908
|
)
|
|
|
|
(2,272
|
)
|
Proceeds from issuance of notes payable
|
|
|
|
780,656
|
|
|
|
|
600,000
|
|
Principal payments on notes payable
|
|
|
|
(423,156
|
)
|
|
|
|
(118,500
|
)
|
Borrowings from revolver- A Facility
|
|
|
|
1,100,000
|
|
|
|
|
1,225,107
|
|
Payments on revolver- A Facility
|
|
|
|
(1,031,722
|
)
|
|
|
|
(786,849
|
)
|
(Payments) borrowings on swing line of credit, net
|
|
|
|
(23,686
|
)
|
|
|
|
26,606
|
|
Other
|
|
|
|
457
|
|
|
|
|
(676
|
)
|
Net cash provided by financing activities
|
|
|
|
251,938
|
|
|
|
|
753,969
|
|
|
|
|
|
|
|
|
Effect of foreign currency exchange rates on cash
|
|
|
|
9,428
|
|
|
|
|
(42,430
|
)
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents
|
|
|
|
466,098
|
|
|
|
|
27,866
|
|
Cash and cash equivalents, beginning of year
|
|
|
|
475,018
|
|
|
|
|
447,152
|
|
Cash and cash equivalents, end of year
|
|
|
$
|
941,116
|
|
|
|
$
|
475,018
|
|
|
|
|
|
|
|
|
Supplemental cash flow information
|
|
|
|
|
|
|
Cash paid for interest
|
|
|
$
|
113,416
|
|
|
|
$
|
70,339
|
|
|
|
|
|
|
|
|
Cash paid for income taxes
|
|
|
$
|
392,192
|
|
|
|
$
|
101,951
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 1
|
RECONCILIATION OF NON-GAAP MEASURES
|
(In thousands, except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table reconciles revenues, net to adjusted revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Year Ended December 31,
|
|
|
|
|
|
2017
|
|
|
|
|
2016
|
|
|
|
|
2017
|
|
|
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues, net
|
|
|
$
|
609,991
|
|
|
|
$
|
514,953
|
|
|
|
$
|
2,249,538
|
|
|
|
$
|
1,831,546
|
|
Merchant commissions
|
|
|
|
30,443
|
|
|
|
|
25,590
|
|
|
|
|
113,133
|
|
|
|
|
104,345
|
|
Total adjusted revenues
|
|
|
$
|
579,548
|
|
|
|
$
|
489,363
|
|
|
|
$
|
2,136,405
|
|
|
|
$
|
1,727,201
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table reconciles net income to adjusted net income and
adjusted net income per diluted share:*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
|
|
|
Year Ended December 31,
|
|
|
|
|
|
|
|
|
2017
|
|
|
|
|
2016
|
|
|
|
|
2017
|
|
|
|
|
2016(2)
|
|
Net income
|
|
|
|
$
|
282,696
|
|
|
|
$
|
95,424
|
|
|
|
$
|
740,200
|
|
|
|
$
|
452,385
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock based compensation
|
|
|
|
24,400
|
|
|
|
|
13,921
|
|
|
|
|
93,297
|
|
|
|
|
63,946
|
|
Amortization of intangible assets, premium on receivables,
deferred financing costs and discounts
|
|
|
|
55,893
|
|
|
|
|
55,232
|
|
|
|
|
233,280
|
|
|
|
|
184,475
|
|
Impairment of equity method investment
|
|
|
|
-
|
|
|
|
|
36,065
|
|
|
|
|
44,600
|
|
|
|
|
36,065
|
|
Net gain on disposition of business
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(109,205
|
)
|
|
|
|
-
|
|
Loss on extinguishment of debt
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
3,296
|
|
|
|
|
-
|
|
Non-recurring loss due to merger of entities
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
2,028
|
|
|
|
|
-
|
|
Non-recurring net gain at equity method investment
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(10,845
|
)
|
Legal settlement
|
|
|
|
11,000
|
|
|
|
|
-
|
|
|
|
|
11,000
|
|
|
|
|
-
|
|
Restructuring costs
|
|
|
|
1,043
|
|
|
|
|
-
|
|
|
|
|
1,043
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total pre-tax adjustments
|
|
|
|
92,336
|
|
|
|
|
105,218
|
|
|
|
|
279,339
|
|
|
|
|
273,641
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax impact of pre-tax adjustments at the effective tax rate1
|
|
|
|
(23,453
|
)
|
|
|
|
(20,121
|
)
|
|
|
|
(93,164
|
)
|
|
|
|
(66,850
|
)
|
Impact of 2017 tax reform
|
|
|
|
(127,466
|
)
|
|
|
|
-
|
|
|
|
|
(127,466
|
)
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
|
|
|
$
|
224,113
|
|
|
|
$
|
180,521
|
|
|
|
$
|
798,909
|
|
|
|
$
|
659,176
|
|
Adjusted net income per diluted share
|
|
|
$
|
2.42
|
|
|
|
$
|
1.90
|
|
|
|
$
|
8.54
|
|
|
|
$
|
6.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted shares
|
|
|
|
92,623
|
|
|
|
|
95,235
|
|
|
|
|
93,594
|
|
|
|
|
95,213
|
|
* Columns may not calculate due to impact of rounding.
|
1 Excludes the results of our equity method investment on
our effective tax rate, as results from our equity method investment
are reported within the Consolidated Income Statements on a post-tax
basis and no tax-over-book outside basis differences related to our
equity method investment. Also excludes the net gain realized upon
our disposition of Nextraq, representing a pretax gain of $175.0
million and tax on gain of $65.8 million. The tax on the gain is
included in "Net gain on disposition of business".
|
|
2 Reflects the impact of the Company's adoption of
Accounting Standards Update 2016-09, Compensation-Stock
Compensation (Topic 718): Improvements to Employee Share-Based
Payment Accounting, to simplify several aspects of the
accounting for share-based compensation, including the income tax
consequences.
|
|
Exhibit 2
|
Transaction Volume and Revenues Per Transaction by Segment and by
Product Category, on a GAAP Basis and Pro Forma and Macro Adjusted
and Pro Forma and Macro Adjusted
|
(In millions except revenues, net per transaction)
|
(Unaudited)
|
The following table presents revenue and revenue per transaction, by
segment.*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
|
|
|
|
Three Months Ended December 31,
|
|
|
|
Year Ended December 31,
|
|
|
|
|
|
2017
|
|
|
|
|
2016
|
|
|
|
Change
|
|
|
|
% Change
|
|
|
|
|
|
2017
|
|
|
|
|
|
2016
|
|
|
|
|
Change
|
|
|
|
% Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NORTH AMERICA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Transactions5
|
|
|
|
|
541.3
|
|
|
|
|
500.3
|
|
|
|
|
41.0
|
|
|
|
|
8
|
%
|
|
|
|
|
1,842.5
|
|
|
|
|
|
1,714.6
|
|
|
|
|
|
127.8
|
|
|
|
|
7
|
%
|
- Revenues, net per transaction
|
|
|
|
$
|
0.72
|
|
|
|
$
|
0.66
|
|
|
|
$
|
0.06
|
|
|
|
|
9
|
%
|
|
|
|
$
|
0.78
|
|
|
|
|
$
|
0.75
|
|
|
|
|
$
|
0.03
|
|
|
|
|
4
|
%
|
- Revenues, net
|
|
|
|
$
|
387.8
|
|
|
|
$
|
328.6
|
|
|
|
$
|
59.2
|
|
|
|
|
18
|
%
|
|
|
|
$
|
1,428.7
|
|
|
|
|
$
|
1,279.1
|
|
|
|
|
$
|
149.6
|
|
|
|
|
12
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTERNATIONAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Transactions
|
|
|
|
|
291.6
|
|
|
|
|
274.4
|
|
|
|
|
17.1
|
|
|
|
|
6
|
%
|
|
|
|
|
1,114.5
|
|
|
|
|
|
507.8
|
|
|
|
|
|
606.7
|
|
|
|
|
119
|
%
|
- Revenues, net per transaction
|
|
|
|
$
|
0.76
|
|
|
|
$
|
0.68
|
|
|
|
$
|
0.08
|
|
|
|
|
12
|
%
|
|
|
|
$
|
0.74
|
|
|
|
|
$
|
1.09
|
|
|
|
|
$
|
(0.35
|
)
|
|
|
|
(32
|
%)
|
- Revenues, net
|
|
|
|
$
|
222.2
|
|
|
|
$
|
186.4
|
|
|
|
$
|
35.8
|
|
|
|
|
19
|
%
|
|
|
|
$
|
820.8
|
|
|
|
|
$
|
552.4
|
|
|
|
|
$
|
268.4
|
|
|
|
|
49
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FLEETCOR CONSOLIDATED REVENUES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Transactions5
|
|
|
|
|
832.9
|
|
|
|
|
774.8
|
|
|
|
|
58.2
|
|
|
|
|
8
|
%
|
|
|
|
|
2,957.0
|
|
|
|
|
|
2,222.4
|
|
|
|
|
|
734.6
|
|
|
|
|
33
|
%
|
- Revenues, net per transaction
|
|
|
|
$
|
0.73
|
|
|
|
$
|
0.66
|
|
|
|
$
|
0.07
|
|
|
|
|
10
|
%
|
|
|
|
$
|
0.76
|
|
|
|
|
$
|
0.82
|
|
|
|
|
$
|
(0.06
|
)
|
|
|
|
(8
|
%)
|
- Revenues, net
|
|
|
|
$
|
610.0
|
|
|
|
$
|
515.0
|
|
|
|
$
|
95.0
|
|
|
|
|
18
|
%
|
|
|
|
$
|
2,249.5
|
|
|
|
|
$
|
1,831.5
|
|
|
|
|
$
|
418.0
|
|
|
|
|
23
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table presents revenue and revenue per transaction, by
product category.*
|
|
|
|
|
As Reported
|
|
|
|
Pro Forma and Macro Adjusted2
|
|
|
|
|
Three Months Ended December 31,
|
|
|
|
Three Months Ended December 31,
|
|
|
|
|
|
2017
|
|
|
|
|
2016
|
|
|
|
Change
|
|
|
|
% Change
|
|
|
|
|
|
2017( 3
|
)
|
|
|
|
|
2016 (4
|
)
|
|
|
|
Change
|
|
|
|
% Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FUEL6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Transactions5
|
|
|
|
|
119.0
|
|
|
|
|
112.5
|
|
|
|
|
6.5
|
|
|
|
|
6
|
%
|
|
|
|
|
119.0
|
|
|
|
|
|
114.5
|
|
|
|
|
|
4.4
|
|
|
|
|
4
|
%
|
- Revenues, net per transaction
|
|
|
|
$
|
2.36
|
|
|
|
$
|
2.28
|
|
|
|
$
|
0.09
|
|
|
|
|
4
|
%
|
|
|
|
$
|
2.26
|
|
|
|
|
$
|
2.23
|
|
|
|
|
$
|
0.02
|
|
|
|
|
1
|
%
|
- Revenues, net
|
|
|
|
$
|
281.4
|
|
|
|
$
|
255.9
|
|
|
|
$
|
25.5
|
|
|
|
|
10
|
%
|
|
|
|
$
|
268.4
|
|
(7
|
)
|
|
|
$
|
255.7
|
|
(7
|
)
|
|
|
$
|
12.7
|
|
|
|
|
5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CORPORATE PAYMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Transactions
|
|
|
|
|
10.8
|
|
|
|
|
9.9
|
|
|
|
|
0.9
|
|
|
|
|
9
|
%
|
|
|
|
|
10.8
|
|
|
|
|
|
10.1
|
|
|
|
|
|
0.7
|
|
|
|
|
7
|
%
|
- Revenues, net per transaction
|
|
|
|
$
|
8.58
|
|
|
|
$
|
4.81
|
|
|
|
$
|
3.77
|
|
|
|
|
78
|
%
|
|
|
|
$
|
8.49
|
|
|
|
|
$
|
7.84
|
|
|
|
|
$
|
0.65
|
|
|
|
|
8
|
%
|
- Revenues, net
|
|
|
|
$
|
92.6
|
|
|
|
$
|
47.4
|
|
|
|
$
|
45.2
|
|
|
|
|
95
|
%
|
|
|
|
$
|
91.6
|
|
|
|
|
$
|
79.1
|
|
|
|
|
$
|
12.5
|
|
|
|
|
16
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOLLS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Transactions
|
|
|
|
|
239.6
|
|
|
|
|
225.8
|
|
|
|
|
13.8
|
|
|
|
|
6
|
%
|
|
|
|
|
239.6
|
|
|
|
|
|
225.8
|
|
|
|
|
|
13.8
|
|
|
|
|
6
|
%
|
- Revenues, net per transaction
|
|
|
|
$
|
0.38
|
|
|
|
$
|
0.32
|
|
|
|
$
|
0.06
|
|
|
|
|
19
|
%
|
|
|
|
$
|
0.37
|
|
|
|
|
$
|
0.32
|
|
|
|
|
$
|
0.05
|
|
|
|
|
17
|
%
|
- Revenues, net
|
|
|
|
$
|
91.1
|
|
|
|
$
|
72.3
|
|
|
|
$
|
18.8
|
|
|
|
|
26
|
%
|
|
|
|
$
|
89.7
|
|
|
|
|
$
|
72.3
|
|
|
|
|
$
|
17.4
|
|
|
|
|
24
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LODGING
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Transactions
|
|
|
|
|
6.3
|
|
|
|
|
3.4
|
|
|
|
|
2.9
|
|
|
|
|
83
|
%
|
|
|
|
|
6.3
|
|
|
|
|
|
3.8
|
|
|
|
|
|
2.5
|
|
|
|
|
67
|
%
|
- Revenues, net per transaction
|
|
|
|
$
|
6.44
|
|
|
|
$
|
7.84
|
|
|
|
$
|
(1.40
|
)
|
|
|
|
-18
|
%
|
|
|
|
$
|
6.44
|
|
|
|
|
$
|
8.18
|
|
|
|
|
$
|
(1.74
|
)
|
|
|
|
(21
|
%)
|
- Revenues, net
|
|
|
|
$
|
40.7
|
|
|
|
$
|
27.0
|
|
|
|
$
|
13.7
|
|
|
|
|
51
|
%
|
|
|
|
$
|
40.7
|
|
|
|
|
$
|
31.1
|
|
|
|
|
$
|
9.7
|
|
|
|
|
31
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GIFT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Transactions
|
|
|
|
|
438.5
|
|
|
|
|
403.0
|
|
|
|
|
35.4
|
|
|
|
|
9
|
%
|
|
|
|
|
438.5
|
|
|
|
|
|
403.0
|
|
|
|
|
|
35.4
|
|
|
|
|
9
|
%
|
- Revenues, net per transaction
|
|
|
|
$
|
0.11
|
|
|
|
$
|
0.12
|
|
|
|
$
|
(0.00
|
)
|
|
|
|
(2
|
%)
|
|
|
|
$
|
0.11
|
|
|
|
|
$
|
0.12
|
|
|
|
|
$
|
(0.00
|
)
|
|
|
|
(2
|
%)
|
- Revenues, net
|
|
|
|
$
|
49.6
|
|
|
|
$
|
46.6
|
|
|
|
$
|
3.0
|
|
|
|
|
6
|
%
|
|
|
|
$
|
49.6
|
|
|
|
|
$
|
46.6
|
|
|
|
|
$
|
3.0
|
|
|
|
|
6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Transactions5
|
|
|
|
|
18.6
|
|
|
|
|
20.1
|
|
|
|
|
(1.5
|
)
|
|
|
|
(7
|
%)
|
|
|
|
|
18.6
|
|
|
|
|
|
19.7
|
|
|
|
|
|
(1.0
|
)
|
|
|
|
(5
|
%)
|
- Revenues, net per transaction
|
|
|
|
$
|
2.93
|
|
|
|
$
|
3.26
|
|
|
|
$
|
(0.33
|
)
|
|
|
|
(10
|
%)
|
|
|
|
$
|
2.87
|
|
|
|
|
$
|
2.71
|
|
|
|
|
$
|
0.16
|
|
|
|
|
6
|
%
|
- Revenues, net
|
|
|
|
$
|
54.6
|
|
|
|
$
|
65.6
|
|
|
|
$
|
(11.1
|
)
|
|
|
|
(17
|
%)
|
|
|
|
$
|
53.5
|
|
|
|
|
$
|
53.4
|
|
|
|
|
$
|
0.1
|
|
|
|
|
0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FLEETCOR CONSOLIDATED REVENUES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Transactions5
|
|
|
|
|
832.9
|
|
|
|
|
774.8
|
|
|
|
|
58.1
|
|
|
|
|
8
|
%
|
|
|
|
|
832.9
|
|
|
|
|
|
777.0
|
|
|
|
|
|
55.9
|
|
|
|
|
7
|
%
|
- Revenues, net per transaction
|
|
|
|
$
|
0.73
|
|
|
|
$
|
0.66
|
|
|
|
$
|
0.07
|
|
|
|
|
10
|
%
|
|
|
|
$
|
0.71
|
|
|
|
|
$
|
0.69
|
|
|
|
|
$
|
0.02
|
|
|
|
|
3
|
%
|
- Revenues, net
|
|
|
|
$
|
610.0
|
|
|
|
$
|
515.0
|
|
|
|
$
|
95.0
|
|
|
|
|
18
|
%
|
|
|
|
$
|
593.6
|
|
|
|
|
$
|
538.2
|
|
|
|
|
$
|
55.4
|
|
|
|
|
10
|
%
|
* Columns may not calculate due to impact of rounding.
|
|
1 Other includes telematics, maintenance, food, and
transportation related businesses.
|
|
2 Pro forma and macro adjusted revenue is a non-GAAP
financial measure defined as revenues, net adjusted for the impact
of the macroeconomic environment and acquisitions and dispositions
and other one-time items. We use pro forma and macro adjusted
revenue as a basis to evaluate our organic growth. See Exhibit 5 for
a reconciliation of pro forma and macro adjusted revenue by product,
non-GAAP measures, to the GAAP equivalent.
|
3 2017 is adjusted to remove the impact of changes in the
macroeconomic environment to be consistent with the same period of
prior year, using constant fuel prices, fuel price spreads and
foreign exchange rates.
|
4 2016 is pro forma to include acquisitions and exclude
dispositions consistent with 2017 ownership.
|
5 2016 and YTD 2017 transactions reflect immaterial
corrections from previously disclosed amounts for the prior period.
|
6 Fuel Cards product category further refined to Fuel, to
reflect different ways that fuel is paid for by our customers.
|
7 Reflects adjustments related to one-time items not
representative of normal business operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 3
|
Revenues by Geography, Product and Source
|
(In millions)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by Geography*
|
|
|
Three Months Ended December 31,
|
|
|
|
Year Ended December 31,
|
|
|
|
|
|
2017
|
|
|
%
|
|
|
|
|
2016
|
|
|
%
|
|
|
|
|
|
2017
|
|
|
%
|
|
|
|
|
2016
|
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
|
$
|
370
|
|
|
61
|
%
|
|
|
$
|
329
|
|
|
64
|
%
|
|
|
|
$
|
1,401
|
|
|
62
|
%
|
|
|
$
|
1,279
|
|
|
70
|
%
|
|
Brazil
|
|
|
|
108
|
|
|
18
|
%
|
|
|
|
90
|
|
|
17
|
%
|
|
|
|
|
395
|
|
|
18
|
%
|
|
|
|
168
|
|
|
9
|
%
|
|
UK
|
|
|
|
63
|
|
|
10
|
%
|
|
|
|
54
|
|
|
11
|
%
|
|
|
|
|
237
|
|
|
10
|
%
|
|
|
|
229
|
|
|
13
|
%
|
|
Other
|
|
|
|
70
|
|
|
11
|
%
|
|
|
|
43
|
|
|
8
|
%
|
|
|
|
|
218
|
|
|
10
|
%
|
|
|
|
156
|
|
|
8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Revenues, net
|
|
|
$
|
610
|
|
|
100
|
%
|
|
|
$
|
515
|
|
|
101
|
%
|
|
|
|
$
|
2,250
|
|
|
99
|
%
|
|
|
$
|
1,832
|
|
|
100
|
%
|
* Columns may not calculate due to impact of rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by Product Category*
|
|
|
Three Months Ended December 31,
|
|
|
|
Year Ended December 31,8
|
|
|
|
|
|
2017
|
|
|
%
|
|
|
|
|
2016
|
|
|
%
|
|
|
|
|
|
2017
|
|
|
%
|
|
|
|
|
2016
|
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel
|
|
|
$
|
281
|
|
|
46
|
%
|
|
|
$
|
256
|
|
|
50
|
%
|
|
|
|
$
|
1,096
|
|
|
49
|
%
|
|
|
$
|
997
|
|
|
54
|
%
|
|
Corporate Payments
|
|
|
|
93
|
|
|
15
|
%
|
|
|
|
47
|
|
|
9
|
%
|
|
|
|
|
262
|
|
|
12
|
%
|
|
|
|
180
|
|
|
10
|
%
|
|
Tolls
|
|
|
|
91
|
|
|
15
|
%
|
|
|
|
72
|
|
|
14
|
%
|
|
|
|
|
327
|
|
|
15
|
%
|
|
|
|
103
|
|
|
6
|
%
|
|
Lodging
|
|
|
|
41
|
|
|
7
|
%
|
|
|
|
27
|
|
|
5
|
%
|
|
|
|
|
127
|
|
|
6
|
%
|
|
|
|
101
|
|
|
5
|
%
|
|
Gift
|
|
|
|
50
|
|
|
8
|
%
|
|
|
|
47
|
|
|
9
|
%
|
|
|
|
|
194
|
|
|
9
|
%
|
|
|
|
185
|
|
|
10
|
%
|
|
Other
|
|
|
|
55
|
|
|
9
|
%
|
|
|
|
66
|
|
|
13
|
%
|
|
|
|
|
244
|
|
|
11
|
%
|
|
|
|
266
|
|
|
15
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Revenues, net
|
|
|
$
|
610
|
|
|
100
|
%
|
|
|
$
|
515
|
|
|
100
|
%
|
|
|
|
$
|
2,250
|
|
|
100
|
%
|
|
|
$
|
1,832
|
|
|
100
|
%
|
* Columns may not calculate due to impact of rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Major Sources of Revenue*
|
|
|
Three Months Ended December 31,8
|
|
|
|
Year Ended December 31,8
|
|
|
|
|
|
2017
|
|
|
%
|
|
|
|
|
2016
|
|
|
%
|
|
|
|
|
|
2017
|
|
|
%
|
|
|
|
|
2016
|
|
|
%
|
|
Customer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Processing and Program Revenue1
|
|
|
$
|
313
|
|
|
51
|
%
|
|
|
$
|
246
|
|
|
48
|
%
|
|
|
|
$
|
1,093
|
|
|
49
|
%
|
|
|
$
|
809
|
|
|
44
|
%
|
|
Late Fees and Finance Charges2
|
|
|
|
36
|
|
|
6
|
%
|
|
|
|
33
|
|
|
6
|
%
|
|
|
|
|
141
|
|
|
6
|
%
|
|
|
|
118
|
|
|
6
|
%
|
|
Miscellaneous Fees3
|
|
|
|
32
|
|
|
5
|
%
|
|
|
|
36
|
|
|
7
|
%
|
|
|
|
|
129
|
|
|
6
|
%
|
|
|
|
129
|
|
|
7
|
%
|
|
|
|
|
|
380
|
|
|
62
|
%
|
|
|
|
315
|
|
|
61
|
%
|
|
|
|
|
1,363
|
|
|
61
|
%
|
|
|
|
1,057
|
|
|
58
|
%
|
Merchant
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount Revenue (Fuel)4
|
|
|
|
80
|
|
|
13
|
%
|
|
|
|
67
|
|
|
13
|
%
|
|
|
|
|
303
|
|
|
13
|
%
|
|
|
|
260
|
|
|
14
|
%
|
|
Discount Revenue (NonFuel)5
|
|
|
|
45
|
|
|
7
|
%
|
|
|
|
41
|
|
|
8
|
%
|
|
|
|
|
175
|
|
|
8
|
%
|
|
|
|
157
|
|
|
9
|
%
|
|
Tied to Fuel-Price Spreads6
|
|
|
|
54
|
|
|
9
|
%
|
|
|
|
48
|
|
|
9
|
%
|
|
|
|
|
220
|
|
|
10
|
%
|
|
|
|
194
|
|
|
11
|
%
|
|
Program Revenue7
|
|
|
|
50
|
|
|
8
|
%
|
|
|
|
45
|
|
|
9
|
%
|
|
|
|
|
189
|
|
|
8
|
%
|
|
|
|
164
|
|
|
9
|
%
|
|
|
|
|
|
230
|
|
|
38
|
%
|
|
|
|
200
|
|
|
39
|
%
|
|
|
|
|
887
|
|
|
39
|
%
|
|
|
|
774
|
|
|
42
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Revenues, net
|
|
|
$
|
610
|
|
|
100
|
%
|
|
|
$
|
515
|
|
|
100
|
%
|
|
|
|
$
|
2,250
|
|
|
100
|
%
|
|
|
$
|
1,832
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Includes revenue from customers based on accounts,
cards, devices, transactions, load amounts and/or purchase amounts,
etc. for participation in our various fleet and workforce related
programs; as well as, revenue from partners (e.g., major retailers,
leasing companies, oil companies, petroleum marketers, etc.) for
processing and network management services. Primarily represents
revenue from North American trucking, lodging, prepaid benefits,
telematics, gift cards and toll related businesses.
|
2 Fees for late payment and interest charges for carrying
a balance charged to a customer.
|
3 Non-standard fees charged to customers based on
customer behavior or optional participation, primarily including
high credit risk surcharges, over credit limit charges, minimum
processing fees, printing and mailing fees, environmental fees, etc.
|
4 Interchange revenue directly influenced by the absolute
price of fuel and other interchange related to fuel products.
|
5 Interchange revenue related to nonfuel products.
|
|
6 Revenue derived from the difference between the price
charged to a fleet customer for a transaction and the price paid to
the merchant for the same transaction.
|
7 Revenue derived primarily from the sale of equipment,
software and related maintenance to merchants.
|
8 Amounts shown for the three months ended December 31,
2016 and years ended December 31, 2017 and 2016 reflect immaterial
corrections in estimated allocation of revenue by product and
sources of revenue from previously disclosed amounts for the prior
period.
|
* We may not be able to precisely calculate revenue by source, as
certain estimates were made in these allocations. Columns may not
calculate due to impact of rounding. This table reflects how
management views the sources of revenue and may not be consistent
with prior disclosure.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 4
|
Segment Results
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Year Ended December 31,
|
|
|
|
|
|
2017
|
|
|
|
2016
|
|
|
|
2017 (2
|
)
|
|
|
|
2016
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
(Unaudited)
|
|
|
|
Revenues, net:1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
|
$
|
387,762
|
|
|
$
|
328,560
|
|
|
$
|
1,428,711
|
|
|
|
$
|
1,279,102
|
|
International
|
|
|
|
222,229
|
|
|
|
186,393
|
|
|
|
820,827
|
|
|
|
|
552,444
|
|
|
|
|
$
|
609,991
|
|
|
$
|
514,953
|
|
|
$
|
2,249,538
|
|
|
|
$
|
1,831,546
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income:1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
|
$
|
147,220
|
|
|
$
|
139,193
|
|
|
$
|
541,598
|
|
|
|
$
|
506,414
|
|
International
|
|
|
|
92,792
|
|
|
$
|
76,782
|
|
|
|
342,162
|
|
|
|
|
247,739
|
|
|
|
|
$
|
240,012
|
|
|
$
|
215,975
|
|
|
$
|
883,760
|
|
|
|
$
|
754,153
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization:1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
|
$
|
34,458
|
|
|
$
|
33,302
|
|
|
$
|
139,418
|
|
|
|
$
|
129,653
|
|
International
|
|
|
|
31,371
|
|
|
|
28,106
|
|
|
|
125,142
|
|
|
|
|
73,603
|
|
|
|
|
$
|
65,829
|
|
|
$
|
61,408
|
|
|
$
|
264,560
|
|
|
|
$
|
203,256
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures:1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
|
$
|
9,846
|
|
|
$
|
10,499
|
|
|
$
|
40,747
|
|
|
|
$
|
39,000
|
|
International
|
|
|
|
10,788
|
|
|
|
6,635
|
|
|
|
29,346
|
|
|
|
|
20,011
|
|
|
|
|
$
|
20,634
|
|
|
$
|
17,134
|
|
|
$
|
70,093
|
|
|
|
$
|
59,011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1The results from our Cambridge business acquired in the
third quarter of 2017 and CLS business acquired in the fourth
quarter of 2017, are reported in our North America segment. The
results from our Russian business acquired in the fourth quarter of
2017 are reported in our International segment.
|
|
2The results from our Cambridge business acquired in the
third quarter of 2017 are reported in our North America segment. As
we have concluded that this business is part of our North America
segment, the results for this business have been recast into our
North America segment for the year ended 2017, as they were
partially presented in our international segment during the three
months ended September 30, 2017.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 5
|
Reconciliation of Non-GAAP Revenue and Transactions by Product to
GAAP*
|
(In millions)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
Transactions
|
|
|
|
Three Months Ended December 31,
|
|
|
Three Months Ended December 31,
|
|
|
|
|
2017
|
|
|
|
|
2016
|
|
|
|
2017
|
|
|
2016 4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FUEL
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro forma and macro adjusted2,3
|
|
|
$
|
268.4
|
|
|
|
$
|
255.7
|
|
|
|
119.0
|
|
|
114.5
|
|
Impact of acquisitions/dispositions
|
|
|
|
-
|
|
|
|
|
(2.1
|
)
|
|
|
-
|
|
|
(2.1
|
)
|
Impact of fuel prices/spread
|
|
|
|
7.8
|
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
Impact of foreign exchange rates
|
|
|
|
6.8
|
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
One-time items5
|
|
|
|
(1.6
|
)
|
|
|
|
2.3
|
|
|
|
-
|
|
|
-
|
|
As reported
|
|
|
$
|
281.4
|
|
|
|
$
|
255.9
|
|
|
|
119.0
|
|
|
112.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CORPORATE PAYMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro forma and macro adjusted2,3
|
|
|
$
|
91.6
|
|
|
|
$
|
79.1
|
|
|
|
10.8
|
|
|
10.1
|
|
Impact of acquisitions/dispositions
|
|
|
|
-
|
|
|
|
|
(31.6
|
)
|
|
|
-
|
|
|
(0.2
|
)
|
Impact of fuel prices/spread
|
|
|
|
0.1
|
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
Impact of foreign exchange rates
|
|
|
|
0.9
|
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
One-time items5
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
As reported
|
|
|
$
|
92.6
|
|
|
|
$
|
47.4
|
|
|
|
10.8
|
|
|
9.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOLLS
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro forma and macro adjusted2,3
|
|
|
$
|
89.7
|
|
|
|
$
|
72.3
|
|
|
|
239.6
|
|
|
225.8
|
|
Impact of acquisitions/dispositions
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
Impact of fuel prices/spread
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
Impact of foreign exchange rates
|
|
|
|
1.4
|
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
One-time items5
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
As reported
|
|
|
$
|
91.1
|
|
|
|
$
|
72.3
|
|
|
|
239.6
|
|
|
225.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LODGING
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro forma and macro adjusted2,3
|
|
|
$
|
40.7
|
|
|
|
$
|
31.1
|
|
|
|
6.3
|
|
|
3.8
|
|
Impact of acquisitions/dispositions
|
|
|
|
-
|
|
|
|
|
(4.0
|
)
|
|
|
-
|
|
|
(0.4
|
)
|
Impact of fuel prices/spread
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
Impact of foreign exchange rates
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
One-time items5
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
As reported
|
|
|
$
|
40.7
|
|
|
|
$
|
27.0
|
|
|
|
6.3
|
|
|
3.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GIFT
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro forma and macro adjusted2,3
|
|
|
$
|
49.6
|
|
|
|
$
|
46.6
|
|
|
|
438.5
|
|
|
403.0
|
|
Impact of acquisitions/dispositions
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
Impact of fuel prices/spread
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
Impact of foreign exchange rates
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
One-time items5
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
As reported
|
|
|
$
|
49.6
|
|
|
|
$
|
46.6
|
|
|
|
438.5
|
|
|
403.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER1
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro forma and macro adjusted2,3
|
|
|
$
|
53.5
|
|
|
|
$
|
53.4
|
|
|
|
18.6
|
|
|
19.7
|
|
Impact of acquisitions/dispositions
|
|
|
|
-
|
|
|
|
|
12.2
|
|
|
|
-
|
|
|
0.5
|
|
Impact of fuel prices/spread
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
Impact of foreign exchange rates
|
|
|
|
1.1
|
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
One-time items5
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
As reported
|
|
|
$
|
54.6
|
|
|
|
$
|
65.6
|
|
|
|
18.6
|
|
|
20.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FLEETCOR CONSOLIDATED REVENUES
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro forma and macro adjusted2,3
|
|
|
$
|
593.6
|
|
|
|
$
|
538.2
|
|
|
|
832.9
|
|
|
777.0
|
|
Impact of acquisitions/dispositions
|
|
|
|
-
|
|
|
|
|
(25.5
|
)
|
|
|
-
|
|
|
(2.2
|
)
|
Impact of fuel prices/spread
|
|
|
|
7.9
|
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
Impact of foreign exchange rates
|
|
|
|
10.1
|
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
One-time items5
|
|
|
|
(1.6
|
)
|
|
|
|
2.3
|
|
|
|
-
|
|
|
-
|
|
As reported
|
|
|
$
|
610.0
|
|
|
|
$
|
515.0
|
|
|
|
832.9
|
|
|
774.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Columns may not calculate due to impact of rounding.
|
1 Other includes telematics, maintenance, food, and
transportation related businesses.
|
2 2016 is pro forma to include acquisitions and exclude
dispositions, consistent with 2017 ownership.
|
3 2017 is adjusted to remove the impact of changes in the
macroeconomic environment to be consistent with the same period of
prior year, using constant fuel prices, fuel price spreads and
foreign exchange rates.
|
4 2016 transactions reflect immaterial corrections from
previously disclosed amounts for the prior period.
|
5 Adjustments related to one-time items not
representative of normal business operations.
|
|
|
Exhibit 6
|
RECONCILIATION OF NON-GAAP GUIDANCE MEASURES
|
(In millions, except per share amounts)
|
(Unaudited)
|
|
|
|
The following tables reconcile first quarter and full year 2018
financial guidance for net income to adjusted net income and
adjusted net income per diluted share, at both ends of the range, as
well as full year 2018 financial guidance for revenues, net to
adjusted revenues.
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 2018 GUIDANCE
|
|
|
|
|
Low*
|
|
|
High*
|
Net income
|
|
|
$
|
150
|
|
|
|
$
|
160
|
|
Net income per diluted share
|
|
|
$
|
1.63
|
|
|
|
$
|
1.73
|
|
|
|
|
|
|
|
|
|
Stock based compensation
|
|
|
|
22
|
|
|
|
|
22
|
|
Amortization of intangible assets, premium on receivables, deferred
financing costs and discounts
|
|
|
|
59
|
|
|
|
|
59
|
|
|
|
|
|
|
|
|
|
Total pre-tax adjustments
|
|
|
|
81
|
|
|
|
|
81
|
|
|
|
|
|
|
|
|
|
Income tax impact of pre-tax adjustments at the effective tax rate
|
|
|
|
(18
|
)
|
|
|
|
(18
|
)
|
|
|
|
|
|
|
|
|
Adjusted net income
|
|
|
$
|
213
|
|
|
|
$
|
223
|
|
Adjusted net income per diluted share
|
|
|
$
|
2.30
|
|
|
|
$
|
2.40
|
|
|
|
|
|
|
|
|
|
Diluted shares
|
|
|
|
93
|
|
|
|
|
93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FULL YEAR 2018 GUIDANCE
|
|
|
|
|
Low*
|
|
|
High*
|
Revenues, net
|
|
|
$
|
2,490
|
|
|
|
$
|
2,550
|
|
Merchant commissions
|
|
|
|
120
|
|
|
|
|
120
|
|
Total adjusted revenues
|
|
|
$
|
2,370
|
|
|
|
$
|
2,430
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
690
|
|
|
|
$
|
720
|
|
Net income per diluted share
|
|
|
$
|
7.40
|
|
|
|
$
|
7.70
|
|
|
|
|
|
|
|
|
|
Stock based compensation
|
|
|
|
89
|
|
|
|
|
89
|
|
Amortization of intangible assets, premium on receivables, deferred
financing costs and discounts
|
|
|
|
234
|
|
|
|
|
234
|
|
|
|
|
|
|
|
|
|
Total pre-tax adjustments
|
|
|
|
323
|
|
|
|
|
323
|
|
|
|
|
|
|
|
|
|
Income tax impact of pre-tax adjustments at the effective tax rate
|
|
|
|
(78
|
)
|
|
|
|
(78
|
)
|
|
|
|
|
|
|
|
|
Adjusted net income
|
|
|
$
|
935
|
|
|
|
$
|
965
|
|
Adjusted net income per diluted share
|
|
|
$
|
10.05
|
|
|
|
$
|
10.35
|
|
|
|
|
|
|
|
|
|
Diluted shares
|
|
|
|
93
|
|
|
|
|
93
|
|
|
|
|
|
|
|
|
|
* Columns may not calculate due to impact of rounding.
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20180208006362/en/
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|