Slide 1: 4Q Earnings Release Supplement
4Q Earnings Release Supplement 2021 Refer to earnings release dated February 8, 2022 for further information
Slide 2: 4Q Safe Harbor Provision
4Q Safe Harbor Provision 2021 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: 4Q Our Take on the Quarter
4Q Our Take on the Quarter 2021 Outstanding 4Q Record Results demonstrate strength of business: • Revenues up 30% - with over $800 million in revenue results, demonstrating the acceleration in our ◦ ~$39 million higher than mid-point of guidance core business • Adjusted EPS of $3.72, up 24% versus p
Slide 4: 4Q Our Take on the Quarter: free cash flow and buybacks
4Q Our Take on the Quarter 2021 Substantial free Robust cash flow and balance sheet usage • Generated $305 million of free cash flow1 cash flow enables accretive M&A and • Repurchased > 2.3 million shares share buybacks • Leverage steady at 2.70x2 ◦ Including buybacks and incremental $750 million in
Slide 5: 4Q Highlights
4Q Highlights 2021 Revenue ($ in millions) $802 30% 24% $617 Adjusted net Revenue income per growth share1 growth 17% Organic revenue growth1 4Q20 4Q21 92.9% Revenue weighted volume retention2 Adjusted Net Income Per Share1 $2.6 billion Available liquidity $3.72 5 bps Credit losses on billed revenue
Slide 6: 4Q Revenue Bridge vs Prior Year
4Q Revenue Bridge vs Prior Year 2021 $49 $802 $23 $113 $617 2019 Revenue ($ in millions) 2 4Q20 Core Change Macro Acquisitions 4Q21 $0.22 $0.14 $0.62 $3.72 $(0.27) $3.01 4Q tax rate Adjusted Net affected by Income Per Share1 minimal stock option exercises4 3 4Q20 Core Change Macro Lower Share Higher
Slide 7: 4Q Results at a Glance
4Q Results at a Glance 2021 ($ in millions, except for per share data) ...Much better than 4Q20 4Q20 4Q21 Y/Y Revenue $617 $802 30% 2019 GAAP Net Income $210 $225 7% GAAP Net Income per Diluted Share $2.44 $2.74 12% Adjusted Net Income1 $258 $305 18% Adjusted Net Income per Diluted Share1 $3.01 $3.7
Slide 8: 4Q Organic Revenue Performance
4Q Organic Revenue Performance1,2 2021 ($ in millions) FUEL CORPORATE PAYMENTS $292 $261 $173 $146 12% 18% +19% +32% 4Q20 4Q21 4Q20 4Q21 TOLLS LODGING $103 $90 $74 $77 17% +9% 39% +39% 4Q20 4Q21 4Q20 4Q21 1. Non-GAAP financial measures; See appendix for reconciliation of non-GAAP measures to GAAP 2.
Slide 9: 4Q Organic Revenue Performance Trends
4Q Organic Revenue Performance Trends1 2021 1. See GAAP to non-GAAP reconciliation in appendix 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 Fuel 2% (16)% (11)% (10)% (6)% 19% 13% 12% Corporate Payments 20% (17)% (11)% (6)% (5)% 32% 22% 18% Tolls 10% 3% 3% 7% 3% 9% 14% 17% Lodging 5% (37)% (32)% (25)% (14
Slide 10: 4Q Continued Consistent Retention
4Q Continued Consistent Retention* 2021 93.8% Average 93.3% above 93% 93.0% 92.9% in 2021 92.3% 92.2% 91.0% 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 *Based on volume relevant to business or product (e.g., gallons, spend, etc.) weighted by revenue; excludes European Private Label businesses, where FLEETCOR
Slide 11: 4Q Sales Performance Trends
4Q Sales Performance Trends* 2021 Sales vs. Prior Year Returning to historical sales performance trends as 191% comps normalize 152% 142% 129% 107% 1Q21 2Q21 3Q21 4Q21 v. 4Q19 *Calculated based on estimated annualized revenue from new sales in the quarter sold FLEETCOR | 11
Slide 12: 4Q Balance Sheet Structured for Flexibility and Capacity
4Q Balance Sheet Structured for Flexibility and Capacity 2021 Leverage Ratio Available liquidity at December 31, 2021 is ~$2.6 billion (X) • ~$1.1 billion of borrowing capacity 2.67 2.70 • Total unrestricted cash of $1.5 billion Total debt of ~$4.9 billion, up from YE20 • Added $750 million in Term
Slide 13: 4Q Guidance
4Q Guidance 2021 ($ in millions, except for per share data) FY 20221 1Q221 $3,190 - $3,250 $740 - $760 GAAP Revenues 14% growth 23% growth $1,200 - $1,240 $275 - $282 Adjusted Net Income2 10% growth 15% growth $15.00 - $15.50 $3.45 - $3.55 2,3 Adjusted Net Income per Diluted Share 15% growth 24% gro
Slide 14: 4Q Historical Financial Metrics
4Q Historical Financial Metrics 2021 ($ in millions) Revenue and adjusted net income per share1 have come a long way since the COVID setback • Revenue up ~$850M and ANI per share up >$4.00 versus 2020… organic revenue1 growth back to 10% mid-term target 2017 2018 2019 2020 2021 2022G2 GAAP Revenues
Slide 15: FY 2021 Updates
WFLEET C O R’ FY FY 2021 Updates 2021
Slide 16: FY Our Take on the Year
FY Our Take on the Year 2021 Drivers of future growth all at very strong levels: Outstanding FY • Record revenue and adjusted EPS1 results, showing • Record free cash flow of $1.1 billion2 momentum into 2022 • Organic revenue growth of 12%1 • Revenue retention averaged > 93%3 Optimal Capital Allocat
Slide 17: FY Highlights
FY Highlights 2021 Revenue ($ in millions) $2,834 $2,389 19% 19% Adjusted net Revenue income per growth share1 growth 12% Organic revenue growth 4Q20 4Q21 +46% New sales bookings growth vs. FY20 Adjusted Net Income Per Share1 $13.21 2 2.70x Low leverage vs target of <3x $11.09 3 bps Credit losses on
Slide 18: FY Revenue Bridge vs Prior Year
FY Revenue Bridge vs Prior Year 2021 $114 $2,834 $305 $26 $2,389 2019 Revenue ($ in millions) 1 FY20 Core Change Macro Acquisitions FY21 $0.22 $0.13 $0.31 $2.15 $13.21 $(0.69) $11.09 FY tax rate Adjusted Net affected by Income Per Share minimal stock option exercises3 4 2 FY20 Core Change Macro Lowe
Slide 19: Continued Progress Towards Balanced Revenue From Diverse Businesses
FY Continued Progress Towards Balanced Revenue From Diverse 2021 Businesses Category Revenue Contribution Geographic Revenue Contribution 9% Other1 13% 6% Other Gift 11% 11% UK Lodging 42% 2021 Fuel 2021 63% 13% United 11% Brazil States Tolls 21% Corporate Payments 1. Includes telematics, maintenanc
Slide 20: FY Long Record of Performance
FY Long Record of Performance 2021 Revenue3 Adjusted Net Income per Share1,2,3 ($ in millions) $15.25 $3,220 2019 2010-2022 $2,834 2010-2022 $13.21 CAGR = CAGR = 18% $2,649 20% $11.79 $2,433 $2,389 $11.09 $2,250 $10.53 $1,832 $8.54 $1,703 $6.92 $6.30 $1,199 $5.15 $895 $4.05 $708 $2.99 $520 $2.17 $43
Slide 21: FY EBITDA Margins
FY EBITDA Margins 2021 EBITDA and EBITDA Margin1 and Capex ($ in millions) 56.5% 56.9% 55.1% 54.1% 53.9% 53.3% 52.2% 51.0% 51.3% 50.5% 50.3% $1,506 $1,526 $1,374 $1,225 $1,148 $957 $857 $648 $493 $377 $263 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 EBITDA Margin 2011 2012 2013 2014 2015
Slide 22: FY Robust Cash Flows Support Capital Allocation
FY Robust Cash Flows Support Capital Allocation 2021 Adjusted Net Income1 Share Repurchases3 ($ in millions) 2010-2021 CAGR = 21% $1,110 Amounts Average Shares $1,062 ($ in millions) ('000) Price $970 $962 2016 $188 1,259 $149 $799 2017 $402 2,855 $141 $659 2018 $959 4,911 $195 $593 2019 $695 2,270
Slide 23: FY Leverage Ratio
FY Leverage Ratio* 2021 FLEETCOR has a flexible capital structure and targets <3x leverage; 4x covenant achieved 2.75 2.77 2.67 2.76 2.70 2.62 2.62 2.43 2.48 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 * Calculated in accordance with the terms of our Credit Facility FLEETCOR | 23
Slide 24: Appendix Non-GAAP to GAAP Reconciliations
FY 2021 Appendix Non-GAAP to GAAP Reconciliations About Non-GAAP Financial Measures This presentation includes certain measures described below that are non-GAAP financial measures. Adjusted net income is calculated as net income, adjusted to eliminate (a) non-cash stock based compensation expense r
Slide 25: Reconciliation of Net Income to Adjusted Net Income
FY 2021 Reconciliation of Net Income to Adjusted Net Income ($ in millions, except per share amounts) Three Months Ended December 31, 2021 2020 2019 Net income $225 $210 $236 Stock based compensation 28 8 15 Amortization of intangible assets, premium on receivables, deferred financing costs and disc
Slide 26: Calculation of Organic Growth
FY 2021 Calculation of Organic Growth*,5 ($ in millions) 1Q21 ORGANIC GROWTH 2Q21 ORGANIC GROWTH 3Q21 ORGANIC GROWTH 4Q21 ORGANIC GROWTH 2021 2021 2021 2021 Macro 2020 Pro Macro 2020 Pro Macro 2020 Pro Macro 2020 Pro Adj3 forma2 % Adj3 forma2 % Adj3 forma2 % Adj3 forma2 % Fuel Cards $275 $293 (6)% $
Slide 27: Calculation of Organic Growth
FY 2021 Calculation of Organic Growth* 2017 2018 2019 2020 2021 2022G Macro Pro 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 Adjusted 1 Forma2 2017 2016 2018 2017 2019 2018 2020 2019
Slide 28: Reconciliation of Non-GAAP to GAAP Revenue by Product - 2021
FY 2021 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 Impact and macro adjusted of acquisitions/dispositions/customer $ 292 $ 289 $ 298 $ 275 $ 261 $ 256 $ 25
Slide 29: Reconciliation of Non-GAAP to GAAP Revenue by Product - 2021
FY 2021 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/dispositions
Slide 30: Reconciliation of Non-GAAP to GAAP Revenue by Product - 2020
FY 2021 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/c
Slide 31: Reconciliation of Non-GAAP to GAAP Revenue by Product - 2020
FY 2021 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 32: Reconciliation of Net Income to Adjusted Net Income
FY 2021 Reconciliation of Net Income to Adjusted Net Income ($ in millions, except per share amounts) Year Ended December 31,3 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Net income $839 $704 $895 $811 $740 $452 $362 $369 $285 $216 $147 $108 Net income per diluted share $9.99 $8.12 $
Slide 33: Reconciliation of Net Income to Pro Forma Adjusted Net Income
FY 2021 Reconciliation of Net Income to Pro Forma Adjusted Net Income ($ in millions*) Year Ended 2010 Adjustments Pro Forma 2010 Income before income taxes $151 $1 $152 Provision for income taxes 43 2 46 Net income 108 (2) 106 Stock based compensation 27 (5) 22 Amortization of intangible assets 17
Slide 34: Reconciliation of Net Income to EBITDA
FY 2021 Reconciliation of Net Income to EBITDA ($ in millions, except per share amounts and percentages) Year Ended December 31, 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 Net income $839 $704 $895 $811 $740 $452 $362 $369 $285 $216 $147 Provision for Income Taxes 269 178 183 284 153 191
Slide 35: Reconciliation of Non-GAAP Guidance Measures
FY 2021 Reconciliation of Non-GAAP Guidance Measures ($ in millions, except per share amounts) Q1 2022 GUIDANCE Low* High* Net income $ 205 $ 213 Net income per diluted share $ 2.55 $ 2.65 Stock based compensation 29 29 Amortization 57 57 Other 5 5 Total pre-tax adjustments 91 91 Income tax impact o