2Q2020 Earnings Release Supplement
Refer to earnings release dated August 6, 2020 for further information
Safe Harbor Provision
This presentation contains forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about FLEETCOR's beliefs, expectations, assumptions 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. Examples of forward-looking statements in this presentation include statements
about FLEETCOR's beliefs, expectations and assumptions with respect to the lawsuit filed by the FTC, FLEETCOR's intentions with respect to challenging such lawsuit and the potential impact of such lawsuit.
These forward-looking statements are not a guarantee of performance, and undue reliance should not be placed on such statements. The forward-looking statements included in this presentation are made only as of the date hereof, and 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 in this presentation or to the extent required by law. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those contained in any forward- looking statement, such as adverse outcomes with respect to current and future legal proceedings, including, without limitation, the potential effects of the COVID-19 outbreak, including on consumer spending, global supply chains and financial markets, the FTC lawsuit, or actions of governmental or quasi-governmental bodies or standards or industry organizations with respect to our payment cards; fuel price and spread volatility; 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 activity of fleets; 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 maintain or renew sources of financing; failure to complete, or delays in completing, anticipated new partnership and customer agreements or acquisitions and to successfully integrate or otherwise achieve anticipated benefits from such partnerships and customer arrangements or acquired businesses; failure to successfully expand 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, 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 and subsequent filings made by FLEETCOR with the Securities and Exchange Commission ("SEC"). You may obtain FLEETCOR's SEC filings for free by visiting the SEC website at www.sec.gov or FLEETCOR's investor relations website at investor.fleetcor.com. Trademarks which appear in this presentation belong to their respective owners.
This presentation includes non-GAAP financial measures, which 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. See appendix for additional information regarding these GAAP financial measures and a reconciliation to the nearest corresponding GAAP measure.
FLEETCOR | 2
COVID-19 Update
Safety
Business
Continuity
Balance Sheet &
Liquidity
Expenses
Credit
- Health and safety of our employees and communities is our priority
- Balancing plans for return to the workplace safely with work from home alternatives
- Effectively delivering services from remote environments
- Maintaining system performance and client satisfaction levels
- Low leverage with substantial borrowing capacity
- Strengthened liquidity position: ~$1.9 billion available
- Balancing discretionary spending and hiring with revenue and volume trends
- Closely managing credit lines and collections intensity
- Controlled loss rates and delinquency levels
FLEETCOR | 3
2Q20 Key Numbers
(19)% Revenue contraction
(17)% Organic revenue contraction1
(20)% Adjusted net income per diluted share1
91.0% Revenue weighted volume retention2
$1.9 billion Available liquidity
7bps Credit losses on billed revenue
- $21 million of credit losses
Total Revenue
($ in millions)
$647
$525
2Q192Q20
Adjusted Net Income Per Share1
$2.85
$2.28
2Q192Q20
1. | Non-GAAP financial measures; See appendix for reconciliation of non-GAAP measures to GAAP | |
2. | Based on volume relevant to business or product (e.g., gallons, spend, etc.) weighted by revenue; excludes US Petroleum Marketers as the end fleet customer is not a customer of | |
FLEETCOR, businesses where we are a processor instead of an issuer, Cambridge due to the nature of business customer and Chevron divestiture | FLEETCOR | 4 | |
3. | YOY new sales change over 2Q19; Sales bookings are the expected first year revenue contribution from new sales based on initial volume activity or expected contract value |
2Q20 Bridge vs Prior Year
Revenue
(in millions)
$647
$(119)
$19$525
$(22)
2Q19 | Core Change | Macro1 | Acquisitions | 2Q20 |
Adjusted Net Income Per Share
$2.85
$0.12 $0.07 $0.10 $2.28
$(0.77) $(0.01) $(0.08)
1 | ||||||
2Q19 | Core Change | Macro | Acquisitions | Lower | Lower Share Tax Rate | 2Q20 |
Interest | Count | |||||
Rates |
1. Macro consists of approximately $35 million for the negative impact of movements in foreign exchange rates, partially offset by approximately $13 million of fuel price and fuel price spread benefit
FLEETCOR | 5
2Q20 Results at a Glance
($ in millions, except for per share data) | ||||
2Q19 | 2Q20 | Y/Y | ||
Total Revenue | $647 | $525 | (19)% | |
GAAP Net Income | $262 | $158 | (39)% | |
GAAP Net Income per Diluted Share | $2.90 | $1.83 | (37)% | |
Adjusted Net Income1 | $257 | $197 | (23)% | |
Adjusted Net Income per Diluted Share1 | $2.85 | $2.28 | (20)% | |
1. Non-GAAP financial measures; See appendix for reconciliation of non-GAAP measures to GAAP
FLEETCOR | 6
2Q20 Organic Revenue Performance1
($ in millions)
FUEL2 | CORPORATE PAYMENTS2,3 |
$291 | |
$244 | $112 |
$94 |
(16)% | (17)% | ||||||||||||||||||||||||||||||||
2Q19 | 2Q20 | 2Q19 | 2Q20 | ||||||||||||||||||||||||||||||
2 | |||||||||||||||||||||||||||||||||
$86 | $89 | ||||||||||||||||||||||||||||||||
$65 | |||||||||||||||||||||||||||||||||
Airline | $41 | ||||||||||||||||||||||||||||||||
Workforce | Airline | ||||||||||||||||||||||||||||||||
+3% | (37)% | Workforce | |||||||||||||||||||||||||||||||
2Q19 | 2Q20 | 2Q19 | 2Q20 | ||||||||||||||||||||||||||||||
1. | Non-GAAP financial measures; See appendix for reconciliation of non-GAAP measures to GAAP | ||||||||||||||||||||||||||||||||
2. | Adjusted to remove impact of changes in macroeconomic environment to be consistent with the same period of prior year, using constant fuel prices, fuel price spreads and foreign exchange rates, as well as one-time | ||||||||||||||||||||||||||||||||
items. Pro forma to include acquisitions, exclude dispositions, and one-time items. Reflects adjustments related to one-time items not representative of normal business operations | |||||||||||||||||||||||||||||||||
3. | 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 | |||||||||||||||||||||||||||||||||
4. | Graph presents breakout between workforce and airline within the lodging product. Workforce lodging revenue was $35.9 million versus $50.2 million in the three months ended June 30, 2020 and 2019, respectively, | ||||||||||||||||||||||||||||||||
down 29% organically. Airline lodging revenue was $4.7 million versus $$14.6 million in the three months ended June 30, 2020 and 2019, respectively, down 68% organically. | FLEETCOR | 7 |
2Q20 Revenue Retention and Organic Revenue Trends
92.4% | 92.3% | 91.8% | 91.2% | 90.7% | 91.0% |
1Q19 | 2Q19 | 3Q19 | 4Q19 | 1Q20 | 2Q20 |
Organic Revenue Growth by Product2
1Q19 | 2Q19 | 3Q19 | 4Q19 | 1Q2020192Q20 | ||
Fuel | 10%3 | 9%3 | 10%3 | 9%3 | 2% | (16)% |
Corporate | 20% | 29% | 30% | 18% | 20% | (17)% |
Payments4 | ||||||
Tolls | 15% | 17% | 17% | 17% | 10% | 3% |
Lodging | 6% | 13% | 17% | 14% | 5% | (37)% |
Gift | (3)% | 2% | (16)% | (6)% | (12)% | (26)% |
Other4 | 8% | 8% | 5% | 6% | -% | (25)% |
Total | ||||||
Organic | 11% | 13% | 11% | 10% | 5% | (17)% |
Growth |
- Based on volume relevant to business or product (e.g., gallons, spend, etc.) weighted by revenue; excludes US Petroleum Marketers as the end fleet customer is not a customer of FLEETCOR, businesses where we are a processor instead of an issuer, Cambridge due to the nature of business customer and Chevron divestiture
- See GAAP to non-GAAP reconciliation in appendix; Adjusted to remove the impact of changes in the macroeconomic environment to be consistent with the same period of prior year, using constant fuel prices, fuel price spreads and foreign exchange rates, as well as one-time items. Pro forma to include acquisitions, exclude dispositions, and one-time items. Reflects adjustments related to one-time items not representative of normal business operations
- Reflects adjustments related to one-time items not representative of normal business operations, including Chevron divestiture
- 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
Volume trends by Month versus Prior Year*
- All businesses appear to have bottomed and are beginning to recover
2019
And fortunately, 3 of our "slowest recovery" businesses- T&E card, Brazil benefits, and Airline Lodging represent less than 5% of our overall July revenue
- Year over year growth adjusted to account for number of pumping days/settlement days
FLEETCOR | 9
Balance Sheet Structured for Flexibility and Capacity
- Total available liquidity at June 30 is ~$1.9 billion
- ~$1.1 billion of total borrowing capacity available under current credit agreements as of June 30, 2020
- Closed on an additional $250 million revolving bridge loan April 24, 2020
- Total unrestricted cash of $766 million
- Leverage ratio of 2.62x, up from 2.43x at year end 2019
- Total debt of ~$3.8 billion, down from $4.0 billion
- ~$294 million total remaining under current share repurchase authorization
Leverage Ratio
(X)
2.62
2.43
4Q192Q20
Total Financial Debt
($ in billions)
$4.0
$3.8
4Q192Q20
FLEETCOR | 10
2020 Guidance Suspended
- As a result of the unprecedented conditions across all of our markets, we have suspended our full-year 2020 guidance. We have updated the assumptions we are using as the basis for our planning.
ASSUMPTIONS
- Interest expense of $135 million;
- Approximately 87.5 million shares fully diluted shares outstanding;
- An adjusted tax rate of 19% to 20%; and
- No impact related to acquisitions or material new partnership agreements not already disclosed
FLEETCOR | 11
Appendix Non-GAAP to GAAP Reconciliations
About Non-GAAP Financial Measures
This presentation includes certain measures described below that are 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 the impact of discreet tax items, impairment charges, asset write-offs, restructuring costs, gains due to disposition of assets and a business, loss on extinguishment of debt, legal settlements/litigation, and the unauthorized access impact. We calculate adjusted net income to eliminate the effect of items that we do not consider indicative of our core operating performance. Adjusted net income is a supplemental measure of operating performance that does not represent and should not be considered as an alternative to net income or cash flow from operations, as determined by 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 stock 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 one-timenon-recurring expenses, gains, losses, and impairment charges do not necessarily reflect how our investments and business are performing. We have also excluded a write-off of a customer receivable due to their liquidation as a result of the impact of COVID-19 to their business.
Management uses adjusted net income:
- as a measurement of operating performance because it assists us in comparing performance on a consistent basis;
- for planning purposes including the preparation of internal annual operating budget;
- to allocate resources to enhance the financial performance of our business; and
- to evaluate the performance and effectiveness of 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.
Reconciliations of GAAP results to non-GAAP results are provided in the attached Appendix.
FLEETCOR | 12
Reconciliation of Net Income to Adjusted Net Income*
($ in millions, except per share amounts )
Net income
Stock based compensation
Amortization of intangible assets, premium on receivables, deferred financing costs and discounts
Investment (gain) loss
Restructuring and related costs
Legal settlements/litigation
Integration and deal related costs1
Write-off of customer receivable
Total pre-tax adjustments
Income tax impact of pre-tax adjustments at the effective tax rate2
Impact of discrete tax item3
Adjusted net income
Adjusted net income per diluted share
Diluted shares
Three Months Ended June 30, | Six Months Ended June 30, | ||
2020 | 2019 | 2020 | 2019 |
$158 | $262 | $306 | $434 |
9 | 18 | 23 | 31 |
48 | 57 | 98 | 110 |
(34) | - | (31) | 16 |
5 | - | 5 | - |
1 | - | (5) | 3 |
6 | - | 9 | - |
- | - | 90 | - |
35 | 78 | 189 | 160 |
(6) | (18) | (42) | (34) |
10 | (65) | 10 | (65) |
$197 | $257 | $462 | $495 |
$2.28 | $2.85 | $5.29 | $5.52 |
87 | 90 | 87 | 90 |
- 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 $1.3 million and $2.8 million for the three and six months ended June 30, 2020, respectively, which we consider immaterial.
- Excludes the results of the Company's investment in the six months ended June 30, 2019, on our effective tax rate, as results from Masternaut investment are reported within the consolidated Statements of Income on a post-tax basis and no tax-over-book outside basis difference prior to disposition.
3. | Represents impact of a discrete tax reserve adjustment related to prior year tax positions in 2020 and tax reform in 2019. | FLEETCOR | 13 |
• | Columns may not calculate due to rounding |
Calculation of Organic Growth*
($ in millions)
1Q20 ORGANIC GROWTH | 2Q20 ORGANIC GROWTH | 2Q20 ORGANIC | |||||||||||||||
2020 | 2019 Pro | 2020 | 2019 Pro | GROWTH | |||||||||||||
Macro | % | Macro | % | 2020 | |||||||||||||
Adj3 | forma2 | Adj3 | forma2 | 2019 Pro | |||||||||||||
Fuel Cards | $281 | $275 | 2% | $244 | $291 | (16)% | Macro | ||||||||||
Adj3 | forma2 | % | |||||||||||||||
Corporate Payments | 121 | 101 | 20% | 94 | 112 | (17)% | Workforce | $36 | $50 | (29)% | |||||||
Tolls | 97 | 89 | 10% | 89 | 86 | 3% | Airline | 5 | 15 | (68)% | |||||||
Lodging | 57 | 54 | 5% | 41 | 65 | (37)% | Lodging | $41 | $65 | (37)% | |||||||
Gift | 42 | 48 | (12)% | 27 | 36 | (26)% | |||||||||||
Other1 | 68 | 69 | -% | 54 | 72 | (25)% | |||||||||||
Consolidated Revenues, | $667 | $636 | 5% | $547 | $662 | (17)% | |||||||||||
net | |||||||||||||||||
1Q19 ORGANIC GROWTH | 2Q19 ORGANIC GROWTH | 3Q19 ORGANIC GROWTH | 4Q19 ORGANIC GROWTH | ||||||||||||||
2019 | 2018 Pro | 2019 | 2018 Pro | 2019 | 2018 Pro | 2019 | 2018 Pro | ||||||||||
Macro | % | Macro | % | Macro | % | Macro | % | ||||||||||
Adj3 | forma2 | Adj3 | forma2 | Adj3 | forma2 | Adj3 | forma2 | ||||||||||
Fuel Cards4 | $279 | $255 | 10% | $291 | $268 | 9% | $300 | $272 | 9% | $310 | $285 | 9% | |||||
Corporate Payments5 | 98 | 82 | 20% | 114 | 88 | 29% | 121 | 93 | 30% | 122 | 103 | 18% | |||||
Tolls | 103 | 89 | 15% | 94 | 80 | 17% | 89 | 76 | 13% | 101 | 87 | 17% | |||||
Lodging | 42 | 39 | 6% | 50 | 45 | 13% | 56 | 48 | 4% | 64 | 57 | 14% | |||||
Gift | 48 | 50 | (3)% | 36 | 35 | 2% | 48 | 58 | (3)% | 48 | 51 | (6)% | |||||
Other1,5 | 66 | 61 | 8% | 69 | 64 | 8% | 73 | 70 | 5% | 77 | 72 | 6% | |||||
Consolidated Revenues, | $637 | $576 | 11% | $654 | $580 | 13% | $688 | $617 | 11% | $721 | $654 | 10% | |||||
net | |||||||||||||||||
* Columns may not calculate due to rounding. | |||||||||||||||||
1. | Other includes telematics, maintenance, food, payroll/paycard and transportation related businesses | ||||||||||||||||
2. | Pro forma to include acquisitions and exclude dispositions, consistent with the comparable period's ownership | ||||||||||||||||
3. | Adjusted to remove the impact of changes in the macroeconomic environment to be consistent with the same period of prior year, using constant fuel prices, fuel price spreads and | ||||||||||||||||
foreign exchange rates | |||||||||||||||||
4. | Adjustments related to one-time items not representative of normal business operations and Chevron divestiture | ||||||||||||||||
5. | Reflects certain reclassifications of revenue between product categories as the Company realigned its corporate payments business, resulting in reclassification of payroll paycard FLEETCOR | 14 |
revenue from corporate payments to other
Reconciliation of Non-GAAP to GAAP Revenue by Product - 2020
(in millions)
2020 Organic Revenue Growth* | Macro Adjusted1 | Pro Forma2 | ||||||
2Q20 | 1Q20 | 2Q19 | 1Q19 | |||||
FUEL | ||||||||
Pro forma and macro adjusted | $ | 244 | $ | 281 | $ | 291 | $ | 275 |
Impact of acquisitions/dispositions/ | - | - | 4 | 8 | ||||
customer loss3 | ||||||||
Impact of fuel prices/spread | 13 | 15 | - | - | ||||
Impact of foreign exchange rates | (7) | (4) | - | - | ||||
As reported | $ | 250 | $ | 292 | $ | 295 | $ | 283 |
CORPORATE PAYMENTS | ||||||||
Pro forma and macro adjusted | $ | 94 | $ | 121 | $ | 112 | $ | 101 |
Impact of acquisitions/dispositions | - | - | - | (4) | ||||
Impact of fuel prices/spread | - | - | - | - | ||||
Impact of foreign exchange rates | $ | (1) | $ | (1) | $ | - | $ | - |
As reported | $ | 93 | $ | 120 | $ | 112 | $ | 96 |
TOLLS | ||||||||
Pro forma and macro adjusted | $ | 89 | $ | 97 | $ | 86 | $ | 89 |
Impact of acquisitions/dispositions | - | - | - | - | ||||
Impact of fuel prices/spread | - | - | - | - | ||||
Impact of foreign exchange rates | (24) | (15) | - | - | ||||
As reported | $ | 65 | $ | 83 | $ | 86 | $ | 89 |
LODGING | ||||||||
Pro forma and macro adjusted | $ | 41 | $ | 57 | $ | 65 | $ | 54 |
Impact of acquisitions/dispositions | - | - | (15) | (12) | ||||
Impact of fuel prices/spread | - | - | - | - | ||||
Impact of foreign exchange rates | $ | - | $ | - | - | $ | - | |
As reported | $ | 41 | $ | 57 | $ | 50 | $ | 42 |
2020 Organic Revenue Growth* | Macro | 1 | Pro | 2 | ||
Adjusted | Forma | |||||
2Q20 | 2Q19 | |||||
Workforce Lodging | ||||||
Pro forma and macro adjusted | $ | 36 | $ | 50 | ||
Impact of acquisitions/dispositions | - | $ | - | |||
Impact of fuel prices/spread | - | - | ||||
Impact of foreign exchange rates | - | - | ||||
As reported | $ | 36 | $ | 50 | ||
Airline Lodging | ||||||
Pro forma and macro adjusted | $ | 5 | $ | 15 | ||
Impact of acquisitions/dispositions | - | $ | (15) | |||
Impact of fuel prices/spread | - | $ | - | |||
Impact of foreign exchange rates | - | - | ||||
As reported | $ | 5 | $ | - | ||
LODGING TOTAL | ||||||
Pro forma and macro adjusted | $ | 41 | $ | 65 | ||
Impact of acquisitions/dispositions | - | $ | (15) | |||
Impact of fuel prices/spread | - | $ | - | |||
Impact of foreign exchange rates | - | - | ||||
As reported | $ | 41 | $ | 50 |
FLEETCOR | 15
Reconciliation of Non-GAAP to GAAP Revenue by Product - 2020
(continued, in millions)
2020 Organic Revenue Growth* | Macro Adjusted1 | Pro Forma2 | ||||||
2Q20 | 1Q20 | 2Q19 | 1Q19 | |||||
GIFT | ||||||||
Pro forma and macro adjusted | $ | 27 | $ | 42 | $ | 36 | $ | 48 |
Impact of acquisitions/dispositions | - | - | - | - | ||||
Impact of fuel prices/spread | - | - | - | - | ||||
Impact of foreign exchange rates | - | - | - | - | ||||
As reported | $ | 27 | $ | 42 | $ | 36 | $ | 48 |
OTHER4 | ||||||||
Pro forma and macro adjusted | $ | 54 | $ | 68 | $ | 72 | $ | 69 |
Impact of acquisitions/dispositions | - | - | (4) | (5) | ||||
Impact of fuel prices/spread | - | - | - | - | ||||
Impact of foreign exchange rates | $ | (3) | $ | (2) | $ | - | $ | - |
As reported | $ | 51 | $ | 67 | $ | 68 | $ | 63 |
FLEETCOR CONSOLIDATED REVENUES | ||||||||
Pro forma and macro adjusted | $ | 547 | $ | 667 | $ | 662 | $ | 636 |
Impact of acquisitions/dispositions/customer loss3 | - | - | (15) | (14) | ||||
Impact of fuel prices/spread | 13 | 15 | - | - | ||||
Impact of foreign exchange rates | (35) | (21) | - | - | ||||
As reported | $ | 525 | $ | 661 | $ | 647 | $ | 622 |
- Columns may not calculate due to impact of rounding
1. Adjusted to remove the impact of changes in the macroeconomic environment to be consistent with the same period of prior year, using constant fuel prices, fuel price spreads and foreign exchange rates, as well as one-time items
2. Pro forma to include acquisitions and exclude dispositions and one-time items, consistent with previous period ownership
3. Adjustments related to one-time items not representative of normal business operations
4. Other includes telematics, maintenance, food, payroll/paycard and transportation related businesses
Reconciliation of Non-GAAP to GAAP Revenue by Product - 2019
(in millions)
2019 Organic Revenue Growth* | Macro Adjusted1 | Pro Forma2,3 | ||||||||||||||
4Q19 | 3Q19 | 2Q19 | 1Q19 | 4Q18 | 3Q18 | 2Q18 | 1Q18 | |||||||||
FUEL | ||||||||||||||||
Pro forma and macro adjusted | $ | 310 | $ | 300 | $ | 291 | $ | 279 | $ | 285 | $ | 272 | $ | 268 | $ | 255 |
Impact of acquisitions/dispositions | - | - | 4 | 8 | 14 | 11 | 10 | 11 | ||||||||
Impact of fuel prices/spread | (10) | - | 7 | 6 | - | - | - | - | ||||||||
Impact of foreign exchange rates | - | (4) | (6) | (10) | - | - | - | - | ||||||||
As reported | $ | 299 | $ | 296 | $ | 295 | $ | 283 | $ | 299 | $ | 283 | $ | 278 | $ | 265 |
CORPORATE PAYMENTS | ||||||||||||||||
Pro forma and macro adjusted | $ | 122 | $ | 121 | $ | 114 | $ | 98 | $ | 103 | $ | 93 | $ | 88 | $ | 82 |
Impact of acquisitions/dispositions | - | - | - | - | (4) | (3) | (3) | - | ||||||||
Impact of fuel prices/spread | - | - | - | - | - | - | - | - | ||||||||
Impact of foreign exchange rates | - | (1) | (1) | (2) | - | - | - | - | ||||||||
As reported | $ | 122 | $ | 120 | $ | 112 | $ | 96 | $ | 99 | $ | 90 | $ | 86 | $ | 82 |
TOLLS | ||||||||||||||||
Pro forma and macro adjusted | $ | 101 | $ | 89 | $ | 94 | $ | 103 | $ | 87 | $ | 76 | $ | 80 | $ | 90 |
Impact of acquisitions/dispositions | - | - | - | - | - | - | - | - | ||||||||
Impact of fuel prices/spread | - | - | - | - | - | - | - | - | ||||||||
Impact of foreign exchange rates | (8) | (1) | (8) | (14) | - | - | - | - | ||||||||
As reported | $ | 93 | $ | 89 | $ | 86 | $ | 89 | $ | 87 | $ | 76 | $ | 80 | $ | 90 |
LODGING | ||||||||||||||||
Pro forma and macro adjusted | $ | 64 | $ | 56 | $ | 50 | $ | 42 | $ | 57 | $ | 48 | $ | 45 | $ | 39 |
Impact of acquisitions/dispositions | - | - | - | - | (13) | - | - | - | ||||||||
Impact of fuel prices/spread | - | - | - | - | - | - | - | - | ||||||||
Impact of foreign exchange rates | - | - | - | - | - | - | - | - | ||||||||
As reported | $ | 64 | $ | 56 | $ | 50 | $ | 42 | $ | 43 | $ | 48 | $ | 45 | $ | 39 |
FLEETCOR | 17
Reconciliation of Non-GAAP to GAAP Revenue by Product - 2019
(continued, $ in millions)
2019 Organic Revenue Growth* | Macro Adjusted1 | Pro Forma2 | ||||||||||||||
4Q19 | 3Q19 | 2Q19 | 1Q19 | 4Q18 | 3Q18 | 2Q18 | 1Q18 | |||||||||
GIFT | ||||||||||||||||
Pro forma and macro adjusted | $ | 48 | $ | 48 | $ | 36 | $ | 48 | $ | 51 | $ | 58 | $ | 35 | $ | 50 |
Impact of acquisitions/dispositions | - | - | - | - | (3) | (1) | (1) | (1) | ||||||||
Impact of fuel prices/spread | - | - | - | - | - | - | - | - | ||||||||
Impact of foreign exchange rates | - | - | - | - | - | - | - | - | ||||||||
As reported | $ | 48 | $ | 48 | $ | 36 | $ | 48 | $ | 48 | $ | 57 | $ | 33 | $ | 49 |
OTHER4 | ||||||||||||||||
Pro forma and macro adjusted | $ | 77 | $ | 73 | $ | 69 | $ | 66 | $ | 72 | $ | 70 | $ | 64 | $ | 61 |
Impact of acquisitions/dispositions | - | - | - | - | (5) | (5) | (1) | - | ||||||||
Impact of fuel prices/spread | - | - | - | - | - | - | - | - | ||||||||
Impact of foreign exchange rates | (4) | (1) | (2) | (3) | - | - | - | - | ||||||||
As reported | $ | 73 | $ | 72 | $ | 68 | $ | 63 | $ | 68 | $ | 65 | $ | 63 | $ | 61 |
FLEETCOR CONSOLIDATED | ||||||||||||||||
Pro forma and macro adjusted | $ | 721 | $ | 688 | $ | 654 | $ | 637 | $ | 654 | $ | 617 | $ | 580 | $ | 576 |
Impact of acquisitions/dispositions | - | - | 4 | 8 | (11) | 2 | 5 | 10 | ||||||||
Impact of fuel prices/spread | (10) | - | 7 | 6 | - | - | - | - | ||||||||
Impact of foreign exchange rates | (12) | (7) | (17) | (28) | - | - | - | - | ||||||||
As reported | $ | 699 | $ | 681 | $ | 647 | $ | 622 | $ | 643 | $ | 620 | $ | 585 | $ | 586 |
- Columns may not calculate due to impact of rounding.
- Adjusted to remove impact of changes in macro environment to be consistent with the same period of prior year, using constant fuel prices, fuel price spreads and foreign exchange rates, as well as one-time items
- Pro forma to include acquisitions and exclude dispositions and one-time items, consistent with previous period ownership
- Adjustments related to one-time items not representative of normal business operations
4. Other includes telematics, maintenance, food, payroll/paycard and transportation related businesses
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FleetCor Technologies Inc. published this content on 06 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 August 2020 20:33:12 UTC