Slide 1: 4Q Earnings Release Supplement
4Q Earnings Release Supplement 2022 Refer to earnings release dated February 8, 2023 for further information
Slide 2: Safe Harbor Provision
4Q 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
4Q Our Take on the Quarter 2022 Strong Results Cap Record Year: Outstanding 4Q • Revenues up 10%, with $884 million in revenue results show the • GAAP EPS $3.03, up 11% vs prior year power of our • Adjusted EPS $4.04, up 9% vs prior year diversified global business Drivers of Future Growth at Normal
Slide 4: 4Q Highlights
4Q Highlights 2022 Revenue ($ in millions) 10% 9% Adjusted net Revenue income per growth share1 growth 7% organic revenue growth1 92.2% Revenue weighted volume retention2 Adjusted Net Income Per Share1 $2.0 billion Available liquidity 9 bps Credit losses on billed revenue 1. Non-GAAP financial measu
Slide 5: 4Q Revenue Bridge vs Prior Year
4Q Revenue Bridge vs Prior Year 2022 2019 Revenue ($ in millions) 2 Adjusted Net Income Per Share1 3 4 5 1. Non-GAAP financial measures. See appendix for reconciliation of non-GAAP measures to GAAP 2. Macro consists of $19 million positive impact from fuel prices and approximately $14 million positi
Slide 6: 4Q Organic Revenue Performance
4Q Organic Revenue Performance1,2 2022 ($ in millions) FUEL CORPORATE PAYMENTS 2% 20% +19% +32% TOLLS LODGING 6% +9% 14% +39% 1. Non-GAAP financial measures. See appendix for reconciliation of non-GAAP measures to GAAP 2. Adjusted to remove impact of changes in macroeconomic environment. Pro forma t
Slide 7: 4Q Organic Revenue Performance Trends
4Q Organic Revenue Performance Trends1 2022 1. See GAAP to non-GAAP reconciliation in appendix 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 Fuel (6)% 19% 13% 12% 14% 7% 5% 2% Corporate Payments (5)% 32% 22% 18% 19% 18% 21% 20% Tolls 3% 9% 14% 17% 18% 19% 12% 6% Lodging (14)% 39% 40% 39% 22% 42% 28% 14% G
Slide 8: Continued Consistent Retention
4Q Continued Consistent Retention* 2022 Average above 92% in 2022 *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 border payments bu
Slide 9: Balance Sheet Structured for Flexibility and Capacity
4Q Balance Sheet Structured for Flexibility and Capacity 2022 Leverage Ratio2 (X) Available liquidity at December 31, 2022 is ~$2.0 billion • Generated $300 million of free cash flow1 • ~$565 million of borrowing capacity • Total unrestricted cash of $1.4 billion Total debt of ~$5.7 billion, up from
Slide 10: FY 2022 Updates
FY FY 2022 Updates 2022 “ FLEETCOR®
Slide 11: Our Take on the Year
FY Our Take on the Year 2022 Record 2022 Results: Outstanding FY • Record revenue of $3.4 billion and adjusted EPS1 of $16.10 results, showing • Organic revenue growth of 13%1 strength into 2023 • GAAP EPS $12.42, up 24% vs prior year • Record free cash flow of $1.2 billion2 Balanced Capital Allocat
Slide 12: FY Highlights
FY Highlights 2022 Revenue ($ in millions) 21% 22% Adjusted net Revenue income per growth share1 growth 13% Organic revenue1 growth Adjusted Net Income Per Share1 21% New sales bookings growth vs. FY21 2.80x2 Leverage below target of <3x 7 bps Credit losses on billed revenue 1. Non-GAAP financial me
Slide 13: FY Revenue Bridge vs Prior Year
FY Revenue Bridge vs Prior Year 2022 2019 Revenue ($ in millions) 2 Adjusted Net Income Per Share1 3 4 5 1. Non-GAAP financial measures. See appendix for reconciliation of non-GAAP measures to GAAP. 2. Macro consists of $99 million positive impact from fuel prices and approximately $43 million posit
Slide 14: Financial Metric Trends
FY Financial Metric Trends 2022 ($ in millions) Revenue and adjusted net income per share1 have returned to historical strong trend...with organic revenue1 growth exceeding our 10% mid-term target 2018 2019 2020 2021 2022 GAAP Revenues $2,433 $2,649 $2,389 $2,834 $3,427 YoY Growth 8% 9% (10)% 19% 21
Slide 15: Continued Progress Towards Balanced Revenue From Diverse Businesses
FY Continued Progress Towards Balanced Revenue From Diverse 2022 Businesses 8% 6% Other1 15% Gift Other 13% 11% Lodging 40% UK 2022 Fuel 2022 61% United 11% 13% States Tolls Brazil 23% Corporate Payments 1. Includes telematics, maintenance, food, payroll card and transportation related businesses *
Slide 16: Long Record of Performance
FY Long Record of Performance 2022 Revenue1 Adjusted Net Income per Share2 ($ in millions) 2019 2013-2022 2013-2022 CAGR = CAGR = 16% 17% 1. Revenues before 2018 are presented pre-adoption of ASC 606. 2. Non-GAAP financial measures. See appendix for reconciliation of non-GAAP measures to GAAP. FLEET
Slide 17: EBITDA, EBITDA Margin and Capex
FY EBITDA1, EBITDA Margin1 and Capex 2022 ($ in millions) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Capex as % of Revenue 2% 2% 3% 3% 3% 3% 3% 3% 4% 3% 1. EBITDA divided by revenue. See appendix for reconciliation of non-GAAP measures to GAAP measures. FLEETCOR | 17
Slide 18: Robust Cash Flows Support Capital Allocation
FY Robust Cash Flows Support Capital Allocation 2022 Adjusted Net Income1 Share Repurchases2 ($ in millions) 2013-2022 Amounts Shares Average CAGR = ($ in millions) ('000) Price 15% 2017 $402 2,855 $141 2018 $959 4,911 $195 2019 $695 2,270 $306 2020 $850 3,322 $256 2021 $1,356 5,451 $249 2 2022 $1,4
Slide 19: Leverage Ratio
FY Leverage Ratio* 2022 FLEETCOR has a flexible capital structure and targets <3x leverage; 4x covenant achieved * Calculated in accordance with the terms of our Credit Facility FLEETCOR | 19
Slide 20: Hedging
FY Hedging 2022 Interest Rate Swaps • In January 2023, entered into $1.5 billion of interest rate swaps to reduce the variability of interest payments on floating rate debt Notional Maturity Date Fixed Rate (millions) PRIOR: $500 12/19/2023 2.55% $500 7/31/2025 4.01% NEW: $500 1/31/2026 3.80% $500 7
Slide 21: Managing Interest Rate Risk
FY Managing Interest Rate Risk 2022 The Q1 2023 swaps increase our "fixed/managed rate debt" to 47%1 of total Total Debt2 ($ in billions) $5.7 $5.3 3 1 1. Average through 2023 2. Excludes AR Securitization Facility 3. At 12/31/2022 FLEETCOR | 21
Slide 22: FY Guidance
FY Guidance 2022 ($ in millions, except for per share data) FY 20231 $3,800 - $3,850 GAAP Revenues 12% growth $1,253 - $1,293 1Q23 Adjusted Net Income2 Revenues 3% growth $875 - $890 $16.75 - $17.25 Adjusted Net Income per Diluted Share2 ANI Per Share1 6% growth $3.55 - $3.75 EBITDA Growth 15% ASSUM
Slide 23: Appendix Non-GAAP to GAAP Reconciliations
FY Appendix Non-GAAP to GAAP Reconciliations 2022 About Non-GAAP Financial Measures This presentation includes certain measures described below that are non-GAAP financial measures. Adjusted net income is calculated as net income, adjusted to eliminate (a) non-cash share based compensation expense r
Slide 24: Reconciliation of Net Income to Adjusted Net Income
4Q Reconciliation of Net Income to Adjusted Net Income 2022 ($ in millions, except per share amounts) Three Months Ended December 31, 2022 2021 Net income $225 $225 Stock based compensation 21 28 Amortization1 67 57 Loss on extinguishment of debt — 10 Integration and deal related costs 5 13 Restruct
Slide 25: Calculation of Organic Growth
4Q Calculation of Organic Growth* 2022 ($ in millions) 1Q22 ORGANIC GROWTH 2Q22 ORGANIC GROWTH 3Q22 ORGANIC GROWTH 4Q22 ORGANIC GROWTH 2022 2022 2022 2022 Macro 2021 Pro Macro 2021 Pro Macro 2021 Pro Macro 2021 Pro Adj3 forma2 % Adj3 forma2 % Adj3 forma2 % Adj3 forma2 % Fuel Cards $299 $262 14% $317
Slide 26: Calculation of Organic Growth
FY Calculation of Organic Growth* 2022 2018 2019 2020 2021 2022 Macro Pro Macro Pro Macro Pro Macro Pro Macro Pro Organic Revenue Growth Adjusted 1 Forma2 Adjusted 1 Forma2 Adjusted 1 Forma2 Adjusted 1 Forma2 Adjusted 1 Forma2 2018 2017 2019 2018 2020 2019 2021 2020 2022 2021 FLEETCOR CONSOLIDATED R
Slide 27: Reconciliation of Non-GAAP to GAAP Revenue by Product - 2022
FY Reconciliation of Non-GAAP to GAAP Revenue by Product - 2022 2022 ($ in millions) 2022 Organic Revenue Growth* Macro Adjusted1 Pro Forma2 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 2Q21 1Q21 FUEL Pro forma and macro adjusted $ 324 $ 321 $ 317 $ 299 $ 318 $ 307 $ 296 $ 262 Impact of acquisitions/dispositions —
Slide 28: Reconciliation of Non-GAAP to GAAP Revenue by Product - 2022 (continued)
FY Reconciliation of Non-GAAP to GAAP Revenue by Product - 2022 2022 (continued, in millions) 2022 Organic Revenue Growth* Macro Adjusted1 Pro Forma2 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 2Q21 1Q21 GIFT Pro forma and macro adjusted $ 49 $ 53 $ 53 $ 44 $ 55 $ 49 $ 32 $ 43 Impact of acquisitions/dispositions
Slide 29: Reconciliation of Non-GAAP to GAAP Revenue by Product - 2021
FY Reconciliation of Non-GAAP to GAAP Revenue by Product - 2021 2022 ($ 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/dispositions/c
Slide 30: Reconciliation of Non-GAAP to GAAP Revenue by Product - 2021 (continued)
FY Reconciliation of Non-GAAP to GAAP Revenue by Product - 2021 2022 (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 31: Reconciliation of Net Income to Adjusted Net Income
FY Reconciliation of Net Income to Adjusted Net Income 2022 ($ in millions, except per share amounts) Year Ended December 31,1 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Net income $954 $839 $704 $895 $811 $740 $452 $362 $369 $285 Net income per diluted share $12.42 $9.99 $8.12 $9.94 $8.81 $7
Slide 32: Reconciliation of Net Income to EBITDA
FY Reconciliation of Net Income to EBITDA 2022 ($ in millions, except per share amounts and percentages) Year Ended December 31, 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Net income $954 $839 $704 $895 $811 $740 $452 $362 $369 $285 Provision for Income Taxes 321 269 178 183 284 153 191 174 1
Slide 33: Reconciliation of Non-GAAP Guidance Measures
FY Reconciliation of Non-GAAP Guidance Measures 2022 ($ in millions, except per share amounts) Q1 2023 GUIDANCE Low* High* Net income $ 195 $ 210 Net income per diluted share $ 2.60 $ 2.80 Stock based compensation 36 36 Amortization 59 59 Other 4 4 Total pre-tax adjustments 99 99 Income tax impact o