Slide 1: 2Q Earnings Release Supplement
2Q Earnings Release Supplement 2022 Refer to earnings release dated August 3, 2022 for further information
Slide 2: 2Q Safe Harbor Provision
2Q Safe Harbor Provision 2022 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: Our Take on the Quarter
2Q Our Take on the Quarter 2022 Impressive 2Q results, Results demonstrate strength of diversified business: • Revenues up 29% YOY reflects the power of recurring revenue • Adjusted Net Income per diluted share of $4.17, up 32% YOY business model Drivers of future growth remain strong: • Organic rev
Slide 4: Our Take on the Quarter: Free Cash Flow
2Q Our Take on the Quarter 2022 Substantial free Robust cash flow and measured balance sheet usage • Generated $326 million of free cash flow1 cash flow provides tremendous capital • 1.6 million shares repurchased allocation power • Leverage steady at 2.76x2 and flexibility Completed credit facility
Slide 5: Highlights
1Q 2Q Highlights 2022 Revenue (in millions) $861 32% $667 29% Adjusted net Revenue income per growth share1 17% Organic revenue growth1 2Q21 2Q22 92.3% Revenue weighted volume retention2 Adjusted Net Income Per Share1 $2.5 billion Available liquidity $4.17 $3.15 6 bps Credit losses on billed revenue
Slide 6: Revenue Bridge vs Prior Year
1Q 2Q Revenue Bridge vs Prior Year 2022 $45 $861 $28 $121 $667 2019 Revenue (in millions) 2 2Q21 Core Change Macro Acquisitions 2Q22 $0.28 $0.30 $4.17 $0.64 $(0.20) $3.15 Adjusted Net Income Per Share1 4 2Q21 Core Change 3 Macro Lower Share Higher Tax Rate 2Q22 Count 1. Non-GAAP financial measures;
Slide 7: Results at a Glance
1Q 2Q Results at a Glance 2022 ($ in millions, except for per share data) All metrics up from 2Q21 2Q21 2Q22 Y/Y Revenue $667 $861 29% 2019 GAAP Net Income $196 $262 34% GAAP Net Income per Diluted Share $2.30 $3.35 46% Adjusted Net Income1 $268 $326 22% Adjusted Net Income per Diluted Share1 $3.15
Slide 8: Organic Revenue Performance
2Q 1Q Organic Revenue Performance1,2 2022 ($ in millions) FUEL CORPORATE PAYMENTS $195 $317 $165 $295 7% 18% +19% +32% 2Q21 2Q22 2Q21 2Q22 TOLLS LODGING $117 $84 $83 $71 19% +9% 42% +39% 2Q21 2Q22 2Q21 2Q22 1. Non-GAAP financial measures; See appendix for reconciliation of non-GAAP measures to GAAP
Slide 9: Organic Revenue Performance Trends
1Q 2Q Organic Revenue Performance Trends1 2022 1. See GAAP to non-GAAP reconciliation in appendix 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 Fuel (6)% 19% 13% 12% 14% 7% Corporate Payments (5)% 32% 22% 18% 19% 18% Tolls 3% 9% 14% 17% 18% 19% Lodging (14)% 39% 40% 39% 22% 42% Gift 2% 22% 25% 19% 1% 63% Other (12)
Slide 10: Continued High Retention
1Q 2Q Continued High Retention* 2022 Retention remains strong as we move to 2H 2022 93.3% 92.6% 92.3% 92.0% 2020 2021 1Q22 2Q22 *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
Slide 11: Sales Performance Trends
1Q 2Q Sales Performance Trends* 2022 Sales vs. Prior Year Strong new sales growth drives revenue growth 148% 139% 136% 83% 2020 2021 1Q22 2Q22 *Calculated based on estimated annualized revenue from new sales in the quarter sold FLEETCOR | 11
Slide 12: Balance Sheet Structured for Flexibility and Capacity
2Q 1Q Balance Sheet Structured for Flexibility and Capacity 2022 2022 Leverage Ratio Liquidity at June 30, 2022 is ~$2.5 billion (X) 2.70 2.76 • ~$1.1 billion borrowing capacity • Total unrestricted cash of $1.4 billion Total debt of ~$5.3* billion, slightly up from YE21 • Added $273 million of Term
Slide 13: Guidance Updated
1Q 2Q Guidance Updated 2022 ($ in millions, except for per share data; growth rates at the midpoint) Previous1 Updated1 $3,335 - $3,385 $3,380 - $3,420 GAAP Revenues 19% growth 20% growth $1,225 - $1,255 $1,230 - $1,250 Adjusted Net Income1 12% growth 12% growth $15.45 - $15.75 $15.85 - $16.05 Adjus
Slide 14: Appendix: Non-GAAP to GAAP Reconciliations
1Q 2Q 2022 Appendix Non-GAAP to GAAP Reconciliations About Non-GAAP Financial Measures This presentation includes certain measures described below that are non-GAAP financial measures. Adjusted net income is calculated as net income, adjusted to eliminate (a) non-cash share based compensation expens
Slide 15: Reconciliation of Net Income to Adjusted Net Income
1Q 2Q 2022 Reconciliation of Net Income to Adjusted Net Income ($ in millions, except per share amounts) Three Months Ended June 30, 2022 2021 Net income $262 $196 Stock based compensation 34 18 Amortization1 58 53 Integration and deal related costs 3 8 Legal settlements/litigation 1 1 Restructuring
Slide 16: Calculation of Organic Growth
1Q 2Q 2022 Calculation of Organic Growth* ($ in millions) 1Q22 ORGANIC GROWTH 2Q22 ORGANIC GROWTH 2022 2021 Pro 2022 2021 Pro Macro Adj3 forma2 % Macro Adj3 forma2 % Fuel Cards $299 $262 14% $317 $296 7% Corporate Payments 186 156 19% 195 165 18% Tolls 81 69 18% 85 71 19% Lodging 95 78 22% 117 83 42
Slide 17: Reconciliation of Non-GAAP to GAAP Revenue by Product - 2022
1Q 2Q 2022 Reconciliation of Non-GAAP to GAAP Revenue by Product - 2022 ($ in millions) 2022 Organic Revenue Growth* Macro Adjusted1 Pro Forma2 2Q22 1Q22 2Q22 1Q21 FUEL Pro forma and macro adjusted $ 317 $ 299 $ 295 $ 262 Impact of acquisitions/dispositions/customer loss3 — — — — Impact of fuel pric
Slide 18: Reconciliation of Non-GAAP to GAAP Revenue by Product - 2022 (continued)
2Q 1Q 2022 Reconciliation of Non-GAAP to GAAP Revenue by Product - 2022 (continued, in millions) 2022 Organic Revenue Growth* Macro Adjusted1 Pro Forma2 2Q22 1Q22 2Q22 1Q21 GIFT Pro forma and macro adjusted $ 53 $ 44 $ 32 $ 43 Impact of acquisitions/dispositions — — — — Impact of fuel prices/spread
Slide 19: Reconciliation of Non-GAAP to GAAP Revenue by Product - 2021
2Q 1Q 2022 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 and macro adjusted $ 292 $ 289 $ 298 $ 275 $ 261 $ 256 $ 250 $ 293 Impact of acquisitions/disposition
Slide 20: Reconciliation of Non-GAAP to GAAP Revenue by Product - 2021 (continued)
2Q 1Q 2022 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/dispositio
Slide 21: Reconciliation of Non-GAAP Guidance Measures
2Q 1Q 2022 Reconciliation of Non-GAAP Guidance Measures (in millions, except per share amounts) 2022 UPDATED GUIDANCE Low* High* Net income $ 962 $ 982 Net income per diluted share $ 12.42 $ 12.62 Stock based compensation 127 127 Amortization 227 227 Other 25 25 Total pre-tax adjustments 378 378 Inc
Slide 22: Reconciliation of Non-GAAP Guidance Measures (Previous Guidance)
2Q 1Q 2022 Reconciliation of Non-GAAP Guidance Measures (in millions, except per share amounts) 2022 PREVIOUS GUIDANCE Low* High* Net income $ 950 $ 980 Net income per diluted share $ 12.00 $ 12.30 Stock based compensation 127 127 Amortization 227 227 Other 20 20 Total pre-tax adjustments 375 375 In