Slide 1: 3Q Earnings Release Supplement
3Q Earnings Release Supplement 2022 Refer to earnings release dated November 2, 2022 for further information
Slide 2: 3Q Safe Harbor Provision
3Q Safe Harbor Provision 2022 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 Results...Highlights
1Q 3Q Results...Highlights 2022 Revenue (in millions) $893 $755 18% 21% Adjusted net Revenue income per growth share1 13% Organic revenue growth1 3Q21 3Q22 92.1% Revenue weighted volume retention2 Adjusted Net Income Per Share1 $1.9 billion Available liquidity $4.24 $3.52 8 bps Credit losses on bill
Slide 4: 3Q Results at a Glance
1Q 3Q Results at a Glance 2022 ($ in millions, except for per share data) All metrics up from 3Q21 3Q21 3Q22 Y/Y Revenue $755 $893 18% 2019 GAAP Net Income $234 $249 6% GAAP Net Income per Diluted Share $2.80 $3.29 18% Adjusted Net Income1 $294 $321 9% Adjusted Net Income per Diluted Share1 $3.52 $4
Slide 5: 3Q Our Take on the Quarter
3Q Our Take on the Quarter 2022 3Q results driven by Results demonstrate strength of diversified business: • Revenues up 18% YOY; up 21% at constant currency continued strong trends • Adjusted Net Income per diluted share of $4.24, up 21% YOY Drivers of future growth remain strong: • Organic revenue
Slide 6: Revenue and EPS Bridge vs Prior Year
1Q 3Q Revenue and EPS Bridge vs Prior Year 2022 $27 $14 $893 $97 $755 2019 Revenue (in millions) 2 3Q21 Core Change Macro Acquisitions 3Q22 $0.31 $4.24 $0.34 $0.23 $(0.16) $3.52 Adjusted Net Income Per Share1 4 3Q21 Core Change 3 Macro Lower Share Higher Tax Rate 3Q22 Count 1. Non-GAAP financial mea
Slide 7: 3Q Organic Revenue Performance
3Q 1Q Organic Revenue Performance1,2 2022 ($ in millions) FUEL CORPORATE PAYMENTS $205 $307 $321 $169 5% 21% +19% +32% 3Q21 3Q22 3Q21 3Q22 TOLLS LODGING $127 $89 $99 $79 12% +9% 28% +39% 3Q21 3Q22 3Q21 3Q22 1. Non-GAAP financial measures; See appendix for reconciliation of non-GAAP measures to GAAP
Slide 8: Organic Revenue Performance Trends
1Q 3Q Organic Revenue Performance Trends1 2022 1. See GAAP to non-GAAP reconciliation in appendix 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 Fuel (6)% 19% 13% 12% 14% 7% 5% Corporate Payments (5)% 32% 22% 18% 19% 18% 21% Tolls 3% 9% 14% 17% 18% 19% 12% Lodging (14)% 39% 40% 39% 22% 42% 28% Gift 2% 22% 25% 1
Slide 9: Continued High Retention
1Q 3Q Continued High Retention* 2022 Retention remains strong 93.3% 92.6% 92.3% 92.1% 92.0% 2020 2021 1Q22 2Q22 3Q22 *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
Slide 10: Sales Performance Trends
1Q 3Q Sales Performance Trends* 2022 Sales vs. Prior Year Strong new sales drive revenue growth 148% 139% 136% 124% 83% 2020 2021 1Q22 2Q22 3Q22 *Calculated based on estimated annualized revenue from new sales in the quarter sold FLEETCOR | 10
Slide 11: 3Q Cash Flow and Capital Allocation
3Q Cash Flow and Capital Allocation 2022 Substantial free Robust cash flow and opportunistic balance sheet usage • Reported > $450 million of EBITDA cash flow provides tremendous capital • Generated $321 million of free cash flow1 allocation power • Three acquisitions completed for ~$200 million and
Slide 12: 3Q Balance Sheet Structured for Flexibility and Capacity
3Q 1Q Balance Sheet Structured for Flexibility and Capacity 2022 2022 Liquidity at September 30, 2022 is ~$1.9 billion Leverage Ratio • ~$600 million borrowing capacity (X) 2.95 • Total unrestricted cash of $1.3 billion 2.70 Total debt of ~$5.7* billion • Leverage ratio of 2.95x, up slightly from YE
Slide 13: FY22 Guidance Updated
1Q 3Q Guidance Updated 2022 ($ in millions, except for per share data; growth rates at the midpoint) Previous Updated $3,380 - $3,420 $3,400 - $3,420 GAAP Revenues 20% growth 20% growth $1,230 - $1,250 $1,216- $1,236 Adjusted Net Income1 12% growth 10% growth $15.85 - $16.05 $15.85 - $16.05 Adjusted
Slide 14: Appendix Non-GAAP to GAAP Reconciliations
1Q 3Q 2022 Appendix Non-GAAP to GAAP Reconciliations About Non-GAAP Financial Measures This presentation includes certain measures described below that are non-GAAP financial measures. Adjusted net income is calculated as net income, adjusted to eliminate (a) non-cash share based compensation expens
Slide 15: Reconciliation of Net Income to Adjusted Net Income
1Q 3Q 2022 Reconciliation of Net Income to Adjusted Net Income* ($ in millions, except per share amounts) Three Months Ended September 30, 2022 2021 Net income $249 $234 Stock based compensation 34 16 Amortization1 56 56 Integration and deal related costs 5 7 Legal settlements/litigation 3 1 Restruc
Slide 16: Reconciliation of Net Income to EBITDA
1Q 3Q 2022 Reconciliation of Net Income to EBITDA* ($ in millions) Three Months Ended September 30, 2022 Net income $249 Provision for income taxes 91 Interest expense, net 45 Other expense (income) 4 Depreciation and amortization 77 Loss on extinguishment of debt — Investment Loss — Other operating
Slide 17: Calculation of Organic Growth
1Q 3Q 2022 Calculation of Organic Growth* ($ in millions) 1Q22 ORGANIC GROWTH 2Q22 ORGANIC GROWTH 3Q22 ORGANIC GROWTH 2022 2021 Pro 2022 2021 Pro 2022 2021 Pro Macro Adj3 forma2 % Macro Adj3 forma2 % Macro Adj3 forma2 % Fuel Cards $299 $262 14% $317 $296 7% $321 $307 5% Corporate Payments 186 156 19
Slide 18: Reconciliation of Non-GAAP to GAAP Revenue by Product - 2022
1Q 3Q 2022 Reconciliation of Non-GAAP to GAAP Revenue by Product - 2022 ($ in millions) 2022 Organic Revenue Growth* Macro Adjusted1 Pro Forma2 3Q22 2Q22 1Q22 3Q21 2Q21 1Q21 FUEL Pro forma and macro adjusted $ 321 $ 317 $ 299 $ 307 $ 296 $ 262 Impact of acquisitions/dispositions/customer loss3 — — —
Slide 19: Reconciliation of Non-GAAP to GAAP Revenue by Product - 2022 (continued)
3Q 1Q 2022 Reconciliation of Non-GAAP to GAAP Revenue by Product - 2022 (continued, in millions) 2022 Organic Revenue Growth* Macro Adjusted1 Pro Forma2 3Q22 2Q22 1Q22 3Q21 2Q22 1Q21 GIFT Pro forma and macro adjusted $ 53 $ 53 $ 44 $ 49 $ 32 $ 43 Impact of acquisitions/dispositions — — — — — — Impac
Slide 20: Reconciliation of Non-GAAP to GAAP Revenue by Product - 2021
3Q 1Q 2022 Reconciliation of Non-GAAP to GAAP Revenue by Product - 2021 ($ in millions) 2021 Organic Revenue Growth* Macro Adjusted1 Pro Forma2 4Q21 3Q21 2Q21 1Q21 4Q20 3Q20 2Q20 1Q20 FUEL Pro forma and macro adjusted $ 292 $ 289 $ 298 $ 275 $ 261 $ 256 $ 250 $ 293 Impact of acquisitions/disposition
Slide 21: Reconciliation of Non-GAAP to GAAP Revenue by Product - 2021 (continued)
3Q 1Q 2022 Reconciliation of Non-GAAP to GAAP Revenue by Product - 2021 (continued, in millions) 2021 Organic Revenue Growth* Macro Adjusted1 Pro Forma2 4Q21 3Q21 2Q21 1Q21 4Q20 3Q20 2Q20 1Q20 GIFT Pro forma and macro adjusted $ 55 $ 49 $ 32 $ 43 $ 46 $ 39 $ 27 $ 42 Impact of acquisitions/dispositio
Slide 22: Reconciliation of Non-GAAP Guidance Measures
3Q 1Q 2022 Reconciliation of Non-GAAP Guidance Measures (in millions, except per share amounts) 2022 GUIDANCE Low* High* Net income $ 939 $ 959 Net income per diluted share $ 12.24 $ 12.44 Stock based compensation 131 131 Amortization 228 228 Other 32 32 Total pre-tax adjustments 391 391 Income taxe