Slide 1: 4Q20 Earnings Release Supplement
4Q20 Earnings Release Supplement Refer to earnings release dated February 4, 2021 for further information
Slide 2: Safe Harbor Provision
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, assumptions, expectations and future performance, are forward-looking statements. Fo
Slide 3: 4Q20 Key Numbers
4Q20 Key Numbers Total Revenue (12)% Revenue growth ($ in millions) $699 $617 (8)% Organic revenue growth 1 (5)% Adjusted net income per diluted share1 growth 92.2% Customer retention2 4Q19 4Q20 $1.9 billion Available liquidity Adjusted Net Income Per Share1 $3.17 $3.01 2 bps Credit losses on billed
Slide 4: 4Q20 Revenue Bridge vs Prior Year
4Q20 Revenue Bridge vs Prior Year Revenue1 $699 (in millions) $11 $617 $(58) $(35) 4Q19 Core Change Macro Acquisitions/ 4Q20 Divestiture Adjusted Net Income Per Share2 $3.17 $0.13 $0.03 $3.01 $0.01 $0.10 $(0.20) $(0.23) 4Q19 Core Change Macro Acquisitions Lower Lower Share Tax Rate 4Q20 Interest Cou
Slide 5: 4Q20 Results at a Glance
4Q20 Results at a Glance ($ in millions, except for per share data) 4Q19 4Q20 Y/Y Total Revenue $699 $617 (12)% GAAP Net Income $236 $210 (11)% GAAP Net Income per Diluted Share $2.60 $2.44 (6)% Adjusted Net Income1 $286 $258 (10)% Adjusted Net Income per Diluted Share1 $3.17 $3.01 (5)% 1. Non-GAAP
Slide 6: 4Q20 Organic Revenue Performance
4Q20 Organic Revenue Performance1,2 ($ in millions) FUEL CORPORATE PAYMENTS3 $299 $270 $121 $114 (10)% (6)% 4Q19 4Q20 4Q19 4Q20 TOLLS LODGING4 $100 $75 $93 $25 $57 $9 +7% (25)% $50 $48 4Q19 4Q20 4Q19 4Q20 1. Non-GAAP financial measures; See appendix for reconciliation of non-GAAP measures to GAAP 2.
Slide 7: 2020 Trends and Recovery
2020 Trends and Recovery ($ in millions, except for per share data) All key metrics improved as we progressed through the year 2019 2Q20 3Q20 4Q20 GAAP Revenue $525 $585 $617 Cash EPS1 $2.28 $2.80 $3.01 Sales v. Prior Year 55% 81% 92% Same Store Sales- (17)% (8)% (6)% Client Softness Retention 2 91%
Slide 8: Revenue Retention and Organic Revenue Trends
Revenue Retention and Organic Revenue Trends Revenue-Weighted Volume Retention1 Organic Revenue Growth by Product2 91.8% 92.3% 92.2% 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 91.2% 90.7% 91.0% 2019 Fuel 10%3 9%3 2% (16)% (11)% (10)% Corporate 30% 18% 20% (17)% (11)% (6)% Payments4 Tolls 17% 17% 10% 3% 3% 7% Lod
Slide 9: Volume Trends versus Prior Year
Volume Trends versus Prior Year1,2 2019 1. Cambridge data includes month-end adjustments. YoY growth adjusted to account for number of pumping days/settlement days 2. YoY monthly growth adjusted to account for number of pumping days/settlement days FLEETCOR | 9
Slide 10: Balance Sheet Structured for Flexibility and Capacity
Balance Sheet Structured for Flexibility and Capacity Leverage Ratio (X) 2.67 2.43 • Available liquidity at December 31, 2020 is ~$1.9 billion • ~$941 million of borrowing capacity • Unrestricted cash of $935 million • Leverage ratio of 2.67x, up slightly from YE19 4Q19 4Q20 • Total debt of ~$3.6 bi
Slide 11: "Beyond Strategy" designed to transform our business
“Beyond Strategy" designed to transform our business ... by entering "new segments’ & cross-selling services back to clients New/ Adjacent Services New Served Segments (Cross Sell) CORPORATE • SMB Market (vs Middle Market) • AP Automation Software PAYMENTS FUEL • New Geographies (Europe/Asia) • Comp
Slide 12: "Beyond" Strategies Converge with Roger Acquisition
“Beyond” Strategies Converge with Roger Acquisition Corporate Payments going downmarket = Fuel SMBs adding online bill pay Large Corporate Clients Payments BEYOND Online Potential to sell a "Two Fer Solution" Small Fuel BEYOND Bill Pay (e.g. Fuel Cards and Online Bill Pay) to Clients for SMBs new SM
Slide 13: 2021 Guidance Updated
2021 Guidance Updated ($ in millions, except for per share data) Low High Mid-Point FY 2021 Revenue Y/Y growth of 9%-13%2 GAAP Revenues $ 2,600 $ 2,700 $ 2,650 GAAP Net Income $ 810 $ 890 $ 850 FY 2021 Adjusted Net Income per GAAP Net Income per Diluted Share $ 9.40 $ 10.20 $ 9.80 Diluted Share Y/Y
Slide 14: FY20 Updates
FY20 Updates Refer to earnings release dated February 4, 2021 for further information
Slide 15: FY20 Key Numbers
FY20 Key Numbers Total Revenue (10)% Revenue growth $2,649 ($ in millions) $2,389 (8)% Organic revenue1 growth (6)% Adjusted net income per diluted share1 growth 2019 2020 ~3.3 million shares repurchased for $850 million Adjusted Net Income Per Share1 ~$960 million adjusted net income1 generation $1
Slide 16: FY20 Continues Progress Toward Balanced Revenue From Diverse Businesses
FY20 Continues Progress Toward Balanced Revenue From Diverse Businesses Category Revenue Contribution Geographic Revenue Contribution 10% 13% Other1 6% Other Gift 11% 9% UK Lodging 44% 2020 Fuel 2020 14% 61% 12% Brazil United Tolls States 18% Corporate Payments 1. Includes maintenance, food and tran
Slide 17: FY20 Long Record of Performance
FY20 Long Record of Performance Revenue Adjusted Net Income per Share1,2 in millions in millions $11.79 2010-2020 CAGR = 19% 2010-2020 CAGR = 21% $11.09 $2,649 $10.53 2019 $2,433 $2,389 $2,250 $8.54 $1,832 $1,703 $6.92 $6.30 $5.15 $1,199 $4.05 $895 $708 $2.99 $520 $2.17 $434 $1.66 2010 2011 2012 201
Slide 18: FY20 Organic Trends
FY20 Organic Trends Organic Revenue by Product1 2019 2020 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2019 Fuel 10%2 9%2 10%2 9%2 2% (16)% (11)% (10)% Corporate Payments3 20% 29% 30% 18% 20% (17)% (11)% (6)% Tolls 15% 17% 17% 17% 10% 3% 3% 7% Lodging 6% 13% 17% 14% 5% (37)% (32)% (25)% Gift (3)% 2% (16)% (6)% (12)% (26
Slide 19: FY20 EBITDA Margins
FY20 EBITDA Margins EBITDA and EBITDA Margin1 and Capex in millions 60 1,500 56.5% 56.9% 55.1% 54.1% 53.3% 52.2% 51.0% 51.3% 50.5% 50.3% 1,200 50 EBITDA Margin % EBITDA $ 900 40 $1,506 $1,374 $1,225 600 $1,148 $957 $857 30 $648 300 $493 $377 $263 20 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 202
Slide 20: FY20 Robust Cash Flows Support Capital Allocation
FY20 Robust Cash Flows Support Capital Allocation Adjusted Net Income1 Share Repurchases3 in millions 2010-2020 CAGR = 21% $1,062 $970 $962 Amounts Shares Average (in millions) (000) Price $799 2016 $188 1,259 $149 $659 $593 2017 $402 2,855 $141 $448 2018 $959 4,911 $195 $343 2019 $695 2,270 $306 $2
Slide 21: FY20 Leverage Ratio
FY20 Leverage Ratio FLEETCOR has a flexible capital structure and targets <3x leverage; 4x covenant achieved Leverage Ratio1(x) 2.75 2.77 2.67 2.62 2.35 2.43 2.10 2.10 1.98 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1. EBITDA divided by revenue. See appendix for a reconciliation of non-GAAP measur
Slide 22: Appendix Non-GAAP to GAAP Reconciliations
Appendix Non-GAAP to GAAP Reconciliations About Non-GAAP Financial Measures This presentation includes certain measures described below that are non-GAAP financial measures. Adjusted net income is calculated as net income, adjusted to eliminate (a) non-cash stock based compensation expense related t
Slide 23: Reconciliation of Net Income to Adjusted Net Income
Reconciliation of Net Income to Adjusted Net Income ($ in millions, except per share amounts ) Three Months Ended December 31, 2020 2019 Net income $210 $236 Stock based compensation 8 15 Amortization of intangible assets, premium on receivables, deferred financing costs and discounts 49 53 Investme
Slide 24: Reconciliation of Net Income to Adjusted Net Income
Reconciliation of Net Income to Adjusted Net Income* ($ in millions, except per share amounts ) Three Months Ended Three Months Ended September 30, June 30, 2020 2020 Net income $189 $158 Stock based compensation 12 9 Amortization of intangible assets, premium on receivables, deferred financing cost
Slide 25: Calculation of Organic Growth
Calculation of Organic Growth*,5 ($ in millions) 1Q20 ORGANIC GROWTH 2Q20 ORGANIC GROWTH 3Q20 ORGANIC GROWTH 4Q20 ORGANIC GROWTH 2020 2020 2020 2020 Macro 2019 Pro Macro 2019 Pro Macro 2019 Pro Macro 2019 Pro Adj3 forma2 % Adj3 forma2 % Adj3 forma2 % Adj3 forma2 % Fuel Cards $281 $275 2% $244 $291 (
Slide 26: Calculation of Organic Growth (continued)
Calculation of Organic Growth* (continued, $ in millions) 2Q20 ORGANIC GROWTH 3Q20 ORGANIC GROWTH 4Q20 ORGANIC GROWTH 2020 Macro 2019 Pro 2020 Macro 2019 Pro 2020 Macro 2019 Pro Adj2 forma1 % Adj2 forma1 % Adj2 forma1 % Workforce $36 $50 (29)% $43 $56 (23)% $48 $50 (5)% Airline 5 15 (68)% 10 22 (56)
Slide 27: 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 28: 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 4Q19 3Q19 2Q19 Workforce Lodging Pro forma and macro adjusted $ 48 $ 43 $ 36 $ 50 $ 56 $ 50 Impact of acquisitions/dispositions — — — — — — I
Slide 29: 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 30: Reconciliation of Non-GAAP to GAAP Revenue by Product - 2019
Reconciliation of Non-GAAP to GAAP Revenue by Product - 2019 (in millions) 2019 Organic Revenue Growth* Macro Adjusted1 Pro Forma2 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/customer lo
Slide 31: Reconciliation of Non-GAAP to GAAP Revenue by Product - 2019
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 — — — —
Slide 32: Reconciliation of Net Income to Adjusted Net Income
Reconciliation of Net Income to Adjusted Net Income ($ in millions, except per share amounts) Year Ended December 31,3 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Net income $704 $895 $811 $740 $452 $362 $369 $285 $216 $147 $108 Net income per diluted share $8.12 $9.94 $8.81 $7.91 $4.75 $
Slide 33: Reconciliation of Net Income to Pro Forma Adjusted Net Income
Reconciliation of Net Income to Pro Forma Adjusted Net Income ($ in millions* ) Year Ended 2010 2011 Changes Pro Forma 2010 Income before income taxes $151 $1 $152 Provision for income taxes 43 2 46 Net income 108 (2) 106 Stock based compensation 27 (5) 22 Amortization of intangible assets 17 — 17 A
Slide 34: Reconciliation of Net Income to EBITDA
Reconciliation of Net Income to EBITDA ($ in millions, except per share amounts and percentages) Year Ended December 31, 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 Net income $704 $895 $811 $740 $452 $362 $369 $285 $216 $147 Provision for Income Taxes 178 183 284 153 191 174 144 119 95 64 Int
Slide 35: Reconciliation of Non-GAAP Guidance Measures
Reconciliation of Non-GAAP Guidance Measures (in millions, except per share amounts) Q1 2021 GUIDANCE Low* High* Net income $ 170 $ 190 Net income per diluted share $ 2.00 $ 2.20 Stock based compensation 14 14 Amortization of intangible assets, premium on receivables, deferred financing costs and di