Slide 1: 3Q Earnings Release Supplement
3Q Earnings Release Supplement 2021 Refer to earnings release dated November 3, 2021 for further information
Slide 2: 3Q Safe Harbor Provision
3Q Safe Harbor Provision 2021 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, assumptions, expectations and future performance, are forward-looking statem
Slide 3: 3Q Our Take on the Quarter
3Q Our Take on the Quarter 2021 All-time record quarterly revenues and adjusted net income per share Outstanding 3Q Growth drivers remain very strong: results, demonstrating Organic growth of 17%1 — all businesses up off 3Q20 robust performance New sales bookings growth +52% vs. 3Q20; +30% vs. 3
Slide 4: 3Q Our Take on the Quarter: Free cash flow and capital allocation
3Q Our Take on the Quarter 2021 Substantial free Balanced capital allocation cash flow enables Generated $294 million of free cash flow accretive M&A and Driving scale and extending into adjacencies with M&A share buybacks Closed the ALE acquisition in Lodging; $0.07-$0.08 EPS accretion in FY2
Slide 5: 3Q Highlights
3Q Highlights 2021 Revenue (in millions) 2019 29% 25% Revenue growth Adjusted EPS1 17% Organic revenue growth1 Adjusted Net Income Per Share1 93.3% Revenue weighted volume retention2 $1.9 billion Available liquidity 3 bps Credit losses on billed revenue $11.0 million of credit losses 1. Non-GAAP f
Slide 6: 3Q Bridge vs. Prior Year
3Q Bridge vs. Prior Year 2021 Revenue (in millions) 1 3Q tax rate Adjusted Net affected by Income Per Share minimal stock option exercises3 2 1. Macro consists of $17 million positive impact from fuel prices and approximately $12 million positive impact due to movements in foreign exchange rates, pa
Slide 7: 3Q Results at a Glance
3Q Results at a Glance 2021 ($ in millions, except for per share data) ...Better than 3Q20 3Q20 3Q21 Y/Y 2019 Revenue $585 $755 29% GAAP Net Income $189 $234 24% GAAP Net Income per Diluted Share $2.19 $2.80 28% Adjusted Net Income1 $242 $294 22% Adjusted Net Income per Diluted Share1 $2.80 $3.52 25
Slide 8: 3Q Organic Revenue Performance
3Q Organic Revenue Performance1,2 2021 ($ in millions) FUEL CORPORATE PAYMENTS +13% +19% +22% +32% TOLLS LODGING +14% +9% +40% +39% 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. Pro f
Slide 9: 3Q Organic Revenue Performance Trends
3Q Organic Revenue Performance Trends1 2021 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 Fuel 2% (16)% (11)% (10)% (6)% 19% 13% Corporate Payments 20% (17)% (11)% (6)% (5)% 32% 22% Tolls 10% 3% 3% 7% 3% 9% 14% Lodging 5% (37)% (32)% (25)% (14)% 39% 40% Gift (12)% (26)% (19)% (3)% 2% 22% 25% Other —% (25)% (9)
Slide 10: 3Q Revenue Retention Trends
3Q Revenue Retention Trends* 2021 2019 Above Historical Levels *Based on volume relevant to business or product (e.g., gallons, spend, etc.) weighted by revenue; excludes European Private Label businesses, where FLEETCOR is a processor instead of issuer. Also excludes our cross border payments busin
Slide 11: 3Q Sales Trends
3Q Sales Trends* 2021 All-time Record 2019 +52% 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 *Calculated based on estimated annualized revenue from new sales in the quarter sold FLEETCOR | 11
Slide 12: 3Q Balance Sheet Structured for Flexibility and Capacity
3Q Balance Sheet Structured for Flexibility and Capacity 2021 Leverage Ratio (X) Available liquidity at September 30, 2021 is ~$1.9 billion ~$650 million of borrowing capacity Unrestricted cash of $1.3 billion Leverage ratio of 2.76x, up slightly from YE20 Total debt of ~$4.6 billion, up from YE
Slide 13: 3Q Guidance Updated
3Q Guidance Updated 2021 ($ in millions, except for per share data; growth rates at mid-point of guidance) Previous Updated $2,740 - $2,790 $2,785 - $2,805 GAAP Revenues 16% growth 17% growth $1,085 - $1,115 $1,100 - $1,110 Adjusted Net Income1 15% growth 15% growth $12.80 - $13.00 $13.00 - $13.10 A
Slide 14: 3Q Beyond Strategy Update
3Q Beyond Strategy Update…served “market segments” expanded 2021 FLEETCOR has successfully expanded its “served markets segments” in each LOB via its “Beyond strategy”…increasing the TAM and runway FLEETCOR | 14
Slide 15: 3Q Corporate Payments Revenue Mix and Growth
3Q Corporate Payments Revenue Mix and Growth 2021 The majority of Corporate Payments revenue is direct and cross border… both growing ~20%+ in 3Q 3Q21 Revenue Mix 3Q21 Organic2 Revenue Growth Rates 14% Channel Partners 1 Direct 30% Channel Partners 16% 32% 54% Cross Border 19% Direct1 Cross Border T
Slide 16: Appendix Non-GAAP to GAAP Reconciliations
Appendix Non-GAAP to GAAP Reconciliations About Non-GAAP Financial Measures This presentation includes certain measures, which are used by the Company as supplemental measures to evaluate its overall operating performance. Adjusted net income is calculated as net income, adjusted to eliminate (a) no
Slide 17: Reconciliation of Net Income to Adjusted Net Income
Reconciliation of Net Income to Adjusted Net Income* ($ in millions, except per share amounts ) Three Months Ended September 30, 2021 2020 2019 Net income $234 $189 $226 Stock based compensation 16 12 15 Amortization1 56 49 53 Investment gain — 1 — Integration and deal related costs 7 2 — Restructur
Slide 18: Calculation of Organic Growth
Calculation of Organic Growth* ($ in millions) 1Q21 ORGANIC GROWTH 2Q21 ORGANIC GROWTH 3Q21 ORGANIC GROWTH 2021 2021 2021 Macro 2020 Pro Macro 2020 Pro Macro 2020 Pro Adj3 forma2 % Adj3 forma2 % Adj3 forma2 % FUEL $275 $293 (6)% $298 $250 19% $289 $256 13% CORPORATE PAYMENTS 114 120 (5)% 136 103 32%
Slide 19: Reconciliation of Non-GAAP to GAAP Revenue by Product - 2021
Reconciliation of Non-GAAP to GAAP Revenue by Product - 2021 (in millions) 2021 Organic Revenue Growth* Macro Adjusted1 Pro Forma2 3Q21 2Q21 1Q21 3Q20 2Q20 1Q20 FUEL Pro forma and macro adjusted $ 289 $ 298 $ 275 $ 256 $ 250 $ 293 Impact of acquisitions/dispositions — — — (1) (1) (1) Impact of fuel
Slide 20: Reconciliation of Non-GAAP to GAAP Revenue by Product - 2021
Reconciliation of Non-GAAP to GAAP Revenue by Product - 2021 (in millions) 2021 Organic Revenue Growth* Macro Adjusted1 Pro Forma2 3Q21 2Q21 1Q21 3Q20 2Q20 1Q20 GIFT Pro forma and macro adjusted $ 49 $ 32 $ 43 $ 39 $ 27 $ 42 Impact of acquisitions/dispositions — — — — — Impact of fuel prices/spread
Slide 21: Reconciliation of Non-GAAP to GAAP Revenue Corporate Payments - 2021
Reconciliation of Non-GAAP to GAAP Revenue Corporate Payments- 2021 (continued, $ in millions) Macro Macro 2021 Organic Revenue Growth* Adjusted1 Pro Forma2 2021 Organic Revenue Growth* Adjusted1 Pro Forma2 3Q21 3Q20 3Q21 3Q20 Channel Partners CORPORATE PAYMENTS TOTAL Pro forma and macro adjusted $
Slide 22: Reconciliation of Non-GAAP to GAAP Revenue by Product - 2020
Reconciliation of Non-GAAP to GAAP Revenue by Product - 2020 (in millions) 2020 Organic Revenue Growth* Macro Adjusted1 Pro Forma2 4Q20 3Q20 2Q20 1Q20 4Q19 3Q19 2Q19 1Q19 FUEL Pro forma and macro adjusted $ 270 $ 262 $ 244 $ 281 $ 299 $ 296 $ 291 $ 275 Impact of acquisitions/dispositions/customer lo
Slide 23: Reconciliation of Non-GAAP to GAAP Revenue by Product - 2020
Reconciliation of Non-GAAP to GAAP Revenue by Product - 2020 (continued, in millions) 2020 Organic Revenue Growth* Macro Adjusted1 Pro Forma2 4Q20 3Q20 2Q20 1Q20 4Q19 3Q19 2Q19 1Q19 GIFT Pro forma and macro adjusted $ 46 $ 39 $ 27 $ 42 $ 48 $ 48 $ 36 $ 48 Impact of acquisitions/dispositions — — — —
Slide 24: Reconciliation of Non-GAAP Guidance Measures
Reconciliation of Non-GAAP Guidance Measures (in millions, except per share amounts) 2021 GUIDANCE Low* High* Net income $ 837 $ 847 Net income per diluted share $ 9.90 $ 10.00 Stock based compensation 81 81 Amortization 218 218 Other 32 32 Total pre-tax adjustments 331 331 Income taxes (69) (69) Ad