Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): August 4, 2021
FLEETCOR Technologies, Inc.
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of
incorporation or organization)
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
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 August 4, 2021, FLEETCOR Technologies, Inc. (the "Company") issued a press release announcing its financial results for the three and six months ended June 30, 2021. 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.
FLEETCOR Technologies, Inc. press release dated August 4, 2021
Cover Page Interactive Data File (formatted as Inline XBRL)

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.
August 4, 2021  By:   /s/ Charles R. Freund
   Charles R. Freund
   Chief Financial Officer

Exhibit Index
Exhibit No.  Description
Press release dated August 4, 2021.
Cover Page Interactive Data File (formatted as Inline XBRL).


Exhibit 99.1
FLEETCOR Reports Second Quarter 2021 Financial Results
Board increased share repurchase authorization by $1 billion

Atlanta, Ga., August 4, 2021 — FLEETCOR Technologies, Inc. (NYSE: FLT), a leading global business payments company, today reported financial results for its second quarter of 2021.

“Our second quarter profits (adjusted EPS) climbed 38%, and we posted record retention and record sales levels,” said Ron Clarke, chairman and chief executive officer, FLEETCOR Technologies, Inc. “Our outlook is improving, and we now expect the second half of the year results to once again reach new all-time highs in revenues and profits.”

Financial Results for Second Quarter of 2021:
GAAP Results
Total revenues increased 27% to $667.4 million in the second quarter of 2021, compared to $525.1 million in the second quarter of 2020.
Net income increased 24% to $196.2 million in the second quarter of 2021, compared to $158.5 million in the second quarter of 2020.
Net income per diluted share increased 26% to $2.30 in the second quarter of 2021, compared to $1.83 per diluted share in the second quarter of 2020.
Non-GAAP Results1
Adjusted net income1 increased 36% to $268.4 million in the second quarter of 2021, compared to $197.4 million in the second quarter of 2020.
Adjusted net income per diluted share1 increased 38% to $3.15 in the second quarter of 2021, compared to $2.28 per diluted share in the second quarter of 2020.
“Our second quarter results were excellent, with organic growth improving across the board, which was bolstered by the macroeconomic environment of higher fuel prices and favorable foreign exchange rates,” said Charles Freund, chief financial officer, FLEETCOR Technologies, Inc. “We’ve continued to manage expenses in line with revenues, and are experiencing strong credit performance. Our active share repurchase program was increased by $1 billion by the Board on July 27, 2021, and we now have $1.6 billion of repurchase capacity.”
Fiscal-Year 2021 Outlook:
“We are raising our full year revenues and our adjusted net income per diluted share guidance to $2,765 million and $12.90 at the mid-point respectively, to reflect our second quarter results, the benefit from the AFEX transaction, and the improved macro outlook. We currently expect continued recovery of volumes from COVID levels for the remainder of the year and the benefit of the acceleration of new sales to continue to drive momentum in the second half of 2021,” concluded Freund.
For fiscal year 2021, FLEETCOR Technologies, Inc. updated financial guidance1 is as follows:
Total revenues between $2,740 million and $2,790 million;
GAAP net income between $835 million and $865 million;
GAAP net income per diluted share between $9.80 and $10.00;
Adjusted net income between $1,085 million and $1,115 million; and
Adjusted net income per diluted share between $12.80 and $13.00.
FLEETCOR’s guidance assumptions for 2021 are as follows:
For the balance of the year:
Weighted U.S. fuel prices equal to $3.07 per gallon;
Market spreads slightly unfavorable to the 2020 average; and
Foreign exchange rates equal to the seven-day average as of July 11, 2021.
For the full year:
Interest expense between $120 million and $125 million;

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. A reconciliation of GAAP guidance to non-GAAP guidance is provided in Exhibit 6.

Between 85 million and 86 million fully diluted shares outstanding;
A tax rate of 21.5% to 22.5%; and
No impact related to acquisitions not already closed.
Third Quarter of 2021 Outlook1:
For the third quarter, the Company is expecting adjusted net income per diluted share to be in the range of $3.35 to $3.55.
Conference Call:
The Company will host a conference call to discuss second quarter 2021 financial results today at 5:00 pm ET. Hosting the call will be Ron Clarke, chief executive officer, Charles Freund, chief financial officer and Jim Eglseder, investor relations. The conference call can be accessed live via webcast from the Company's investor relations website at http://investor.fleetcor.com. A replay will be available one hour after the call and can be accessed by dialing (844) 512-2921 or (412) 317-6671 for international callers; the conference ID is 13722058. The replay will be available until Wednesday, August 11, 2021. Prior to the conference call, the Company will post supplemental financial information that will be discussed during the call and live webcast.
Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about FLEETCOR’s beliefs, assumptions, expectations and future performance, are forward-looking statements. Forward-looking statements can be identified by the use of words such as “anticipate,” “intend,” “believe,” “estimate,” “plan,” “seek,” “project” or “expect,” “may,” “will,” “would,” “could” or “should,” the negative of these terms or other comparable terminology.
These forward-looking statements are not a guarantee of performance, and you should not place undue reliance on such statements. We have based these forward-looking statements largely on preliminary information, internal estimates and management assumptions, expectations and plans about future conditions, events and results. Forward-looking statements are subject to many uncertainties and other variable circumstances, such as regulatory measures, voluntary actions, or changes in consumer preferences, that impact our transaction volume, including social distancing, shelter-in-place, shutdowns of nonessential businesses and similar measures imposed or undertaken in an effort to contain and mitigate the spread of the novel coronavirus (including any variants thereof, “COVID-19”); adverse changes or volatility in fuel prices and spreads; adverse changes in program fees or charges we may collect, whether through legal, regulatory or contractual changes; adverse outcomes with respect to current and future legal proceedings or investigations, including without limitation, the FTC lawsuit, or actions of governmental, regulatory or quasi-governmental bodies or standards or industry organizations with respect to our payment cards; delays or failures associated with implication of, or adaption to, new technology, changes in credit risk of customers and associated losses; failure to maintain or renew key business relationships; failure to maintain competitive product offerings; failure to complete, or delays in completing, acquisitions, new partnerships or customer arrangements; and to successfully integrate or otherwise achieve anticipated benefits from such acquisitions, partnerships, and customer arrangements; failure to successfully expand and manage our business internationally; and other risks related to our international operations, including the potential impact to our business as a result of the United Kingdom’s referendum to leave the European Union; the impact of foreign exchange rates on operations, revenues and income; and the failure or compromise of our data centers and other information technology assets; as well as the other risks and uncertainties identified under the caption "Risk Factors" in FLEETCOR's Annual Report on Form 10-K for the year ended December 31, 2020 filed with the Securities and Exchange Commission (“SEC”) on February 26, 2021 and subsequent filings made by us. These factors could cause our actual results and experience to differ materially from any forward-looking statement made herein. The forward-looking statements included in this press release are made only as of the date hereof and we do not undertake, and specifically disclaim, any obligation to update any such statements as a result of new information, future events or developments, except as specifically stated or to the extent required by law. You may access FLEETCOR’s SEC filings for free by visiting the SEC web site at www.sec.gov.

About Non-GAAP Financial Measures:
This press release includes non-GAAP financial measures, which are used by the Company as supplemental measures to evaluate its overall operating performance. The Company’s definitions of the non-GAAP financial measures used herein may differ from similarly titled measures used by others, including within its industry. By providing these non-GAAP financial measures, together with reconciliations to the most directly comparable GAAP financial measures, we believe we

are enhancing investors’ understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing strategic initiatives. See the appendix for additional information regarding these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP measure.
Adjusted net income is calculated as net income, adjusted to eliminate (a) non-cash stock based compensation expense related to share based compensation awards, (b) amortization of deferred financing costs, discounts, intangible assets, and amortization of the premium recognized on the purchase of receivables, (c) integration and deal related costs, and (d) other non-recurring items, including unusual credit losses occurring largely, but not necessarily exclusively, due to COVID-19, the impact of discrete tax items, impairment charges, asset write-offs, restructuring costs, gains due to disposition of assets/businesses, loss on extinguishment of debt, and legal settlements. We calculate adjusted net income and adjusted net income per diluted share to eliminate the effect of items that we do not consider indicative of our core operating performance.
Adjusted net income and adjusted net income per diluted share are supplemental measures of operating performance that do not represent and should not be considered as an alternative to net income, net income per diluted share or cash flow from operations, as determined by U.S. generally accepted accounting principles, or U.S. GAAP. We believe it is useful to exclude non-cash share-based compensation expense from adjusted net income because non-cash equity grants made at a certain price and point in time do not necessarily reflect how our business is performing at any particular time and share based compensation expense is not a key measure of our core operating performance. We also believe that amortization expense can vary substantially from company to company and from period to period depending upon their financing and accounting methods, the fair value and average expected life of their acquired intangible assets, their capital structures and the method by which their assets were acquired; therefore, we have excluded amortization expense from our adjusted net income. Integration and deal related costs represent business acquisition transaction costs, professional services fees, short-term retention bonuses and system migration costs, etc., that are not indicative of the performance of the underlying business. We also believe that certain expenses and recoveries (e.g. legal settlements, write-off of customer receivable, etc.), gains and losses on investments, and impairment charges do not necessarily reflect how our investments and business are performing. We adjust net income for the tax effect of each of these non-tax items.
Organic revenue growth is calculated as revenue growth in the current period adjusted for the impact of changes in the macroeconomic environment (to include fuel price, fuel price spreads and changes in foreign exchange rates) over revenue in the comparable prior period adjusted to include or remove the impact of acquisitions and/or divestitures and non-recurring items that have occurred subsequent to that period. We believe that organic revenue growth on a macro-neutral, one-time item, and consistent acquisition/divestiture/non-recurring item basis is useful to investors for understanding the performance of FLEETCOR.
Management uses adjusted net income, adjusted net income per diluted share and organic revenue growth:
as measurements of operating performance because they assist us in comparing our operating performance on a consistent basis;
for planning purposes, including the preparation of our internal annual operating budget;
to allocate resources to enhance the financial performance of our business; and
to evaluate the performance and effectiveness of our operational strategies.
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.

Investor Relations
Jim Eglseder, 770-417-4697

FLEETCOR Technologies, Inc. and Subsidiaries
Unaudited Consolidated Statements of Income
(In thousands, except per share amounts)

 Three Months Ended June 30,Six Months Ended June 30,
Revenues, net$667,381 $525,146 $1,276,004 $1,186,239 
Processing122,294 121,290 238,722 354,993 
Selling63,225 42,374 115,307 98,233 
General and administrative115,008 86,739 223,370 192,849 
Depreciation and amortization69,218 62,162 134,947 126,638 
Other operating, net24 (230)81 (268)
Operating income297,612 212,811 563,577 413,794 
Investment gain— (33,709)(9)(31,338)
Other expense (income), net408 2,480 2,151 (6,886)
Interest expense, net34,685 32,412 63,236 68,091 
Total other expense35,093 1,183 65,378 29,867 
Income before income taxes262,519 211,628 498,199 383,927 
Provision for income taxes 66,272 53,140 117,713 78,379 
Net income$196,247 $158,488 $380,486 $305,548 
Basic earnings per share$2.36 $1.89 $4.57 $3.62 
Diluted earnings per share$2.30 $1.83 $4.45 $3.50 
Weighted average shares outstanding:
Basic shares83,141 83,895 83,307 84,399 
Diluted shares85,295 86,570 85,528 87,380 

FLEETCOR Technologies, Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands, except share and par value amounts)
June 30, 2021December 31, 2020
Current assets:
Cash and cash equivalents$1,301,207 $934,900 
Restricted cash758,096 541,719 
Accounts and other receivables (less allowance)1,787,155 1,366,775 
Securitized accounts receivable — restricted for securitization investors1,000,000 700,000 
Prepaid expenses and other current assets407,685 412,924 
Total current assets5,254,143 3,956,318 
Property and equipment, net216,681 202,509 
Goodwill5,058,174 4,719,181 
Other intangibles, net2,265,574 2,115,882 
Investments11,857 7,480 
Other assets220,454 193,209 
Total assets$13,026,883 $11,194,579 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$1,578,266 $1,054,478 
Accrued expenses290,120 282,681 
Customer deposits1,570,190 1,175,322 
Securitization facility1,000,000 700,000 
Current portion of notes payable and lines of credit346,080 505,697 
Other current liabilities195,762 250,133 
Total current liabilities4,980,418 3,968,311 
Notes payable and other obligations, less current portion3,732,701 3,126,926 
Deferred income taxes565,856 498,154 
Other noncurrent liabilities259,061 245,777 
Total noncurrent liabilities4,557,618 3,870,857 
Commitments and contingencies
Stockholders’ equity:
Common stock127 126 
Additional paid-in capital2,821,453 2,749,900 
Retained earnings5,797,431 5,416,945 
Accumulated other comprehensive loss(1,265,177)(1,363,158)
Treasury stock(3,864,987)(3,448,402)
Total stockholders’ equity3,488,847 3,355,411 
Total liabilities and stockholders’ equity$13,026,883 $11,194,579 

FLEETCOR Technologies, Inc. and Subsidiaries
Unaudited Consolidated Statements of Cash Flows
(In thousands)
 Six Months Ended June 30,
Operating activities
Net income$380,486 $305,548 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation36,094 31,607 
Stock-based compensation35,632 23,164 
Provision for credit losses on accounts and other receivables8,521 139,000 
Amortization of deferred financing costs and discounts3,248 2,886 
Amortization of intangible assets and premium on receivables98,853 95,031 
Loss on extinguishment of debt6,230 — 
Deferred income taxes12,897 (8,730)
Investment gain(9)(31,338)
Other81 (268)
Changes in operating assets and liabilities (net of acquisitions/dispositions):
Accounts and other receivables(706,574)359,685 
Prepaid expenses and other current assets115,239 46,216 
Other assets20,715 828 
Accounts payable, accrued expenses and customer deposits345,029 (161,461)
Net cash provided by operating activities356,442 802,168 
Investing activities
Acquisitions, net of cash acquired(114,994)(492)
Purchases of property and equipment(45,765)(36,870)
Net cash used in investing activities(163,040)(37,362)
Financing activities
Proceeds from issuance of common stock35,921 92,977 
Repurchase of common stock(416,585)(557,361)
Borrowings (payments) on securitization facility, net300,000 (316,973)
Deferred financing costs paid and debt discount(21,039)(974)
Proceeds from issuance of notes payable1,150,000 — 
Principal payments on notes payable(419,250)(92,910)
Borrowings from revolver 405,000 573,500 
Payments on revolver (623,851)(726,644)
Payments on swing line of credit, net(51,157)(3,879)
Net cash provided by (used in) financing activities358,673 (1,032,433)
Effect of foreign currency exchange rates on cash30,609 (216,264)
Net increase (decrease) in cash and cash equivalents and restricted cash582,684 (483,891)
Cash and cash equivalents and restricted cash, beginning of period1,476,619 1,675,237 
Cash and cash equivalents and restricted cash, end of period$2,059,303 $1,191,346 
Supplemental cash flow information
Cash paid for interest, net$54,818 $68,454 
Cash paid for income taxes, net$113,969 $56,790 

Exhibit 1
(In thousands, except shares and per share amounts)
The following table reconciles net income to adjusted net income and adjusted net income per diluted share:*
Three Months Ended June 30,Six Months Ended June 30,
Net income$196,247 $158,488 $380,486 $305,548 
Stock based compensation17,885 8,989 35,632 23,164 
52,525 47,875 102,101 97,917 
Investment gain— (33,709)(9)(31,338)
Loss on extinguishment of debt6,230 — 6,230 — 
Integration and deal related costs7,823 5,902 11,493 9,267 
Restructuring and related (subsidies) costs(777)4,727 (1,354)4,727 
Legal settlements/litigation1,388 944 5,058 (5,037)
Write-off of customer receivable2
— — — 90,058 
Total pre-tax adjustments85,074 34,727 159,151 188,758 
Income taxes3
(12,910)4,211 (29,079)(32,385)
Adjusted net income$268,411 $197,425 $510,559 $461,922 
Adjusted net income per diluted share$3.15 $2.28 $5.97 $5.29 
Diluted shares85,295 86,570 85,528 87,380 
1Includes amortization related to intangible assets, premium on receivables, deferred financing costs and debt discounts.
2 Represents a loss in the first quarter of 2020 from a large client in our cross-border payments business entering voluntary bankruptcy due to the extraordinary impact of the COVID-19 pandemic.
3 Represents provision for income taxes of pre-tax adjustments. 2021 includes remeasurement of deferreds due to the increase in UK corporate tax rate from 19% to 25% of $6.5 million. 2020 includes a tax reserve adjustment related to prior year tax positions of $9.8 million.
*Columns may not calculate due to rounding.

Exhibit 2
Key Performance Indicators, by Solution and Revenue Per Performance Metric on a GAAP Basis and Pro Forma and Macro Adjusted
(In millions except revenues, net per key performance metric)
The following table presents revenue and revenue per key performance metric by solution.*
As Reported
Pro Forma and Macro Adjusted2
Three Months Ended June 30,Three Months Ended June 30,
20212020Change% Change20212020Change% Change
'- Revenues, net
$295.1 $249.8 $45.3 18 %$298.1 $250.1 $48.0 19 %
'- Transactions
118.3 99.7 18.6 19 %118.3 99.8 18.4 18 %
'- Revenues, net per transaction
$2.50 $2.51 $(0.01)— %$2.52 $2.51 $0.02 %
'- Revenues, net
$140.4 $92.6 $47.8 52 %$135.8 $102.7 $33.1 32 %
'- Spend volume
22,862 13,672 $9,190 67 %22,859 17,583 $5,276 30 %
'- Revenues, net per spend $
0.61 %0.68 %(0.06)%(9)%0.59 %0.58 %0.01 %%
'- Revenues, net
$71.3 $64.8 $6.5 10 %$70.5 $64.8 $5.6 %
'- Tags (average monthly)
5.8 5.3 0.5 10 %5.8 5.3 0.5 10 %
'- Revenues, net per tag
$12.21 $12.19 $0.02 — %$12.06 $12.19 $(0.13)(1)%
'- Revenues, net
$62.2 $40.6 $21.6 53 %$62.2 $44.8 $17.4 39 %
'- Room nights
6.6 4.6 2.0 44 %6.6 5.0 1.6 32 %
'- Revenues, net per room night
$9.41 $8.82 $0.58 %$9.40 $8.96 $0.44 %
'- Revenues, net
$32.3 $26.5 $5.8 22 %$32.3 $26.5 $5.8 22 %
'- Transactions
259.4 188.2 71.1 38 %259.4 188.2 71.1 38 %
'- Revenues, net per transaction
$0.12 $0.14 $(0.02)(12)%$0.12 $0.14 $(0.02)(12)%
'- Revenues, net
$66.0 $50.8 $15.2 30 %$63.5 $50.8 $12.7 25 %
'- Transactions
9.3 9.0 0.3 %9.3 9.0 0.3 %
'- Revenues, net per transaction
$7.13 $5.65 $1.48 26 %$6.86 $5.65 $1.21 21 %
'- Revenues, net
$667.4 $525.1 $142.2 27 %$662.3 $539.8 $122.5 23 %
1 Other includes telematics, maintenance, food, transportation and payroll card related businesses.
2 See Exhibit 5 for a reconciliation of Pro forma and Macro Adjusted revenue by solution and metrics, non-GAAP measures, to the GAAP equivalent.
*Columns may not calculate due to rounding.

 Exhibit 3
Revenues by Geography and Solution
(In millions)
Revenues by Geography*Three Months Ended June 30,Six Months Ended June 30,
US$413 62 %$335 64 %$783 61 %$733 62 %
Brazil86 13 %75 14 %168 13 %174 15 %
UK84 13 %49 %159 12 %123 10 %
Other85 13 %66 13 %166 13 %157 13 %
Consolidated Revenues, net$667 100 %$525 100 %$1,276 100 %$1,186 100 %
*Columns may not calculate due to rounding.
Revenues by Solution*Three Months Ended June 30,Six Months Ended June 30,
Fuel$295 44 %$250 48 %$557 44 %$542 46 %
Corporate Payments140 21 %93 18 %257 20 %212 18 %
Tolls 71 11 %65 12 %140 11 %148 12 %
Lodging62 %41 %121 10 %98 %
Gift32 %27 %76 %69 %
Other66 10 %51 10 %125 10 %118 10 %
Consolidated Revenues, net$667 100 %$525 100 %$1,276 100 %$1,186 100 %
*Columns may not calculate due to rounding.

Exhibit 4
Segment Results
(In thousands)
Three Months Ended June 30,Six Months Ended June 30,
Revenues, net:
North America$443,426 $357,430 $845,632 $792,122 
Brazil85,670 75,148 167,593 174,126 
International138,285 92,568 262,779 219,991 
$667,381 $525,146 $1,276,004 $1,186,239 
Operating income:
North America$178,652 $133,151 $341,228 $218,891 
Brazil33,331 29,420 65,556 68,862 
International85,629 50,240 156,793 126,041 
$297,612 $212,811 $563,577 $413,794 
Depreciation and amortization:
North America$43,882 $38,548 $84,415 $76,524 
Brazil12,894 12,169 25,181 26,758 
International12,442 11,445 25,351 23,356 
$69,218 $62,162 $134,947 $126,638 
Capital expenditures:
North America$15,325 $12,279 $26,855 $23,543 
Brazil5,775 3,477 9,126 6,808 
International5,138 2,857 9,784 6,519 
$26,238 $18,613 $45,765 $36,870 
1Results from the 2021 acquisitions of Roger and AFEX are reported in our North America segment.

Exhibit 5
Reconciliation of Non-GAAP Revenue and Key Performance Metric by Solution to GAAP
(In millions)
Revenues, netKey Performance Metric
Three Months Ended June 30,Three Months Ended June 30,
Pro forma and macro adjusted$298.1 $250.1 118.3 99.8 
Impact of acquisitions/dispositions— (0.3)— (0.2)
Impact of fuel prices/spread(13.9)— — — 
Impact of foreign exchange rates10.9 — — — 
As reported$295.1 $249.8 118.3 99.7 
Pro forma and macro adjusted$135.8 $102.7 22,859 17,583 
Impact of acquisitions/dispositions— (10.2)— (3,912)
Impact of fuel prices/spread0.2 — — — 
Impact of foreign exchange rates4.4 — — 
As reported$140.4 $92.6 22,862 13,672 
Pro forma and macro adjusted$70.5 $64.8 5.8 5.3 
Impact of acquisitions/dispositions— — — — 
Impact of fuel prices/spread— — — — 
Impact of foreign exchange rates0.9 — — — 
As reported$71.3 $64.8 5.8 5.3 
Pro forma and macro adjusted$62.2 $44.8 6.6 5.0 
Impact of acquisitions/dispositions— (4.2)— (0.4)
Impact of fuel prices/spread— — — — 
Impact of foreign exchange rates— — — — 
As reported$62.2 $40.6 6.6 4.6 
Pro forma and macro adjusted$32.3 $26.5 259.4 188.2 
Impact of acquisitions/dispositions— — — — 
Impact of fuel prices/spread— — — — 
Impact of foreign exchange rates— — — — 
As reported$32.3 $26.5 259.4 188.2 
Pro forma and macro adjusted$63.5 $50.8 9.3 9.0 
Impact of acquisitions/dispositions— — — — 
Impact of fuel prices/spread— — — — 
Impact of foreign exchange rates2.5 — — — 
As reported$66.0 $50.8 9.3 9.0 
Pro forma and macro adjusted$662.3 $539.8 Intentionally Left Blank
Impact of acquisitions/dispositions— (14.6)
Impact of fuel prices/spread2
Impact of foreign exchange rates18.7 — 
As reported$667.4 $525.1 
* Columns may not calculate due to rounding.
1Other includes telematics, maintenance, food, transportation and payroll card related businesses.
2 Revenues reflect an estimated $14 million net negative impact of fuel prices and fuel price spreads, with $16 million positive impact from fuel prices and $30 million negative impact from fuel spread.

Exhibit 6
(In millions, except per share amounts)
The following tables reconcile third quarter and full year 2021 financial guidance for net income to adjusted net income and adjusted net income per diluted share, at both ends of the range.
Net income$220 $235 
Net income per diluted share$2.60 $2.80 
Stock based compensation18 18 
Amortization57 57 
Total pre-tax adjustments79 79 
Income taxes & impact of pre-tax adjustments (17)(17)
Adjusted net income$285 $300 
Adjusted net income per diluted share$3.35 $3.55 
Diluted shares85 85 
Net income$835 $865 
Net income per diluted share$9.80 $10.00 
Stock based compensation73 73 
Amortization215 215 
Other29 29 
Total pre-tax adjustments317 317 
Income taxes & impact of pre-tax adjustments (65)(65)
Adjusted net income$1,085 $1,115 
Adjusted net income per diluted share$12.80 $13.00 
Diluted shares8586
 *Columns may not calculate due to rounding.