Slide 1: 1Q2021 Earnings Release Supplement
1Q2021 Earnings Release Supplement Refer to earnings release dated May 5, 2021 for further information
Slide 2: Safe Harbor Provision
This presentation contains forward-looking statements within the meaning of the federal securities laws. Safe Harbor Provision Statements that are not historical facts, including statements about FLEETCOR’s beliefs, assumptions, expectations and future performance, are forward-looking statements. Fo
Slide 3: 1Q21 Key Numbers
1Q21 Key Numbers Revenue ($ in millions) (8)% Revenue contraction $661 $609 (6)% Organic revenue contraction1 (6)% Adjusted net income per diluted share1 93.0% Revenue weighted volume retention2 1Q20 1Q21 $2.0 billion Available liquidity Adjusted Net Income Per Share1 $3.00 $2.82 1 bps Credit losses
Slide 4: 1Q21 Bridge vs Prior Year
1Q21 Bridge vs Prior Year Revenue (in millions) $661 $12 $609 $(37) $(27) 1 1Q20 Core Change Macro Acquisitions 1Q21 Adjusted Net Income Per Share $3.00 $0.05 $0.10 $2.82 $(0.04) $(0.19) $(0.10) 2 3 1Q20 Core Change Macro Lower Interest Lower Share Tax Rate 1Q21 Rates Count 1. Macro consists of appr
Slide 5: 1Q21 Results at a Glance
1Q21 Results at a Glance ($ in millions, except for per share data) 1Q20 1Q21 Y/Y Revenue $661 $609 (8)% GAAP Net Income $147 $184 25% GAAP Net Income per Diluted Share $1.67 $2.15 29% Adjusted Net Income1 $264 $242 (8)% Adjusted Net Income per Diluted Share1 $3.00 $2.82 (6)% 1. Non-GAAP financial m
Slide 6: 1Q21 Organic Revenue Performance
1Q21 Organic Revenue Performance1,2 ($ in millions) FUEL CORPORATE PAYMENTS $293 $120 $275 $114 (6)% (5)% 1Q20 1Q21 1Q20 1Q21 TOLLS LODGING $83 $85 $68 $59 +3% (14)% 1Q20 1Q21 1Q20 1Q21 1. Non-GAAP financial measures; See appendix for reconciliation of non-GAAP measures to GAAP 2. Adjusted to remove
Slide 7: 1Q21 Organic Revenue Performance Trends
1Q21 Organic Revenue Performance Trends1 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 v. 1Q19 2019 Fuel 9%2 2% (16)% (11)% (10)% (6)% (4)% Corporate Payments 18% 20% (17)% (11)% (6)% (5)% 13% Tolls 17% 10% 3% 3% 7% 3% 13% Lodging 14% 5% (37)% (32)% (25)% (14)% (6)% Gift (6)% (12)% (26)% (19)% (3)% 2% (10)% Other 6
Slide 8: 1Q21 Revenue Retention Trends
1Q21 Revenue Retention Trends* 92.3% 92.2% 93.0% 2019 90.7% 91.0% 1Q20 2Q20 3Q20 4Q20 1Q21 *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
Slide 9: 1Q21 Sales Performance Trends
1Q21 Sales Performance Trends* Sales have recovered, up 7% year over year in 1Q21, and back to 2019 level 2019 Sales v. Prior Year 107% 101% 92% 81% 55% 2Q20 3Q20 4Q20 1Q21 v. 1Q19 • Calculated based on estimated annualized revenue from new sales over the same period in the prior year. FX normalized
Slide 10: Balance Sheet Structured for Flexibility and Capacity
Balance Sheet Structured for Flexibility and Capacity Leverage Ratio (X) • Available liquidity at March 31, 2021 is ~$2.0 billion 2.67 2.48 • ~$1 billion of borrowing capacity • Total unrestricted cash of $958 million • Leverage ratio of 2.48x, down slightly from YE20 4Q20 1Q21 • Total debt of ~$3.5
Slide 11: Refinanced Credit Facilities
Refinanced Credit Facilities KEY TERMS BEFORE AFTER Size $1.0 billion $1.0 billion Tenor 364 days 3 years Securitization Maturity Date 11/12/2021 3/29/2024 Facility LIBOR Floor 37.5 bps 0 bps Rate LIBOR + 125 bps LIBOR + 100 bps Size $350 million $1.15 billion Term Loan B Maturity Date 8/2/2024 4/30
Slide 12: 2021 Guidance Updated
2021 Guidance Updated ($ in millions, except for per share data) FY 2021 Revenue Y/Y growth of Low High Mid-Point 11%2 at midpoint GAAP Revenues $ 2,600 $ 2,700 $ 2,650 FY 2021 Adjusted Net Income per GAAP Net Income $ 835 $ 890 $ 863 Diluted Share Y/Y growth of 12%1 at GAAP Net Income per Diluted S
Slide 13: Brand Consolidation in Corporate Payments
Brand Consolidation in Corporate Payments √ Unify go-to-market and customer experience √ Enable more cross-selling and bundle-selling √ Leverage marketing investments and brand awareness FLEETCOR FLEETCOR | Proprietary & Confidential | 13 13
Slide 14: 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 our overall operating performance. Adjusted net income is calculated as net income, adjusted to eliminate (a) no
Slide 15: 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 March 31 2021 2020 Net income $184 $147 Stock based compensation 18 14 Amortization of intangible assets, premium on receivables, deferred financing costs and discounts 50 50 Investment
Slide 16: Calculation of Organic Growth
Calculation of Organic Growth* ($ in millions) 1Q21 ORGANIC GROWTH 2021 Macro 2020 Pro Adj3 forma2 % FUEL $275 $293 (6)% CORPORATE PAYMENTS 114 120 (5)% TOLLS 85 83 3% LODGING 59 68 (14)% GIFT 43 42 2% OTHER1 59 67 (12)% REVENUES, NET $636 $673 (6)% 1Q20 ORGANIC GROWTH 2Q20 ORGANIC GROWTH 3Q20 ORGAN
Slide 17: Calculation of Organic Growth
Calculation of Organic Growth*,5 ($ in millions) 4Q19 ORGANIC GROWTH 2019 Macro 2018 Pro Adj3 forma2 % FUEL4 $310 $285 9% CORPORATE PAYMENTS5 122 103 18% TOLLS 101 87 17% LODGING 64 57 14% GIFT 48 51 (6)% 1,5 OTHER 77 72 6% REVENUES, NET $721 $654 10% *Columns may not calculate due to rounding. 1. O
Slide 18: Reconciliation of Non-GAAP to GAAP Revenue by Product - 2021
Reconciliation of Non-GAAP to GAAP Revenue by Product - 2021 (in millions) Macro Macro 2021 Organic Revenue Growth* Adjusted1 Pro Forma2 2021 Organic Revenue Growth* Adjusted1 Pro Forma2 1Q21 1Q20 1Q21 1Q20 FUEL GIFT Pro forma and macro adjusted $ 275 $ 293 Pro forma and macro adjusted $ 43 $ 42 Imp
Slide 19: 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 20: Reconciliation of Non-GAAP to GAAP Revenue by Product - 2020 (continued)
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 21: Reconciliation of Non-GAAP to GAAP Revenue by Product - 2019
Reconciliation of Non-GAAP to GAAP Revenue by Product - 2019 (continued, in millions) Macro Macro 2019 Organic Revenue Growth* Adjusted1 Pro Forma2 2019 Organic Revenue Growth* Adjusted1 Pro Forma2 4Q19 4Q18 4Q19 4Q18 FUEL GIFT Pro forma and macro adjusted $ 310 $ 285 Pro forma and macro adjusted $
Slide 22: Reconciliation of Non-GAAP Guidance Measures
Reconciliation of Non-GAAP Guidance Measures (in millions, except per share amounts) Q2 2021 GUIDANCE Low* High* Net income $ 185 $ 205 Net income per diluted share $ 2.15 $ 2.35 Stock based compensation 19 19 Amortization of intangible assets, premium on receivables, deferred financing costs and di