FLEETCOR Technologies : Q220 Earnings Release Supplement

2Q2020 Earnings Release Supplement

Refer to earnings release dated August 6, 2020 for further information

Safe Harbor Provision

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, expectations, assumptions and future performance, are forward-looking statements. Forward-looking statements can be identified by the use of words such as "anticipate," "intend," "believe," "estimate," "plan," "seek," "project," "expect," "may," "will," "would," "could" or "should," the negative of these terms or other comparable terminology. Examples of forward-looking statements in this presentation include statements

about FLEETCOR's beliefs, expectations and assumptions with respect to the lawsuit filed by the FTC, FLEETCOR's intentions with respect to challenging such lawsuit and the potential impact of such lawsuit.

These forward-looking statements are not a guarantee of performance, and undue reliance should not be placed on such statements. The forward-looking statements included in this presentation are made only as of the date hereof, and FLEETCOR does not undertake, and specifically disclaims, any obligation to update any such statements as a result of new information, future events or developments except as specifically stated in this presentation or to the extent required by law. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those contained in any forward- looking statement, such as adverse outcomes with respect to current and future legal proceedings, including, without limitation, the potential effects of the COVID-19 outbreak, including on consumer spending, global supply chains and financial markets, the FTC lawsuit, or actions of governmental or quasi-governmental bodies or standards or industry organizations with respect to our payment cards; fuel price and spread volatility; the impact of foreign exchange rates on operations, revenue and income; the effects of general economic and political conditions on fueling patterns and the commercial activity of fleets; changes in credit risk of customers and associated losses; failure to maintain or renew key business relationships; failure to maintain competitive product offerings; failure to maintain or renew sources of financing; failure to complete, or delays in completing, anticipated new partnership and customer agreements or acquisitions and to successfully integrate or otherwise achieve anticipated benefits from such partnerships and customer arrangements or acquired businesses; failure to successfully expand business internationally, other risks related to our international operations, including the potential impact to our business as a result of the United Kingdom's referendum to leave the European Union, risks related to litigation, the impact of new tax regulations and the resolution of tax contingencies resulting in additional tax liabilities; as well as the other risks and uncertainties identified under the caption "Risk Factors" in FLEETCOR's Annual Report on Form 10-K for the year ended December 31,

2019 and subsequent filings made by FLEETCOR with the Securities and Exchange Commission ("SEC"). You may obtain FLEETCOR's SEC filings for free by visiting the SEC website at www.sec.gov or FLEETCOR's investor relations website at investor.fleetcor.com. Trademarks which appear in this presentation belong to their respective owners.

This presentation includes non-GAAP financial measures, which are key measures used by the Company and investors as supplemental measures to evaluate the overall operating performance of companies in our industry. By providing these non-GAAP financial measures, together with reconciliations, we believe we are enhancing investors' understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing strategic initiatives. See appendix for additional information regarding these GAAP financial measures and a reconciliation to the nearest corresponding GAAP measure.

FLEETCOR | 2

COVID-19 Update

Safety

Business

Continuity

Balance Sheet &

Liquidity

Expenses

Credit

• Health and safety of our employees and communities is our priority
• Balancing plans for return to the workplace safely with work from home alternatives
• Effectively delivering services from remote environments
• Maintaining system performance and client satisfaction levels
• Low leverage with substantial borrowing capacity
• Strengthened liquidity position: ~$1.9 billion available
• Balancing discretionary spending and hiring with revenue and volume trends
• Closely managing credit lines and collections intensity
• Controlled loss rates and delinquency levels

FLEETCOR | 3

2Q20 Key Numbers

(19)% Revenue contraction

(17)% Organic revenue contraction1

(20)% Adjusted net income per diluted share1

91.0% Revenue weighted volume retention2

$1.9 billion Available liquidity

7bps Credit losses on billed revenue

• $21 million of credit losses

Total Revenue

($ in millions)

$647

$525

2Q192Q20

Adjusted Net Income Per Share1

$2.85

$2.28

2Q192Q20

1.	Non-GAAP financial measures; See appendix for reconciliation of non-GAAP measures to GAAP
2.	Based on volume relevant to business or product (e.g., gallons, spend, etc.) weighted by revenue; excludes US Petroleum Marketers as the end fleet customer is not a customer of
	FLEETCOR, businesses where we are a processor instead of an issuer, Cambridge due to the nature of business customer and Chevron divestiture	FLEETCOR | 4
3.	YOY new sales change over 2Q19; Sales bookings are the expected first year revenue contribution from new sales based on initial volume activity or expected contract value

2Q20 Bridge vs Prior Year

Revenue

(in millions)

$647

$(119)

$19$525

$(22)

2Q19

Core Change

Macro1

Acquisitions

2Q20

Adjusted Net Income Per Share

$2.85

$0.12 $0.07 $0.10 $2.28

$(0.77) $(0.01) $(0.08)

			1
2Q19	Core Change	Macro	Acquisitions	Lower	Lower Share Tax Rate	2Q20
				Interest	Count
				Rates

1. Macro consists of approximately $35 million for the negative impact of movements in foreign exchange rates, partially offset by approximately $13 million of fuel price and fuel price spread benefit

FLEETCOR | 5

2Q20 Results at a Glance

($ in millions, except for per share data)
		2Q19	2Q20	Y/Y
	Total Revenue	$647	$525	(19)%
	GAAP Net Income	$262	$158	(39)%
	GAAP Net Income per Diluted Share	$2.90	$1.83	(37)%
	Adjusted Net Income1	$257	$197	(23)%
	Adjusted Net Income per Diluted Share1	$2.85	$2.28	(20)%

1. Non-GAAP financial measures; See appendix for reconciliation of non-GAAP measures to GAAP

FLEETCOR | 6

2Q20 Organic Revenue Performance1

($ in millions)

FUEL2	CORPORATE PAYMENTS2,3
$291
$244	$112
	$94

(16)%

(17)%

2Q19

2Q20

2Q19

2Q20

2

$86

$89

$65

Airline

$41

Workforce

Airline

+3%

(37)%

Workforce

2Q19

2Q20

2Q19

2Q20

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 to be consistent with the same period of prior year, using constant fuel prices, fuel price spreads and foreign exchange rates, as well as one-time

items. Pro forma to include acquisitions, exclude dispositions, and one-time items. Reflects adjustments related to one-time items not representative of normal business operations

3.

Reflects certain reclassifications of revenue between product categories as the Company realigned its corporate payments business, resulting in reclassification of payroll/paycard revenue from corporate payments to

other

4.

Graph presents breakout between workforce and airline within the lodging product. Workforce lodging revenue was $35.9 million versus $50.2 million in the three months ended June 30, 2020 and 2019, respectively,

down 29% organically. Airline lodging revenue was $4.7 million versus $$14.6 million in the three months ended June 30, 2020 and 2019, respectively, down 68% organically.

FLEETCOR | 7

FLEETCOR | 8

2Q20 Revenue Retention and Organic Revenue Trends

92.4%	92.3%	91.8%	91.2%	90.7%	91.0%
1Q19	2Q19	3Q19	4Q19	1Q20	2Q20

Organic Revenue Growth by Product2

	1Q19	2Q19	3Q19	4Q19	1Q2020192Q20
Fuel	10%3	9%3	10%3	9%3	2%	(16)%
Corporate	20%	29%	30%	18%	20%	(17)%
Payments4
Tolls	15%	17%	17%	17%	10%	3%
Lodging	6%	13%	17%	14%	5%	(37)%
Gift	(3)%	2%	(16)%	(6)%	(12)%	(26)%
Other4	8%	8%	5%	6%	-%	(25)%
Total
Organic	11%	13%	11%	10%	5%	(17)%
Growth

1. Based on volume relevant to business or product (e.g., gallons, spend, etc.) weighted by revenue; excludes US Petroleum Marketers as the end fleet customer is not a customer of FLEETCOR, businesses where we are a processor instead of an issuer, Cambridge due to the nature of business customer and Chevron divestiture
2. See GAAP to non-GAAP reconciliation in appendix; Adjusted to remove the impact of changes in the macroeconomic environment to be consistent with the same period of prior year, using constant fuel prices, fuel price spreads and foreign exchange rates, as well as one-time items. Pro forma to include acquisitions, exclude dispositions, and one-time items. Reflects adjustments related to one-time items not representative of normal business operations
3. Reflects adjustments related to one-time items not representative of normal business operations, including Chevron divestiture
4. Reflects certain reclassifications of revenue between product categories as the Company realigned its corporate payments business, resulting in reclassification of payroll paycard revenue from corporate payments to other

Volume trends by Month versus Prior Year*

• All businesses appear to have bottomed and are beginning to recover

2019

And fortunately, 3 of our "slowest recovery" businesses- T&E card, Brazil benefits, and Airline Lodging represent less than 5% of our overall July revenue

• Year over year growth adjusted to account for number of pumping days/settlement days

FLEETCOR | 9

Balance Sheet Structured for Flexibility and Capacity

• Total available liquidity at June 30 is ~$1.9 billion
• • ~$1.1 billion of total borrowing capacity available under current credit agreements as of June 30, 2020
  • Closed on an additional $250 million revolving bridge loan April 24, 2020
  • Total unrestricted cash of $766 million
• Leverage ratio of 2.62x, up from 2.43x at year end 2019
• Total debt of ~$3.8 billion, down from $4.0 billion
• ~$294 million total remaining under current share repurchase authorization

Leverage Ratio

(X)

2.62

2.43

4Q192Q20

Total Financial Debt

($ in billions)

$4.0

$3.8

4Q192Q20

FLEETCOR | 10

2020 Guidance Suspended

• As a result of the unprecedented conditions across all of our markets, we have suspended our full-year 2020 guidance. We have updated the assumptions we are using as the basis for our planning.

ASSUMPTIONS

• Interest expense of $135 million;
• Approximately 87.5 million shares fully diluted shares outstanding;
• An adjusted tax rate of 19% to 20%; and
• No impact related to acquisitions or material new partnership agreements not already disclosed

FLEETCOR | 11

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 related to share based compensation awards, (b) amortization of deferred financing costs, discounts and intangible assets, amortization of the premium recognized on the purchase of receivables, and our proportionate share of amortization of intangible assets at our equity method investment, (c) integration and deal related costs, and (d) other non-recurring items, including the impact of discreet tax items, impairment charges, asset write-offs, restructuring costs, gains due to disposition of assets and a business, loss on extinguishment of debt, legal settlements/litigation, and the unauthorized access impact. We calculate adjusted net income to eliminate the effect of items that we do not consider indicative of our core operating performance. Adjusted net income is a supplemental measure of operating performance that does not represent and should not be considered as an alternative to net income or cash flow from operations, as determined by U.S. generally accepted accounting principles, or U.S. GAAP, and our calculation thereof may not be comparable to that reported by other companies. We believe it is useful to exclude non-cash stock based compensation expense from adjusted net income because non-cash equity grants made at a certain price and point in time do not necessarily reflect how our business is performing at any particular time and stock based compensation expense is not a key measure of our core operating performance. We also believe that amortization expense can vary substantially from company to company and from period to period depending upon their financing and accounting methods, the fair value and average expected life of their acquired intangible assets, their capital structures and the method by which their assets were acquired; therefore, we have excluded amortization expense from our adjusted net income. We also believe one-timenon-recurring expenses, gains, losses, and impairment charges do not necessarily reflect how our investments and business are performing. We have also excluded a write-off of a customer receivable due to their liquidation as a result of the impact of COVID-19 to their business.

Management uses adjusted net income:

• as a measurement of operating performance because it assists us in comparing performance on a consistent basis;
• for planning purposes including the preparation of internal annual operating budget;
• to allocate resources to enhance the financial performance of our business; and
• to evaluate the performance and effectiveness of operational strategies

We believe adjusted net income and adjusted net income per diluted share are key measures used by the Company and investors as supplemental measures to evaluate the overall operating performance of companies in our industry. By providing these non-GAAP financial measures, together with reconciliations, we believe we are enhancing investors' understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing strategic initiatives.

Reconciliations of GAAP results to non-GAAP results are provided in the attached Appendix.

FLEETCOR | 12

Reconciliation of Net Income to Adjusted Net Income*

($ in millions, except per share amounts )

Net income

Stock based compensation

Amortization of intangible assets, premium on receivables, deferred financing costs and discounts

Investment (gain) loss

Restructuring and related costs

Legal settlements/litigation

Integration and deal related costs1

Write-off of customer receivable

Total pre-tax adjustments

Income tax impact of pre-tax adjustments at the effective tax rate2

Impact of discrete tax item3

Adjusted net income

Adjusted net income per diluted share

Diluted shares

Three Months Ended June 30,	Six Months Ended June 30,
2020	2019	2020	2019
$158	$262	$306	$434
9	18	23	31
48	57	98	110
(34)	-	(31)	16
5	-	5	-
1	-	(5)	3
6	-	9	-
-	-	90	-
35	78	189	160
(6)	(18)	(42)	(34)
10	(65)	10	(65)
$197	$257	$462	$495
$2.28	$2.85	$5.29	$5.52
87	90	87	90

1. Beginning in the first quarter of 2020, the Company included integration and deal related costs in its definition to calculate adjusted net income and adjusted net income per diluted share. Prior period amounts were approximately $1.3 million and $2.8 million for the three and six months ended June 30, 2020, respectively, which we consider immaterial.
2. Excludes the results of the Company's investment in the six months ended June 30, 2019, on our effective tax rate, as results from Masternaut investment are reported within the consolidated Statements of Income on a post-tax basis and no tax-over-book outside basis difference prior to disposition.

3.	Represents impact of a discrete tax reserve adjustment related to prior year tax positions in 2020 and tax reform in 2019.	FLEETCOR | 13
•	Columns may not calculate due to rounding

Calculation of Organic Growth*

($ in millions)

			1Q20 ORGANIC GROWTH	2Q20 ORGANIC GROWTH				2Q20 ORGANIC
		2020	2019 Pro		2020	2019 Pro					GROWTH
			Macro	%	Macro	%				2020
			Adj3	forma2	Adj3	forma2				2019 Pro
	Fuel Cards	$281	$275	2%	$244	$291	(16)%				Macro
				Adj3	forma2	%
	Corporate Payments	121	101	20%	94	112	(17)%		Workforce	$36	$50	(29)%
	Tolls	97	89	10%	89	86	3%		Airline		5	15	(68)%
	Lodging	57	54	5%	41	65	(37)%		Lodging		$41	$65	(37)%
	Gift	42	48	(12)%	27	36	(26)%
	Other1	68	69	-%	54	72	(25)%
	Consolidated Revenues,	$667	$636	5%	$547	$662	(17)%
	net
			1Q19 ORGANIC GROWTH	2Q19 ORGANIC GROWTH	3Q19 ORGANIC GROWTH	4Q19 ORGANIC GROWTH
		2019	2018 Pro		2019	2018 Pro			2019	2018 Pro		2019	2018 Pro
			Macro	%	Macro	%		Macro	%	Macro	%
			Adj3	forma2	Adj3	forma2		Adj3	forma2	Adj3	forma2
	Fuel Cards4	$279	$255	10%	$291	$268	9%		$300	$272	9%	$310	$285		9%
	Corporate Payments5	98	82	20%	114	88	29%		121	93	30%	122	103		18%
	Tolls	103	89	15%	94	80	17%		89	76	13%	101	87		17%
	Lodging	42	39	6%	50	45	13%		56	48	4%	64	57		14%
	Gift	48	50	(3)%	36	35	2%		48	58	(3)%	48	51		(6)%
	Other1,5		66	61	8%	69	64	8%		73	70	5%	77	72		6%
	Consolidated Revenues,	$637	$576	11%	$654	$580	13%		$688	$617	11%	$721	$654		10%
	net
* Columns may not calculate due to rounding.
1.	Other includes telematics, maintenance, food, payroll/paycard and transportation related businesses
2.	Pro forma to include acquisitions and exclude dispositions, consistent with the comparable period's ownership
3.	Adjusted to remove the impact of changes in the macroeconomic environment to be consistent with the same period of prior year, using constant fuel prices, fuel price spreads and
	foreign exchange rates
4.	Adjustments related to one-time items not representative of normal business operations and Chevron divestiture
5.	Reflects certain reclassifications of revenue between product categories as the Company realigned its corporate payments business, resulting in reclassification of payroll paycard FLEETCOR | 14

revenue from corporate payments to other

Reconciliation of Non-GAAP to GAAP Revenue by Product - 2020

(in millions)

2020 Organic Revenue Growth*	Macro Adjusted1		Pro Forma2
		2Q20		1Q20		2Q19		1Q19
FUEL
Pro forma and macro adjusted	$	244	$	281	$	291	$	275
Impact of acquisitions/dispositions/		-		-		4		8
customer loss3
Impact of fuel prices/spread		13		15		-		-
Impact of foreign exchange rates		(7)		(4)		-		-
As reported	$	250	$	292	$	295	$	283
CORPORATE PAYMENTS
Pro forma and macro adjusted	$	94	$	121	$	112	$	101
Impact of acquisitions/dispositions		-		-		-		(4)
Impact of fuel prices/spread		-		-		-		-
Impact of foreign exchange rates	$	(1)	$	(1)	$	-	$	-
As reported	$	93	$	120	$	112	$	96
TOLLS
Pro forma and macro adjusted	$	89	$	97	$	86	$	89
Impact of acquisitions/dispositions		-		-		-		-
Impact of fuel prices/spread		-		-		-		-
Impact of foreign exchange rates		(24)		(15)		-		-
As reported	$	65	$	83	$	86	$	89
LODGING
Pro forma and macro adjusted	$	41	$	57	$	65	$	54
Impact of acquisitions/dispositions		-		-		(15)		(12)
Impact of fuel prices/spread		-		-		-		-
Impact of foreign exchange rates	$	-	$	-		-	$	-
As reported	$	41	$	57	$	50	$	42

2020 Organic Revenue Growth*	Macro	1		Pro		2
Adjusted		Forma
	2Q20			2Q19
Workforce Lodging
Pro forma and macro adjusted	$	36	$			50
Impact of acquisitions/dispositions		-	$			-
Impact of fuel prices/spread		-				-
Impact of foreign exchange rates		-				-
As reported	$	36	$			50
Airline Lodging
Pro forma and macro adjusted	$	5	$			15
Impact of acquisitions/dispositions		-	$		(15)
Impact of fuel prices/spread		-	$			-
Impact of foreign exchange rates		-				-
As reported	$	5	$			-
LODGING TOTAL
Pro forma and macro adjusted	$	41	$			65
Impact of acquisitions/dispositions		-	$		(15)
Impact of fuel prices/spread		-	$			-
Impact of foreign exchange rates		-				-
As reported	$	41	$			50

FLEETCOR | 15

FLEETCOR | 16

Reconciliation of Non-GAAP to GAAP Revenue by Product - 2020

(continued, in millions)

2020 Organic Revenue Growth*		Macro Adjusted1		Pro Forma2
		2Q20		1Q20		2Q19		1Q19
GIFT
Pro forma and macro adjusted	$	27	$	42	$	36	$	48
Impact of acquisitions/dispositions		-		-		-		-
Impact of fuel prices/spread		-		-		-		-
Impact of foreign exchange rates		-		-		-		-
As reported	$	27	$	42	$	36	$	48
OTHER4
Pro forma and macro adjusted	$	54	$	68	$	72	$	69
Impact of acquisitions/dispositions		-		-		(4)		(5)
Impact of fuel prices/spread		-		-		-		-
Impact of foreign exchange rates	$	(3)	$	(2)	$	-	$	-
As reported	$	51	$	67	$	68	$	63
FLEETCOR CONSOLIDATED REVENUES
Pro forma and macro adjusted	$	547	$	667	$	662	$	636
Impact of acquisitions/dispositions/customer loss3		-		-		(15)		(14)
Impact of fuel prices/spread		13		15		-		-
Impact of foreign exchange rates		(35)		(21)		-		-
As reported	$	525	$	661	$	647	$	622

• Columns may not calculate due to impact of rounding

1. Adjusted to remove the impact of changes in the macroeconomic environment to be consistent with the same period of prior year, using constant fuel prices, fuel price spreads and foreign exchange rates, as well as one-time items

2. Pro forma to include acquisitions and exclude dispositions and one-time items, consistent with previous period ownership

3. Adjustments related to one-time items not representative of normal business operations

4. Other includes telematics, maintenance, food, payroll/paycard and transportation related businesses

Reconciliation of Non-GAAP to GAAP Revenue by Product - 2019

(in millions)

2019 Organic Revenue Growth*				Macro Adjusted1						Pro Forma2,3
		4Q19		3Q19		2Q19		1Q19		4Q18		3Q18		2Q18		1Q18
FUEL
Pro forma and macro adjusted	$	310	$	300	$	291	$	279	$	285	$	272	$	268	$	255
Impact of acquisitions/dispositions		-		-		4		8		14		11		10		11
Impact of fuel prices/spread		(10)		-		7		6		-		-		-		-
Impact of foreign exchange rates		-		(4)		(6)		(10)		-		-		-		-
As reported	$	299	$	296	$	295	$	283	$	299	$	283	$	278	$	265
CORPORATE PAYMENTS
Pro forma and macro adjusted	$	122	$	121	$	114	$	98	$	103	$	93	$	88	$	82
Impact of acquisitions/dispositions		-		-		-		-		(4)		(3)		(3)		-
Impact of fuel prices/spread		-		-		-		-		-		-		-		-
Impact of foreign exchange rates		-		(1)		(1)		(2)		-		-		-		-
As reported	$	122	$	120	$	112	$	96	$	99	$	90	$	86	$	82
TOLLS
Pro forma and macro adjusted	$	101	$	89	$	94	$	103	$	87	$	76	$	80	$	90
Impact of acquisitions/dispositions		-		-		-		-		-		-		-		-
Impact of fuel prices/spread		-		-		-		-		-		-		-		-
Impact of foreign exchange rates		(8)		(1)		(8)		(14)		-		-		-		-
As reported	$	93	$	89	$	86	$	89	$	87	$	76	$	80	$	90
LODGING
Pro forma and macro adjusted	$	64	$	56	$	50	$	42	$	57	$	48	$	45	$	39
Impact of acquisitions/dispositions		-		-		-		-		(13)		-		-		-
Impact of fuel prices/spread		-		-		-		-		-		-		-		-
Impact of foreign exchange rates		-		-		-		-		-		-		-		-
As reported	$	64	$	56	$	50	$	42	$	43	$	48	$	45	$	39

FLEETCOR | 17

FLEETCOR | 18

Reconciliation of Non-GAAP to GAAP Revenue by Product - 2019

(continued, $ in millions)

2019 Organic Revenue Growth*				Macro Adjusted1						Pro Forma2
		4Q19		3Q19		2Q19		1Q19		4Q18		3Q18		2Q18		1Q18
GIFT
Pro forma and macro adjusted	$	48	$	48	$	36	$	48	$	51	$	58	$	35	$	50
Impact of acquisitions/dispositions		-		-		-		-		(3)		(1)		(1)		(1)
Impact of fuel prices/spread		-		-		-		-		-		-		-		-
Impact of foreign exchange rates		-		-		-		-		-		-		-		-
As reported	$	48	$	48	$	36	$	48	$	48	$	57	$	33	$	49
OTHER4
Pro forma and macro adjusted	$	77	$	73	$	69	$	66	$	72	$	70	$	64	$	61
Impact of acquisitions/dispositions		-		-		-		-		(5)		(5)		(1)		-
Impact of fuel prices/spread		-		-		-		-		-		-		-		-
Impact of foreign exchange rates		(4)		(1)		(2)		(3)		-		-		-		-
As reported	$	73	$	72	$	68	$	63	$	68	$	65	$	63	$	61
FLEETCOR CONSOLIDATED
Pro forma and macro adjusted	$	721	$	688	$	654	$	637	$	654	$	617	$	580	$	576
Impact of acquisitions/dispositions		-		-		4		8		(11)		2		5		10
Impact of fuel prices/spread		(10)		-		7		6		-		-		-		-
Impact of foreign exchange rates		(12)		(7)		(17)		(28)		-		-		-		-
As reported	$	699	$	681	$	647	$	622	$	643	$	620	$	585	$	586

• Columns may not calculate due to impact of rounding.

1. Adjusted to remove impact of changes in macro environment to be consistent with the same period of prior year, using constant fuel prices, fuel price spreads and foreign exchange rates, as well as one-time items
2. Pro forma to include acquisitions and exclude dispositions and one-time items, consistent with previous period ownership
3. Adjustments related to one-time items not representative of normal business operations

4. Other includes telematics, maintenance, food, payroll/paycard and transportation related businesses