Slide 1: Acquisition of Comdata
Acquisition of Comdata Investor Presentation August 12, 2014 Exhibit 99.2
Slide 2: Safe Harbor Provision
This presentation and accompanying remarks contain forward-looking statements within the meaning of the federal securities laws. Some of these statements include those regarding the transaction between FleetCor and Comdata, FleetCor’s preliminary 2015 outlook, future financial and operating results,
Slide 3: Transaction Overview
Transaction Description Rationale Financial Transaction Overview Signed definitive agreement to acquire Comdata for approximately $3,450M Valuation: ~12x EBITDA, prior to consideration of 1) NOL, 2) positive working capital, and 3) synergies Consideration: $2.4B in cash and approximately 7.3M shares
Slide 4: Comdata Overview
1969 2007 1995 2013 2014 History of Comdata Business Overview Key Stats Comdata Overview Comdata founded as a payment services and money transfer company Ceridian acquired by T.H. Lee & Partners and Fidelity National Financial Comdata acquired by Ceridian Ceridian completes spin-off of Comdata from
Slide 5: Where Comdata Operates
OTR National Accounts Virtual Payments SVS – Gift Cards New Category for FLT Comdata serves 4 adjacent end markets which provide new and interesting growth opportunities for FleetCor Over-the-road trucking companies Fortune 500 fleets Fortune 500 and mid- sized corporations Large retailers Where Com
Slide 6: Comdata Market Position
U.S. Visa & MasterCard Commercial Card Issuers (2012) Comdata Market Position Source: The Nilson Report, Issue 1022, July 2013
Slide 7: Comdata Financial Performance
Financial Performance Revenue Split Corporate Payments 39% Corporate Payments 48% 2010 to 2013 Revenue CAGR of 7% Corporate Payments represents approximately ½ the overall company Corporate Payments revenue grew at 15% CAGR from 2010 to 2013 Comdata Financial Performance MasterCard OTR MasterCard OT
Slide 8: Strategic Rationale
Two New Fuel Card Markets Virtual Payments Entry Scale Strategic Rationale Adds 2 complementary markets to North American Fleet business – OTR – National Accounts Large and growing Virtual Payments market Significant increase in revenue and absolute earnings and diversity Broader portfolio of busine
Slide 9: Balance Sheet and Leverage Implications
Commentary Cash Debt Leverage FLT PF FLT + CD PF Debt and Leverage at YE Close ($B) Balance Sheet and Leverage Implications Pro forma year-end debt of $3.1B, including $2.4B of new term debt … expect to securitize $0.2B by year-end Ample liquidity for continued M&A: $400M undrawn revolver + ~$600M a