Slide 1: 4Q 2023 Earnings Release Supplement
4Q Earnings Release Supplement 2023 Refer to earnings release dated February 7, 2024 for further information
Slide 2: Safe Harbor Provision
4Q Safe Harbor Provision 2023 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: Agenda
4Q Agenda 2023 4Q 2023 Results FY 2023 Results 2024 Guidance Appendix
Slide 4: 4Q 2023 Results
4Q 2023 4Q 2023 Results
Slide 5: Our Take on the Quarter
4Q Our Take on the Quarter 2023 Solid Results In A Record Year1: Mixed 4Q results due • Revenues up 6%, with $937 million in revenue Adjusted to softness in certain • EBITDA2 growth of 11%, to $508 million EPS2 U.S. businesses, with • GAAP EPS $3.48, up 15% vs prior year Up 17% at constant strong ea
Slide 6: 4Q Revenue and Cash EPS Bridge vs Prior Year
4Q Revenue and Cash EPS Bridge vs Prior Year 2023 $5 $24 $58 $937 $884 $(34) 2019 +6% Revenue YoY ($ in millions) 2 4Q22 Core Change Macro Acquisitions Divestiture 4Q23 $0.61 $0.19 $0.06 $4.44 Adjusted Net $(0.14) Income Per $4.04 $(0.27) $(0.01) $(0.04) Share1 +10% YoY 4Q22 Core 3 Divestiture 4 Bad
Slide 7: 4Q Organic Revenue Growth
4Q Organic Revenue Growth1,2 2023 ($ in millions) VEHICLE PAYMENTS CORPORATE PAYMENTS $476 $498 $249 $216 5% 15% +19% +32% 4Q22 4Q23 4Q22 4Q23 Total LODGING PAYMENTS 7% OTHER3 $120 $120 $66 $62 0% 6% +9% +39% 4Q22 4Q23 4Q22 4Q23 1. Non-GAAP financial measures. See appendix for reconciliation of non-
Slide 8: 4Q Organic Revenue Growth Trends
4Q Organic Revenue Growth Trends1 2023 1. See GAAP to non-GAAP reconciliation in appendix 1Q22 2Q22 3Q22 4Q22 FY22 1Q23 2Q23 3Q23 4Q23 FY23 Vehicle Payments2 14% 9% 7% 3% 8% 7% 8% 7% 5% 6% Fleet3 13% 5% 4% 2% 6% 3% 6% 4% 2% 4% Corporate Payments4 19% 18% 21% 20% 20% 19% 22% 20% 15%4 19% Lodging Paym
Slide 9: 4Q Strong Retention
4Q Strong Retention* 2023 92.9% 91.2% 91.2% 91.2% 91.7% 4Q22 1Q23 2Q23 3Q23 4Q23 *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 bor
Slide 10: Balance Sheet Structured for Flexibility and Capacity
4Q Balance Sheet Structured for Flexibility and Capacity 2023 Robust cash flow and opportunistic capital allocation Leverage Ratio3 (X) • Reported $508 million of EBITDA1 2.80 • Generated $326 million of free cash flow1,2 2.43 • Repurchased ~0.6 million shares for $143 million Liquidity at December
Slide 11: FY 2023 Updates
WFLEET C O R’ FY FY 2023 Updates 2023
Slide 12: Our Take on the Year
FY Our Take on the Year 2023 Record 2023 Results: • Record revenue of $3.8 billion and adjusted EPS1 of $16.92 Record FY results, • Organic revenue growth of 10%1 solid fundamentals • EBITDA1 growth of 13%, to $1,994 million Adjusted with 10% revenue EPS1 up 16% and 13% EBITDA1 • GAAP EPS $13.20, up
Slide 13: FY Revenue and Cash EPS Bridge vs Prior Year
FY Revenue and Cash EPS Bridge vs Prior Year 2023 $336 $83 $3,758 $3,427 $(38) $(50) +10% 2019 YoY Revenue ($ in millions) FY22 Core Change Macro 2 Acquisitions Divestiture FY23 $2.78 $0.07 $(0.20) Adjusted Net Income Per Share1 $0.40 $16.92 +5% $16.10 $(1.79) YoY $(0.44) FY22 Core 3 Divestiture 4 B
Slide 14: Long Record of Strong Performance
FY Long Record of Strong Performance 2023 Revenue1 Adjusted Net Income per Share2 ($ in millions) $3,758 $16.92 $16.10 $3,427 2019 2014-2023 2014-2023 CAGR = CAGR = 14% 14% $13.21 $2,834 $2,649 $11.79 $2,433 $11.09 $2,389 $10.53 $2,250 $1,832 $8.54 $1,703 $6.92 $6.30 $1,199 $5.15 2014 2015 2016 2017
Slide 15: EBITDA, EBITDA Margin and Capex
FY EBITDA1, EBITDA Margin1 and Capex 2023 ($ in millions) 56.5% 56.9% 54.1% 53.9% 53.1% 52.2% 51.6% 51.0% 51.3% 50.3% $1,994 $1,769 $1,506 $1,526 $1,374 $1,225 $1,148 $957 $857 $648 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 EBITDA Margin 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Cape
Slide 16: Robust Cash Flows Support Capital Allocation
FY Robust Cash Flows Support Capital Allocation 2023 Adjusted Net Income1 Share Repurchases2 ($ in millions) $1,259 Amounts Average $1,237 Shares ($ in millions) ('000) Price $1,110 $1,062 2017 $402 2,855 $141 $970 $962 2018 $959 4,911 $195 $799 2019 $695 2,270 $306 $659 $593 2020 $850 3,322 $256 $4
Slide 17: 2023 Capital Deployed
FY 2023 Capital Deployed 2023 ($ in millions) We deployed $1.57 billion capital in 2023 via deals, share buybacks and debt pay-down $1.57 billion Acquisitions $545 $95 Debt Paydown Cross Border - GRG $200 $240 Consumer Vehicle - PbP $315 Other $30 Share Buybacks (2.6M shares) $690 Share $690 Buyback
Slide 18: UK EV Economics
FY UK EV Economics 2023 Accounts where we have both EV & Fuel cards are continuing to show strong unit economics as the % penetration of EV cards increases vs. fuel cards. Importantly, EV revenue is largely incremental EV Economics - UK Client Sample (327 clients, 237 original and 90 new) Revenue* £
Slide 19: FY 2024 Guidance
FY 2023 FY 2024 Guidance
Slide 20: Guidance
FY Guidance 2023 ($ in millions, except for per share data) 2023 2024 Guidance1 v 2023 v 2023 Actual Ex-Russia Guide Actual Ex-Russia GAAP Revenues $3,758 $3,681 $4,040 - $4,120 9% 11% EBITDA2 $1,994 $1,930 $2,185 - $2,225 11% 14% Adjusted Net Income per $16.92 $16.42 $19.20 - $19.60 15% 18% Diluted
Slide 21: FY 2024 Revenue and Cash EPS Bridge vs FY 2023
FY FY 2024 Revenue and Cash EPS Bridge vs FY 2023 2023 $331 $26 $42 $4,080 $3,758 $(77) 2019 Revenue ($ in millions) +9% YoY 2 FY 2023 Core Change Macro Acquisitions Divestiture FY 2024G $0.55 $0.07 $19.40 $2.05 $0.18 $0.13 Adjusted Net $(0.50) Income Per +15% Share1 $16.92 YoY FY 2023 Core 3 Divest
Slide 22: Appendix: About Non-GAAP Financial Measures
FY 2023 Appendix About Non-GAAP Financial Measures This presentation includes certain measures described below that are non-GAAP financial measures. Adjusted net income is calculated as net income, adjusted to eliminate (a) non-cash share based compensation expense related to share based compensatio
Slide 23: Reconciliation of Net Income to Adjusted Net Income (4Q)
4Q 2023 Reconciliation of Net Income to Adjusted Net Income ($ in millions, except per share amounts) Three Months Ended December 31, 2023 2022 Net income $256 $225 Stock based compensation 26 21 Amortization1 58 67 Integration and deal related costs 6 5 Restructuring and related costs 1 5 Regulator
Slide 24: Reconciliation of Net Income to Adjusted Net Income (FY)
FY 2023 Reconciliation of Net Income to Adjusted Net Income ($ in millions, except per share amounts) Year Ended December 31,1 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Net income $982 $954 $839 $704 $895 $811 $740 $452 $362 $369 Net income per diluted share $13.20 $12.42 $9.99 $8.12 $9.94 $
Slide 25: Reconciliation of Net Income to EBITDA (4Q)
4Q Reconciliation of Net Income to EBITDA* 2023 ($ in millions) Three Months Ended December 31, 2023 2022 Net income $256 $225 Provision for income taxes 78 72 Interest expense, net 92 74 Other (income) expense (2) (3) Investment loss — 1 Depreciation and amortization 84 90 EBITDA $508 $459 Revenue
Slide 26: Reconciliation of Net Income to EBITDA (FY)
FY 2023 Reconciliation of Net Income to EBITDA ($ in millions, except percentages)* Year Ended December 31, 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Net income $982 $954 $839 $704 $895 $811 $740 $452 $362 $369 Provision for Income Taxes 343 321 269 178 183 284 153 191 174 144 Interest Expen
Slide 27: Segment Change
4Q 1Q Segment Change 2023 2022 In the fourth quarter of 2023, we updated our segment structure as part of efforts to simplify the business. These segments reflect how we organize and manage our global business. The presentation of segment information has been recast for prior periods in the subseque
Slide 28: Segments Recast by Quarter - 2022 & 2023
FY 2023 Segments Recast by Quarter - 2022 & 2023 ($ in millions) As Reported As Reported Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Revenues, net: Vehicle Payments $454.7 $489.8 $504.4 $501.1 $495.5 $509.6 $500.6 $499.8 Corporate Payments 183.2 189.1 196.3 201.0 226.2 246.0 257.
Slide 29: Calculation of Organic Growth
4Q 2023 Calculation of Organic Growth* ($ in millions) 1Q23 ORGANIC GROWTH 2Q23 ORGANIC GROWTH 3Q23 ORGANIC GROWTH 4Q23 ORGANIC GROWTH 2023 2023 2023 2023 Macro 2022 Pro Macro 2022 Pro Macro 2022 Pro Macro 2022 Pro Adj4 forma3 % Ad4 forma3 % Adj4 forma3 % Adj4 forma3 % Vehicle Payments $487 $456 7%
Slide 30: Calculation of Organic Growth - 2019 through 2023
FY 2023 Calculation of Organic Growth* - 2019 through 2023 2019 2020 2021 2022 2023 Macro Pro Macro Pro Macro Pro Macro Pro Macro Pro Organic Revenue Growth Adjusted 1 Forma2 Adjusted 1 Forma2 Adjusted 1 Forma2 Adjusted 1 Forma2 Adjusted 1 Forma2 2019 2018 2020 2019 2021 2020 2022 2021 2023 2022 FLE
Slide 31: Calculation of Organic Growth - Excluding Russia
FY Calculation of Organic Growth - Excluding Russia 2023 ($ in millions) 1Q23 ORGANIC GROWTH 2Q23 ORGANIC GROWTH 3Q23 ORGANIC GROWTH 4Q23 ORGANIC GROWTH 2023 2022 Pro 2023 2022 Pro 2023 2022 Pro 2023 2022 Pro SEGMENT Macro Adj2 forma1 % Macro Adj2 forma1 % Macro Adj2 forma1 % Macro Adj2 forma1 % Veh
Slide 32: Calculation of Organic Growth - Excluding Channel
FY Calculation of Organic Growth - Excluding Channel 2023 ($ in millions) 4Q23 ORGANIC GROWTH 2023 2022 Pro SEGMENT Macro Adj2 forma1 % Corporate Payments, excluding Channel $236 $197 20% 1. Pro forma to include acquisitions and exclude dispositions, consistent with the comparable period's ownership
Slide 33: Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2023
FY Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2023 2023 ($ in millions) 2023 Organic Revenue Growth* Macro Adjusted1 Pro Forma2 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 VEHICLE PAYMENTS Pro forma and macro adjusted $498 $524 $529 $487 $476 $490 $491 $456 Impact of acquisitions/dis
Slide 34: Reconciliation of Organic Revenue by Segment - 2023 (continued)
FY Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2023 2023 (continued, in millions) 2023 Organic Revenue Growth* Macro Adjusted1 Pro Forma2 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 3 OTHER Pro forma and macro adjusted $66 $71 $56 $58 $62 $66 $66 $57 Impact of acquisitions/disposition
Slide 35: Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2022
FY Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2023 2022 ($ in millions) 2022 Organic Revenue Growth* Macro Adjusted1 Pro Forma2 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 2Q21 1Q21 VEHICLE PAYMENTS Pro forma and macro adjusted $470 $468 $455 $432 $457 $439 $419 $377 Impact of acquisitions/dis
Slide 36: Reconciliation of Organic Revenue by Segment - 2022 (continued)
FY Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2023 2022 (continued, in millions) 2022 Organic Revenue Growth* Macro Adjusted1 Pro Forma2 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 2Q21 1Q21 3 OTHER Pro forma and macro adjusted $64 $68 $66 $57 $70 $63 $46 $56 Impact of acquisitions/disposition
Slide 37: KPIs by Segment - 2023 & 2022
FY 2023 KPIs* by Segment - 2023 & 2022 ($ in millions, except revenues, net per key performance indicator) As Reported As Reported Q1 2023 Q2 2023 Q3 2023 Q4 2023 2023 Q1 2022 Q2 2022 Q3 2022 Q4 2022 2022 VEHICLE PAYMENTS - Revenues, net $495.5 $509.6 $500.6 $499.8 $2,005.5 $454.7 $489.8 $504.4 $501
Slide 38: KPIs by Segment - 2023
FY 2023 KPIs* by Segment - 2023 ($ in millions, except revenues, net per key performance indicator) Pro Forma and Macro Adjusted3 Pro Forma and Macro Adjusted3 Q1 2023 Q2 2023 Q3 2023 Q4 2023 2023 Q1 2022 Q2 2022 Q3 2022 Q4 2022 2022 VEHICLE PAYMENTS - Revenues, net $486.7 $529.4 $523.6 $497.8 $2,03
Slide 39: KPIs by Segment - 2022
FY 2023 KPIs* by Segment - 2022 ($ in millions, except revenues, net per key performance indicator) Pro Forma and Macro Adjusted3 Pro Forma and Macro Adjusted3 Q1 2022 Q2 2022 Q3 2022 Q4 2022 2022 Q1 2021 Q2 2021 Q3 2021 Q4 2021 2021 VEHICLE PAYMENTS - Revenues, net $431.7 $455.3 $467.6 $470.3 $1,82
Slide 40: Reconciliation of Non-GAAP KPIs by Segment - 2023
FY 2023 Reconciliation of Non-GAAP KPIs by Segment - 2023 ($ in millions) 2023 Key Performance Indicator* Macro Adjusted1 Pro Forma2 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 VEHICLE PAYMENTS - TRANSACTIONS Pro forma and macro adjusted 193.9 152.8 153.9 148.1 184.8 151.8 149.9 142.8 Impact of acquisit
Slide 41: Reconciliation of Non-GAAP KPIs by Segment - 2022
FY 2023 Reconciliation of Non-GAAP KPIs by Segment - 2022 ($ in millions) 2022 Key Performance Indicator* Macro Adjusted1 Pro Forma2 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 2Q21 1Q21 VEHICLE PAYMENTS - TRANSACTIONS Pro forma and macro adjusted 151.5 151.1 149.5 142.6 146.1 144.8 142.1 134.5 Impact of acquisit
Slide 42: Reconciliation of Non-GAAP Guidance Measures
FY 2023 Reconciliation of Non-GAAP Guidance Measures ($ in millions, except per share amounts) Q1 2024 GUIDANCE Low* High* Net income $222 $232 Net income per diluted share $3.05 $3.16 Stock based compensation 27 27 Amortization 58 58 Other 8 8 Total pre-tax adjustments $93 $93 Income tax impact of
Slide 43: Reconciliation of Non-GAAP Guidance Measures (EBITDA)
FY 2023 Reconciliation of Non-GAAP Guidance Measures ($ in millions) 2024 GUIDANCE Low* High* Net income $1,090 $1,130 Provision for income taxes 385 385 Interest expense, net 355 355 Depreciation and amortization 355 355 EBITDA $2,185 $2,225 * Columns may not calculate due to rounding FLEETCOR | 43