Slide 1: 2Q Earnings Release Supplement
2Q Earnings Release Supplement 2023 Refer to earnings release dated August 8, 2023 for further information
Slide 2: 2Q Safe Harbor Provision
2Q 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: 2Q Our Take on the Quarter
2Q Our Take on the Quarter 2023 2Q results driven by Results demonstrate strength of diversified business: • Revenues up 10% YOY, to $948 million double-digit revenue Up 14% at and sales growth • Adjusted EPS $4.19, up 1% YOY constant interest rates Drivers of future growth remain strong1: • Organic
Slide 4: Highlights
1Q 2Q Highlights 2022 2023 GAAP Revenue (in millions) $948 $861 10% 11% Revenue EBITDA growth growth1 10% GAAP revenue growth 2Q22 2Q23 1 10% Organic revenue growth EBITDA1 1 1% Adjusted net income per share growth (in millions) $497 2 91.2% Revenue weighted volume retention $449 2Q22 2Q23 1. Non-GA
Slide 5: Revenue and Cash EPS Bridge vs Prior Year
1Q 2Q Revenue and Cash EPS Bridge vs Prior Year 2022 2023 $91 $19 $948 $861 $(23) 2019 Revenue (in millions) 2Q22 Core Change Macro 2 Acquisitions 2Q23 $0.90 $(0.07) $4.17 $4.19 $(0.57) $(0.20) $(0.03) $(0.01) Adjusted Net Income Per Share1 2Q22 Core 3 Bad Debt Interest 4 Macro5 Share Higher Tax 2Q2
Slide 6: Organic Revenue Growth
2Q 1Q Organic Revenue Growth1,2 2023 ($ in millions) FLEET CORPORATE PAYMENTS $400 $379 $250 $205 6% 22% +19% +32% +32% 2Q22 2Q23 2Q22 2Q23 Total 10% BRAZIL LODGING $137 $129 $119 $112 15% +9% 14% +39% 2Q22 2Q23 2Q22 2Q23 1. Non-GAAP financial measures. See appendix for reconciliation of non-GAAP me
Slide 7: Organic Revenue Growth Trends
1Q 2Q Organic Revenue Growth Trends1 2022 2023 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 Fleet 10% 10% 13% 5% 4% 2% 3% 6% Corporate Payments 22% 18% 19% 18% 21% 20% 19% 22% Brazil 16% 21% 20% 21% 15% 6% 18% 15% Lodging 40% 39% 22% 41% 28% 14% 26% 14% Other2 20% 15% 1% 44% 6% (8)% 2% (14)% Total Organi
Slide 8: Continued High Retention
1Q 2Q Continued High Retention* 2022 2023 Retention remains strong 92.5% 92.9% 92.1% 91.2% 91.2% 2Q22 3Q22 4Q22 1Q23 2Q23 *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 inste
Slide 9: Sales Performance Trends
1Q 2Q Sales Performance Trends* 2022 2023 Sales vs. Prior Year Strong new sales drive revenue growth 136% 131% 124% 119% 120% 2Q22 3Q22 4Q22 1Q23 2Q23 *Calculated based on estimated annualized revenue from new sales in the quarter sold FLEETCOR | 9
Slide 10: Balance Sheet Structured for Flexibility and Capacity
1Q 2Q Balance Sheet Structured for Flexibility and Capacity 2022 2023 Robust cash flow and opportunistic capital allocation Leverage Ratio (X) • Reported $497 million of EBITDA1 2.8 2.6 1,2 • Generated $314 million of free cash flow • No share buybacks in 2Q23 Liquidity at June 30, 2023 is ~$2 billi
Slide 11: Interest Risk Management
1Q 2Q Interest Risk Management 2022 2023 Interest Rate Swaps Notional Maturity Date Fixed Rate • In August 2023, entered into $2.0 (millions) billion of interest rate swaps to reduce Existing: $500 12/19/2023 2.55% the variability of interest payments on $500 7/31/2025 4.01% floating rate debt. Day-
Slide 12: EV Strategy...Two-fold...Offense and Defense
1Q 2Q EV Strategy...Two-fold...Offense and Defense 2022 2023 1. Defend our commercial fleet and maintenance business by serving both ICE and EV commercial vehicles and earning similar revenue from either 2. Repurpose our EV assets (EV networks and technology) to serve "consumers" making their transi
Slide 13: EV Accounts & Revenue
1Q 2Q EV Accounts & Revenue 2022 2023 "Live" B2B EV accounts in the UK have tripled Y/Y...while total EV revenue is up 45% Q2 2023 Q2 2022 Y/Y "Live" UK B2B Accounts 2,770 933 197 % EV Accounts with Homecharge 524 74 608 % B2C - Europe Active Users 134,000 115,400 16 % Q2 2023 Q2 2022 Y/Y B2B (Europ
Slide 14: UK EV Economics
1Q 2Q UK EV Economics 2022 2023 FLEETCOR continues to observe higher levels of EV revenue per vehicle from UK B2B customers with both ICE and EV solutions UK EV Economics Revenue £ Thousands Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 EV 25 41 54 73 100 132 178 265 333 421 ICE 436 51
Slide 15: Guidance Updated
2Q 1Q Guidance Updated 2023 ($ in millions, except for per share data; growth rates at the midpoint) Previous1 Updated1 $3,820 - $3,860 $3,836 - $3,860 GAAP Revenues 12% growth 12% growth 3Q23 $1,263 - $1,303 $1,281- $1,303 Revenues Adjusted Net Income2 $980 - $1,000 4% growth 5% growth million Adju
Slide 16: Appendix Non-GAAP to GAAP Reconciliations
1Q 2Q Appendix Non-GAAP to GAAP Reconciliations 2022 2023 About Non-GAAP Financial Measures This presentation includes certain measures described below that are non-GAAP financial measures. Adjusted net income is calculated as net income, adjusted to eliminate (a) non-cash share based compensation e
Slide 17: Reconciliation of Net Income to Adjusted Net Income
1Q 2Q Reconciliation of Net Income to Adjusted Net Income* 2022 2023 ($ in millions, except per share amounts) Three Months Ended June 30, 2023 2022 Net income $240 $262 Stock based compensation 35 34 Amortization1 58 58 Integration and deal related costs 10 3 Legal settlements/litigation — 1 Restru
Slide 18: Reconciliation of Net Income to EBITDA
1Q 2Q Reconciliation of Net Income to EBITDA* 2022 2023 ($ in millions) Three Months Ended June 30, 2023 2022 Net income $240 $262 Provision for income taxes 87 81 Interest expense, net 88 23 Other (income) expense (2) 4 Depreciation and amortization 84 78 Other operating, net 1 — EBITDA $497 $449 R
Slide 19: Calculation of Organic Growth
1Q 2Q Calculation of Organic Growth* 2022 2023 ($ in millions) 1Q23 ORGANIC GROWTH 2Q23 ORGANIC GROWTH 2023 2022 Pro 2023 2022 Pro SEGMENT Macro Adj3 forma2 % Macro Adj3 forma2 % Fleet $365 $353 3% $400 $379 6% Corporate Payments 235 197 19% 250 205 22% Brazil 121 103 18% 129 112 15% Lodging 123 98
Slide 20: Calculation of Organic Growth
1Q 2Q Calculation of Organic Growth* 2022 2023 ($ in millions) 1Q22 ORGANIC GROWTH 2Q22 ORGANIC GROWTH 3Q22 ORGANIC GROWTH 4Q22 ORGANIC GROWTH 2022 2021 Pro 2022 2021 Pro 2022 2021 Pro 2022 2021 Pro SEGMENT Macro Adj3 forma2 % Macro Adj3 forma2 % Macro Adj3 forma2 % Macro Adj3 forma2 % Fleet $333 $2
Slide 21: Reconciliation of Non-GAAP to GAAP Revenue by Segment - 2023
1Q 2Q Reconciliation of Non-GAAP to GAAP Revenue by Segment - 2023 2022 2023 ($ in millions) 2023 Organic Revenue Growth* Macro Adjusted1 Pro Forma2 2Q23 1Q23 2Q23 1Q22 FLEET Pro forma and macro adjusted $ 400 $ 365 $ 379 $ 353 Impact of acquisitions/dispositions — — (2) (1) Impact of fuel prices/sp
Slide 22: Reconciliation of Non-GAAP to GAAP Revenue by Segment - 2023 (continued)
2Q 1Q Reconciliation of Non-GAAP to GAAP Revenue by Segment - 2023 2023 2022 (continued, in millions) 2023 Organic Revenue Growth* Macro Adjusted1 Pro Forma2 2Q23 1Q23 2Q23 1Q22 3 OTHER Pro forma and macro adjusted $ 56 $ 58 $ 66 $ 57 Impact of acquisitions/dispositions — — — — Impact of fuel prices
Slide 23: Reconciliation of Non-GAAP to GAAP Revenue by Segment - 2022
2Q 1Q Reconciliation of Non-GAAP to GAAP Revenue by Segment - 2022 2023 2022 ($ in millions) 2022 Organic Revenue Growth* Macro Adjusted1 Pro Forma2 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 2Q21 1Q21 FLEET Pro forma and macro adjusted $ 357 $ 358 $ 351 $ 333 $ 351 $ 343 $ 333 $ 295 Impact of acquisitions/dispo
Slide 24: Reconciliation of Non-GAAP to GAAP Revenue by Segment - 2022 (continued)
2Q 1Q Reconciliation of Non-GAAP to GAAP Revenue by Segment - 2022 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/di
Slide 25: Reconciliation of Non-GAAP to GAAP Revenue by Segment - 2021
2Q 1Q Reconciliation of Non-GAAP to GAAP Revenue by Segment - 2021 2023 2022 ($ in millions) 2022 Organic Revenue Growth* Macro Adjusted1 Pro Forma2 4Q21 3Q21 2Q21 1Q21 4Q20 3Q20 2Q20 1Q20 FLEET Pro forma and macro adjusted $ 323 $ 324 $ 334 $ 305 $ 295 $ 294 $ 278 $ 328 Impact of acquisitions/dispo
Slide 26: Reconciliation of Non-GAAP to GAAP Revenue by Segment - 2021 (continued)
2Q 1Q Reconciliation of Non-GAAP to GAAP Revenue by Segment - 2021 2023 2022 (continued, in millions) 2022 Organic Revenue Growth* Macro Adjusted1 Pro Forma2 4Q21 3Q21 2Q21 1Q21 4Q20 3Q20 2Q20 1Q20 3 OTHER Pro forma and macro adjusted $ 70 $ 63 $ 46 $ 56 $ 61 $ 53 $ 39 $ 58 Impact of acquisitions/di
Slide 27: Reconciliation of Non-GAAP Guidance Measures
2Q 1Q Reconciliation of Non-GAAP Guidance Measures 2023 2022 (in millions, except per share amounts) Q2 2023 GUIDANCE Low* High* Net income $ 266 $ 282 Net income per diluted share $ 3.54 $ 3.74 Stock based compensation 30 30 Amortization 58 58 Other 4 4 Total pre-tax adjustments 92 92 Income taxes