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flt-20201105
0001175454false00011754542020-11-052020-11-05

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________________________________________________ 
FORM 8-K
________________________________________________________ 
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): November 5, 2020
________________________________________________________ 
FleetCor Technologies, Inc.
________________________________________________________ 
(Exact name of registrant as specified in its charter)
  _______________________________________________________
Delaware001-3500472-1074903
(State or other jurisdiction of
incorporation or organization)		(Commission
File Number)		(I.R.S. Employer
Identification No.)
3280 Peachtree Road, Suite 2400Atlanta30305
(Address of principal executive offices)GA(Zip Code)
Registrant’s telephone number, including area code: (770) 449-0479
Not Applicable

Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbols(s)		Name of each exchange on which registered
Common StockFLTNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company  ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐



Item 2.02 Results of Operations and Financial Condition.

On November 5, 2020, FLEETCOR Technologies, Inc. (the "Company") issued a press release announcing its financial results for the three and nine months ended September 30, 2020. A copy of the press release is attached as Exhibit 99.1, which is incorporated by reference in its entirety. The information in this item, including Exhibit 99.1, is being furnished, not filed. Accordingly, the information in this item will not be incorporated by reference into any registration statement filed by FLEETCOR Technologies, Inc. under the Securities Act of 1933, as amended, unless specifically identified as being incorporated into it by reference.

Item 7.01 Regulation FD Disclosure.
The Company has made available on its website in the investor relations section an earnings release supplement.

Item 9.01 Financial Statements and Exhibits.
(d)Exhibits
FLEETCOR Technologies, Inc. press release dated November 5, 2020
104
Cover Page Interactive Data File (formatted as Inline XBRL)


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
  FleetCor Technologies, Inc.
November 5, 2020  By:   /s/ Charles R. Freund
   Charles R. Freund
   Chief Financial Officer




Exhibit Index
 
Exhibit No.  Description
Press release dated November 5, 2020.
104
Cover Page Interactive Data File (formatted as Inline XBRL).
Document

Exhibit 99.1
FLEETCOR Reports Third Quarter 2020 Financial Results

Board of Directors Increases Share Repurchase Program by $1.0 Billion

Atlanta, Ga., November 5, 2020 — FLEETCOR Technologies, Inc. (NYSE: FLT), a leading global business payments company, today reported financial results for its third quarter of 2020.

“We’re pleased that our third quarter volumes stepped up sequentially in every line of business, driven primarily from increasing existing client usage. New sales performance also improved dramatically in the quarter, returning to 80% of prior period levels,” said Ron Clarke, chairman and chief executive officer, FLEETCOR Technologies, Inc. “Client retention and credit trends were also very encouraging in the quarter and better than last year.”

“We’re progressing towards a first quarter, 2021 closing of our AFEX cross border acquisition that we announced in September, and we have a couple of additional active acquisition opportunities in and around the Corporate Payments space that we’re currently working,” concluded Clarke.

Financial Results for Third Quarter of 2020:
GAAP Results
•Total revenues decreased 14% to $585.3 million in the third quarter of 2020, compared to $681.0 million in the third quarter of 2019.
•Net income decreased 16% to $188.8 million in the third quarter of 2020, compared to $225.8 million in the third quarter of 2019.
•Net income per diluted share decreased 12% to $2.19 in the third quarter of 2020, compared to $2.49 per diluted share in the third quarter of 2019.
Non-GAAP Results1
•Adjusted net income1 decreased 14% to $241.9 million in the third quarter of 2020, compared to $280.6 million in the third quarter of 2019.
•Adjusted net income per diluted share1 decreased 10% to $2.80 in the third quarter of 2020, compared to $3.10 per diluted share in the third quarter of 2019.
Fiscal-Year 2020 Outlook:

“While business conditions have improved globally, the sustainability of recoveries across our markets remains uncertain, therefore we have not reinstated our full-year 2020 outlook,” said Charles Freund, chief financial officer, FLEETCOR Technologies, Inc. We expect to manage expenses 10%-12% below last year in order to balance current profitability with investment for future growth.”

Share Repurchase Program

The Company’s board of directors authorized an increase in the size of the previously announced share repurchase program by an additional $1.0 billion of common stock. With the increase, and giving effect to the Company’s previous repurchases, the Company may repurchase up to $1.056 billion of its common stock at any time prior to February 1, 2023.

Conference Call

The Company will host a conference call to discuss third quarter 2020 financial results today at 5:30 pm ET. Hosting the call will be Ron Clarke, chief executive officer, Charles Freund, chief financial officer and Jim Eglseder, SVP investor relations. The conference ID is 21971417, and the conference call can be accessed live over the phone by dialing (800) 920-3359, or for international callers (303) 223-0113. 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 replay will be available until Thursday, November 12, 2020. The call will be webcast live from the Company's investor relations website at http://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.








1Reconciliations 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.


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," "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 many uncertainties and other variable circumstances, such as the impact of global, political, market, health, and other conditions, including the impact of the coronavirus (COVID-19); regulatory measures or voluntary actions, including social distancing, shelter-in-place, shutdowns of nonessential businesses and similar measures imposed or undertaken in an effort to combat the spread of the coronavirus (COVID-19); adverse outcomes with respect to current and future legal proceedings, including without limitation, the FTC lawsuit, or actions of governmental 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, fuel price and spread volatility; 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 complete, or delays in completing, anticipated new partnerships and customer arrangements or acquisitions and to successfully integrate or otherwise achieve anticipated benefits from such partnerships, customer arrangements or acquired businesses; failure to successfully expand and manage our business internationally, other risks related to our international operations, including 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, revenue and income; the effects of general economic and political conditions on fueling patterns and the commercial activities of fleets; risks related to litigation; the impact of new tax regulations and the resolution of tax contingencies resulting in additional tax liabilities; 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, 2019 filed with the Securities and Exchange Commission on March 2, 2020 and subsequent filings made by us. These factors could cause our actual results and experience to differ materially from any forward-looking statement. The forward-looking statements included in this presentation are made only as of the date hereof. The forward-looking statements included in this press release are made only as of the date hereof. FLEETCOR does not undertake, and specifically disclaims, 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 get FLEETCOR’s Securities and Exchange Commission (“SEC”) filings for free by visiting the SEC web site at www.sec.gov.

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 credit losses occurring due largely to COVID-19, the impact of discrete tax items, impairment charges, asset write-offs, restructuring costs, gains due to disposition of assets and a business, loss on extinguishment of debt, and legal settlements. 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 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 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. We also believe that integration and deal related costs and one-time non-recurring expenses, gains, losses, 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. 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.

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 FLEETCOR

FLEETCOR Technologies (NYSE: FLT) is a leading global business payments company that simplifies the way businesses manage and pay their expenses. The FLEETCOR portfolio of brands help companies automate, secure, digitize and control payments on behalf of, their employees and suppliers. FLEETCOR serves businesses, partners and merchants in North America, Latin America, Europe, and Asia Pacific. For more information, please visit www.FLEETCOR.com.

Contact
Investor Relations
Jim Eglseder, 770-417-4697
Jim.Eglseder@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,
 2020201920202019
Revenues, net$585,283 $681,048 $1,771,522 $1,949,967 
Expenses:
Processing119,856 135,016 474,849 384,588 
Selling46,762 51,790 144,995 152,907 
General and administrative90,868 98,050 283,717 297,618 
Depreciation and amortization63,479 67,347 190,117 205,700 
Other operating, net(214)(296)(482)(1,480)
Operating income264,532 329,141 678,326 910,634 
Investment loss (gain) 1,330 — (30,008)15,660 
Other (income) expense, net(3,591)(120)(10,477)628 
Interest expense, net31,383 36,504 99,474 115,088 
Total other expense29,122 36,384 58,989 131,376 
Income before income taxes235,410 292,757 619,337 779,258 
Provision for income taxes 46,593 66,952 124,972 119,695 
Net income$188,817 $225,805 $494,365 $659,563 
Basic earnings per share$2.26 $2.61 $5.87 $7.64 
Diluted earnings per share$2.19 $2.49 $5.68 $7.33 
Weighted average shares outstanding:
Basic shares83,719 86,662 84,170 86,332 
Diluted shares86,273 90,522 87,006 89,976 



FLEETCOR Technologies, Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands, except share and par value amounts)
 
September 30, 2020December 31, 2019
 (Unaudited) 
Assets
Current assets:
Cash and cash equivalents$788,854 $1,271,494 
Restricted cash582,006 403,743 
Accounts and other receivables (less allowance for credit losses of $83,882 at September 30, 2020 and $70,890 at December 31, 2019, respectively)1,552,695 1,568,961 
Securitized accounts receivable — restricted for securitization investors688,000 970,973 
Prepaid expenses and other current assets359,461 403,400 
Total current assets3,971,016 4,618,571 
Property and equipment, net189,953 199,825 
Goodwill4,613,597 4,833,047 
Other intangibles, net2,115,189 2,341,882 
Investments7,480 30,440 
Other assets196,764 224,776 
Total assets$11,093,999 $12,248,541 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$1,297,236 $1,249,586 
Accrued expenses299,396 275,511 
Customer deposits1,123,974 1,007,631 
Securitization facility688,000 970,973 
Current portion of notes payable and lines of credit645,769 775,865 
Other current liabilities141,432 183,502 
Total current liabilities4,195,807 4,463,068 
Notes payable and other obligations, less current portion3,158,810 3,289,947 
Deferred income taxes506,102 519,980 
Other noncurrent liabilities295,530 263,930 
Total noncurrent liabilities3,960,442 4,073,857 
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value; 475,000,000 shares authorized; 125,997,304 shares issued and 83,396,765 shares outstanding at September 30, 2020; and 124,626,786 shares issued and 85,342,156 shares outstanding at December 31, 2019126 124 
Additional paid-in capital2,713,022 2,494,721 
Retained earnings5,207,094 4,712,729 
Accumulated other comprehensive loss(1,583,136)(972,465)
Less treasury stock, 42,600,539 shares at September 30, 2020 and 39,284,630 shares at December 31, 2019(3,399,356)(2,523,493)
Total stockholders’ equity2,937,750 3,711,616 
Total liabilities and stockholders’ equity$11,093,999 $12,248,541 



FLEETCOR Technologies, Inc. and Subsidiaries
Unaudited Consolidated Statements of Cash Flows
(In thousands)
 Nine Months Ended September 30,
 20202019
Operating activities
Net income$494,365 $659,563 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation48,150 46,393 
Stock-based compensation35,069 46,120 
Provision for losses on accounts and other receivables152,485 54,735 
Amortization of deferred financing costs and discounts5,028 3,741 
Amortization of intangible assets and premium on receivables141,967 159,307 
Deferred income taxes(5,747)11,142 
Investment (gain) loss (30,008)15,660 
Other non-cash operating income(482)(1,778)
Changes in operating assets and liabilities (net of acquisitions/dispositions):
Accounts and other receivables49,690 (472,378)
Prepaid expenses and other current assets26,105 (77,836)
Other assets6,129 (26,578)
Accounts payable, accrued expenses and customer deposits291,945 373,044 
Net cash provided by operating activities1,214,696 791,135 
Investing activities
Acquisitions, net of cash acquired(72,557)(334,860)
Purchases of property and equipment(55,019)(48,681)
Proceeds from disposal of investment
52,963 — 
Net cash used in investing activities(74,613)(383,541)
Financing activities
Proceeds from issuance of common stock95,780 117,627 
Repurchase of common stock(788,409)(59,362)
(Payments) borrowings on securitization facility, net(282,973)106,000 
Deferred financing costs paid and debt discount(2,474)(2,421)
Proceeds from issuance of notes payable— 700,000 
Principal payments on notes payable(134,097)(97,313)
Borrowings from revolver 1,198,500 965,709 
Payments on revolver (1,287,899)(1,992,296)
(Payments) borrowings on swing line of credit, net(20,111)1,775 
Other(244)(189)
Net cash used in financing activities(1,221,927)(260,470)
Effect of foreign currency exchange rates on cash(222,533)(46,140)
Net (decrease) increase in cash and cash equivalents and restricted cash(304,377)100,984 
Cash and cash equivalents and restricted cash, beginning of period1,675,237 1,364,893 
Cash and cash equivalents and restricted cash, end of period$1,370,860 $1,465,877 
Supplemental cash flow information
Cash paid for interest$98,564 $136,850 
Cash paid for income taxes$119,089 $148,727 



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,
 2020201920202019
Net income$188,817 $225,805 $494,365 $659,563 
Stock based compensation11,905 15,273 35,069 46,120 
Amortization of intangible assets, premium on receivables, deferred financing costs and discounts49,078 52,907 146,995 163,048 
Investment loss (gain)1,330 — (30,008)15,660 
Integration and deal related costs1
1,768 — 11,035 — 
Restructuring and related costs185 — 4,912 — 
Legal settlements/litigation2,048 — (2,989)3,474 
Write-off of customer receivable2
— — 90,058 — 
Total pre-tax adjustments66,314 68,180 255,072 228,302 
Income tax impact of pre-tax adjustments at the effective tax rate3
(13,196)(15,177)(55,429)(49,023)
Impact of discrete tax item4
— 1,782 9,848 (63,098)
Adjusted net income$241,935 $280,590 $703,856 $775,744 
Adjusted net income per diluted share$2.80 $3.10 $8.09 $8.62 
Diluted shares86,273 90,522 87,006 89,976 
      
1 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 $1.0 million and $3.8 million for the three and nine months ended September 30, 2019, respectively, which we consider immaterial.
2 Represents a bad debt loss in the first quarter of 2020 from a large client in our Cambridge business entering voluntary bankruptcy due to the extraordinary impact of the COVID-19 pandemic.
3 Excludes the results of the Company's investment in the nine months ended September 30, 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 no tax-over-book outside basis difference prior to disposition.
4 Represents impact of a discrete tax reserve adjustment related to prior year tax positions in 2020 and tax reform in 2019. Also, includes the impact from the disposition of our investment in Masternaut of $64.9 million during the nine months ended September 30, 2019.
*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 September 30,Three Months Ended September 30,
20202019Change% Change20202019Change% Change
FUEL
'- Revenues, net
$255.1 $295.6 $(40.5)(14)%$262.4 $295.6 $(33.2)(11)%
'- Transactions
113.6 129.4 (15.8)(12)%113.6 129.4 (15.8)(12)%
'- Revenues, net per transaction
$2.25 $2.28 $(0.04)(2)%$2.31 $2.28 $0.03 1 %
CORPORATE PAYMENTS
'- Revenues, net1
$106.5 $120.0 $(13.5)(11)%$106.5 $120.0 $(13.4)(11)%
'- Spend volume
15,567 19,033 $(3,466)(18)%15,567 19,033 $(3,466)(18)%
'- Revenues, net per spend $
0.68 %0.63 %0.05 %9 %0.68 %0.63 %0.05 %9 %
TOLLS
'- Revenues, net
$67.6 $88.7 $(21.1)(24)%$91.6 $88.7 $2.9 3 %
'- Tags (average monthly)
5.4 5.1 0.3 5 %5.4 5.1 0.3 5 %
'- Revenues, net per tag
$12.60 $17.43 $(4.83)(28)%$17.06 $17.43 $(0.37)(2)%
LODGING
'- Revenues, net
$52.9 $56.4 $(3.5)(6)%$52.9 $78.2 $(25.3)(32)%
'- Room nights
5.4 4.4 1.0 22 %5.4 7.1 (1.7)(24)%
'- Revenues, net per room night
$9.77 $12.74 $(2.97)(23)%$9.77 $10.94 $(1.16)(11)%
GIFT
'- Revenues, net
$39.1 $48.5 $(9.4)(19)%$39.1 $48.5 $(9.4)(19)%
'- Transactions
242.7 277.8 (35.1)(13)%242.7 277.8 (35.1)(13)%
'- Revenues, net per transaction
$0.16 $0.17 $(0.01)(8)%$0.16 $0.17 $(0.01)(8)%
OTHER2
'- Revenues, net1
$64.1 $71.9 $(7.8)(11)%$65.6 $71.9 $(6.4)(9)%
'- Transactions1
9.9 14.6 (4.7)(32)%9.9 14.6 (4.7)(32)%
'- Revenues, net per transaction
$6.48 $4.93 $1.55 31 %$6.63 $4.93 $1.69 34 %
FLEETCOR CONSOLIDATED REVENUES
'- Revenues, net
$585.3 $681.0 $(95.8)(14)%$618.0 $702.9 $(84.9)(12)%

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 September 30,Nine Months Ended September 30,
2020%2019%2020%2019%
US$357 61 %$414 61 %$1,090 62 %$1,174 60 %
Brazil80 14 %106 16 %254 14 %316 16 %
UK70 12 %68 10 %193 11 %205 10 %
Other78 13 %93 14 %235 13 %256 13 %
Consolidated Revenues, net$585 100 %$681 100 %$1,772 100 %$1,950 100 %
*Columns may not calculate due to rounding.

Revenue by Product Category*1
Three Months Ended September 30,Nine Months Ended September 30,
2020%2019%2020%2019%
Fuel$255 44 %$296 43 %$797 45 %$874 45 %
Corporate Payments107 18 %120 18 %319 18 %329 17 %
Tolls 68 12 %89 13 %215 12 %264 14 %
Lodging53 9 %56 8 %150 8 %148 8 %
Gift39 7 %48 7 %108 6 %133 7 %
Other64 11 %72 11 %182 10 %203 10 %
Consolidated Revenues, net$585 100 %$681 100 %$1,772 100 %$1,950 100 %
*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 September 30,Nine Months Ended September 30,
2020
20191
2020
20191
Revenues, net:
North America$383,828 $442,704 $1,175,950 $1,257,544 
Brazil79,596 106,574 253,722 315,854 
International121,859 131,770 341,850 376,569 
$585,283 $681,048 $1,771,522 $1,949,967 
Operating income:
North America$153,328 $205,558 $372,219 $562,230 
Brazil35,600 42,469 104,462 126,884 
International75,604 81,114 201,645 221,520 
$264,532 $329,141 $678,326 $910,634 
Depreciation and amortization:
North America$39,390 $39,309 $115,913 $119,476 
Brazil12,260 16,224 39,019 49,314 
International11,829 11,814 35,185 36,910 
$63,479 $67,347 $190,117 $205,700 
Capital expenditures:
North America$12,053 $10,340 $35,590 $30,023 
Brazil3,501 4,296 10,309 12,273 
International2,595 2,070 9,120 6,385 
$18,149 $16,706 $55,019 $48,681 

1The Company has historically had two reportable segments, North America and International. In the first quarter of 2020, in order to better align with changes in business models and management reporting, the Company has broken out Brazil as a third segment, which was previously reported in the International segment. The presentation of segment information has been recast for the prior quarter to align with segment presentation in 2020.





Exhibit 5
Reconciliation of Non-GAAP Revenue and Key Performance Metric by Product to GAAP
(In millions)
(Unaudited)
Revenues, netKey Performance Metric
Three Months Ended September 30,Three Months Ended September 30,
2020*2019*2020*2019*
FUEL - TRANSACTIONS
Pro forma and macro adjusted$262.4 $295.6 113.6 129.4 
Impact of acquisitions/dispositions— — — — 
Impact of fuel prices/spread(4.5)— — — 
Impact of foreign exchange rates(2.8)— — — 
As reported$255.1 $295.6 113.6 129.4 
CORPORATE PAYMENTS - SPEND
Pro forma and macro adjusted$106.5 $120.0 15,567 19,033 
Impact of acquisitions/dispositions— — — — 
Impact of fuel prices/spread(0.4)— — — 
Impact of foreign exchange rates0.3 — — — 
As reported$106.5 $120.0 15,567 19,033 
TOLLS - TAGS
Pro forma and macro adjusted$91.6 $88.7 5.4 5.1 
Impact of acquisitions/dispositions— — — — 
Impact of fuel prices/spread— — — — 
Impact of foreign exchange rates(23.9)— — — 
As reported$67.6 $88.7 5.4 5.1 
LODGING - ROOM NIGHTS
Pro forma and macro adjusted$52.9 $78.2 5.4 7.1 
Impact of acquisitions/dispositions— (21.8)— (2.7)
Impact of fuel prices/spread— — — — 
Impact of foreign exchange rates— — — — 
As reported$52.9 $56.4 5.4 4.4 
GIFT - TRANSACTIONS
Pro forma and macro adjusted$39.1 $48.5 242.7 277.8 
Impact of acquisitions/dispositions— — — — 
Impact of fuel prices/spread— — — — 
Impact of foreign exchange rates— — — — 
As reported$39.1 $48.5 242.7 277.8 
OTHER1 - TRANSACTIONS
Pro forma and macro adjusted$65.6 $71.9 9.9 14.6 
Impact of acquisitions/dispositions— — — — 
Impact of fuel prices/spread— — — — 
Impact of foreign exchange rates(1.4)— — — 
As reported$64.1 $71.9 9.9 14.6 
FLEETCOR CONSOLIDATED REVENUES
Pro forma and macro adjusted$618.0 $702.9 Intentionally Left Blank
Impact of acquisitions/dispositions— (21.8)
Impact of fuel prices/spread(4.9)— 
Impact of foreign exchange rates(27.8)— 
As reported$585.3 $681.0 
* Columns may not calculate due to rounding.
1Other includes telematics, maintenance, food, transportation and payroll card related businesses.