Financial Performance - Revenues for Q2 2023 reached $948.2 million, a 10.1% increase from $861.3 million in Q2 2022[8] - Net income for Q2 2023 was $239.7 million, compared to $262.2 million in Q2 2022, reflecting a decrease of 8.6%[10] - Basic earnings per share for Q2 2023 were $3.24, down from $3.42 in Q2 2022, representing a decline of 5.3%[8] - Comprehensive income for Q2 2023 was $316.5 million, significantly higher than $111.8 million in Q2 2022, reflecting a substantial increase[10] - Operating income for the first half of 2023 was $787.8 million, up from $688.2 million in the same period of 2022, indicating a growth of 14.5%[8] - Net income for the six months ended June 30, 2023, was $454,537, a decrease from $480,123 in the same period of 2022, representing a decline of approximately 14%[15] Assets and Liabilities - Total stockholders' equity increased to $3.26 billion as of June 30, 2023, up from $2.54 billion at the end of 2022, marking a growth of 28.3%[7] - Total current liabilities rose to $6.44 billion as of June 30, 2023, compared to $6.04 billion at the end of 2022, an increase of 6.6%[6] - Total liabilities and stockholders' equity reached $15.18 billion as of June 30, 2023, compared to $14.09 billion at the end of 2022, an increase of 7.7%[7] - The company’s retained earnings increased to $7.67 billion as of June 30, 2023, up from $7.21 billion at the end of 2022, a rise of 6.3%[7] - The total gross receivables increased to $3,880.7 million as of June 30, 2023, from $3,501.6 million at the end of 2022[29] - The allowance for credit losses rose to $172.1 million as of June 30, 2023, compared to $149.8 million at the end of 2022, reflecting increased customer spending and higher loss rates[31] Cash Flow and Investments - Total cash and cash equivalents, including restricted cash, at the end of the period was $2,711,235, compared to $2,356,433 at the end of June 30, 2022, indicating an increase of about 15%[15] - Net cash provided by operating activities for the six months ended June 30, 2023, was $826,680, significantly higher than $41,853 in the same period of 2022[15] - Net cash used in investing activities for the six months ended June 30, 2023, was $(201,215), compared to $(100,373) in the same period of 2022, indicating a higher cash outflow[15] - The company reported depreciation of $53,739 for the six months ended June 30, 2023, compared to $43,783 in the same period of 2022, reflecting an increase of approximately 23%[15] Revenue Segments - Revenue from contracts with customers represented approximately 86% of total consolidated revenues for the three months ended June 30, 2023[21] - Revenue from the Fleet solution was $382.6 million, accounting for 40% of total revenues, compared to $377.4 million and 44% in the prior year[22] - The Corporate Payments segment generated $247.0 million, representing 26% of total revenues, up from $189.7 million and 22% year-over-year[22] - Revenue from the United States was $534.7 million, making up 56% of total revenues, slightly up from $527.7 million and 61% in the previous year[23] Stock and Equity - The company repurchased 26,338,904 shares for an aggregate purchase price of $5.9 billion since the stock repurchase program began, leaving $1.2 billion available for future repurchases[38] - The company’s total liabilities were $210,906 thousand as of June 30, 2023, down from $224,725 thousand on December 31, 2022, indicating a decrease of approximately 6.1%[35] - The total unrecognized compensation cost related to stock-based compensation as of June 30, 2023, was $132,802 thousand[40] - The aggregate intrinsic value of stock options exercisable at June 30, 2023, was $293.7 million, with a weighted average remaining contractual term of 3.6 years[42] Legal and Regulatory Matters - The company faces a new derivative lawsuit seeking approximately $118 million in damages related to alleged unfair marketing and billing practices[61] - The company has incurred ongoing legal fees related to the FTC investigation and derivative lawsuits, with potential costs including redress and penalties[64] - The company intends to appeal the FTC's decision regarding liability, while also engaging in mediation for potential resolution[64] Foreign Exchange and Derivatives - The company reported foreign currency translation gains of $59.5 million in Q2 2023, compared to losses of $158.9 million in Q2 2022[10] - The fair value of foreign exchange derivative assets as of June 30, 2023, is $587.0 million, while derivative liabilities amount to $530.2 million[68] - The total notional amount of foreign exchange derivative customer contracts is $51,444.4 million, an increase from $40,496.4 million as of December 31, 2022[67] Acquisitions and Goodwill - The company acquired three businesses in 2023 for a total purchase price of approximately $135.1 million, enhancing geographic expansion of its products[44] - Goodwill increased to $5,473.6 million as of June 30, 2023, reflecting acquisitions and foreign currency adjustments[51] - The preliminary acquisition accounting for the acquired businesses includes $161.0 million in goodwill and $50.1 million in intangible assets[48]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________________________ FORM 10-Q _________________________________________________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________________________ FORM 10-K __________________________________________________________ ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From to Commission File Number 001-35004 __ ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________________________ FORM 10-Q _________________________________________________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition pe ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________________________ FORM 10-Q _________________________________________________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period ...

Financial Performance - FLEETCOR's net revenues for Q1 2022 were $789.2 million, a 29.6% increase from $608.6 million in Q1 2021[110] - Net income for Q1 2022 was $218.0 million, compared to $184.2 million in Q1 2021, reflecting a 18.3% year-over-year growth[110] - Adjusted net income for Q1 2022 was $242.1 million, with adjusted net income per diluted share at $2.82, up from $289.7 million and $3.65 in Q1 2021[111] - Total net revenues for the three months ended March 31, 2022, were $789.2 million, representing a 30% increase from $608.6 million in the same period of 2021[125] - Operating income for the three months ended March 31, 2022, was $317.7 million, reflecting an increase of $51.8 million or 19.5% from $266.0 million in the same period of 2021[151] - Net income increased to $218.0 million, up by $33.7 million or 18.3% from $184.2 million in the prior year[150] - Consolidated revenues increased to $789.2 million for the three months ended March 31, 2022, up by $180.6 million or 29.7% from $608.6 million in the same period of 2021[136] Revenue Segmentation - North America segment generated $547.4 million in net revenues for Q1 2022, accounting for 69% of total revenues, compared to 66% in Q1 2021[117] - The U.S. contributed $471.8 million, or 60% of total revenues, in Q1 2022, up from $370.4 million, or 61%, in Q1 2021[118] - Fuel solutions accounted for 40% of total revenues in Q1 2022, generating $318.5 million, compared to 43% and $261.9 million in Q1 2021[119] - Brazil segment revenues reached $102.5 million, up by $20.6 million or 25.2% from $81.9 million in the same period last year[140] - International segment revenues were $139.3 million, an increase of $14.8 million or 11.9% from $124.5 million in the prior year[141] - Corporate payments revenues surged by 58% to $183.8 million, with spend volume reaching $27.4 billion, a 52% increase compared to the previous year[125] - Lodging revenues rose by 60% to $94.6 million, driven by a 49% increase in room nights to 8.8 million[125] - Toll revenues grew by 23% to $84.9 million, with average monthly tags increasing by 5% to 6.1 million[125] Operational Insights - The company's operations in Russia represented approximately 2.3% of consolidated assets as of March 31, 2022, with a net book value of $227 million[108] - FLEETCOR operates primarily in three geographies, with 85% of revenues generated in the U.S., Brazil, and the U.K.[112] - The impact of COVID-19 and geopolitical events, such as the conflict in Ukraine, continues to create uncertainty for FLEETCOR's operations and financial results[104][106] - Approximately 12% of net revenues were directly impacted by changes in fuel prices, consistent with the previous year[131] - The company reported a total liquidity of approximately $2.3 billion as of March 31, 2022, consisting of $969 million available under the Credit Facility and $1.3 billion in unrestricted cash[156] Investments and Acquisitions - The company completed the acquisition of Levarti, a U.S.-based airline software platform, on March 1, 2022[131] - The company completed several acquisitions in 2021 and 2022, including ALE Solutions for $421.8 million and Associated Foreign Exchange for $459.1 million, contributing to revenue growth[30] - The company plans to continue investing in sales and marketing to support expected revenue growth, particularly in direct marketing and field sales[131] Cash Flow and Expenses - Consolidated operating expenses rose to $474.4 million, an increase of $139.5 million or 41.7% from $334.9 million in the same period last year[142] - Net cash used in operating activities was $112.3 million for the three months ended March 31, 2022, compared to net cash provided of $77.9 million in the prior period, primarily due to unfavorable working capital movements[162] - Capital expenditures increased by $11.9 million or 60.7% to $31.4 million for the three months ended March 31, 2022, driven by acquisitions and technology investments[165] - Net cash used in financing activities was $49.8 million for the three months ended March 31, 2022, an increase from $16.6 million in the prior period, primarily due to increased stock repurchases[164] Shareholder Returns - The company repurchased 21,845,168 shares for an aggregate purchase price of $4.9 billion since the beginning of the stock repurchase program, leaving $1.2 billion remaining for future repurchases[173] Tax and Interest - The provision for income taxes was $76.7 million, an increase of $25.3 million or 49.1% from $51.4 million in the same period last year[149] - Interest expense decreased to $22.0 million, down by $6.5 million or 22.8% from $28.6 million in the prior year[146] - The interest rate on the term loan A was 1.96% and on the term loan B was 2.21% as of March 31, 2022[167] Market Conditions - The company experienced an estimated $22 million positive impact from fuel prices and a $5 million positive impact from fuel price spreads in Q1 2022[182] - The impact of foreign exchange rates negatively affected revenues by approximately $6 million in Q1 2022[182] Strategic Focus - FLEETCOR's vision emphasizes the transition to digital payments, aiming to enhance control and reduce unauthorized spending for businesses[101] - Organic revenue growth is calculated by adjusting current period revenue growth for macroeconomic changes and acquisitions, providing a clearer view of operational performance[127] - The company continues to focus on strategic initiatives to enhance financial performance and manage growth effectively[189]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________________________ FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From to Commission File Number 001-35004 __________________________________________________________ FL ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________________________ FORM 10-Q _________________________________________________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition pe ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________________________ FORM 10-Q _________________________________________________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period fro ...

PART I—FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20FINANCIAL%20STATEMENTS) FLEETCOR reported Q1 2021 revenues of $608.6 million, with net income increasing to $184.2 million despite reduced operating cash flow Consolidated Statements of Income (Q1 2021 vs Q1 2020) | Metric | Three Months Ended March 31, 2021 (in millions) | Three Months Ended March 31, 2020 (in millions) | | :--- | :--- | :--- | | **Revenues, net** | $608.6 million | $661.1 million | | **Operating income** | $266.0 million | $201.0 million | | **Net income** | $184.2 million | $147.1 million | | **Diluted earnings per share** | $**2.15** per share | $**1.67** per share | Consolidated Balance Sheets | Metric | March 31, 2021 (Unaudited) (in billions) | December 31, 2020 (in billions) | | :--- | :--- | :--- | | **Total current assets** | $**4.29 billion** | $**3.96 billion** | | **Total assets** | $**11.43 billion** | $**11.19 billion** | | **Total current liabilities** | $**4.31 billion** | $**3.97 billion** | | **Total liabilities** | $**8.13 billion** | $**7.84 billion** | | **Total stockholders' equity** | $**3.30 billion** | $**3.36 billion** | Consolidated Statements of Cash Flows | Metric | Three Months Ended March 31, 2021 (in millions) | Three Months Ended March 31, 2020 (in millions) | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $**77.9 million** | $**420.0 million** | | **Net cash used in investing activities** | ($**63.2 million**) | ($**18.7 million**) | | **Net cash used in financing activities** | ($**16.6 million**) | ($**314.5 million**) | | **Cash and cash equivalents and restricted cash, end of period** | $**1.43 billion** | $**1.55 billion** | [Notes to Unaudited Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) Notes detail accounting policies, Roger acquisition, goodwill, total debt, and derivative hedging, including $2.59 billion gross receivables - On January **13**, **2021**, the Company **completed the acquisition of** Roger (rebranded CorpayOne), a global accounts payable (AP) cloud software platform, for $**38.6 million**. This acquisition **added** $**34.2 million** to goodwill and $**6.9 million** in **other intangible assets**[68](index=68&type=chunk)[69](index=69&type=chunk) - The company **utilizes a $1 billion revolving trade accounts receivable securitization facility**, which was **amended on March 29, 2021**, to **extend the maturity to 2024**, **reduce the LIBOR floor**, and **improve margins**[44](index=44&type=chunk)[46](index=46&type=chunk) - The company **uses interest rate swap contracts to hedge variability on** $**2.0 billion** of its variable rate debt. These swaps are **designated as cash flow hedges**[80](index=80&type=chunk)[103](index=103&type=chunk) - The **Board of Directors authorized a stock repurchase program of up to** $**4.1 billion**. As of the report date, $**836.3 million remained available for future repurchases**[58](index=58&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management reported a **7.9%** revenue **decrease** for Q1 **2021**, with operating income **rising 32.3%** due to a prior-year write-off, and **strong liquidity maintained** Financial Performance Summary (Q1 2021 vs Q1 2020) | Metric | Q1 2021 (in millions) | Q1 2020 (in millions) | % Change (%) | | :--- | :--- | :--- | :--- | | **Revenues, net** | $608.6 million | $661.1 million | (**7.9%**) | | **Operating income** | $266.0 million | $201.0 million | **32.3%** | | **Net income** | $184.2 million | $147.1 million | **25.3%** | | **Adjusted net income** | $242.1 million | $264.5 million | (**8.5%**) | - **Consolidated revenues declined primarily due to decreased transaction volume from the COVID-19 pandemic**. Organically, revenues were **down approximately 6%**[140](index=140&type=chunk) - The **significant increase in operating income was primarily driven by a $90 million write-off of a customer receivable** in the cross-border payments business during Q1 **2020**, which **did not recur in 2021**[146](index=146&type=chunk)[158](index=158&type=chunk) - The company **signed a definitive agreement to acquire Associated Foreign Exchange (AFEX)** for approximately $**450 million**, with the **transaction expected to close in late Q2 2021**[135](index=135&type=chunk)[184](index=184&type=chunk) [Results of Operations](index=32&type=section&id=Results%20of%20Operations) Q1 **2021** saw revenue **declines** across all segments, with North America operating income **increasing significantly due to the absence of a prior-year write-off** Revenues by Segment (Q1 2021 vs Q1 2020) | Segment | Q1 2021 Revenue (in millions) | Q1 2020 Revenue (in millions) | % Change (%) | | :--- | :--- | :--- | :--- | | **North America** | $402.2 million | $434.7 million | (**7.5%**) | | **Brazil** | $81.9 million | $99.0 million | (**17.2%**) | | **International** | $124.5 million | $127.4 million | (**2.3%**) | | **Total** | $608.6 million | $661.1 million | (**7.9%**) | - The Brazil segment's revenue **decline was primarily due to an unfavorable foreign exchange impact of approximately $19 million**[144](index=144&type=chunk) - **Processing expenses decreased by $117.3 million** (**50.2%**), **largely due to a non-recurring $90 million write-off of a customer receivable in Q1 2020**[146](index=146&type=chunk) - The North America segment's **operating margin increased from 19.7% to 40.4%**, **primarily driven by the absence of the prior year's $90 million customer receivable write-off**[159](index=159&type=chunk)[160](index=160&type=chunk) [Liquidity and Capital Resources](index=35&type=section&id=Liquidity%20and%20capital%20resources) The company **maintained strong liquidity of $1.96 billion**, despite a **significant decrease in operating cash flow due to unfavorable working capital movements** - **Total liquidity was approximately $1.96 billion**, **consisting of $958 million in unrestricted cash and $998 million available under the Credit Facility**[164](index=164&type=chunk) - **Net cash provided by operating activities decreased from $420.0 million in Q1 2020 to $77.9 million in Q1 2021**, **mainly due to unfavorable working capital movements**[170](index=170&type=chunk) - On April **30**, **2021**, subsequent to the quarter end, the company **amended its Credit Agreement to establish a new seven-year $1.15 billion term loan B, maturing in 2028**, which was **used to pay off the existing term loan B**[77](index=77&type=chunk)[174](index=174&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=43&type=section&id=Item%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) **No material changes to the company's market risk profile were reported as of March 31, 2021, from prior 10-K disclosures** - There were **no material changes to the company's market risk profile** during the first quarter of **2021**[201](index=201&type=chunk) [Controls and Procedures](index=43&type=section&id=Item%204.%20CONTROLS%20AND%20PROCEDURES) Management **concluded disclosure controls and procedures were effective**, with **no material changes to internal control over financial reporting** during the quarter - The **CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the period**[202](index=202&type=chunk) - **No changes occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting**[203](index=203&type=chunk) PART II—OTHER INFORMATION [Legal Proceedings](index=44&type=section&id=Item%201.%20LEGAL%20PROCEEDINGS) The company is **involved in ongoing legal matters**, including shareholder derivative lawsuits and an FTC investigation, which **management believes will not materially affect financial condition** - The company is **defending against shareholder derivative lawsuits**. A federal action was **dismissed but is now on appeal**, while a similar state action **remains stayed**[206](index=206&type=chunk)[207](index=207&type=chunk) - The **FTC filed a lawsuit** against the company and its CEO in December **2019 regarding advertising and marketing practices**. The company **believes the claims are without merit** and notes a recent Supreme Court decision that may **limit the FTC's ability to seek monetary redress in such cases**[209](index=209&type=chunk) [Risk Factors](index=44&type=section&id=Item%201A.%20RISK%20FACTORS) The report **refer**s to risk factors detailed in the **2020** Form **10-K**, now **encompassing impacts related to the COVID-19 pandemic and its economic consequences** - **Investors are directed to the risk factors in the 2020 Form 10-K**, with a specific mention that **these risks now encompass the impacts of the COVID-19 pandemic**[210](index=210&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=45&type=section&id=Item%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) The company **repurchased approximately 0.64 million shares** in Q1 **2021** under its $**4.1 billion stock repurchase program**, with $**836.3 million remained available** - The **stock repurchase program was increased to $4.1 billion in total authorization**, with $**836.3 million remained available** as of March **31**, **2021**[211](index=211&type=chunk) Share Repurchases in Q1 2021 | Period | Total Shares Purchased (shares) | Average Price Paid Per Share (per share) | | :--- | :--- | :--- | | Jan 2021 | **1,143 shares** | $**267.32** | | Feb 2021 | **513,695 shares** | $**264.04** | | Mar 2021 | **125,895 shares** | $**273.58** | [Defaults Upon Senior Securities](index=45&type=section&id=Item%203.%20DEFAULTS%20UPON%20SENIOR%20SECURITIES) **Not applicable** [Mine Safety Disclosures](index=45&type=section&id=Item%204.%20MINE%20SAFETY%20DISCLOSURES) **Not applicable** [Other Information](index=45&type=section&id=Item%205.%20OTHER%20INFORMATION) **Not applicable** [Exhibits](index=46&type=section&id=Item%206.%20EXHIBITS) This section lists the exhibits filed with the Form **10-Q**, including amendments to key agreements and certifications by the CEO and CFO