Slide 1: 1Q Earnings Release Supplement
1Q Earnings Release Supplement 2023 Refer to earnings release dated May 3, 2023 for further information
Slide 2: 1Q Safe Harbor Provision
1Q 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: 1Q Our Take on the Quarter
1Q Our Take on the Quarter 2023 1Q results driven by Results demonstrate strength of diversified business: • Revenues up 14% YOY, to $901.3 million continued strong revenue and sales • GAAP EPS $2.88, up 5% YOY Up 17% at • Adjusted EPS $3.80, up 4% YOY constant growth interest rates Drivers of futur
Slide 4: 1Q Highlights
1Q Highlights 2022 2023 Revenue (in millions) $901 $789 14% 4% Adjusted net Revenue income per growth share1 growth 12% Organic revenue growth1 1Q22 1Q23 91.2% Revenue weighted volume retention2 Adjusted Net Income Per Share1 $2.1 billion Available liquidity $3.65 $3.80 8 bps Credit losses on billed
Slide 5: 1Q Revenue and Cash EPS Bridge vs Prior Year
1Q Revenue and Cash EPS Bridge vs Prior Year 2022 2023 $94 $— $18 $901 $789 2019 Revenue (in millions) 2 1Q22 Core Change Macro Acquisitions 1Q23 $0.75 $0.04 $0.04 $3.80 $3.65 $(0.13) $(0.49) $(0.06) Adjusted Net Income Per Share1 1Q22 Core 3 Bad Debt Interest 4 Macro5 Share Higher Tax 1Q23 Change R
Slide 6: 1Q Organic Revenue Performance
1Q Organic Revenue Performance1,2 2023 ($ in millions) FLEET CORPORATE PAYMENTS $353 $365 $235 $197 3% 19% +19% +32% +32% 1Q22 1Q23 1Q22 1Q23 Total 12% BRAZIL LODGING $121 $123 $103 $98 18% +9% 26% +39% 1Q22 1Q23 1Q22 1Q23 1. Non-GAAP financial measures. See appendix for reconciliation of non-GAAP m
Slide 7: 1Q Organic Revenue Performance Trends
1Q Organic Revenue Performance Trends1 2022 2023 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 Fleet (7)% 20% 10% 10% 13% 5% 4% 2% 3% Corporate Payments (5)% 32% 22% 18% 19% 18% 21% 20% 19% Brazil 2% 13% 16% 21% 20% 21% 15% 6% 18% Lodging (14)% 39% 40% 39% 22% 41% 28% 14% 26% Other2 (3)% 18% 20% 15%
Slide 8: 1Q Continued High Retention
1Q Continued High Retention* 2022 2023 Retention remains strong 93.3% 92.3% 92.0% 91.2% 2020 2021 2022 1Q23 *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.
Slide 9: 1Q Sales Performance Trends
1Q Sales Performance Trends* 2022 2023 Sales vs. Prior Year Strong new sales drive revenue growth 139% 136% 131% 124% 119% 1Q22 2Q22 3Q22 4Q22 1Q23 *Calculated based on estimated annualized revenue from new sales in the quarter sold FLEETCOR | 9
Slide 10: 1Q Balance Sheet Structured for Flexibility and Capacity
1Q Balance Sheet Structured for Flexibility and Capacity 2023 2022 Robust cash flow and opportunistic capital allocation Leverage Ratio (X) • Reported $460 million of EBITDA1 2.8 2.7 • Generated $283 million of free cash flow1,2 • Three acquisitions completed for ~$230 million • No share buybacks in
Slide 11: 1Q EV Solution...3 in 1
1Q EV Solution...3 in 1 2023 2022 Starting in the UK, FLEETCOR has launched a unified, single EV solution to help its clients manage their fleets through the energy transition... *Metrics representative of FLEETCOR acceptance networks and current active cardholders in the UK FLEETCOR | 11
Slide 12: 1Q EV - 3-in-1 Single, Consolidated Client Report
1Q EV - 3-in-1 Single, Consolidated Client Report 2023 2022 Bringing together all 3 types of vehicle related purchases into one consolidated report for B2B clients gives FLT a major advantage over standalone point solutions FLEETCOR | ProprietaryFLEETCOR & Confidential | 12 12
Slide 13: 1Q EV - Preliminary Economics
1Q EV - Preliminary Economics 2023 2022 FLEETCOR is generating higher levels of revenue from its initial set of UK customers who are using the Company’s EV solution … EV Economics … UK Client Sample (270 clients) Revenue £ Thousands Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 EV 30 40 60 80 120
Slide 14: 1Q Guidance Updated
1Q Guidance Updated 2023 ($ in millions, except for per share data; growth rates at the midpoint) Previous1 Updated1 $3,800 - $3,850 $3,820 - $3,860 GAAP Revenues 12% growth 12% growth 2Q23 $1,253 - $1,293 $1,263- $1,303 Adjusted Net Income2 Revenues 3% growth 4% growth $930 - 950 million Adjusted N
Slide 15: 1Q Appendix Non-GAAP to GAAP Reconciliations
1Q Appendix Non-GAAP to GAAP Reconciliations 2022 2023 About Non-GAAP Financial Measures This presentation includes certain measures described below that are non-GAAP financial measures. Adjusted net income is calculated as net income, adjusted to eliminate (a) non-cash share based compensation expe
Slide 16: 1Q Reconciliation of Net Income to Adjusted Net Income
1Q Reconciliation of Net Income to Adjusted Net Income* 2022 2023 ($ in millions, except per share amounts) Three Months Ended March 31, 2023 2022 Net income $215 $218 Stock based compensation 26 33 Amortization1 60 58 Integration and deal related costs 6 6 Legal settlements/litigation — — Restructu
Slide 17: 1Q Reconciliation of Net Income to EBITDA
1Q Reconciliation of Net Income to EBITDA* 2022 2023 ($ in millions) Three Months Ended March 31, 2023 2022 Net income $215 $218 Provision for income taxes 80 77 Interest expense, net 80 22 Other expense (income) 1 1 Investment loss — — Depreciation and amortization 84 77 Other operating, net 1 — EB
Slide 18: 1Q Organic Growth Changes
1Q Organic Growth Changes 2023 2022 We have converged our segment and solutions reporting to be the same... New - Segments Changes • "Fuel" solution, except Brazil Fuel Fleet • Vehicle maintenance, Telematics, and Mexico Benefits from "Other" solution Corporate Payments • No changes Lodging • No cha
Slide 19: 1Q Calculation of Organic Growth
1Q Calculation of Organic Growth* 2022 2023 ($ in millions) 1Q23 ORGANIC GROWTH 2023 2022 Pro SEGMENT Macro Adj3 forma2 % Fleet $365 $353 3% Corporate Payments 235 197 19% Brazil 121 103 18% Lodging 123 98 26% Other1 58 57 2% Consolidated Revenues, net $901 $807 12% * Columns may not calculate due t
Slide 20: 1Q Calculation of Organic Growth
1Q Calculation of Organic Growth* 2022 2023 ($ 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 $295
Slide 21: 1Q Reconciliation of Non-GAAP to GAAP Revenue by Segment - 2023
1Q Reconciliation of Non-GAAP to GAAP Revenue by Segment - 2023 2022 2023 ($ in millions) Macro 2023 Organic Revenue Growth* Adjusted1 Pro Forma2 1Q23 1Q22 FLEET Pro forma and macro adjusted $ 365 $ 353 Impact of acquisitions/dispositions — (1) Impact of fuel prices/spread 11 — Impact of foreign exc
Slide 22: 1Q Reconciliation of Non-GAAP to GAAP Revenue by Segment - 2023
1Q Reconciliation of Non-GAAP to GAAP Revenue by Segment - 2023 2023 2022 (continued, in millions) Macro 2023 Organic Revenue Growth* Adjusted1 Pro Forma2 1Q23 1Q22 3 OTHER Pro forma and macro adjusted $ 58 $ 57 Impact of acquisitions/dispositions — — Impact of fuel prices/spread — — Impact of forei
Slide 23: 1Q Reconciliation of Non-GAAP to GAAP Revenue by Segment - 2022
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/disposit
Slide 24: 1Q Reconciliation of Non-GAAP to GAAP Revenue by Segment - 2022
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/dispo
Slide 25: 1Q Reconciliation of Non-GAAP to GAAP Revenue by Segment - 2021
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/disposit
Slide 26: 1Q Reconciliation of Non-GAAP to GAAP Revenue by Segment - 2021
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/dispo
Slide 27: 1Q Reconciliation of Non-GAAP Guidance Measures
1Q Reconciliation of Non-GAAP Guidance Measures 2023 2022 (in millions, except per share amounts) Q2 2023 GUIDANCE Low* High* Net income $ 230 $ 246 Net income per diluted share $ 3.09 $ 3.29 Stock based compensation 30 30 Amortization 59 59 Other 6 6 Total pre-tax adjustments 95 95 Income taxes 25