Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): November 3, 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 November 3, 2021, FLEETCOR Technologies, Inc. (the "Company") issued a press release announcing its financial results for the three and nine months ended September 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 November 3, 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.
November 3, 2021  By:   /s/ Charles R. Freund
   Charles R. Freund
   Chief Financial Officer

Exhibit Index
Exhibit No.  Description
Press release dated November 3, 2021.
Cover Page Interactive Data File (formatted as Inline XBRL).


Exhibit 99.1
FLEETCOR Reports Third Quarter 2021 Financial Results

Atlanta, Ga., November 3, 2021 — FLEETCOR Technologies, Inc. (NYSE: FLT), a leading global business payments company, today reported financial results for its third quarter of 2021.

“Our third quarter profits (adjusted EPS) and revenue were records for the company, growing 25% and 29% respectively,” said Ron Clarke, chairman and chief executive officer, FLEETCOR Technologies, Inc. “Overall organic revenue growth was 17%, and inside of that, our corporate payments business grew 22%. We are increasing the mid-point of our full-year guidance to $13.05, and are enthused about the setup into 2022 with our sales momentum, expected deal synergies and an improved macro environment.”

Financial Results for Third Quarter of 2021:
GAAP Results
Total revenues increased 29% to $755.5 million in the third quarter of 2021, compared to $585.3 million in the third quarter of 2020.
Net income increased 24% to $234.0 million in the third quarter of 2021, compared to $188.8 million in the third quarter of 2020.
Net income per diluted share increased 28% to $2.80 in the third quarter of 2021, compared to $2.19 per diluted share in the third quarter of 2020.
Non-GAAP Results1
Adjusted net income1 increased 22% to $294.4 million in the third quarter of 2021, compared to $241.9 million in the third quarter of 2020.
Adjusted net income per diluted share1 increased 25% to $3.52 in the third quarter of 2021, compared to $2.80 per diluted share in the third quarter of 2020.

“Our third quarter results were again excellent, and beat the expectations we provided in August for both revenue and adjusted earnings per share,” said Charles Freund, chief financial officer, FLEETCOR Technologies, Inc. “Our expense management discipline, strong credit performance and effective capital allocation all contributed to the bottom line beat.”
Fiscal-Year 2021 Outlook:
“Our guidance increase reflects our third quarter results and the benefit from the ALE acquisition completed on September 1, 2021. With three quarters of strong results behind us, we currently expect fourth quarter revenue and adjusted EPS to grow both sequentially and year-over-year, which will contribute to full year growth rates of 17% and 18% at the mid-point, respectively,” concluded Freund.
For fiscal year 2021, FLEETCOR Technologies, Inc. updated financial guidance1 is as follows:
Total revenues between $2,785 million and $2,805 million;
GAAP net income between $837 million and $847 million;
GAAP net income per diluted share between $9.90 and $10.00;
Adjusted net income between $1,100 million and $1,110 million; and
Adjusted net income per diluted share between $13.00 and $13.10.
FLEETCOR’s guidance assumptions for the fourth quarter of 2021 are as follows:
Weighted U.S. fuel prices equal to $3.27 per gallon;
Market spreads slightly unfavorable to the 2020 average; and
Foreign exchange rates equal to the seven-day average as of October 17, 2021.
FLEETCOR's guidance assumptions for the full year are as follows:
Interest expense between $120 million and $125 million;
Approximately 85 million fully diluted shares outstanding;
A tax rate of 22.5% to 23.5%; and
No impact related to acquisitions not already closed.

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.

Conference Call:
The Company will host a conference call to discuss third 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 13724667. The replay will be available until Wednesday, November 10, 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”); the impact of vaccine mandates on our workforce; 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.

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 September 30,Nine Months Ended September 30,
Revenues, net$755,477 $585,283 $2,031,481 $1,771,522 
Processing149,564 119,856 388,286 474,849 
Selling71,204 46,762 186,511 144,995 
General and administrative121,785 90,868 345,155 283,717 
Depreciation and amortization74,237 63,479 209,184 190,117 
Other operating, net— (214)81 (482)
Operating income338,687 264,532 902,264 678,326 
Investment loss (gain)— 1,330 (9)(30,008)
Other expense (income), net1,532 (3,591)3,683 (10,477)
Interest expense, net29,033 31,383 92,269 99,474 
Total other expense30,565 29,122 95,943 58,989 
Income before income taxes308,122 235,410 806,321 619,337 
Provision for income taxes 74,115 46,593 191,828 124,972 
Net income$234,007 $188,817 $614,493 $494,365 
Basic earnings per share$2.86 $2.26 $7.42 $5.87 
Diluted earnings per share$2.80 $2.19 $7.24 $5.68 
Weighted average shares outstanding:
Basic shares81,836 83,719 82,811 84,170 
Diluted shares83,716 86,273 84,917 87,006 

FLEETCOR Technologies, Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands, except share and par value amounts)
September 30, 2021December 31, 2020
Current assets:
Cash and cash equivalents$1,271,000 $934,900 
Restricted cash737,937 541,719 
Accounts and other receivables (less allowance)2,071,523 1,366,775 
Securitized accounts receivable — restricted for securitization investors1,098,000 700,000 
Prepaid expenses and other current assets345,831 412,924 
Total current assets5,524,291 3,956,318 
Property and equipment, net220,643 202,509 
Goodwill5,102,263 4,719,181 
Other intangibles, net2,369,457 2,115,882 
Investments11,857 7,480 
Other assets225,872 193,209 
Total assets$13,454,383 $11,194,579 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$1,726,705 $1,054,478 
Accrued expenses327,271 282,681 
Customer deposits1,533,145 1,175,322 
Securitization facility1,098,000 700,000 
Current portion of notes payable and lines of credit803,397 505,697 
Other current liabilities177,752 250,133 
Total current liabilities5,666,270 3,968,311 
Notes payable and other obligations, less current portion3,789,981 3,126,926 
Deferred income taxes564,445 498,154 
Other noncurrent liabilities258,702 245,777 
Total noncurrent liabilities4,613,128 3,870,857 
Commitments and contingencies
Stockholders’ equity:
Common stock127 126 
Additional paid-in capital2,850,143 2,749,900 
Retained earnings6,031,438 5,416,945 
Accumulated other comprehensive loss(1,436,044)(1,363,158)
Treasury stock(4,270,679)(3,448,402)
Total stockholders’ equity3,174,985 3,355,411 
Total liabilities and stockholders’ equity$13,454,383 $11,194,579 

FLEETCOR Technologies, Inc. and Subsidiaries
Unaudited Consolidated Statements of Cash Flows
(In thousands)
 Nine Months Ended September 30,
Operating activities
Net income$614,493 $494,365 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation55,605 48,150 
Stock-based compensation52,085 35,069 
Provision for credit losses on accounts and other receivables19,419 152,485 
Amortization of deferred financing costs and discounts4,903 5,028 
Amortization of intangible assets and premium on receivables153,579 141,967 
Loss on extinguishment of debt6,230 — 
Deferred income taxes16,246 (5,747)
Investment gain(9)(30,008)
Other81 (482)
Changes in operating assets and liabilities (net of acquisitions/dispositions):
Accounts and other receivables(1,020,900)49,690 
Prepaid expenses and other current assets190,543 26,105 
Other assets28,370 6,129 
Accounts payable, accrued expenses and customer deposits478,896 291,945 
Net cash provided by operating activities599,541 1,214,696 
Investing activities
Acquisitions, net of cash acquired(545,052)(72,557)
Purchases of property and equipment(74,455)(55,019)
Proceeds from disposal of investment
— 52,963 
Net cash used in investing activities(621,788)(74,613)
Financing activities
Proceeds from issuance of common stock48,159 95,780 
Repurchase of common stock(822,277)(788,409)
Borrowings (payments) on securitization facility, net398,000 (282,973)
Deferred financing costs paid and debt discount(21,508)(2,474)
Proceeds from issuance of notes payable1,150,000 — 
Principal payments on notes payable(462,438)(134,097)
Borrowings from revolver 1,140,000 1,198,500 
Payments on revolver (798,851)(1,287,899)
Payments on swing line of credit, net(51,049)(20,111)
Net cash provided by (used in) financing activities579,225 (1,221,927)
Effect of foreign currency exchange rates on cash(24,660)(222,533)
Net increase (decrease) in cash and cash equivalents and restricted cash532,318 (304,377)
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$2,008,937 $1,370,860 
Supplemental cash flow information
Cash paid for interest, net$96,146 $98,564 
Cash paid for income taxes, net$147,028 $119,089 

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 September 30,Nine Months Ended September 30,
Net income$234,007 $188,817 $614,493 $494,365 
Stock based compensation16,453 11,905 52,085 35,069 
56,381 49,078 158,482 146,995 
Investment loss (gain)— 1,330 (9)(30,008)
Loss on extinguishment of debt— — 6,230 — 
Integration and deal related costs6,638 1,768 18,132 11,035 
Restructuring and related (subsidies) costs(568)185 (1,922)4,912 
Legal settlements/litigation561 2,048 5,619 (2,989)
Write-off of customer receivable2
— — — 90,058 
Total pre-tax adjustments79,465 66,313 238,617 255,072 
Income taxes3
Adjusted net income$294,358 $241,934 $804,917 $703,856 
Adjusted net income per diluted share$3.52 $2.80 $9.48 $8.09 
Diluted shares83,716 86,273 84,917 87,006 
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 September 30,Three Months Ended September 30,
20212020Change% Change20212020Change% Change
'- Revenues, net
$306.8 $255.1 $51.6 20 %$288.7 $255.6 $33.1 13 %
'- Transactions
117.7 113.6 4.1 %117.7 113.9 3.8 %
'- Revenues, net per transaction
$2.61 $2.25 $0.36 16 %$2.45 $2.24 $0.21 %
'- Revenues, net
$168.7 $106.5 $62.2 58 %$165.6 $135.9 $29.7 22 %
'- Spend volume
25,666 15,567 $10,099 65 %25,666 19,617 $6,050 31 %
'- Revenues, net per spend $
0.66 %0.68 %(0.03)%(4)%0.65 %0.69 %(0.05)%(7)%
'- Revenues, net
$79.0 $67.6 $11.4 17 %$76.9 $67.6 $9.2 14 %
'- Tags (average monthly)
6.0 5.4 0.6 11 %6.0 5.4 0.6 11 %
'- Revenues, net per tag
$13.25 $12.60 $0.65 %$12.89 $12.60 $0.29 %
'- Revenues, net
$85.2 $52.9 $32.4 61 %$85.2 $60.7 $24.5 40 %
'- Room nights
7.6 5.4 2.2 41 %7.6 6.1 1.5 25 %
'- Revenues, net per room night
$11.14 $9.77 $1.37 14 %$11.14 $9.96 $1.18 12 %
'- Revenues, net
$48.6 $39.1 $9.6 25 %$48.6 $39.1 $9.6 25 %
'- Transactions
256.2 242.7 13.4 %256.2 242.7 13.4 %
'- Revenues, net per transaction
$0.19 $0.16 $0.03 18 %$0.19 $0.16 $0.03 18 %
'- Revenues, net
$67.2 $64.1 $3.1 %$65.4 $64.1 $1.3 %
'- Transactions
8.9 9.9 (1.0)(10)%8.9 9.9 (1.0)(10)%
'- Revenues, net per transaction
$7.58 $6.48 $1.10 17 %$7.39 $6.48 $0.91 14 %
'- Revenues, net
$755.5 $585.3 $170.2 29 %$730.3 $623.0 $107.3 17 %
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 September 30,Nine Months Ended September 30,
US$488 65 %$357 61 %$1,271 63 %$1,090 62 %
Brazil95 13 %80 14 %262 13 %254 14 %
UK82 11 %70 12 %241 12 %193 11 %
Other91 12 %78 13 %256 13 %235 13 %
Consolidated Revenues, net$755 100 %$585 100 %$2,031 100 %$1,772 100 %
*Columns may not calculate due to rounding.
Revenues by Solution*Three Months Ended September 30,Nine Months Ended September 30,
Fuel$307 41 %$255 44 %$864 43 %$797 45 %
Corporate Payments169 22 %107 18 %425 21 %319 18 %
Tolls 79 10 %68 12 %219 11 %215 12 %
Lodging85 11 %53 %206 10 %150 %
Gift49 %39 %124 %108 %
Other67 %64 11 %192 %182 10 %
Consolidated Revenues, net$755 100 %$585 100 %$2,031 100 %$1,772 100 %
*Columns may not calculate due to rounding.

Exhibit 4
Segment Results
(In thousands)
Three Months Ended September 30,Nine Months Ended September 30,
Revenues, net:
North America$520,535 $383,828 $1,366,167 $1,175,950 
Brazil94,888 79,596 262,481 253,722 
International140,054 121,859 402,833 341,850 
$755,477 $585,283 $2,031,481 $1,771,522 
Operating income:
North America$213,379 $153,328 $554,607 $372,219 
Brazil39,868 35,600 105,424 104,462 
International85,440 75,604 242,233 201,645 
$338,687 $264,532 $902,264 $678,326 
Depreciation and amortization:
North America$49,005 $39,390 $133,420 $115,913 
Brazil12,910 12,260 38,091 39,019 
International12,322 11,829 37,673 35,185 
$74,237 $63,479 $209,184 $190,117 
Capital expenditures:
North America$17,572 $12,053 $44,427 $35,590 
Brazil5,795 3,501 15,580 10,309 
International5,323 2,595 14,448 9,120 
$28,690 $18,149 $74,455 $55,019 
1Results from the 2021 acquisitions of Roger, AFEX and ALE 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 September 30,Three Months Ended September 30,
Pro forma and macro adjusted$288.7 $255.6 117.7 113.9 
Impact of acquisitions/dispositions— (0.5)— (0.3)
Impact of fuel prices/spread12.7 — — — 
Impact of foreign exchange rates5.3 — — — 
As reported$306.8 $255.1 117.7 113.6 
Pro forma and macro adjusted$165.6 $135.9 25,666 19,617 
Impact of acquisitions/dispositions— (29.4)— (4,049)
Impact of fuel prices/spread0.4 — — — 
Impact of foreign exchange rates2.8 — — — 
As reported$168.7 $106.5 25,666 15,567 
Pro forma and macro adjusted$76.9 $67.6 6.0 5.4 
Impact of acquisitions/dispositions— — — — 
Impact of fuel prices/spread— — — — 
Impact of foreign exchange rates2.2 — — — 
As reported$79.0 $67.6 6.0 5.4 
Pro forma and macro adjusted$85.2 $60.7 7.6 6.1 
Impact of acquisitions/dispositions— (7.9)— (0.7)
Impact of fuel prices/spread— — — — 
Impact of foreign exchange rates— — — — 
As reported$85.2 $52.9 7.6 5.4 
Pro forma and macro adjusted$48.6 $39.1 256.2 242.7 
Impact of acquisitions/dispositions— — — — 
Impact of fuel prices/spread— — — — 
Impact of foreign exchange rates— — — — 
As reported$48.6 $39.1 256.2 242.7 
Pro forma and macro adjusted$65.4 $64.1 8.9 9.9 
Impact of acquisitions/dispositions— — — — 
Impact of fuel prices/spread— — — — 
Impact of foreign exchange rates1.8 — — — 
As reported$67.2 $64.1 8.9 9.9 
Pro forma and macro adjusted$730.3 $623.0 Intentionally Left Blank
Impact of acquisitions/dispositions— (37.7)
Impact of fuel prices/spread2
13.1 — 
Impact of foreign exchange rates2
12.1 — 
As reported$755.5 $585.3 
* Columns may not calculate due to rounding.
1Other includes telematics, maintenance, food, transportation and payroll card related businesses.
2 Revenues reflect an estimated $17 million positive impact from fuel prices and approximately $12 million positive impact due to movements in foreign exchange rates, partially offset by $4 million negative impact from fuel price spreads.

Exhibit 6
(In millions, except per share amounts)
The following table reconciles 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$837 $847 
Net income per diluted share$9.90 $10.00 
Stock based compensation81 81 
Amortization218 218 
Other32 32 
Total pre-tax adjustments331 331 
Income taxes (69)(69)
Adjusted net income$1,100 $1,110 
Adjusted net income per diluted share$13.00 $13.10 
Diluted shares8585
 *Columns may not calculate due to rounding.