SPY383.63+6.93 1.84%
DIA315.24+5.66 1.83%
IXIC12,920.15+196.68 1.55%

Press Release: FLEETCOR Reports Fourth Quarter -3-

· 02/04/2021 16:06
portion 3,126,926 3,289,947 Deferred income taxes 498,154 519,980 Other noncurrent liabilities 245,777 263,930 -------------- -------------- Total noncurrent liabilities 3,870,857 4,073,857 -------------- -------------- Commitments and contingencies Stockholders' equity: Common stock, $0.001 par value; 475,000,000 shares authorized; 126,448,078 shares issued and 83,666,163 shares outstanding at December 31, 2020; and 124,626,786 shares issued and 85,342,156 shares outstanding at December 31, 2019 126 124 Additional paid-in capital 2,749,900 2,494,721 Retained earnings 5,416,945 4,712,729 Accumulated other comprehensive loss (1,363,158) (972,465) Less treasury stock, 42,781,915 shares and 39,284,630 shares at December 31, 2020 and 2019, respectively (3,448,402) (2,523,493) Total stockholders' equity 3,355,411 3,711,616 -------------- -------------- Total liabilities and stockholders' equity $ 11,194,579 $ 12,248,541 ============== ============== FLEETCOR Technologies, Inc. and Subsidiaries Consolidated Statements of Cash Flows (In thousands) Year Ended December 31, ---------------------------- 2020 2019 ------------ -------------- (Unaudited) Operating activities Net income $ 704,216 $ 895,073 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 65,181 62,784 Stock-based compensation 43,384 60,953 Provision for losses on accounts and other receivables 158,549 74,309 Amortization of deferred financing costs and discounts 6,486 5,106 Amortization of intangible assets and premium on receivables 189,620 211,426 Deferred income taxes 147,058 37,883 Investment (gain) loss (30,008) 3,470 Loss on write-off of fixed assets 294 1,819 Other non-cash operating income (2,279) (1,297) Changes in operating assets and liabilities (net of acquisitions/dispositions): Accounts and other receivables 264,140 (196,028) Prepaid expenses and other current assets (14,521) (185,391) Other assets 12,656 (6,792) Accounts payable, accrued expenses and customer deposits (77,079) 198,756 ---------- ---------- Net cash provided by operating activities 1,467,697 1,162,071 ---------- ---------- Investing activities Acquisitions, net of cash acquired (80,787) (448,277) Purchases of property and equipment (78,425) (75,170) Proceeds from disposal of investment 52,963 - Other - (255) ---------- ---------- Net cash used in investing activities (106,249) (523,702) ---------- ---------- Financing activities Proceeds from issuance of common stock 136,797 168,925 Repurchase of common stock (849,910) (694,909) (Payments) borrowings on securitization facility, net (270,973) 84,973 Deferred financing costs paid and debt discount (2,637) (2,868) Proceeds from issuance of notes payable - 700,000 Principal payments on notes payable (175,285) (138,500) Borrowings from revolver 1,243,500 1,811,509 Payments on revolver (1,496,907) (2,292,349) (Payments) borrowings on swing line of credit, net (1,042) 52,996 Other (344) 52 ---------- ---------- Net cash used in financing activities (1,416,801) (310,171) ---------- ---------- Effect of foreign currency exchange rates on cash (143,265) (17,854) ---------- ---------- Net (decrease) increase in cash and cash equivalents and restricted cash (198,618) 310,344 Cash and cash equivalents and restricted cash, beginning of year 1,675,237 1,364,893 ---------- ---------- Cash and cash equivalents and restricted cash, end of year $ 1,476,619 $ 1,675,237 ========== ========== Supplemental cash flow information Cash paid for interest $ 126,460 $ 178,417 ========== ========== Cash paid for income taxes $ 165,604 $ 200,525 ========== ========== Exhibit 1 RECONCILIATION OF NON-GAAP MEASURES (In thousands, except shares and per share amounts) (Unaudited) The following table reconciles net income to adjusted net income and adjusted net income per diluted share:* Three Months Ended December 31, Year Ended December 31, ----------------------- ------------------------ 2020 2019 2020 2019 ------------ --------- --------- ------------- Net income $209,851 $235,510 $704,216 $ 895,073 Stock based compensation 8,315 14,833 43,384 60,953 Amortization of intangible assets, premium on receivables, deferred financing costs and discounts 49,111 53,484 196,106 216,532 Investment (gain) loss - (12,955) (30,008) 2,705 Loss on write-off of fixed assets 294 1,819 294 1,819 Integration and deal related costs(1) 985 - 12,020 - Restructuring and related costs (697) 2,814 4,215 2,814 Legal settlements/litigation 2,845 2,707 (144) 6,181 Write-off of customer receivable(2) - - 90,058 - ------- ------- ------- --------- Total pre-tax adjustments 60,853 62,702 315,926 291,004 Income tax impact of pre-tax adjustments at the effective tax rate(3) (12,332) (12,596) (67,762) (61,619) Impact of discrete tax item(4) - 765 9,848 (62,333) Adjusted net income $258,372 $286,380 $962,228 $1,062,125 ======= ======= ======= ========= Adjusted net income per diluted share $ 3.01 $ 3.17 $ 11.09 $ 11.79 Diluted shares 85,846 90,427 86,719 90,070 (1) Beginning in 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 $0.1 million and $3.9 million for the three months and year ended December 31, 2020, respectively, which we consider immaterial. (2) Represents a bad debt loss in the first quarter of 2020 from a large client in our Cambridge business entering voluntary bankruptcy due to the extraordinary impact of the COVID-19 pandemic. (3) Excludes the results of the Company's investment in 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. (4) Represents impact of a discrete tax reserve adjustment related to prior year tax positions in 2020 and the impact from the disposition of our investment in Masternaut of $64.1 million in 2019. 2019 also includes the impact of a discrete tax item from a prior year for a Section 199 adjustment of $1.8 million. * Columns may not calculate due to rounding. ------------------------------------------------------------------------------ Exhibit 2 Key Performance Indicators, by Product Category and Revenue Per Performance Metric on a GAAP Basis and Pro Forma and

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February 04, 2021 16:06 ET (21:06 GMT)