FLEETCOR Technologies : Q121 Earnings Release Supplement

1Q2021 Earnings Release Supplement

Refer to earnings release dated May 5, 2021 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, assumptions, expectations 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" or "expect," "may," "will," "would," "could" or "should," the negative of these terms or other comparable terminology.

These forward-looking statements are not a guarantee of performance, and you should not place undue reliance on such statements. We have based these forward-looking statements largely on preliminary information, internal estimates and management assumptions, expectations and plans about future conditions, events and results. Forward-looking statements are subject to many uncertainties and other variable circumstances, such as regulatory measures, voluntary actions or changes in consumer preferences, that impact our transaction volume, including social distancing, shelter-in-place, shutdowns of nonessential businesses and similar measures imposed or undertaken in an effort to contain and mitigate the spread of the coronavirus (COVID-19); adverse changes or volatility in fuel prices and spreads; adverse changes in program fees or charges we may collect, whether through legal, regulatory or contractual changes; adverse outcomes with respect to current and future legal proceedings or investigations, including, without limitation, the FTC lawsuit, or actions of governmental, regulatory or quasi-governmental bodies or standards or industry organizations with respect to our payment cards; delays or failures associated with implementation of, or adaption to, new technology; 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 complete, or delays in completing, acquisitions, new partnerships or customer arrangements and to successfully integrate or otherwise achieve anticipated benefits from such acquisitions, partnerships and customer arrangements; failure to successfully expand and manage our business internationally; and 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; the impact of foreign exchange rates on operations, revenue and income; and the failure or compromise of our data centers and other information technology assets, as well as the other risks and uncertainties identified under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2020 filed with the Securities and Exchange Commission on February 26, 2021 and subsequent filings made by us. These factors could cause our actual results and experience to differ materially from any forward-looking statement made herein. The forward-looking statements included in this presentation are made only as of the date hereof and we do not undertake, and specifically disclaim, any obligation to update any such statements as a result of new information, future events or developments, except as specifically stated or to the extent required by law. You may access FLEETCOR's SEC filings for free by visiting the SEC web site at www.sec.gov.

This presentation includes non-GAAP financial measures, which are used by the Company as supplemental measures to evaluate our overall operating performance. The Company's definitions of the non-GAAP financial measures used herein may differ from similarly titled measures used by others, including within our industry. By providing these non-GAAP financial measures, together with reconciliations to the most directly comparable GAAP financial measures, 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 the appendix for additional information regarding these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP measure.

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1Q21 Key Numbers

(8)% Revenue contraction

(6)% Organic revenue contraction1

(6)% Adjusted net income per diluted share1

93.0% Revenue weighted volume retention2

$2.0 billion Available liquidity

• bps Credit losses on billed revenue3
• • $2.5 million of credit losses3

Revenue

($ in millions)

$661

$609

1Q201Q21

Adjusted Net Income Per Share1

$3.00$2.82

1Q201Q21

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 European Private Label businesses, where FLEETCOR is a processor
	instead of issuer. Also excludes cross-border business	due to the nature of business customer and businesses owned less than one year	FLEETCOR | 3
3.	Includes $6 million recovery of credit loss

1Q21 Bridge vs Prior Year

$661

Revenue

(in millions)

$12$609

$(37)

$(27)

1Q20Core ChangeMacro 1Acquisitions1Q21

Adjusted Net Income Per Share

$3.00					$0.10	$0.05	$2.82
	$(0.04)
	$(0.19)					$(0.10)

1Q20

Core Change 2

Macro3

Lower Interest

Lower Share

Tax Rate

1Q21

Rates

Count

1.

2.

Core change was a negative $0.27, excluding the impact of a ~$25 million decline in bad debt (excluding large client cross-border payments loss)

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3.

Consists of the impact in footnote 1, with partial offset from impact of foreign exchange rates on expenses

1Q21 Results at a Glance

($ in millions, except for per share data)

1Q201Q21Y/Y

	GAAP Net Income	$147	$184	25%
	GAAP Net Income per Diluted Share	$1.67	$2.15	29%
	Adjusted Net Income1	$264	$242	(8)%

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

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