FLEETCOR Reports First Quarter 2020 Financial Results
“We managed a pretty good Q1 result, particularly considering the current environment, with adjusted net income per diluted share finishing at
“Like many companies, we have reset our priorities to reflect the situation we are in. Initially, we responded with a series of safety, liquidity, business continuity, and credit actions at the start of the initial outbreak. And now we’re re-planning business expense levels, our go-to-market approach, and growth priorities to better fit what we are seeing now,” concluded Clarke.
Financial Results for First Quarter of 2020:
GAAP Results
- Total revenues increased 6% to
$661.1 million in the first quarter of 2020, compared to$621.8 million in the first quarter of 2019. - Net income decreased 15% to
$147.1 million in the first quarter of 2020, compared to$172.1 million in the first quarter of 2019. Included in the first quarter of 2020 was a one-time loss of$90.1 million related to a customer receivable in our foreign currency trading business. - Net income per diluted share decreased 14% to
$1.67 in the first quarter of 2020, compared to$1.93 per diluted share in the first quarter of 2019. Included in the first quarter of 2020 was a$0.74 per diluted share one-time loss related to a customer receivable in our foreign currency trading business.
Non-GAAP Results1
- Adjusted net income1 increased 11% to
$264.5 million in the first quarter of 2020, compared to$238.4 million in the first quarter of 2019. - Adjusted net income per diluted share1 increased 12% to
$3.00 in the first quarter of 2020, compared to$2.67 per diluted share in the first quarter of 2019.
“The first quarter of 2020 was another good quarter for the Company driven primarily by solid performance in January and February, which then significantly softened in March due to the COVID-19 virus related shut downs around the world. The macro-economic environment came in worse than expected during the quarter, which negatively impacted revenue by approximately
2020 Outlook:
“We have been closely monitoring the impact that the COVID-19 outbreak has had on our global business. As a result of the unprecedented conditions across all of our markets, we have decided to suspend our full-year 2020 guidance, there is simply too much uncertainty regarding the resumption of business activity around the world to accurately predict what our volumes could be in the second quarter and rest of the year.
We expect that the second quarter will be the lowest in terms of volume and revenue, and as business activity starts to recover around the world, volumes should build throughout the year, resulting in higher revenue and earnings in the third and fourth quarters,” concluded Dey.
_______________________________________
[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.
Conference Call
The Company will host a conference call to discuss first quarter 2020 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
About Non-GAAP Financial Measures
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) integration and deal related costs, and (d) other non-recurring items, including unusual losses occurring due largely to COVID-19, the impact of the Tax Act, impairment charges, asset write-offs, restructuring costs, gains due to disposition of assets and a business, loss on extinguishment of debt, legal settlements/litigation, and the unauthorized access impact. We calculate adjusted net income to eliminate the effect of items that we do not consider indicative of our core operating performance. Adjusted net income is a supplemental measure of operating performance that does not represent and should not be considered as an alternative to net income or cash flow from operations, as determined by
Management uses adjusted net income:
- as measurement of operating performance because it assists 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 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
Unaudited Consolidated Statements of Income | ||||||||
(In thousands, except per share amounts) | ||||||||
Three Months Ended |
||||||||
2020 |
|
2019 |
||||||
Revenues, net |
$ |
661,093 |
|
$ |
621,825 |
|
||
Expenses: | ||||||||
Processing |
|
233,703 |
|
|
129,114 |
|
||
Selling |
|
55,859 |
|
|
49,261 |
|
||
General and administrative |
|
106,110 |
|
|
92,784 |
|
||
Depreciation and amortization |
|
64,476 |
|
|
67,445 |
|
||
Other operating, net |
|
(38 |
) |
|
(955 |
) |
||
Operating income |
|
200,983 |
|
|
284,176 |
|
||
Investment loss |
|
2,371 |
|
|
15,660 |
|
||
Other (income) expense, net |
|
(9,366 |
) |
|
220 |
|
||
Interest expense, net |
|
35,679 |
|
|
39,055 |
|
||
Total other expense |
|
28,684 |
|
|
54,935 |
|
||
Income before income taxes |
|
172,299 |
|
|
229,241 |
|
||
Provision for income taxes |
|
25,239 |
|
|
57,134 |
|
||
Net income |
$ |
147,060 |
|
$ |
172,107 |
|
||
Basic earnings per share |
$ |
1.73 |
|
$ |
2.00 |
|
||
Diluted earnings per share |
$ |
1.67 |
|
$ |
1.93 |
|
||
Weighted average shares outstanding: | ||||||||
Basic shares |
|
84,902 |
|
|
85,941 |
|
||
Diluted shares |
|
88,205 |
|
|
89,244 |
|
Consolidated Balance Sheets | ||||||||
(In thousands, except share and par value amounts) | ||||||||
(Unaudited) | ||||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents |
$ |
1,070,681 |
|
$ |
1,271,494 |
|
||
Restricted cash |
|
481,555 |
|
|
403,743 |
|
||
Accounts and other receivables (less allowance for credit losses of |
|
1,338,056 |
|
|
1,568,961 |
|
||
Securitized accounts receivable - restricted for securitization investors |
|
819,000 |
|
|
970,973 |
|
||
Prepaid expenses and other current assets |
|
419,720 |
|
|
403,400 |
|
||
Total current assets |
|
4,129,012 |
|
|
4,618,571 |
|
||
Property and equipment, net |
|
183,229 |
|
|
199,825 |
|
||
|
4,583,881 |
|
|
4,833,047 |
|
|||
Other intangibles, net |
|
2,169,742 |
|
|
2,341,882 |
|
||
Investments |
|
28,068 |
|
|
30,440 |
|
||
Other assets |
|
216,218 |
|
|
224,776 |
|
||
Total assets |
$ |
11,310,150 |
|
$ |
12,248,541 |
|
||
Liabilities and Stockholders’ Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable |
$ |
1,058,713 |
|
$ |
1,249,586 |
|
||
Accrued expenses |
|
250,232 |
|
|
275,511 |
|
||
Customer deposits |
|
906,065 |
|
|
1,007,631 |
|
||
Securitization facility |
|
819,000 |
|
|
970,973 |
|
||
Current portion of notes payable and lines of credit |
|
1,094,470 |
|
|
775,865 |
|
||
Other current liabilities |
|
331,596 |
|
|
183,502 |
|
||
Total current liabilities |
|
4,460,076 |
|
|
4,463,068 |
|
||
Notes payable and other obligations, less current portion |
|
3,246,241 |
|
|
3,289,947 |
|
||
Deferred income taxes |
|
486,551 |
|
|
519,980 |
|
||
Other noncurrent liabilities |
|
321,053 |
|
|
263,930 |
|
||
Total noncurrent liabilities |
|
4,053,845 |
|
|
4,073,857 |
|
||
Commitments and contingencies | ||||||||
Stockholders’ equity: | ||||||||
Common stock, |
|
125 |
|
|
124 |
|
||
Additional paid-in capital |
|
2,657,169 |
|
|
2,494,721 |
|
||
Retained earnings |
|
4,859,789 |
|
|
4,712,729 |
|
||
Accumulated other comprehensive loss |
|
(1,592,124 |
) |
|
(972,465 |
) |
||
Less treasury stock, 41,473,937 shares at |
|
(3,128,730 |
) |
|
(2,523,493 |
) |
||
Total stockholders’ equity |
|
2,796,229 |
|
|
3,711,616 |
|
||
Total liabilities and stockholders’ equity |
$ |
11,310,150 |
|
$ |
12,248,541 |
|
Unaudited Consolidated Statements of Cash Flows | ||||||||
(In thousands) | ||||||||
Three Months Ended |
||||||||
2020 |
|
2019 |
||||||
Operating activities | ||||||||
Net income |
$ |
147,060 |
|
$ |
172,107 |
|
||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation |
|
15,788 |
|
|
15,132 |
|
||
Stock-based compensation |
|
14,175 |
|
|
12,541 |
|
||
Provision for losses on accounts receivable |
|
117,746 |
|
|
22,164 |
|
||
Amortization of deferred financing costs and discounts |
|
1,354 |
|
|
1,205 |
|
||
Amortization of intangible assets and premium on receivables |
|
48,688 |
|
|
52,313 |
|
||
Deferred income taxes |
|
(7,322 |
) |
|
(2,696 |
) |
||
Investment loss |
|
2,371 |
|
|
15,660 |
|
||
Other non-cash operating income |
|
(38 |
) |
|
(1,574 |
) |
||
Changes in operating assets and liabilities (net of acquisitions/dispositions): | ||||||||
Accounts and other receivables |
|
156,052 |
|
|
(302,395 |
) |
||
Prepaid expenses and other current assets |
|
(45,149 |
) |
|
644 |
|
||
Other assets |
|
(3,046 |
) |
|
(14,517 |
) |
||
Accounts payable, accrued expenses and customer deposits |
|
(27,646 |
) |
|
326,910 |
|
||
Net cash provided by operating activities |
|
420,033 |
|
|
297,494 |
|
||
Investing activities | ||||||||
Acquisitions, net of cash acquired |
|
(467 |
) |
|
- |
|
||
Purchases of property and equipment |
|
(18,257 |
) |
|
(14,506 |
) |
||
Net cash used in investing activities |
|
(18,724 |
) |
|
(14,506 |
) |
||
Financing activities | ||||||||
Proceeds from issuance of common stock |
|
73,274 |
|
|
29,795 |
|
||
Repurchase of common stock |
|
(530,237 |
) |
|
(3,322 |
) |
||
(Payments) borrowings on securitization facility, net |
|
(151,973 |
) |
|
56,000 |
|
||
Deferred financing costs paid and debt discount |
|
- |
|
|
(284 |
) |
||
Principal payments on notes payable |
|
(51,722 |
) |
|
(32,438 |
) |
||
Borrowings from revolver |
|
573,500 |
|
|
- |
|
||
Payments on revolver |
|
(204,460 |
) |
|
(353,638 |
) |
||
(Payments) borrowings on swing line of credit, net |
|
(22,741 |
) |
|
31,032 |
|
||
Other |
|
(92 |
) |
|
(63 |
) |
||
Net cash used in financing activities |
|
(314,451 |
) |
|
(272,918 |
) |
||
Effect of foreign currency exchange rates on cash |
|
(209,859 |
) |
|
(2,392 |
) |
||
Net (decrease) increase in cash and cash equivalents and restricted cash |
|
(123,001 |
) |
|
7,678 |
|
||
Cash and cash equivalents and restricted cash, beginning of period |
|
1,675,237 |
|
|
1,364,893 |
|
||
Cash and cash equivalents and restricted cash, end of period |
$ |
1,552,236 |
|
$ |
1,372,571 |
|
||
Supplemental cash flow information | ||||||||
Cash paid for interest |
$ |
40,394 |
|
$ |
46,904 |
|
||
Cash paid for income taxes |
$ |
32,939 |
|
$ |
17,894 |
|
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 |
||||||||
2020 |
|
2019 |
||||||
Net income |
$ |
147,060 |
|
$ |
172,107 |
|
||
Stock based compensation |
|
14,175 |
|
|
12,541 |
|
||
Amortization of intangible assets, premium on receivables, deferred financing costs and discounts |
|
50,042 |
|
|
53,518 |
|
||
Investment loss |
|
2,371 |
|
|
15,660 |
|
||
Integration and deal related costs2 |
|
3,365 |
|
|
- |
|
||
Legal settlements/litigation |
|
(5,981 |
) |
|
- |
|
||
Write-off of customer receivable |
|
90,058 |
|
|
- |
|
||
Total pre-tax adjustments |
|
154,030 |
|
|
81,719 |
|
||
Income tax impact of pre-tax adjustments at the effective tax rate1 |
|
(36,595 |
) |
|
(15,411 |
) |
||
Adjusted net income |
$ |
264,495 |
|
$ |
238,415 |
|
||
Adjusted net income per diluted share |
$ |
3.00 |
|
$ |
2.67 |
|
||
Diluted shares |
|
88,205 |
|
|
89,244 |
|
1 Excludes the results of the Company's investment in 2019 on our effective tax rate, as results from Masternaut investment are reported within the consolidated statements of income on a post-tax basis and there is no tax-over-book outside basis difference. | ||||
2 Beginning in the first quarter of 2020, the Company included integration and deal related costs in its definition to calculate adjusted net income and adjusted net income per diluted share. Prior period amounts were approximately |
||||
* Columns may not calculate due to rounding. |
Exhibit 2 | ||||||||||||||||||||||||||||||
Key Performance Indicators, by Product Category and Revenue Per Performance Metric on a GAAP Basis and Pro Forma and Macro Adjusted | ||||||||||||||||||||||||||||||
(In millions except revenues, net per transaction) | ||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||
The following table presents revenue and revenue per key performance metric by product category.* | ||||||||||||||||||||||||||||||
As Reported |
|
Pro Forma and Macro Adjusted3 |
||||||||||||||||||||||||||||
Three Months Ended |
|
Three Months Ended |
||||||||||||||||||||||||||||
2020 |
|
2019 |
|
Change |
|
% Change |
|
2020 |
|
2019 |
|
Change |
|
% Change |
||||||||||||||||
FUEL | ||||||||||||||||||||||||||||||
- Revenues, net |
$ |
292.1 |
|
$ |
283.0 |
|
$ |
9.1 |
|
3 |
% |
$ |
280.6 |
|
$ |
275.3 |
|
$ |
5.3 |
|
2 |
% |
||||||||
- Transactions |
|
118.4 |
|
|
121.2 |
|
|
(2.8 |
) |
(2 |
%) |
|
118.4 |
|
|
118.7 |
|
|
(0.3 |
) |
(0 |
%) |
||||||||
- Revenues, net per transaction |
$ |
2.47 |
|
$ |
2.33 |
|
$ |
0.13 |
|
6 |
% |
$ |
2.37 |
|
$ |
2.32 |
|
$ |
0.05 |
|
2 |
% |
||||||||
CORPORATE PAYMENTS | ||||||||||||||||||||||||||||||
- Revenues, net1 |
$ |
119.9 |
|
$ |
96.4 |
|
$ |
23.6 |
|
24 |
% |
$ |
120.9 |
|
$ |
100.7 |
|
$ |
20.2 |
|
20 |
% |
||||||||
- Spend volume |
$ |
17,917 |
|
$ |
15,529 |
|
$ |
2,388 |
|
15 |
% |
$ |
17,917 |
|
$ |
15,922 |
|
$ |
1,996 |
|
13 |
% |
||||||||
- Revenues, net per spend $ |
|
0.67 |
% |
|
0.62 |
% |
|
0.05 |
% |
8 |
% |
|
0.67 |
% |
|
0.63 |
% |
|
0.04 |
% |
7 |
% |
||||||||
TOLLS | ||||||||||||||||||||||||||||||
- Revenues, net |
$ |
83.0 |
|
$ |
88.9 |
|
$ |
(5.9 |
) |
(7 |
%) |
$ |
97.4 |
|
$ |
88.9 |
|
$ |
8.5 |
|
10 |
% |
||||||||
- Tags (average monthly) |
|
5.4 |
|
|
5.0 |
|
|
0.5 |
|
10 |
% |
|
5.4 |
|
|
5.0 |
|
|
0.5 |
|
10 |
% |
||||||||
- Revenues, net per tag |
$ |
15.28 |
|
$ |
17.94 |
|
$ |
(2.67 |
) |
(15 |
%) |
$ |
17.94 |
|
$ |
17.94 |
|
$ |
(0.00 |
) |
(0 |
%) |
||||||||
LODGING | ||||||||||||||||||||||||||||||
- Revenues, net |
$ |
57.0 |
|
$ |
41.8 |
|
$ |
15.2 |
|
36 |
% |
$ |
57.0 |
|
$ |
54.2 |
|
$ |
2.8 |
|
5 |
% |
||||||||
- Room nights |
|
5.9 |
|
|
4.0 |
|
|
1.9 |
|
48 |
% |
|
5.9 |
|
|
6.2 |
|
|
(0.3 |
) |
(5 |
%) |
||||||||
- Revenues, net per room night |
$ |
9.68 |
|
$ |
10.48 |
|
$ |
(0.80 |
) |
(8 |
%) |
$ |
9.68 |
|
$ |
8.76 |
|
$ |
0.92 |
|
10 |
% |
||||||||
GIFT | ||||||||||||||||||||||||||||||
- Revenues, net |
$ |
42.4 |
|
$ |
48.4 |
|
$ |
(6.0 |
) |
(12 |
%) |
$ |
42.4 |
|
$ |
48.4 |
|
$ |
(6.0 |
) |
(12 |
%) |
||||||||
- Transactions |
|
281.9 |
|
|
330.8 |
|
|
(48.9 |
) |
(15 |
%) |
|
281.9 |
|
|
330.8 |
|
|
(48.9 |
) |
(15 |
%) |
||||||||
- Revenues, net per transaction |
$ |
0.15 |
|
$ |
0.15 |
|
$ |
0.00 |
|
3 |
% |
$ |
0.15 |
|
$ |
0.15 |
|
$ |
0.00 |
|
3 |
% |
||||||||
OTHER2 | ||||||||||||||||||||||||||||||
- Revenues, net1 |
$ |
66.7 |
|
$ |
63.4 |
|
$ |
3.3 |
|
5 |
% |
$ |
68.4 |
|
$ |
68.7 |
|
$ |
(0.3 |
) |
(0 |
%) |
||||||||
- Transactions1 |
|
12.0 |
|
|
12.4 |
|
|
(0.5 |
) |
(4 |
%) |
|
12.0 |
|
|
14.4 |
|
|
(2.4 |
) |
(17 |
%) |
||||||||
- Revenues, net per transaction |
$ |
5.58 |
|
$ |
5.10 |
|
$ |
0.48 |
|
9 |
% |
$ |
5.72 |
|
$ |
4.77 |
|
$ |
0.95 |
|
20 |
% |
||||||||
FLEETCOR CONSOLIDATED REVENUES | ||||||||||||||||||||||||||||||
- Revenues, net |
$ |
661.1 |
|
$ |
621.8 |
|
$ |
39.3 |
|
6 |
% |
$ |
666.8 |
|
$ |
636.2 |
|
$ |
30.6 |
|
5 |
% |
||||||||
1 Reflects certain reclassifications of revenue between product categories as the Company realigned its corporate payments business, resulting in reclassification of payroll paycard revenue from corporate payments to other. | ||||||||||||||||
2 Other includes telematics, maintenance, food, transportation and payroll card related businesses. | ||||||||||||||||
3 See Exhibit 5 for a reconciliation of Pro forma and Macro Adjusted revenue by product and metrics, non GAAP measures, to the GAAP equivalent. | ||||||||||||||||
* Columns may not calculate due to rounding. |
Exhibit 3 | ||||||||
Revenues by Geography and Product | ||||||||
(In millions) | ||||||||
(Unaudited) | ||||||||
Revenue by Geography* |
Three Months Ended |
|||||||
2020 |
|
% |
|
2019 |
|
% |
||
US |
|
60% |
|
60% |
||||
99 |
15% |
106 |
17% |
|||||
74 |
11% |
68 |
11% |
|||||
Other |
91 |
14% |
77 |
12% |
||||
Consolidated Revenues, net |
|
100% |
|
100% |
||||
* Columns may not calculate due to rounding. | ||||||||
Revenue by Product Category*1 |
Three Months Ended |
|||||||
202 |
|
% |
|
2019 |
|
% |
||
Fuel |
|
43% |
|
46% |
||||
Corporate Payments |
120 |
18% |
96 |
15% |
||||
Tolls |
83 |
13% |
89 |
14% |
||||
Lodging |
57 |
9% |
42 |
7% |
||||
Gift |
42 |
6% |
48 |
8% |
||||
Other |
67 |
10% |
63 |
10% |
||||
Consolidated Revenues, net |
|
100% |
|
100% |
||||
* Columns may not calculate due to rounding. |
1 Reflects certain reclassifications of revenue between product categories as the Company realigned its corporate payments business, resulting in reclassification of payroll paycard revenue from corporate payments to other. |
Exhibit 4 | ||||||
Segment Results | ||||||
(In thousands) | ||||||
(Unaudited) | ||||||
Three Months Ended |
||||||
2020 |
|
20191 |
||||
Revenues, net: | ||||||
$ |
434,692 |
$ |
396,899 |
|||
|
98,978 |
|
105,699 |
|||
International |
|
127,423 |
|
119,227 |
||
$ |
661,093 |
$ |
621,825 |
|||
Operating income: | ||||||
$ |
85,740 |
$ |
172,379 |
|||
|
39,442 |
|
42,154 |
|||
International |
|
75,801 |
|
69,643 |
||
$ |
200,983 |
$ |
284,176 |
|||
Depreciation and amortization: | ||||||
$ |
37,976 |
$ |
38,292 |
|||
|
14,589 |
|
16,794 |
|||
International |
|
11,911 |
|
12,359 |
||
$ |
64,476 |
$ |
67,445 |
|||
Capital expenditures: | ||||||
$ |
11,264 |
$ |
8,377 |
|||
|
3,331 |
|
4,154 |
|||
International |
|
3,662 |
|
1,975 |
||
$ |
18,257 |
$ |
14,506 |
1 The Company has historically had two reportable segments, |
Exhibit 5 | ||||||||||||||
Reconciliation of Non-GAAP Revenue and Key Performance Metric by Product to GAAP | ||||||||||||||
(In millions) | ||||||||||||||
(Unaudited) | ||||||||||||||
Revenue | Key Performance Metric | |||||||||||||
Three Months Ended |
Three Months Ended |
|||||||||||||
2020* | 2019* | 2020* | 2019* | |||||||||||
FUEL-TRANSACTIONS | ||||||||||||||
Pro forma and macro adjusted |
$ |
280.6 |
|
$ |
275.3 |
|
118.4 |
118.7 |
|
|||||
Impact of acquisitions/dispositions |
|
- |
|
|
7.7 |
|
- |
2.5 |
|
|||||
Impact of fuel prices/spread |
|
15.4 |
|
|
- |
|
- |
- |
|
|||||
Impact of foreign exchange rates |
|
(3.9 |
) |
|
- |
|
- |
- |
|
|||||
As reported |
$ |
292.1 |
|
$ |
283.0 |
|
118.4 |
121.2 |
|
|||||
CORPORATE PAYMENTS- SPEND | ||||||||||||||
Pro forma and macro adjusted |
$ |
120.9 |
|
$ |
100.7 |
|
17,917 |
15,922 |
|
|||||
Impact of acquisitions/dispositions |
|
- |
|
|
(4.3 |
) |
- |
(392 |
) |
|||||
Impact of fuel prices/spread |
|
0.0 |
|
|
- |
|
- |
- |
|
|||||
Impact of foreign exchange rates |
|
(1.0 |
) |
|
- |
|
- |
- |
|
|||||
As reported |
$ |
119.9 |
|
$ |
96.4 |
|
17,917 |
15,529 |
|
|||||
TOLLS- TAGS | ||||||||||||||
Pro forma and macro adjusted |
$ |
97.4 |
|
$ |
88.9 |
|
5.4 |
5.0 |
|
|||||
Impact of acquisitions/dispositions |
|
- |
|
|
- |
|
- |
- |
|
|||||
Impact of fuel prices/spread |
|
- |
|
|
- |
|
- |
- |
|
|||||
Impact of foreign exchange rates |
|
(14.5 |
) |
|
- |
|
- |
- |
|
|||||
As reported |
$ |
83.0 |
|
$ |
88.9 |
|
5.4 |
5.0 |
|
|||||
LODGING- ROOM NIGHTS | ||||||||||||||
Pro forma and macro adjusted |
$ |
57.0 |
|
$ |
54.2 |
|
5.9 |
6.2 |
|
|||||
Impact of acquisitions/dispositions |
|
- |
|
|
(12.4 |
) |
- |
(2.2 |
) |
|||||
Impact of fuel prices/spread |
|
- |
|
|
- |
|
- |
- |
|
|||||
Impact of foreign exchange rates |
|
- |
|
|
- |
|
- |
- |
|
|||||
As reported |
$ |
57.0 |
|
$ |
41.8 |
|
5.9 |
4.0 |
|
|||||
GIFT- TRANSACTIONS | ||||||||||||||
Pro forma and macro adjusted |
$ |
42.4 |
|
$ |
48.4 |
|
281.9 |
330.8 |
|
|||||
Impact of acquisitions/dispositions |
|
- |
|
|
- |
|
- |
- |
|
|||||
Impact of fuel prices/spread |
|
- |
|
|
- |
|
- |
- |
|
|||||
Impact of foreign exchange rates |
|
- |
|
|
- |
|
- |
- |
|
|||||
As reported |
$ |
42.4 |
|
$ |
48.4 |
|
281.9 |
330.8 |
|
|||||
OTHER1- TRANSACTIONS | ||||||||||||||
Pro forma and macro adjusted |
$ |
68.4 |
|
$ |
68.7 |
|
12.0 |
14.4 |
|
|||||
Impact of acquisitions/dispositions |
|
- |
|
|
(5.3 |
) |
- |
(2.0 |
) |
|||||
Impact of fuel prices/spread |
|
- |
|
|
- |
|
- |
- |
|
|||||
Impact of foreign exchange rates |
|
(1.7 |
) |
|
- |
|
- |
- |
|
|||||
As reported |
$ |
66.7 |
|
$ |
63.4 |
|
12.0 |
12.4 |
|
|||||
FLEETCOR CONSOLIDATED REVENUES | ||||||||||||||
Pro forma and macro adjusted |
$ |
666.8 |
|
$ |
636.2 |
|
Intentionally Left Blank | |||||||
Impact of acquisitions/dispositions |
|
- |
|
|
(14.4 |
) |
||||||||
Impact of fuel prices/spread |
|
15.4 |
|
|
- |
|
||||||||
Impact of foreign exchange rates |
|
(21.1 |
) |
|
- |
|
||||||||
As reported |
$ |
661.1 |
|
$ |
621.8 |
|
* Columns may not calculate due to rounding. | |||||
1 Other includes telematics, maintenance, food, transportation and payroll card related businesses. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20200507006111/en/
Investor Relations
Jim.Eglseder@fleetcor.com
Source: