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SEC Filings

DEF 14A
FLEETCOR TECHNOLOGIES INC filed this Form DEF 14A on 05/01/2017
Entire Document
 


Set forth below is a reconciliation of adjusted net income and adjusted net income per diluted share to the most directly comparable GAAP measure, net income and net income per diluted share (in thousands, except per share amounts):    
 
 
Year Ended December 31,
 
 
 
20164
 
2015
 
2014
 
2013
 
2012
 
2011
 
2010
 
Net income
 
$
452,385

 
$
362,431

 
$
368,707

 
$
284,501

 
$
216,199

 
$
147,335

 
$
107,896

 
Net income per diluted share
 
$
4.75

 
$
3.85

 
$
4.24

 
$
3.36

 
$
2.52

 
$
1.76

 
$
1.34

 
Stock based compensation
 
63,946

 
90,122

 
37,649

 
26,676

 
19,275

 
21,743

 
26,755

 
Amortization of intangible assets
 
161,635

 
159,740

 
86,149

 
49,313

 
32,376

 
19,590

 
17,205

 
Amortization of premium on receivables
 
5,165

 
3,250

 
3,259

 
3,263

 
3,265

 
3,266

 
3,263

 
Amortization of deferred financing costs and discounts
 
7,582

 
7,049

 
2,796

 
3,276

 
2,279

 
1,864

 
2,016

 
Amortization of intangibles at equity method investment
 
10,093

 
10,665

 
7,982

 

 

 

 

 
Loss on extinguishment of debt
 

 

 
15,764

 

 

 
2,669

 

 
Non-recurring net gain at equity method investment
 
(10,845
)
 

 

 

 

 

 

 
Impairment of equity method investment
 
36,065

 
40,000

 

 

 

 

 

 
Other non-cash adjustments
 

 

 
(28,869
)
2 

 

 

 

 
Total pre-tax adjustments
 
273,641

 
310,826

 
124,730

  
82,528

 
57,195

 
49,132

 
49,239

 
Income tax impact of pre-tax adjustments at the effective tax rate*
 
(66,850
)
 
(80,632
)
3 
(45,767
)
1 
(24,349
)
 
(17,410
)
 
(14,804
)
 
(14,121
)
 
Adjusted net income
 
$
659,176

 
$
592,625

 
$
447,670

 
$
342,680

 
$
255,984

 
$
181,663

 
$
143,014

 
Adjusted net income per diluted share
 
$
6.92

 
$
6.30

 
$
5.15

 
$
4.05

 
$
2.99

 
$
2.17

 
$
1.77

 
Diluted shares
 
95,213

 
94,139

 
86,982

 
84,655

 
85,736

 
83,654

 
80,751

 
______________________
1The effective tax rate used to calculate the income tax impact of pre-tax adjustments during 2014 excludes the impact of a $9.5 million discrete tax benefit, as well as other non-cash adjustments and their related income tax expense.

2Other non-cash adjustments are unusual items reflecting adjustments to purchase accounting entries for contingent consideration and tax indemnifications for our 2013 acquisitions of DB and VB in Brazil.

3The effective tax rate utilized excludes the impact of a one-time tax benefit recognized during 2015 of approximately $0.8 million, as well as adjustments related to our equity method investment for all periods presented.

4Reflects 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 the share-based compensation, including the income tax consequences.
 
*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 reversed during 2016.

Due to the financial impact of the Company going public in December 2010, the Company evaluates the results for 2010, net of the impact of certain costs incurred and the related impact on diluted shares of the Company’s initial public offering, as if those impacts were fully realized during 2010. Set forth below is a reconciliation of adjusted net income and adjusted net income per diluted share to adjusted net income and adjusted net income per diluted share on a pro forma basis for the year ended December 31, 2010, which reflects the impact of stock-based compensation expense related to share-based compensation awards, public company expenses, changes in the effective tax rate and an increase in diluted shares outstanding, effective during 2011, as if these changes had occurred in 2010.


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