105  0 Kommentare FLEETCOR Reports Third Quarter 2023 Financial Results

Financial Results for Third Quarter of 2023:

GAAP Results

• Revenues increased 9% to $970.9 million in the third quarter of 2023, compared to $893.0 million in the third quarter of 2022.
• Net income increased 9% to $271.5 million in the third quarter of 2023, compared to $248.9 million in the third quarter of 2022.
• Net income per diluted share increased 10% to $3.64 in the third quarter of 2023, compared to $3.29 per diluted share in the third quarter of 2022.

Non-GAAP Results¹

• EBITDA¹ increased 13% to $528.9 million in the third quarter of 2023, compared to $466.4 million in the third quarter of 2022.
• Adjusted net income¹ increased 4% to $335.1 million in the third quarter of 2023, compared to $320.7 million in the third quarter of 2022.
• Adjusted net income per diluted share¹ increased 6% to $4.49 in the third quarter of 2023, compared to $4.24 per diluted share in the third quarter of 2022.

¹Reconciliations of GAAP results to non-GAAP results are provided in Exhibit 1 and 6 attached. Additional supplemental data is provided in Exhibits 2-5. A reconciliation of GAAP guidance to non-GAAP guidance is provided in Exhibit 7.

“The third quarter was particularly active with the sale of our Russia business, acquisition of PayByPhone and a quite different macro environment versus what we outlooked in August,” said Tom Panther, chief financial officer, FLEETCOR. “We’ve bridged this for you in our earnings supplement, and our results came in ahead of those proforma expectations, as our businesses continued the positive trends from the first half of the year. Our solid revenue performance and disciplined expense management in the quarter resulted in EBITDA margin expansion of 225 basis points over the prior period. Additionally, we deployed capital to drive future growth by acquiring PayByPhone and repurchasing $530 million of FLEETCOR stock in the quarter, inclusive of the August ASR.”

Updated Fiscal Year 2023 Outlook:

“Our guidance for the rest of the year has been updated to reflect our updated macro outlook for the remainder of the year, as well as our recent acquisition and divestiture. We currently expect our fourth quarter revenue and adjusted net income per share to grow approximately 10% and 11%, respectively,” concluded Panther.

For fiscal year 2023, FLEETCOR Technologies, Inc.'s updated financial guidance¹ is as follows:

• Total revenues between $3,774 million and $3,804 million;
• Net income between $977 million and $1,001 million;
• Net income per diluted share between $13.14 and $13.44;
• Adjusted net income between $1,252 million and $1,276 million; and
• Adjusted net income per diluted share between $16.82 and $17.12.

FLEETCOR’s guidance assumptions are as follows:

For the balance of the year:

• Weighted average U.S. fuel prices of $3.96 per gallon;
• Market fuel spreads unfavorable to the fourth quarter of 2022;
• Foreign exchange rates equal to the monthly average for October 2023; and
• Fourth quarter revenues of $953 million to $983 million and adjusted net income per diluted share of $4.34 to $4.64.

For the full year:

• Interest expense between $340 million and $350 million;
• Approximately 74.5 million fully diluted shares outstanding;
• A tax rate of 26% to 27%; and
• No impact related to acquisitions and dispositions not already closed.

Conference Call:

The Company will host a conference call to discuss third quarter 2023 financial results today at 5:30 pm ET. Hosting the call will be Ron Clarke, chief executive officer, Tom Panther, 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 16769203. The replay will be available until November 15, 2023. 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 our ability to successfully execute our strategic plan and portfolio review; 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; other risks related to our international operations, including the impact of the global military conflicts between Russia and Ukraine and in the Middle East, on our business and operations, the potential impact to our business as a result of the United Kingdom’s exit from the European Union; and 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, 2022 filed with the Securities and Exchange Commission (“SEC”) on February 28, 2023 and subsequent filings with the SEC 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 our 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 share 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, the impact of discrete tax items, the impact of business dispositions, impairment charges, asset write-offs, restructuring costs, loss on extinguishment of debt, and legal settlements and related legal fees. We adjust net income for the tax effect of adjustments using our effective income tax rate, exclusive of discrete tax items. 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, discrete tax items, gains on business disposition, 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 adjustments items using the effective tax rate during the period, exclusive of discrete 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.

EBITDA is defined as earnings before interest, income taxes, interest expense, net, other expense (income), depreciation and amortization, loss on extinguishment of debt, investment loss/gain and other operating, net.

Management uses adjusted net income, adjusted net income per diluted share, organic revenue growth and EBITDA:

• 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.

About FLEETCOR

FLEETCOR Technologies (NYSE: FLT) is a leading global business payments company that helps businesses spend less by providing innovative solutions that enable and control expense-related purchasing and payment processes. The FLEETCOR portfolio of brands automate, secure, digitize and manage payment transactions on behalf of businesses across more than 150 countries in North America, Latin America, Europe, and Asia Pacific. For more information, please visit www.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,
			2023				2022		% Change				2023				2022		% Change
Revenues, net		$	970,892			$	893,000		9	%		$	2,820,399			$	2,543,519		11	%
Expenses:
Processing			208,217				203,315		2	%			618,449				563,097		10	%
Selling			85,954				74,005		16	%			253,958				230,218		10	%
General and administrative			147,839				149,294		(1	)%			461,879				440,262		5	%
Depreciation and amortization			84,750				77,213		10	%			252,658				232,489		9	%
Other operating, net			(845	)			3		NM				633				82		NM
Total operating expense			525,915				503,830		4	%			1,587,577				1,466,148		8	%
Operating income			444,977				389,170		14	%			1,232,822				1,077,371		14	%
Other expenses:
Investment loss (gain)			30				174		NM				(142	)			519		NM
Other (income) expense, net			(13,432	)			3,688		NM				(15,110	)			6,187		NM
Interest expense, net			88,285				45,410		94	%			256,566				90,510		183	%
Loss on extinguishment of debt			—				—		NM				—				1,934		NM
Total other expense			74,883				49,272		52	%			241,314				99,150		143	%
Income before income taxes			370,094				339,898		9	%			991,508				978,221		1	%
Provision for income taxes			98,598				91,013		8	%			265,475				249,213		7	%
Net income		$	271,496			$	248,885		9	%		$	726,033			$	729,008		—	%
Basic earnings per share		$	3.71			$	3.34		11	%		$	9.87			$	9.55		3	%
Diluted earnings per share		$	3.64			$	3.29		10	%		$	9.72			$	9.38		4	%
Weighted average shares outstanding:
Basic shares			73,165				74,461						73,523				76,311
Diluted shares			74,604				75,558						74,733				77,687

^{NM- Not Meaningful}

FLEETCOR Technologies, Inc. and Subsidiaries Consolidated Balance Sheets (In thousands)
		September 30, 2023				December 31, 2022
		(Unaudited)
Assets
Current assets:
Cash and cash equivalents		$	1,094,234			$	1,435,163
Restricted cash			1,221,279				854,017
Accounts and other receivables (less allowance)			2,655,275				2,064,745
Securitized accounts receivable — restricted for securitization investors			1,396,000				1,287,000
Prepaid expenses and other current assets			493,470				465,227
Total current assets			6,860,258				6,106,152
Property and equipment, net			329,992				294,692
Goodwill			5,553,546				5,201,435
Other intangibles, net			2,164,999				2,130,974
Investments			67,964				74,281
Other assets			287,708				281,726
Total assets		$	15,264,467			$	14,089,260
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable		$	1,895,280			$	1,568,942
Accrued expenses			393,439				351,936
Customer deposits			1,783,311				1,505,004
Securitization facility			1,396,000				1,287,000
Current portion of notes payable and lines of credit			949,803				1,027,056
Other current liabilities			320,386				303,517
Total current liabilities			6,738,219				6,043,455
Notes payable and other obligations, less current portion			4,637,211				4,722,838
Deferred income taxes			548,943				527,465
Other noncurrent liabilities			280,643				254,009
Total noncurrent liabilities			5,466,797				5,504,312
Commitments and contingencies
Stockholders’ equity:
Common stock			129				128
Additional paid-in capital			3,227,476				3,049,570
Retained earnings			7,936,802				7,210,769
Accumulated other comprehensive loss			(1,361,934	)			(1,509,650	)
Treasury stock			(6,743,022	)			(6,209,324	)
Total stockholders’ equity			3,059,451				2,541,493
Total liabilities and stockholders’ equity		$	15,264,467			$	14,089,260

FLEETCOR Technologies, Inc. and Subsidiaries Unaudited Consolidated Statements of Cash Flows (In thousands)
		Nine Months Ended September 30,
			2023				2022
Operating activities
Net income		$	726,033			$	729,008
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			82,028				67,066
Stock-based compensation			89,917				100,828
Provision for credit losses on accounts and other receivables			103,495				89,976
Amortization of deferred financing costs and discounts			5,417				5,949
Amortization of intangible assets and premium on receivables			170,630				165,423
Loss on extinguishment of debt			—				1,934
Deferred income taxes			(18,911	)			(7,987	)
Gain on disposition of business			(13,712	)			—
Other non-cash operating expense, net			491				601
Changes in operating assets and liabilities (net of acquisitions/disposition):
Accounts and other receivables			(809,487	)			(950,237	)
Prepaid expenses and other current assets			114,237				(25,570	)
Derivative assets and liabilities, net			(7,939	)			10,756
Other assets			33,090				(16,154	)
Accounts payable, accrued expenses and customer deposits			428,580				267,014
Net cash provided by operating activities			903,869				438,607
Investing activities
Acquisitions, net of cash acquired			(429,914	)			(160,117	)
Purchases of property and equipment			(117,158	)			(107,631	)
Proceeds from disposal of a business, net of cash disposed			197,025				—
Other			4,401				—
Net cash used in investing activities			(345,646	)			(267,748	)
Financing activities
Proceeds from issuance of common stock			101,202				22,109
Repurchase of common stock			(546,910	)			(1,295,644	)
Borrowings on securitization facility, net			109,000				364,000
Deferred financing costs paid and debt discount			(238	)			(10,282	)
Proceeds from issuance of notes payable			—				3,000,000
Principal payments on notes payable			(70,500	)			(2,800,500	)
Borrowings from revolver			6,495,000				4,338,000
Payments on revolver			(6,770,000	)			(3,658,000	)
Borrowings on swing line of credit, net			180,723				194
Other			264				—
Net cash used in financing activities			(501,459	)			(40,123	)
Effect of foreign currency exchange rates on cash			(30,431	)			(80,551	)
Net increase in cash and cash equivalents and restricted cash			26,333				50,185
Cash and cash equivalents and restricted cash, beginning of period			2,289,180				2,250,695
Cash and cash equivalents and restricted cash, end of period		$	2,315,513			$	2,300,880
Supplemental cash flow information
Cash paid for interest, net		$	327,099			$	138,310
Cash paid for income taxes, net		$	319,764			$	309,567

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,
			2023				2022				2023				2022
Net income		$	271,496			$	248,885			$	726,033			$	729,008
Stock based compensation			29,073				34,180				89,917				100,828
Amortization1			58,304				55,748				176,047				171,372
Integration and deal related costs			9,269				4,861				24,734				14,071
Legal settlements/litigation			1,473				2,783				1,957				4,685
Restructuring, related and other2 costs			2,314				507				3,017				1,270
Gain on disposition of business			(13,712	)			—				(13,712	)			—
Loss on extinguishment of debt			—				—				—				1,934
Total pre-tax adjustments			86,721				98,079				281,960				294,160
Income taxes			(23,104	)			(26,262	)			(75,540	)			(86,667	)
Adjusted net income		$	335,113			$	320,702			$	932,453			$	936,501
Adjusted net income per diluted share		$	4.49			$	4.24			$	12.48			$	12.06
Diluted shares			74,604				75,558				74,733				77,687

1 Includes amortization related to intangible assets, premium on receivables, deferred financing costs and debt discounts.

2 Includes impact of foreign currency transactions; prior amounts were not material for recast ($1.9 million) and ($4.1 million) for the quarter and year to date, respectively.

*Columns may not calculate due to rounding.

Exhibit 2 Key Performance Indicators, by Segment and Revenue Per Performance Metric on a GAAP Basis and Pro Forma and Macro Adjusted (In millions except revenues, net per key performance metric) (Unaudited)
The following table presents revenue and revenue per key performance metric by segment*
		As Reported															Pro Forma and Macro Adjusted2
		Three Months Ended September 30,															Three Months Ended September 30,
			2023				2022			Change				% Change				2023				2022			Change				% Change
FLEET
- Revenues, net		$	365.5			$	395.2				(29.7	)		(8	)%		$	396.7			$	381.1			$	15.6			4	%
- Transactions			122.0				123.4				(1.4	)		(1	)%			122.0				124.1				(2.1	)		(2	)%
- Revenues, net per transaction		$	2.99			$	3.20			$	(0.21	)		(6	)%		$	3.25			$	3.07			$	0.18			6	%
CORPORATE PAYMENTS
- Revenues, net		$	258.8			$	196.9			$	61.9			31	%		$	256.8			$	213.7			$	43.1			20	%
- Spend volume			39,446				30,609				8,837			29	%			39,446				32,828				6,618			20	%
- Revenues, net per spend $			0.66	%			0.64	%			0.01	%		2	%			0.65	%			0.65	%			—	%		—	%
LODGING
- Revenues, net		$	141.4			$	126.0			$	15.4			12	%		$	141.0			$	128.6			$	12.4			10	%
- Room nights			9.2				9.9				(0.7	)		(7	)%			9.2				10.0				(0.9	)		(9	)%
- Revenues, net per room night		$	15.41			$	12.78			$	2.62			21	%		$	15.36			$	12.81			$	2.55			20	%
BRAZIL
- Revenues, net		$	134.2			$	108.6			$	25.6			24	%		$	126.0			$	108.6			$	17.4			16	%
- Tags (average monthly)			6.7				6.2				0.4			7	%			6.7				6.2				0.4			7	%
- Revenues, net per tag		$	20.16			$	17.47			$	2.69			15	%		$	18.94			$	17.47			$	1.47			8	%
OTHER1
- Revenues, net		$	71.0			$	66.3			$	4.7			7	%		$	70.5			$	66.3			$	4.2			6	%
- Transactions			296.6				249.4				47.1			19	%			296.6				249.4				47.1			19	%
- Revenues, net per transaction		$	0.24			$	0.27			$	(0.03	)		(10	)%		$	0.24			$	0.27			$	(0.03	)		(11	)%
FLEETCOR CONSOLIDATED REVENUES
- Revenues, net		$	970.9			$	893.0			$	77.9			9	%		$	991.1			$	898.3			$	92.8			10	%

1 Other includes Gift and Payroll Card operating segments.

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 Segment (In millions) (Unaudited)
Revenues, net by Geography*	Three Months Ended September 30,												Nine Months Ended September 30,
		2023		%				2022		%				2023		%				2022		%
US	$	561		58	%		$	558		63	%		$	1,610		57	%		$	1,558		61	%
Brazil		134		14	%			109		12	%			382		14	%			323		13	%
UK		115		12	%			90		10	%			333		12	%			278		11	%
Other		161		17	%			136		15	%			495		18	%			384		15	%
Consolidated Revenues, net	$	971		100	%		$	893		100	%		$	2,820		100	%		$	2,544		100	%
*Columns may not calculate due to rounding.

Revenues, net by Segment*	Three Months Ended September 30,								Nine Months Ended September 30,
	2023		%		2022		%		2023		%		2022		%
Fleet	$ 366		38 %		$ 395		44 %		$ 1,121		40 %		$ 1,124		44 %
Corporate Payments	259		27 %		197		22 %		733		26 %		570		22 %
Lodging	141		15 %		126		14 %		400		14 %		337		13 %
Brazil	134		14 %		109		12 %		382		14 %		323		13 %
Other	71		7 %		66		7 %		184		7 %		189		7 %
Consolidated Revenues, net	$ 971		100 %		$ 893		100 %		$ 2,820		100 %		$ 2,544		100 %

*Columns may not calculate due to rounding. Segment and solutions reporting have converged to be the same. The recent acquisition of a parking business is included in our Fleet segment. The recent disposition of our Russian business is also included in our Fleet segment.

Exhibit 4 Segment Results* (In thousands) (Unaudited)
		Three Months Ended September 30,									Nine Months Ended September 30,
			20231			2022		% Change				20231			2022		% Change
Revenues, net:
Fleet		$	365,502		$	395,203		(8	)%		$	1,120,823		$	1,124,157		—	%
Corporate Payments			258,800			196,941		31	%			732,958			570,408		28	%
Lodging			141,389			125,961		12	%			400,287			337,438		19	%
Brazil			134,172			108,583		24	%			381,998			322,945		18	%
Other1			71,028			66,312		7	%			184,333			188,571		(2	)%
		$	970,891		$	893,000		9	%		$	2,820,399		$	2,543,519		11	%
Operating income:
Fleet		$	186,614		$	192,598		(3	)%		$	547,637		$	547,233		—	%
Corporate Payments			102,143			69,669		47	%			265,100			193,735		37	%
Lodging			74,023			63,463		17	%			196,832			161,802		22	%
Brazil			61,054			44,646		37	%			168,673			123,591		36	%
Other1			21,143			18,794		12	%			54,580			51,010		7	%
		$	444,977		$	389,170		14	%		$	1,232,822		$	1,077,371		14	%
Depreciation and amortization:
Fleet		$	34,219		$	34,897		(2	)%		$	104,147		$	104,531		—	%
Corporate Payments			21,114			15,864		33	%			61,458			48,936		26	%
Lodging			12,189			10,474		16	%			35,247			31,329		13	%
Brazil			14,989			13,756		9	%			45,065			41,164		9	%
Other1			2,239			2,222		1	%			6,741			6,529		3	%
		$	84,750		$	77,213		10	%		$	252,658		$	232,489		9	%
Capital expenditures:
Fleet		$	18,261		$	20,960		(13	)%		$	56,126		$	55,197		2	%
Corporate Payments			6,969			5,952		17	%			22,235			15,598		43	%
Lodging			3,661			3,309		11	%			10,534			7,068		49	%
Brazil			7,856			9,273		(15	)%			23,386			22,871		2	%
Other1			1,489			1,508		(1	)%			4,877			6,897		(29	)%
		$	38,236		$	41,002		(7	)%		$	117,158		$	107,631		9	%

1Other includes Gift and Payroll Card operating segments.

*Columns may not calculate due to rounding. The recent acquisition of a parking business is included in our Fleet segment. The recent disposition of our Russian business is also included in our Fleet segment.

Exhibit 5 Reconciliation of Non-GAAP Revenue and Key Performance Metric by Segment to GAAP (In millions) (Unaudited)
		Revenues, net									Key Performance Metric
		Three Months Ended September 30,									Three Months Ended September 30,
		2023*				2022*					2023*			2022*
FLEET - TRANSACTIONS
Pro forma and macro adjusted		$	396.7			$	381.1					122.0			124.1
Impact of acquisitions/dispositions			—				14.1					—			(0.7	)
Impact of fuel prices/spread			(34.4	)			—					—			—
Impact of foreign exchange rates			3.2				—					—			—
As reported		$	365.5			$	395.2					122.0			123.4
CORPORATE PAYMENTS - SPEND
Pro forma and macro adjusted		$	256.8			$	213.7				$	39,446		$	32,828
Impact of acquisitions/dispositions			—				(16.8	)				—			(2,219	)
Impact of fuel prices/spread			(0.2	)			—					—			—
Impact of foreign exchange rates			2.2				—					—			—
As reported		$	258.8			$	196.9				$	39,446		$	30,609
LODGING - ROOM NIGHTS
Pro forma and macro adjusted		$	141.0			$	128.6					9.2			10.0
Impact of acquisitions/dispositions			—				(2.6	)				—			(0.2	)
Impact of fuel prices/spread			—				—					—			—
Impact of foreign exchange rates			0.4				—					—			—
As reported		$	141.4			$	126.0					9.2			9.9
BRAZIL - TAGS
Pro forma and macro adjusted		$	126.0			$	108.6					6.7			6.2
Impact of acquisitions/dispositions			—				—					—			—
Impact of fuel prices/spread			(1.0	)			—					—			—
Impact of foreign exchange rates			9.1				—					—			—
As reported		$	134.2			$	108.6					6.7			6.2
OTHER1 - TRANSACTIONS
Pro forma and macro adjusted		$	70.5			$	66.3					296.6			249.4
Impact of acquisitions/dispositions			—				—					—			—
Impact of fuel prices/spread			—				—					—			—
Impact of foreign exchange rates			0.5				—					—			—
As reported		$	71.0			$	66.3					296.6			249.4
FLEETCOR CONSOLIDATED REVENUES
Pro forma and macro adjusted		$	991.1			$	898.3				Intentionally Left Blank
Impact of acquisitions/dispositions			—				(5.3	)
Impact of fuel prices/spread2			(35.6	)			—
Impact of foreign exchange rates2			15.4				—
As reported		$	970.9			$	893.0

* Columns may not calculate due to rounding.

1Other includes Gift and Payroll Card operating segments.

2 Revenues reflect an estimated $23 million and $12 million negative impact from fuel price spreads and fuel prices, respectively, partially offset by the positive impact of movements in foreign exchange rates of approximately $15 million.

Exhibit 6 RECONCILIATION OF NON-GAAP EBITDA MEASURES (In millions) (Unaudited)
The following table reconciles EBITDA and EBITDA margin to net income.*
		Three Months Ended September 30,								Nine Months Ended September 30,
			2023				2022				2023				2022
Net income		$	271.5			$	248.9			$	726.0			$	729.0
Provision for income taxes			98.6				91.0				265.5				249.2
Interest expense, net			88.3				45.4				256.6				90.5
Other (income) expense			(13.4	)			3.7				(15.1	)			6.2
Investment loss (gain)			—				0.2				(0.1	)			0.5
Depreciation and amortization			84.8				77.2				252.7				232.5
Loss on extinguishment of debt			—				—				—				1.9
Other operating, net			(0.8	)			—				0.6				0.1
EBITDA		$	528.9			$	466.4			$	1,486.1			$	1,309.9
Revenues, net		$	970.9			$	893.0			$	2,820.4			$	2,543.5
EBITDA margin			54.5	%			52.2	%			52.7	%			51.5	%
* Columns may not calculate due to rounding.

Exhibit 7 RECONCILIATION OF NON-GAAP GUIDANCE MEASURES (In millions, except per share amounts) (Unaudited)
The following table reconciles the fourth quarter 2023 and full year 2023 financial guidance for net income to adjusted net income and adjusted net income per diluted share, at both ends of the range.
		Q4 2023 GUIDANCE
		Low*			High*
Net income		$	251		$	275
Net income per diluted share		$	3.42		$	3.72
Stock based compensation			29			29
Amortization			59			59
Other			5			5
Total pre-tax adjustments			93			93
Income taxes			25			25
Adjusted net income		$	319		$	343
Adjusted net income per diluted share		$	4.34		$	4.64
Diluted shares			74			74
		2023 GUIDANCE
		Low*			High*
Net income		$	977		$	1,001
Net income per diluted share		$	13.14		$	13.44
Stock based compensation			120			120
Amortization			235			235
Other			20			20
Total pre-tax adjustments			375			375
Income taxes			99			99
Adjusted net income		$	1,252		$	1,276
Adjusted net income per diluted share		$	16.82		$	17.12
Diluted shares			74			74

*Columns may not calculate due to rounding.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20231108856731/en/

at the time of publication of the news with a raise of +0,95 % to 235,7 on NYSE stock exchange (08. November 2023, 21:51 Uhr).