ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
72-1074903 | |||
( incorporation or organization) | (I.R.S. Employer Identification No.) | ||
3280 Peachtree Road, Suite 2400, | Atlanta, | Georgia | 30305 |
(Address of principal executive offices) | ( |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
FLT |
Large accelerated filer | Accelerated filer | |||||
Non-accelerated filer | Smaller reporting company | |||||
Emerging growth company |
Page | ||
PART I | ||
Item 1. | ||
Item X. | ||
Item 1A. | ||
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Item 2. | ||
Item 3. | ||
Item | ||
PART II | ||
Item 5. | ||
Item 6. | ||
Item 7. | ||
Item 7A. | ||
Item 8. | ||
Item 9. | ||
Item 9A. | ||
Item 9B. | ||
PART III | ||
Item 10. | ||
Item 11. | ||
Item 12. | ||
Item 13. | ||
Item 14. | ||
PART IV | ||
Item 15. | ||
Item 16. | ||
• | Fuelman network—our primary proprietary fleet card network in the U.S. We have negotiated card acceptance and settlement terms with over 10,400 individual merchants, providing the Fuelman network with approximately 55,000 fueling sites and approximately 25,000 maintenance sites across the country. |
• | Comdata network—our network of truck stops and fuel merchants for the over-the-road trucking industry. We have negotiated card acceptance and settlement terms at over 8,600 truck stops and fuel merchants across the U.S. and Canada. |
• | Commercial Fueling Network (CFN)—our “members only” fueling network in the U.S. and Canada composed of approximately 2,600 fueling sites owned by CFN members themselves. The majority of these fueling sites are unattended cardlock facilities located in commercial and industrial areas. |
• | Pacific Pride Fueling network—our "franchise" fueling network in the U.S. composed of approximately 1,100 fueling sites owned by more than 220 franchisees. The majority of these fueling sites are unattended cardlock facilities located in commercial and industrial areas. |
• | Allstar network—our proprietary fleet card network in the U.K. We have negotiated card acceptance and settlement terms with approximately 2,100 individual merchants, providing this network with approximately 7,300 fueling sites. |
• | Keyfuels network—our proprietary fleet card network in the U.K. We have negotiated card acceptance and settlement terms with more than 500 individual merchants, providing the Keyfuels network with approximately 3,000 fueling sites. |
• | CCS network—our primary proprietary fleet card network in the Czech Republic and Slovakia. We have negotiated card acceptance and settlement terms with several major oil companies on a brand-wide basis, including MOL, Benzina, OMV, Slovnaft and Shell, and with approximately 1,200 other merchants, providing the CCS network at over 2,800 fueling sites and 700 other sites accepting our cards. |
• | Petrol Plus Region (PPR) network—our primary proprietary fleet card network in Russia, Ukraine, Belarus and Kazakhstan. We have negotiated card acceptance and settlement terms with over 600 individual merchants, providing the PPR network with approximately 13,300 fueling sites across the region. |
• | Efectivale network—our proprietary fuel card and voucher network in Mexico. We have negotiated acceptance and settlement terms individual merchants, providing the network with over 8,300 fueling sites. |
• | CTF network—our proprietary fuel and fleet controls solutions in Brazil, composed of over 23,000 highway and urban fueling sites through our partners, BR Distribuidora (Petrobas) and Ipiranga Distribuidora. |
• | Travelcard network—our proprietary fuel card network in the Netherlands. We have negotiated card acceptance and settlement terms with over 1,500 individual merchants, providing this network over 7,600 fueling sites. |
• | Fleet Card network—our proprietary fuel card network in Australia. We have negotiated card acceptance and settlement terms with approximately 6,000 individual merchants, providing this network with over 90% of fuel sites across Australia. |
• | CardSmart network—our proprietary fuel card network in New Zealand. We have negotiated card acceptance and settlement terms with approximately 1,200 individual merchants, providing this network with approximately 95% of the fuel sites across New Zealand. |
• | Mastercard network—In the U.S. and Canada, we issue co-branded Mastercard products, which are accepted at over 176,000 fuel sites and 398,000 maintenance locations. These Mastercard products have additional purchasing capabilities which, when enabled, allow the cards to be accepted at approximately 10.9 million locations throughout the U.S. and Canada. |
• | Visa network—In the U.K., we issue products that utilize the Visa payment network, which includes approximately 8,400 fuel sites and approximately 1,700 maintenance locations. These Visa products have additional purchasing capabilities which, when enabled, allow the cards to be accepted throughout the Visa network. |
• | Major oil and fuel marketer networks—The proprietary networks of branded locations owned by our major oil and fuel marketer partners in both North America and internationally are generally utilized to support the proprietary, branded card programs of these partners. |
• | UTA network—UNION TANK Eckstein GmbH & Co. KG (UTA) operates a network of over 61,000 points of acceptance in 40 European countries, including more than 49,000 fueling sites. The UTA network is generally utilized by European transport companies that travel between multiple countries. |
• | DKV network—DKV operates a network of over 100,000 fleet card-accepting locations across more than 42 countries throughout Europe. The DKV network is generally utilized by European transport companies that travel between multiple countries. |
• | Carnet network—A national debit network in Mexico, which includes approximately 12,700 fueling sites across the country. |
• | Good Card network—In Brazil, we issue co-branded Good Card products, which are accepted at over 23,000 fuel sites. |
• | Efectivale network—also our proprietary food card and voucher network in Mexico. We have negotiated acceptance and settlement terms providing the network with over 49,400 food locations, 8,300 fueling sites and 5,900 restaurants. |
• | Carnet network—a national debit network in Mexico, which includes approximately 51,000 food locations and 12,700 fueling sites across the country. |
• | Telesales—We have telesales representatives handling inbound and outbound sales calls. |
• | Digital marketing—We manage numerous marketing websites around the world which tend to fall into two categories: product-specific websites and marketing portals. |
• | Product-specific websites—Our product-specific websites, including fuelman.com, checkinncard.com, allstarcard.co.uk and semparar.com.br, focus on one or more specific products, provide the most in-depth information available online regarding those particular products, allow prospects to apply online (where appropriate) and allow customers to access and manage their accounts online. We manage product-specific websites for our own proprietary programs, as well as white labeled sites for our strategic relationships. |
• | Marketing portals—Our marketing portals, including fleetcardsUSA.com and fuelcards.co.uk, serve as information sources for fleet operators interested in fleet card products. In addition to providing helpful information on fleet management, including maintenance, tax reporting and fuel efficiency, these websites allow fleet operators to research card products, compare the features and benefits of multiple products, and identify the card product which best meets the fleet manager’s needs. |
• | Direct marketing—We market directly to potential customers via mail and email. We test various program offers and promotions, and adopt the most successful features into subsequent direct marketing initiatives. We seek to enhance the sales conversion rates of our direct marketing efforts by coordinating timely follow-up calls by our telesales teams. |
• | Point-of-sale marketing—We provide marketing literature at the point-of-sale within our proprietary networks and those of our partner relationships. Literature may include “take-one” applications, pump-top advertising and in-store advertising. Our point-of-sale marketing leverages the branding and distribution reach of the physical merchant locations. |
• | Implementation and activation—We have dedicated implementation teams that are responsible for establishing the system set-up for each customer account. These teams focus on successful activation and utilization of our new customers and provide training and education on the use of our products and services. Technical support resources are provided to support the accurate and timely set-up of technical integrations between our proprietary processing systems and customer systems (e.g., payroll, enterprise resource planning and point-of-sale). Larger accounts are provided dedicated program managers who are responsible for managing and coordinating customer activities for the duration of the implementation. These program managers are responsible for the successful set-up of accounts to meet stated customer objectives. |
• | Strategic account management—We assign designated account managers who serve as the single point of contact for our large accounts. Our account managers have in-depth knowledge of our programs and our customers’ operations and objectives. Our account managers train customer administrators and support them on the operation and optimal use of our programs, oversee account setup and activation, review online billing and create customized reports. Our account managers also prepare periodic account reviews, provide specific information on trends in their accounts and work together to identify and discuss major issues and emerging needs. |
• | Account retention—We have proprietary, proactive strategies to contact customers who may be at risk of terminating their relationship with us. Through these strategies we seek to address service concerns, enhance product structures and provide customized solutions to address customer issues. |
• | Customer service—Day-to-day servicing representatives are designated for customer accounts. These designated representatives are responsible for the daily service items and issue resolution of customers. These servicing representatives are familiar with the nuanced requirements and specifics of a customer’s program. Service representatives are responsible for customer training, fraud disputes, card orders, card maintenance, billing, etc. |
• | Cardholder support—We provide cardholder support for individuals utilizing our payment products. This support allows cardholders to activate cards, check balances, and resolve issues in a timely and effective fashion. Cardholder support is conducted 24 hours a day, seven days per week in multiple languages utilizing telephony, web and call center technologies to deliver comprehensive and cost effective servicing. We have rigorous operational metrics in place to increase cardholder responsiveness to corporate and customer objectives. |
• | Merchant network services—Our representatives work with merchants such as fuel, toll operators and vehicle maintenance providers to enroll them in one of our proprietary networks, install and test all network and terminal software and hardware and train them on the sale and transaction authorization process. In addition, our representatives provide transaction analysis and site reporting and address settlement issues. |
• | Call center program administration—Off-hour call center support is provided to customers to handle time-sensitive requests and issues outside of normal business hours. |
• | Management tools—We offer a variety of online servicing tools that enable customers to identify and provide authority to program administrators to self-service their accounts. |
• | Credit underwriting and collections—We follow detailed application credit review, account management, and collections procedures for all customers of our payment solutions. We use multiple levers including billing frequency, payment terms, spending limits and security to manage risk in our portfolio. For the years ended December 31, 2019 and 2018, our bad debt expense was $74.3 million and $64.4 million, or 6 bps and 6 bps of billings, respectively. |
• | New account underwriting—We use a combination of quantitative, third-party credit scoring models and judgmental underwriting to screen potential customers and establish appropriate credit terms and spend limits. Our underwriting process provides additional scrutiny for large credit amounts and we utilize tiered credit approval authority among our management. |
• | Prepaid and secured accounts—We also offer products and services on a prepaid or fully-secured basis. Prepaid customer accounts are funded with an initial deposit and subsequently debited for each purchase transacted on the cards issued to the customer. Fully-secured customer accounts are secured with cash deposits, letters of credit and/or insurance bonds. The security is held until such time as the customer either fails to pay the account or closes its account after paying outstanding amounts. Under either approach, our prepaid and fully-secured offerings allow us to market to a broader universe of prospects, including customers who might otherwise not meet our credit standards. |
• | Monitoring and account management—We use fraud detection programs, including both proprietary and third-party solutions, to monitor transactions and prevent misuse of our products. We monitor the credit quality of our portfolio periodically utilizing external credit scores and internal behavior data to identify high risk or deteriorating credit quality accounts. We conduct targeted strategies to minimize exposure to high risk accounts, including reducing spending limits and payment terms or requiring additional security. |
• | Collections—As accounts become delinquent, we may suspend future transactions based on our risk assessment of the account. Our collections strategy includes a combination of internal and outsourced resources which use both manual and dialer-based calling strategies. We use a segmented collection strategy which prioritizes higher risk and higher balance accounts. For severely delinquent, high balance accounts we may pursue legal remedies. |
Name | Age | Position(s) | |||
Ronald F. Clarke | Chief Executive Officer and Chairman of the Board of Directors | ||||
Eric R. Dey | Chief Financial Officer | ||||
John S. Coughlin | |||||
Alexey | Group President— | ||||
Alan King | Group President— | ||||
Armando L. Netto | Group President—Brazil | ||||
Facility | Use | Approximate size | |
Square Feet | |||
Comdata sales, operations and customer support | 135,000 | ||
Louisville, Kentucky | SVS sales, operations and customer support | 66,000 | |
Lexington, Kentucky | CLS operations | 60,100 | |
Peachtree Corners, Georgia | Operations | 57,000 | |
Atlanta, Georgia | Corporate headquarters and operations | ||
Wichita, Kansas | CLC operations and customer support | 38,000 | |
Beaverton, Oregon | NvoicePay sales, operations and customer support | 32,600 | |
Toronto, Canada | Cambridge global headquarters | 27,600 | |
Schaumburg, Illinois | Travelliance sales, operations and customer support | 17,000 | |
Bloomington, Minnesota | Travelliance sales, operations and customer support | 13,300 | |
Phoenix, Arizona | Sales | 13,000 | |
Portland, Oregon | SOLE Financial sales, operations and customer support | 11,100 | |
Covington, Louisiana | Corporate accounting and treasury | 11,000 | |
Salem, Oregon | Pacific Pride sales, operations and customer support | 10,000 | |
Austin, Texas | Comdata operations | ||
New York, New York | Cambridge U.S. headquarters | 5,900 | |
International Segment | |||
Melbourne, Australia | Business Fuel Cards sales | 6,200 | |
Sao Paulo, Brazil | STP, CTF, VB Servicios and DB headquarters, sales, operations and customer support | 100,300 | |
Osasco, Brazil | CTF and VB Servicios operations and STP collections and operations | 21,600 | |
Rio de Janeiro, Brazil | DB Trans and AExpresso headquarters, sales, operations and customer support | 15,300 | |
Prague, Czech Republic | CCS headquarters and Shell Europe (Germany, Austria, Poland, Hungary, Switzerland, Czech Republic and Slovakia, France, Belgium, Netherlands and Luxembourg) operations, credit and collections, customer service, sales and finance | 38,400 | |
Nuremberg, Germany | Shell Europe sales | 6,900 | |
Mexico City, Mexico(1) | |||
Almere, Netherlands | Travelcard headquarters, sales, customer support, operations, credit and collections | 5,600 | |
Auckland, New Zealand | CardLink headquarters, sales, operations and customer support | 7,200 | |
Moscow, Russia | PPR and NKT headquarters, sales, customer support, operations, credit and collections | ||
Swindon, United Kingdom | Allstar and TFC operations, sales and customer support, human resources and finance | 18,300 | |
EPYX headquarters, sales, operations and customer support | |||
(1) | We own |
High | Low | |||||||
2017: | ||||||||
First Quarter | $ | 171.78 | $ | 142.62 | ||||
Second Quarter | 157.36 | 121.52 | ||||||
Third Quarter | 157.40 | 138.43 | ||||||
Fourth Quarter | 194.51 | 153.45 | ||||||
2016: | ||||||||
First Quarter | $ | 150.25 | $ | 107.56 | ||||
Second Quarter | 156.58 | 133.64 | ||||||
Third Quarter | 174.84 | 137.26 | ||||||
Fourth Quarter | 176.42 | 140.75 |
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of the Publicly Announced Plan | Maximum Value that May Yet be Purchased Under the Publicly Announced Plan (in thousands) | ||||||||||
October 1, 2019 through October 31, 2019 | 49 | $ | 297.49 | 9,238,809 | $ | 1,489,074 | ||||||||
November 1, 2019 through November 30, 2019 | 149,848 | $ | 293.43 | 9,388,657 | $ | 1,445,105 | ||||||||
December 1, 2019 through December 31, 2019 | 1,731,000 | $ | 287.51 | 11,119,657 | $ | 947,420 |
Period Ending | FLEETCOR Technologies, Inc. | Russell 2000 | S&P Data Processing and Outsourced Services | |||||||||
12/31/2012 | $ | 100.00 | $ | 100.00 | $ | 100.00 | ||||||
3/31/2013 | $ | 142.91 | $ | 112.03 | $ | 112.20 | ||||||
6/30/2013 | $ | 151.54 | $ | 115.09 | $ | 118.85 | ||||||
9/30/2013 | $ | 205.33 | $ | 126.42 | $ | 130.25 | ||||||
12/31/2013 | $ | 218.40 | $ | 137.00 | $ | 151.76 | ||||||
3/31/2014 | $ | 214.54 | $ | 138.11 | $ | 144.46 | ||||||
6/30/2014 | $ | 245.67 | $ | 140.46 | $ | 144.86 | ||||||
9/30/2014 | $ | 264.90 | $ | 129.71 | $ | 146.72 | ||||||
12/31/2014 | $ | 277.19 | $ | 141.84 | $ | 170.19 | ||||||
3/31/2015 | $ | 281.30 | $ | 147.50 | $ | 173.97 | ||||||
6/30/2015 | $ | 290.89 | $ | 147.64 | $ | 175.73 | ||||||
9/30/2015 | $ | 256.51 | $ | 129.59 | $ | 172.99 | ||||||
12/31/2015 | $ | 266.41 | $ | 133.74 | $ | 188.13 | ||||||
3/30/2016 | $ | 277.26 | $ | 131.16 | $ | 188.59 | ||||||
6/30/2016 | $ | 266.78 | $ | 135.62 | $ | 185.00 | ||||||
9/30/2016 | $ | 323.82 | $ | 147.37 | $ | 199.67 | ||||||
12/31/2016 | $ | 263.78 | $ | 159.78 | $ | 199.15 | ||||||
3/31/2017 | $ | 282.26 | $ | 163.17 | $ | 216.67 | ||||||
6/30/2017 | $ | 268.80 | $ | 166.64 | $ | 232.21 | ||||||
9/30/2017 | $ | 288.48 | $ | 175.53 | $ | 259.13 | ||||||
12/31/2017 | $ | 358.68 | $ | 180.79 | $ | 280.89 |
(in thousands, except per share data) | 2017 | 2016 | 2015 | 2014 | 2013 | 20191 | 20182 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||||
Consolidated statement of income data: | ||||||||||||||||||||||||||||||||||||||||
Revenues, net | $ | 2,249,538 | $ | 1,831,546 | $ | 1,702,865 | $ | 1,199,390 | $ | 895,171 | $ | 2,648,848 | $ | 2,433,492 | $ | 2,249,538 | $ | 1,831,546 | $ | 1,702,865 | ||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||||||
Merchant commissions | 113,133 | 104,345 | 108,257 | 96,254 | 68,143 | — | — | 113,133 | 104,345 | 108,257 | ||||||||||||||||||||||||||||||
Processing | 429,613 | 355,414 | 331,073 | 173,337 | 134,030 | 530,669 | 487,695 | 429,613 | 355,414 | 331,073 | ||||||||||||||||||||||||||||||
Selling | 170,717 | 131,443 | 109,075 | 75,527 | 57,346 | 204,806 | 182,593 | 170,717 | 131,443 | 109,075 | ||||||||||||||||||||||||||||||
General and administrative | 387,694 | 283,625 | 297,715 | 205,963 | 142,283 | 407,210 | 389,172 | 387,694 | 283,625 | 297,715 | ||||||||||||||||||||||||||||||
Depreciation and amortization | 264,560 | 203,256 | 193,453 | 112,361 | 72,737 | 274,210 | 274,609 | 264,560 | 203,256 | 193,453 | ||||||||||||||||||||||||||||||
Other operating, net | 61 | (690 | ) | (4,242 | ) | (29,501 | ) | — | ||||||||||||||||||||||||||||||||
Other operating expense (income), net | 523 | 8,725 | 61 | (690 | ) | (4,242 | ) | |||||||||||||||||||||||||||||||||
Operating income | 883,760 | 754,153 | 667,534 | 565,449 | 420,632 | 1,231,430 | 1,090,698 | 883,760 | 754,153 | 667,534 | ||||||||||||||||||||||||||||||
Investment loss | 53,164 | 36,356 | 57,668 | 8,586 | — | |||||||||||||||||||||||||||||||||||
Other (income) expense, net | (173,436 | ) | 2,982 | 2,523 | (700 | ) | 602 | |||||||||||||||||||||||||||||||||
Investment loss, net | 3,470 | 7,147 | 53,164 | 36,356 | 57,668 | |||||||||||||||||||||||||||||||||||
Other expense (income), net | 93 | (152,166 | ) | (173,436 | ) | 2,982 | 2,523 | |||||||||||||||||||||||||||||||||
Interest expense, net | 107,146 | 71,896 | 71,339 | 28,856 | 16,461 | 150,048 | 138,494 | 107,146 | 71,896 | 71,339 | ||||||||||||||||||||||||||||||
Loss on extinguishment of debt | 3,296 | — | — | 15,764 | — | — | 2,098 | 3,296 | — | — | ||||||||||||||||||||||||||||||
Total other (income) expense | (9,830 | ) | 111,234 | 131,530 | 52,506 | 17,063 | ||||||||||||||||||||||||||||||||||
Total other expense (income) | 153,611 | (4,427 | ) | (9,830 | ) | 111,234 | 131,530 | |||||||||||||||||||||||||||||||||
Income before income taxes | 893,590 | 642,919 | 536,004 | 512,943 | 403,569 | 1,077,819 | 1,095,125 | 893,590 | 642,919 | 536,004 | ||||||||||||||||||||||||||||||
Provision for income taxes | 153,390 | 190,534 | 173,573 | 144,236 | 119,068 | 182,746 | 283,642 | 153,390 | 190,534 | 173,573 | ||||||||||||||||||||||||||||||
Net income | $ | 740,200 | $ | 452,385 | $ | 362,431 | $ | 368,707 | $ | 284,501 | $ | 895,073 | $ | 811,483 | $ | 740,200 | $ | 452,385 | $ | 362,431 | ||||||||||||||||||||
Earnings per share: | ||||||||||||||||||||||||||||||||||||||||
Basic earnings per share | $ | 8.12 | $ | 4.89 | $ | 3.94 | $ | 4.37 | $ | 3.48 | $ | 10.36 | $ | 9.14 | $ | 8.12 | $ | 4.89 | $ | 3.94 | ||||||||||||||||||||
Diluted earnings per share | $ | 7.91 | $ | 4.75 | $ | 3.85 | $ | 4.24 | $ | 3.36 | $ | 9.94 | $ | 8.81 | $ | 7.91 | $ | 4.75 | $ | 3.85 | ||||||||||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||||||||||||||||||||||
Basic shares | 91,129 | 92,597 | 92,023 | 84,317 | 81,793 | 86,401 | 88,750 | 91,129 | 92,597 | 92,023 | ||||||||||||||||||||||||||||||
Diluted shares | 93,594 | 95,213 | 94,139 | 86,982 | 84,655 | 90,070 | 92,151 | 93,594 | 95,213 | 94,139 | ||||||||||||||||||||||||||||||
As of December 31, | As of December 31, | |||||||||||||||||||||||||||||||||||||||
(in thousands) | 2017 | 2016 | 2015 | 2014 | 2013 | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||||
Consolidated balance sheet data: | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 913,595 | $ | 475,018 | $ | 447,152 | $ | 477,069 | $ | 338,105 | $ | 1,271,494 | $ | 1,031,145 | $ | 913,595 | $ | 475,018 | $ | 447,152 | ||||||||||||||||||||
Restricted cash(1) | 217,275 | 168,752 | 167,492 | 135,144 | 48,244 | |||||||||||||||||||||||||||||||||||
Restricted cash3 | 403,743 | 333,748 | 217,275 | 168,752 | 167,492 | |||||||||||||||||||||||||||||||||||
Total assets | 11,318,359 | 9,626,732 | 7,889,806 | 8,524,701 | 3,908,717 | 12,248,541 | 11,202,477 | 11,318,359 | 9,626,732 | 7,889,806 | ||||||||||||||||||||||||||||||
Total debt | 4,518,616 | 3,858,233 | 2,935,000 | 3,593,717 | 1,486,378 | 5,036,785 | 4,819,047 | 4,518,616 | 3,858,233 | 2,935,000 | ||||||||||||||||||||||||||||||
Total stockholders’ equity | 3,676,522 | 3,084,038 | 2,830,047 | 2,618,562 | 1,223,502 | 3,711,616 | 3,340,180 | 3,676,522 | 3,084,038 | 2,830,047 |
1Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. |
2 Reflects the impact of the Company's adoption of Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASC 606") and related cost capitalization guidance, which was adopted by the Company on January 1, 2018 using the modified retrospective transition method. The adoption of ASC 606 resulted in an adjustment to retained earnings in our consolidated balance sheet for the cumulative effect of applying the standard, which included costs incurred to obtain a contract, as well as presentation changes in our statements of income, including the classification of certain amounts previously classified as merchant commissions and processing expense net with revenues. As a result of the application of the modified retrospective transition method, the Company's prior period results within its Form 10-K and quarterly reports on Form 10-Q will not be restated to reflect ASC 606. |
3 Restricted cash represents customer deposits repayable, |
Year ended December 31, | Year ended December 31, | |||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
(in millions) | Revenues, net | % of total revenues, net | Revenues, net | % of total revenues, net | Revenues, net | % of total revenues, net | ||||||||||||||||||||||||||||||
Revenues, net | % of total revenues, net | Revenues, net | % of total revenues, net | |||||||||||||||||||||||||||||||||
North America | $ | 1,429 | 63.5 | % | $ | 1,279 | 69.8 | % | $ | 1,232 | 72.3 | % | $ | 1,709 | 64.5 | % | $ | 1,571 | 64.6 | % | ||||||||||||||||
International | 821 | 36.5 | % | 552 | 30.2 | % | 471 | 27.7 | % | 940 | 35.5 | % | 862 | 35.4 | % | |||||||||||||||||||||
$ | 2,250 | 100.0 | % | $ | 1,832 | 100.0 | % | $ | 1,703 | 100.0 | % | $ | 2,649 | 100.0 | % | $ | 2,433 | 100.0 | % |
Year ended December 31, | Year ended December 31, | ||||||||||||||||||||
(in millions, except per share amounts) | 2017 | 2016 | 2015 | ||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||
Revenues, net | $ | 2,250 | $ | 1,832 | $ | 1,703 | $ | 2,649 | $ | 2,433 | |||||||||||
Net income | $ | 740 | $ | 452 | $ | 362 | $ | 895 | $ | 811 | |||||||||||
Net income per diluted share | $ | 7.91 | $ | 4.75 | $ | 3.85 | $ | 9.94 | $ | 8.81 |
Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2019 | 2018 | |||||||||||||||||
(in millions, except per share amounts) | |||||||||||||||||||||
Adjusted revenues | $ | 2,136 | $ | 1,727 | $ | 1,595 | |||||||||||||||
Adjusted net income | $ | 799 | $ | 659 | $ | 593 | $ | 1,062.1 | $ | 969.8 | |||||||||||
Adjusted net income per diluted share | $ | 8.54 | $ | 6.92 | $ | 6.30 | $ | 11.79 | $ | 10.53 |
i) Cost Plus Mark-up: | ii) Percentage Discount: | iii) Fixed Fee: | ||||||||||||||
Wholesale Cost | $ | 2.86 | Retail Price | $ | 3.00 | Retail Price | $ | 3.00 | ||||||||
Mark-up | 0.05 | Discount (3%) | (0.09 | ) | Fixed Fee | (0.09 | ) | |||||||||
Price Paid to Merchant | $ | 2.91 | Price Paid to Merchant | $ | 2.91 | Price Paid to Merchant | $ | 2.91 |
Year ended December 31, | ||||||||||||
(Unaudited) | 2017 | 2016 | 2015 | |||||||||
Transactions (in millions) | ||||||||||||
North America | 1,842.4 | 1,714.6 | 1,667.5 | |||||||||
International | 1,114.5 | 507.8 | 183.9 | |||||||||
Total transactions | 2,956.9 | 2,222.4 | 1,851.4 | |||||||||
Revenue per transaction | ||||||||||||
North America | $ | 0.78 | $ | 0.75 | $ | 0.74 | ||||||
International | $ | 0.74 | $ | 1.09 | $ | 2.56 | ||||||
Consolidated revenue per transaction | $ | 0.76 | $ | 0.82 | $ | 0.92 | ||||||
Consolidated adjusted revenue per transaction | $ | 0.72 | $ | 0.78 | $ | 0.86 |
As Reported | Pro Forma and Macro Adjusted2 | ||||||||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||||||||
(Unaudited) | 2017 | 2016 | Change | % Change | 20173 | 20164 | Change | % Change | |||||||||||||||||||||||
Fuel Cards6 | |||||||||||||||||||||||||||||||
Transactions5 | 466 | 434 | 32 | 7 | % | 466 | 444 | 23 | 5 | % | |||||||||||||||||||||
Revenues, net per transaction | $ | 2.35 | $ | 2.30 | $ | 0.05 | 2 | % | $ | 2.29 | $ | 2.25 | $ | 0.04 | 2 | % | |||||||||||||||
Revenues, net5 | $ | 1,096 | $ | 997 | $ | 99 | 10 | % | $ | 1,066 | $ | 998 | $ | 68 | 7 | % | |||||||||||||||
Corporate Payments | |||||||||||||||||||||||||||||||
Transactions | 42 | 39 | 3 | 7 | % | 42 | 39 | 3 | 6 | % | |||||||||||||||||||||
Revenues, net per transaction | $ | 6.30 | $ | 4.64 | $ | 1.66 | 36 | % | $ | 6.26 | $ | 5.80 | $ | 0.46 | 8 | % | |||||||||||||||
Revenues, net | $ | 262 | $ | 180 | $ | 82 | 46 | % | $ | 260 | $ | 226 | $ | 34 | 15 | % | |||||||||||||||
Tolls | |||||||||||||||||||||||||||||||
Transactions | 916 | 327 | 589 | 180 | % | 916 | 894 | 22 | 2 | % | |||||||||||||||||||||
Revenues, net per transaction | $ | 0.36 | $ | 0.31 | $ | 0.04 | 13 | % | $ | 0.33 | $ | 0.29 | $ | 0.04 | 14 | % | |||||||||||||||
Revenues, net | $ | 327 | $ | 103 | $ | 224 | 218 | % | $ | 302 | $ | 257 | $ | 45 | 18 | % | |||||||||||||||
Lodging | |||||||||||||||||||||||||||||||
Transactions | 17 | 13 | 4 | 30 | % | 17 | 14 | 3 | 22 | % | |||||||||||||||||||||
Revenues, net per transaction | $ | 7.45 | $ | 7.58 | $ | (0.13 | ) | (2 | )% | $ | 7.45 | $ | 7.68 | (0.23 | ) | (3 | )% | ||||||||||||||
Revenues, net | $ | 127 | $ | 101 | $ | 26 | 26 | % | $ | 127 | 105 | $ | 22 | 21 | % | ||||||||||||||||
Gift | |||||||||||||||||||||||||||||||
Transactions | 1,439 | 1,327 | 111 | 8 | % | 1,439 | 1,327 | 111 | 8 | % | |||||||||||||||||||||
Revenues, net per transaction | $ | 0.13 | $0.14 | $0.00 | (3 | )% | $ | 0.13 | $ | 0.14 | $ | (0.01 | ) | (7 | )% | ||||||||||||||||
Revenues, net | $ | 194 | $185 | $9 | 5 | % | $ | 194 | $ | 185 | $ | 9 | 5 | % | |||||||||||||||||
Other1 | |||||||||||||||||||||||||||||||
Transactions5 | 77 | 82 | (5 | ) | (6 | )% | 77 | 82 | (4 | ) | (5 | )% | |||||||||||||||||||
Revenues, net per transaction | $ | 3.15 | $ | 3.23 | $ | (0.08 | ) | (2 | )% | $ | 3.14 | $ | 2.99 | $ | 0.15 | 5 | % | ||||||||||||||
Revenues, net5 | $ | 244 | $ | 266 | $ | (23 | ) | (8 | )% | $ | 243 | $ | 244 | $ | (1 | ) | — | % | |||||||||||||
FLEETCOR CONSOLIDATED REVENUES | |||||||||||||||||||||||||||||||
‑Transactions5 | 2,957 | 2,222 | 735 | 33 | % | 2,957 | 2,799 | 158 | 6 | % | |||||||||||||||||||||
‑Revenues, net per transaction | $ | 0.76 | $ | 0.82 | $ | (0.06 | ) | (7 | )% | $ | 0.74 | $ | 0.73 | $ | 0.02 | 2 | % | ||||||||||||||
‑ Revenues, net | $ | 2,250 | $ | 1,832 | $ | 418 | 23 | % | $ | 2,193 | $ | 2,015 | $ | 178 | 9 | % |
As Reported | Pro Forma and Macro Adjusted | |||||||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||
2019 | 2018 | Change | % Change | 2019 | 2018 | Change | % Change | |||||||||||||||||||||||
FUEL | ||||||||||||||||||||||||||||||
'- Revenues, net1 | $ | 1,173 | $ | 1,126 | $ | 47 | 4 | % | $ | 1,180 | $ | 1,079 | $ | 100 | 9 | % | ||||||||||||||
'- Transactions1 | 502 | 512 | (10 | ) | (2 | )% | 499 | 494 | 6 | 1 | % | |||||||||||||||||||
'- Revenues, net per transaction | $ | 2.33 | $ | 2.19 | $ | 0.14 | 6 | % | $ | 2.36 | $ | 2.19 | $ | 0.17 | 8 | % | ||||||||||||||
CORPORATE PAYMENTS | ||||||||||||||||||||||||||||||
'- Revenues, net | $ | 516 | $ | 416 | $ | 100 | 24 | % | $ | 521 | $ | 433 | $ | 88 | 20 | % | ||||||||||||||
'- Transactions | 56 | 49 | 6 | 13 | % | 56 | 50 | 6 | 12 | % | ||||||||||||||||||||
'- Revenues, net per transaction | $ | 9.25 | $ | 8.42 | $ | 0.83 | 10 | % | $ | 9.33 | $ | 8.68 | $ | 0.65 | 7 | % | ||||||||||||||
'- Spend volume | $ | 73,437 | $ | 55,744 | $ | 17,693 | 32 | % | $ | 74,366 | $ | 56,736 | $ | 17,630 | 31 | % | ||||||||||||||
'- Revenues, net per spend $ | 1 | % | 1 | % | — | % | — | % | 1 | % | 1 | % | (0.1 | )% | (8 | )% | ||||||||||||||
TOLLS | ||||||||||||||||||||||||||||||
'- Revenues, net1 | $ | 357 | $ | 333 | $ | 25 | 7 | % | $ | 387 | $ | 333 | $ | 55 | 16 | % | ||||||||||||||
- Tags (average monthly) | 5.1 | 4.7 | 0.4 | 8 | % | 5.1 | 4.7 | 0.4 | 8 | % | ||||||||||||||||||||
'- Revenues, net per tag** | $ | 17.55 | $ | 17.59 | $ | (0.04 | ) | — | % | $ | 19.04 | $ | 17.59 | $ | 1.45 | 8 | % | |||||||||||||
LODGING | ||||||||||||||||||||||||||||||
'- Revenues, net | $ | 213 | $ | 176 | $ | 37 | 21 | % | $ | 213 | $ | 189 | $ | 24 | 13 | % | ||||||||||||||
'- Room nights | 19 | 19 | — | — | % | 19 | 21 | (2 | ) | (11 | )% | |||||||||||||||||||
'- Revenues, net per room night | $ | 11.15 | $ | 9.14 | $ | 2.01 | 22 | % | $ | 11.15 | $ | 8.80 | $ | 2.35 | 27 | % | ||||||||||||||
GIFT | ||||||||||||||||||||||||||||||
'- Revenues, net | $ | 180 | $ | 187 | $ | (6 | ) | (3 | )% | $ | 180 | $ | 193 | $ | (13 | ) | (7 | )% | ||||||||||||
'- Transactions | 1,274 | 1,384 | (110 | ) | (8 | )% | 1,274 | 1,385 | (111 | ) | (8 | )% | ||||||||||||||||||
'- Revenues, net per transaction | $ | 0.14 | $ | 0.13 | $ | 0.01 | 7 | % | $ | 0.14 | $ | 0.14 | $ | — | — | % | ||||||||||||||
OTHER2 | ||||||||||||||||||||||||||||||
'- Revenues, net1 | $ | 210 | $ | 197 | $ | 12 | 6 | % | $ | 219 | $ | 201 | $ | 19 | 9 | % | ||||||||||||||
'- Transactions1 | 56 | 50 | 6 | 13 | % | 56 | 55 | 1 | 2 | % | ||||||||||||||||||||
'- Revenues, net per transaction | $ | 3.75 | $ | 3.99 | $ | (0.24 | ) | (6 | )% | $ | 3.92 | $ | 3.66 | $ | 0.26 | 7 | % | |||||||||||||
FLEETCOR CONSOLIDATED REVENUES | ||||||||||||||||||||||||||||||
'- Revenues, net | $ | 2,649 | $ | 2,434 | $ | 215 | 9 | % | $ | 2,700 | $ | 2,428 | $ | 272 | 11 | % |
1 Reflects certain reclassifications of revenue in 2018 between product categories as the Company realigned its Brazil business into product lines, resulting in refinement of revenue classified as fuel versus tolls and the eCash/OnRoad product being fuel versus other. |
2 Other includes telematics, maintenance, food, and transportation related businesses. |
*Columns may not calculate due to rounding. |
• | Merchant commissions—In certain of our card programs, we incur merchant commissions expense when we pay merchants with whom we have direct, contractual relationships for specific transactions where a customer purchases products or services from the merchant. In the card programs where it is paid, merchant commissions equal the |
• | Processing—Our processing expense consists of expenses related to processing transactions, servicing our customers and merchants, bad debt expense and cost of goods sold related to our hardware sales in certain businesses. Effective with the adoption of ASC 606 on January 1, 2018, certain third party processing expenses are netted with consolidated revenues, where the network is considered to be our customer. |
• | Selling—Our selling expenses consist primarily of wages, benefits, sales commissions (other than merchant commissions) and related expenses for our sales, marketing and account management personnel and activities. |
• | General and administrative—Our general and administrative expenses include compensation and related expenses (including stock-based compensation) for our executives, finance and accounting, information technology, human resources, legal and other administrative personnel. Also included are facilities expenses, third-party professional services fees, travel and entertainment expenses, and other corporate-level expenses. |
• | Depreciation and amortization—Our depreciation expenses include depreciation of property and equipment, consisting of computer hardware and software (including proprietary software development amortization expense), card-reading equipment, furniture, fixtures, vehicles and buildings and leasehold improvements related to office space. Our amortization expenses include amortization of intangible assets related to customer and vendor relationships, trade names and trademarks, software and non-compete agreements. We are amortizing intangible assets related to business acquisitions and certain private label contracts associated with the purchase of accounts receivable. |
• | Other operating expense, net—Our other operating, net includes other operating expenses and income items that do not relate to our core operations or that occur infrequently. |
• | Investment loss, net—Our investment results primarily relate to impairment charges related to our investments and unrealized gains and losses related to a minority investment in a marketable security. |
• | Other expense (income), net—Our other expense (income), net includes proceeds/costs from the sale of assets, foreign currency transaction gains or losses and other miscellaneous operating costs and revenue. |
• | Interest expense, net—Our interest expense, net includes interest expense on our outstanding debt, interest income on our cash balances and interest on our interest rate swaps. |
• | Provision for income taxes—Our provision for income taxes consists primarily of corporate income taxes related to profits resulting from the sale of our products and services on a global basis. |
• | Global economic conditions—Our results of operations are materially affected by conditions in the economy generally, both in North America and internationally. Factors affected by the economy include our transaction volumes, the credit risk of our customers and changes in tax laws across the globe. These factors affected our businesses in both our North America and International segments. |
• | Foreign currency changes—Our results of operations are significantly impacted by changes in foreign currency rates; namely, by movements of the Australian dollar, Brazilian real, British pound, Canadian dollar, Czech koruna, Euro, Mexican peso, New Zealand dollar and Russian ruble, relative to the U.S. dollar. Approximately 60%, and 61% of our revenue in 2019 and 2018, respectively, was derived in U.S. dollars and was not affected by foreign currency exchange rates. See “Results of Operations” for information related to foreign currency impact on our total revenue, net. |
• | Fuel prices—Our fleet customers use our products and services primarily in connection with the purchase of fuel. Accordingly, our revenue is affected by fuel prices, which are subject to significant volatility. A change in retail fuel prices could cause a decrease or increase in our revenue from several sources, including fees paid to us based on a percentage of each customer’s total purchase. Changes in the absolute price of fuel may also impact unpaid account balances and the late fees and charges based on these amounts. We believe approximately 13% and 14% of revenues, net were directly impacted by changes in fuel price in 2019 and 2018, respectively. |
• | Fuel-price spread volatility—A portion of our revenue involves transactions where we derive revenue from fuel-price spreads, which is the difference between the price charged to a fleet customer for a transaction and the price paid to the merchant for the same transaction. In these transactions, the price paid to the merchant is based on the wholesale cost of fuel. The merchant’s wholesale cost of fuel is dependent on several factors including, among others, the factors described above affecting fuel prices. The fuel price that we charge to our customer is dependent on several factors including, among others, the fuel price paid to the merchant, posted retail fuel prices and competitive fuel prices. We experience fuel-price spread contraction when the merchant’s wholesale cost of fuel increases at a faster rate than the fuel price we charge to our customers, or the fuel price we charge to our customers decreases at a faster rate than the merchant’s wholesale cost of fuel. The inverse of these situations produces fuel-price spread expansion. We believe approximately 5% of revenues, net were directly impacted by fuel-price spreads in each of 2019 and 2018, respectively. |
• | Acquisitions—Since 2002, we have completed over 80 acquisitions of companies and commercial account portfolios. Acquisitions have been an important part of our growth strategy, and it is our intention to continue to seek opportunities to increase our customer base and diversify our service offering through further strategic acquisitions. The impact of acquisitions has, and may continue to have, a significant impact on our results of operations and may make it difficult to compare our results between periods. |
• | Interest rates—Our results of operations are affected by interest rates. We are exposed to market risk to changes in interest rates on our cash investments and debt. On January 22, 2019, we entered into three interest rate swap cash flow contracts (the "swap contracts"). The objective of these swap contracts is to reduce the variability of cash flows in the previously unhedged interest payments associated with $2.0 billion of variable rate debt, the sole source of which is due to changes in the LIBOR benchmark interest rate. For each of these swap contracts, we will pay a fixed monthly rate and receive one month LIBOR. |
• | Expenses— Over the long term, we expect that our general and administrative expense will decrease as a percentage of revenue as our revenue increases. To support our expected revenue growth, we plan to continue to incur additional sales and marketing expense by investing in our direct marketing, third-party agents, internet marketing, telemarketing and field sales force. |
• | Taxes— We pay taxes in various taxing jurisdictions, including the U.S., most U.S. states and many non-U.S. jurisdictions. The tax rates in certain non-U.S. taxing jurisdictions are different than the U.S. tax rate. Consequently, as our earnings fluctuate between taxing jurisdictions, our effective tax rate fluctuates. |
Year ended December 31, 2017 | % of total revenue | Year ended December 31, 2016 | % of total revenue | Increase (decrease) | % Change | ||||||||||||||||
Revenues, net: | |||||||||||||||||||||
North America | $ | 1,428.7 | 63.5 | % | $ | 1,279.1 | 69.8 | % | $ | 149.6 | 11.7 | % | |||||||||
International | 820.8 | 36.5 | % | 552.4 | 30.2 | % | 268.4 | 48.6 | % | ||||||||||||
Total revenues, net | 2,249.5 | 100.0 | % | 1,831.5 | 100.0 | % | 418.0 | 22.8 | % | ||||||||||||
Consolidated operating expenses: | |||||||||||||||||||||
Merchant commissions | 113.1 | 5.0 | % | 104.3 | 5.7 | % | 8.8 | 8.4 | % | ||||||||||||
Processing | 429.6 | 19.1 | % | 355.4 | 19.4 | % | 74.2 | 20.9 | % | ||||||||||||
Selling | 170.7 | 7.6 | % | 131.4 | 7.2 | % | 39.3 | 29.9 | % | ||||||||||||
General and administrative | 387.7 | 17.2 | % | 283.6 | 15.5 | % | 104.1 | 36.7 | % | ||||||||||||
Depreciation and amortization | 264.6 | 11.8 | % | 203.3 | 11.1 | % | 61.3 | 30.2 | % | ||||||||||||
Other operating, net | 0.1 | — | % | (0.7 | ) | — | % | (0.8 | ) | (108.8 | )% | ||||||||||
Operating income | 883.8 | 39.3 | % | 754.2 | 41.2 | % | 129.6 | 17.2 | % | ||||||||||||
Investment loss | 53.2 | 2.4 | % | 36.4 | 2.0 | % | 16.8 | 46.2 | % | ||||||||||||
Other (income) expense, net | (173.4 | ) | (7.7 | )% | 3.0 | 0.2 | % | (176.4 | ) | NM | |||||||||||
Interest expense, net | 107.1 | 4.8 | % | 71.9 | 3.9 | % | 35.3 | 49.0 | % | ||||||||||||
Loss on extinguishment of debt | 3.3 | 0.1 | % | — | — | % | 3.3 | — | % | ||||||||||||
Provision for income taxes | 153.4 | 6.8 | % | 190.5 | 10.4 | % | (37.1 | ) | (19.5 | )% | |||||||||||
Net income | $ | 740.2 | 32.9 | % | $ | 452.4 | 24.7 | % | $ | 287.8 | 63.6 | % | |||||||||
Operating income for segments: | |||||||||||||||||||||
North America | $ | 541.6 | $ | 506.4 | $ | 35.2 | 6.9 | % | |||||||||||||
International | 342.2 | 247.7 | 94.4 | 38.1 | % | ||||||||||||||||
Operating income | $ | 883.8 | $ | 754.2 | $ | 129.6 | 17.2 | % | |||||||||||||
Operating margin for segments: | |||||||||||||||||||||
North America | 37.9 | % | 39.6 | % | (1.7 | )% | |||||||||||||||
International | 41.7 | % | 44.8 | % | (3.2 | )% | |||||||||||||||
Total | 39.3 | % | 41.2 | % | (1.9 | )% |
Year ended December 31, 2019 | % of total revenue | Year ended December 31, 20181 | % of total revenue | Increase (decrease) | % Change | ||||||||||||||||
Revenues, net: | |||||||||||||||||||||
North America | $ | 1,708.5 | 64.5 | % | $ | 1,571.5 | 64.6 | % | $ | 137.1 | 8.7 | % | |||||||||
International | 940.3 | 35.5 | % | 862.0 | 35.4 | % | 78.3 | 9.1 | % | ||||||||||||
Total revenues, net | 2,648.8 | 100.0 | % | 2,433.5 | 100.0 | % | 215.4 | 8.8 | % | ||||||||||||
Consolidated operating expenses: | |||||||||||||||||||||
Processing | 530.7 | 20.0 | % | 487.7 | 20.0 | % | 43.0 | 8.8 | % | ||||||||||||
Selling | 204.8 | 7.7 | % | 182.6 | 7.5 | % | 22.2 | 12.2 | % | ||||||||||||
General and administrative | 407.2 | 15.4 | % | 389.2 | 16.0 | % | 18.0 | 4.6 | % | ||||||||||||
Depreciation and amortization | 274.2 | 10.4 | % | 274.6 | 11.3 | % | (0.4 | ) | (0.1 | )% | |||||||||||
Other operating expense, net | 0.5 | — | % | 8.7 | (0.4 | )% | (8.2 | ) | (94.0 | )% | |||||||||||
Operating income | 1,231.4 | 46.5 | % | 1,090.7 | 44.8 | % | 140.7 | 12.9 | % | ||||||||||||
Investment loss, net | 3.5 | 0.1 | % | 7.1 | 0.3 | % | (3.7 | ) | (51.4 | )% | |||||||||||
Other expense (income), net | 0.1 | — | % | (152.2 | ) | (6.3 | )% | (152.3 | ) | (100.1 | )% | ||||||||||
Interest expense, net | 150.0 | 5.7 | % | 138.5 | 5.7 | % | 11.6 | 8.3 | % | ||||||||||||
Loss on extinguishment of debt | — | — | % | 2.1 | 0.1 | % | (2.1 | ) | (100.0 | )% | |||||||||||
Provision for income taxes | 182.7 | 6.9 | % | 283.6 | 11.7 | % | (100.9 | ) | (35.6 | )% | |||||||||||
Net income | $ | 895.1 | 33.8 | % | $ | 811.5 | 33.3 | % | $ | 83.6 | 10.3 | % | |||||||||
Operating income for segments: | |||||||||||||||||||||
North America | $ | 755.9 | $ | 673.9 | $ | 82.0 | 12.2 | % | |||||||||||||
International | 475.6 | 416.8 | 58.7 | 14.1 | % | ||||||||||||||||
Operating income | $ | 1,231.4 | $ | 1,090.7 | $ | 140.7 | 12.9 | % | |||||||||||||
Operating margin for segments: | |||||||||||||||||||||
North America | 44.2 | % | 42.9 | % | 1.4 | % | |||||||||||||||
International | 50.6 | % | 48.4 | % | 2.2 | % | |||||||||||||||
Total | 46.5 | % | 44.8 | % | 1.7 | % |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||
(Unaudited) | 2017 | 2016 | 2019 | 2018 | ||||||||||||||||||||||||||
Revenue by Geography* | Revenues, net | % of total revenues, net | Revenues, net | % of total revenues, net | Revenues, net | % of total revenues, net | Revenues, net | % of total revenues, net | ||||||||||||||||||||||
United States | $ | 1,401 | 62 | % | $ | 1,279 | 70 | % | $ | 1,595 | 60 | % | $ | 1,482 | 61 | % | ||||||||||||||
Brazil | 428 | 16 | % | 400 | 18 | % | ||||||||||||||||||||||||
United Kingdom | 237 | 11 | 229 | 13 | 275 | 10 | % | 258 | 11 | % | ||||||||||||||||||||
Brazil | 395 | 18 | 168 | 9 | ||||||||||||||||||||||||||
Other | 218 | 10 | 156 | 8 | 350 | 13 | % | 294 | 12 | % | ||||||||||||||||||||
Consolidated revenues, net | $ | 2,250 | 100 | % | $ | 1,832 | 100 | % | $ | 2,649 | 100 | % | $ | 2,433 | 100 | % |
Year Ended December 31, | |||||||||||||||
(Unaudited) | 2019 | 2018 | |||||||||||||
Revenue, net by Product Category*1 | Revenues, net | % of total revenues, net | Revenues, net | % of total revenues, net | |||||||||||
Fuel | $ | 1,173 | 44 | % | $ | 1,126 | 46 | % | |||||||
Corporate Payments | 516 | 19 | % | 416 | 17 | % | |||||||||
Tolls | 357 | 13 | % | 333 | 14 | % | |||||||||
Lodging | 213 | 8 | % | 176 | 7 | % | |||||||||
Gift | 180 | 7 | % | 187 | 8 | % | |||||||||
Other | 210 | 8 | % | 197 | 8 | % | |||||||||
Consolidated revenues, net | $ | 2,649 | 100 | % | $ | 2,433 | 100 | % |
Year Ended December 31, | |||||||||||||||
(Unaudited) | 2017 | 2016 | |||||||||||||
Revenue by Product Category* | Revenues, net | % of total revenues, net | Revenues, net | % of total revenues, net | |||||||||||
Fuel cards1 | $ | 1,096 | 49 | % | $ | 997 | 54 | % | |||||||
Corporate payments | 262 | 12 | 180 | 10 | |||||||||||
Tolls | 327 | 15 | 103 | 6 | |||||||||||
Lodging | 127 | 6 | 101 | 5 | |||||||||||
Gift | 194 | 9 | 185 | 10 | |||||||||||
Other1 | 244 | 11 | 266 | 15 | |||||||||||
Consolidated revenues, net | $ | 2,250 | 100.0 | % | $ | 1,832 | 100 | % |
Year Ended December 31,8 | |||||||||||||||
(Unaudited) | 2017 | 2016 | |||||||||||||
Major Sources of Revenue* | Revenues, net | % of total revenues, net | Revenues, net | % of total revenues, net | |||||||||||
Customer | |||||||||||||||
Processing and program revenue1 | $ | 1,093 | 49 | % | $ | 809 | 44 | % | |||||||
Late fees and finance charges2 | 141 | 6 | 118 | 6 | |||||||||||
Miscellaneous fees3 | 129 | 6 | 129 | 7 | |||||||||||
1,363 | 61 | 1,057 | 58 | ||||||||||||
Merchant | |||||||||||||||
Discount revenue (Fuel)4 | 303 | 13 | 260 | 14 | |||||||||||
Discount revenue (Nonfuel)5 | 175 | 8 | 157 | 9 | |||||||||||
Tied to fuel-price spreads6 | 220 | 10 | 194 | 11 | |||||||||||
Program revenue7 | 189 | 8 | 164 | 9 | |||||||||||
Consolidated revenues, net | $ | 2,250 | 100 | % | $ | 1,832 | 100 | % |
1 Reflects certain reclassifications in 2018 between product categories as the Company realigned its Brazil business into product lines, resulting in refinement of revenue classified as fuel versus tolls and the eCash/OnRoad product being fuel versus other. |
(Unaudited) | 2017 | 2016 | 2019 | 2018 | ||||||||
Term loan A | 2.79 | % | 2.05 | % | 3.70 | % | 3.52 | % | ||||
Term loan B | 3.28 | % | 3.75 | % | 4.23 | % | 3.98 | % | ||||
Domestic Revolver A | 2.88 | % | 2.07 | % | 3.96 | % | 3.51 | % | ||||
Foreign Revolver B | 2.05 | % | 1.84 | % | ||||||||
Foreign Revolver B swing line | 2.01 | % | 1.84 | % | ||||||||
Revolver B GBP Borrowings | 2.18 | % | 2.61 | % | ||||||||
Revolving C | — | % | 4.00 | % | ||||||||
Foreign swing line | 2.13 | % | 2.11 | % |
Year ended December 31, 2016 | % of total revenue | Year ended December 31, 2015 | % of total revenue | Increase (decrease) | % Change | ||||||||||||||||
North America | $ | 1,279.1 | 69.8 | % | $ | 1,232.0 | 72.3 | % | $ | 47.1 | 3.8 | % | |||||||||
International | 552.4 | 30.2 | % | 470.9 | 27.7 | % | 81.5 | 17.3 | % | ||||||||||||
Total revenues, net | 1,831.5 | 100.0 | % | 1,702.9 | 100.0 | % | 128.7 | 7.6 | % | ||||||||||||
Consolidated operating expenses: | |||||||||||||||||||||
Merchant commissions | 104.3 | 5.7 | % | 108.3 | 6.4 | % | (3.9 | ) | (3.6 | )% | |||||||||||
Processing | 355.4 | 19.4 | % | 331.1 | 19.4 | % | 24.3 | 7.4 | % | ||||||||||||
Selling | 131.4 | 7.2 | % | 109.1 | 6.4 | % | 22.4 | 20.5 | % | ||||||||||||
General and administrative | 283.6 | 15.5 | % | 297.7 | 17.5 | % | (14.1 | ) | (4.7 | )% | |||||||||||
Depreciation and amortization | 203.3 | 11.1 | % | 193.5 | 11.4 | % | 9.8 | 5.1 | % | ||||||||||||
Other operating, net | (0.7 | ) | — | % | (4.2 | ) | 0.2 | % | (3.6 | ) | (83.7 | )% | |||||||||
Operating income | 754.2 | 41.2 | % | 667.5 | 39.2 | % | 86.6 | 13.0 | % | ||||||||||||
Investment loss | 36.4 | 2.0 | % | 57.7 | 3.4 | % | (21.3 | ) | (37.0 | )% | |||||||||||
Other expense, net | 3.0 | 0.2 | % | 2.5 | 0.1 | % | 0.5 | 18.2 | % | ||||||||||||
Interest expense, net | 71.9 | 3.9 | % | 71.3 | 4.2 | % | 0.6 | 0.8 | % | ||||||||||||
Provision for income taxes | 190.5 | 10.4 | % | 173.6 | 10.2 | % | 17.0 | 9.8 | % | ||||||||||||
Net income | $ | 452.4 | 24.7 | % | $ | 362.4 | 21.3 | % | $ | 90.0 | 24.8 | % | |||||||||
Operating income for segments: | |||||||||||||||||||||
North America | $ | 506.4 | $ | 442.0 | $ | 64.4 | 14.6 | % | |||||||||||||
International | 247.7 | 225.5 | 22.3 | 9.9 | % | ||||||||||||||||
Operating income | $ | 754.2 | $ | 667.5 | $ | 86.6 | 13.0 | % | |||||||||||||
Operating margin for segments: | |||||||||||||||||||||
North America | 39.6 | % | 35.9 | % | 3.7 | % | |||||||||||||||
International | 44.8 | % | 47.9 | % | (3.0 | )% | |||||||||||||||
Total | 41.2 | % | 39.2 | % | 2.0 | % |
Year Ended December 31, | ||||||||||||||
(Unaudited) | 2016 | 2015 | ||||||||||||
Revenue by Geography* | Revenues, net | % of total revenues, net | Revenues, net | % of total revenues, net | ||||||||||
United States | $ | 1,279 | 70 | % | $ | 1,232 | 72 | % | ||||||
United Kingdom | 229 | 13 | 248 | 15 | % | |||||||||
Brazil | 168 | 9 | 85 | 5 | % | |||||||||
Other | 156 | 8 | 138 | 8 | % | |||||||||
Consolidated revenues, net | $ | 1,832 | 100 | % | $ | 1,703 | 100 | % |
Year Ended December 31, | ||||||||||||||
(Unaudited) | 2016 | 2015 | ||||||||||||
Revenue by Product Category* | Revenues, net | % of total revenues, net | Revenues, net | % of total revenues, net | ||||||||||
Fuel cards1 | $ | 997 | 54 | % | $ | 992 | 58 | % | ||||||
Corporate payments | 180 | 10 | 162 | 10 | % | |||||||||
Tolls | 103 | 6 | 9 | 1 | % | |||||||||
Lodging | 101 | 5 | 92 | 5 | % | |||||||||
Gift | 185 | 10 | 170 | 10 | % | |||||||||
Other1 | 266 | 15 | 278 | 16 | % | |||||||||
Consolidated revenues, net | $ | 1,832 | 100 | % | $ | 1,703 | 100 | % |
(Unaudited) | 2016 | 2015 | ||||
Term loan A | 2.05 | % | 1.94 | % | ||
Term loan B | 3.75 | % | 3.75 | % | ||
Domestic Revolver A | 2.07 | % | 1.95 | % | ||
Foreign Revolver B | 1.84 | % | 2.36 | % | ||
Foreign Revolver B swing line | 1.84 | % | 2.29 | % |
Year ended December 31, | Year ended December 31, | ||||||||||||||||||||
(in millions) | 2017 | 2016 | 2015 | 2019 | 2018 | ||||||||||||||||
Net cash provided by operating activities | $ | 675.7 | $ | 705.9 | $ | 754.6 | $ | 1,162.1 | $ | 903.4 | |||||||||||
Net cash used in investing activities | (497.8 | ) | (1,389.6 | ) | (99.4 | ) | (523.7 | ) | (26.3 | ) | |||||||||||
Net cash provided by (used in) financing activities | 251.9 | 754.0 | (648.1 | ) | |||||||||||||||||
Net cash used in financing activities | (310.2 | ) | (577.8 | ) |
a. | The costs relate directly to a contract or to an anticipated contract that we can specifically identify. |
b. | The costs generate or enhance resources of ours that will be used in satisfying (or in continuing to satisfy) performance obligations in the future. |
c. | The costs are expected to be recovered. |
Payments due by period(a) | Payments due by period(a) | |||||||||||||||||||||||||||||||||||||||
(in millions) | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | ||||||||||||||||||||||||||||||
Credit Facility | $ | 3,663.9 | $ | 805.5 | $ | 271.0 | $ | 2,256.2 | $ | 331.2 | $ | 4,023.8 | $ | 764.4 | $ | 324.2 | $ | 2,935.2 | $ | — | ||||||||||||||||||||
Securitization Facility | 811.0 | 811.0 | — | — | — | 971.0 | 971.0 | — | — | — | ||||||||||||||||||||||||||||||
Estimated interest payments- Credit Facility(b) | 534.1 | 119.5 | 330.8 | 77.0 | 6.8 | |||||||||||||||||||||||||||||||||||
Estimated interest payments - Credit Facility (b) | 448.0 | 118.6 | 221.1 | 108.3 | — | |||||||||||||||||||||||||||||||||||
Estimated interest payments- Securitization Facility(b) | 57.0 | 19.5 | 37.5 | — | — | 22.8 | 22.8 | — | — | — | ||||||||||||||||||||||||||||||
Operating leases | 92.0 | 19.3 | 26.5 | 20.9 | 25.3 | 117.3 | 19.8 | 32.3 | 26.2 | 39.0 | ||||||||||||||||||||||||||||||
Deferred purchase price | 29.3 | 3.6 | 25.7 | — | — | 2.7 | 2.2 | 0.5 | — | — | ||||||||||||||||||||||||||||||
Other(c) | 18.1 | — | 13.5 | 1.4 | 3.2 | |||||||||||||||||||||||||||||||||||
Estimated interest payments - Swaps (c) | 42.3 | 15.1 | 23.3 | 3.9 | — | |||||||||||||||||||||||||||||||||||
Other(d) | 41.5 | 11.5 | 30.0 | — | — | |||||||||||||||||||||||||||||||||||
Total | $ | 5,205.4 | $ | 1,778.5 | $ | 704.9 | $ | 2,355.4 | $ | 366.6 | $ | 5,669.4 | $ | 1,925.4 | $ | 631.4 | $ | 3,073.6 | $ | 39.0 |
(a) | Deferred income tax liabilities as of December 31, |
(b) | We draw upon and pay down on the revolver within our Credit Agreement and our Securitization Facility borrowings outside of a normal schedule, as excess cash is available. For our variable rate debt, we have assumed the December 31, |
(c) | For our interest rate swap cash flow contracts (the "swap contracts"), we have used the fixed interest rate on each swap less the one month LIBOR rate in effect on our term loans at December 31, 2019, to calculate the estimated interest payments, for all years presented. |
(d) | The long-term portion of contingent consideration agreements and |
Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Revenues, net | $ | 2,250 | $ | 1,832 | $ | 1,703 | ||||||
Merchant commissions | 113 | 104 | 108 | |||||||||
Total adjusted revenues | $ | 2,136 | $ | 1,727 | $ | 1,595 |
Revenue | Key Performance Indicators | |||||||||||||
Year Ended December 31,* | Year Ended December 31,* | |||||||||||||
(Unaudited) | 2019 | 2018 | 2019 | 2018 | ||||||||||
FUEL - TRANSACTIONS | ||||||||||||||
Pro forma and macro adjusted | $ | 1,180 | $ | 1,079 | 499 | 494 | ||||||||
Impact of acquisitions/dispositions | 11 | 46 | 3 | 18 | ||||||||||
Impact of fuel prices/spread | 2 | — | — | — | ||||||||||
Impact of foreign exchange rates | (19 | ) | — | — | — | |||||||||
As reported | $ | 1,173 | $ | 1,126 | 502 | 512 | ||||||||
CORPORATE PAYMENTS - TRANSACTIONS | ||||||||||||||
Pro forma and macro adjusted | $ | 521 | $ | 433 | 56 | 50 | ||||||||
Impact of acquisitions/dispositions | — | (17 | ) | — | — | |||||||||
Impact of fuel prices/spread | — | — | — | — | ||||||||||
Impact of foreign exchange rates | (4 | ) | — | — | — | |||||||||
As reported | $ | 516 | $ | 416 | 56 | 49 | ||||||||
CORPORATE PAYMENTS - SPEND | ||||||||||||||
Pro forma and macro adjusted | Intentionally Left Blank | 74,366 | 56,736 | |||||||||||
Impact of acquisitions/dispositions | — | (993 | ) | |||||||||||
Impact of fuel prices/spread | — | — | ||||||||||||
Impact of foreign exchange rates | (930 | ) | — | |||||||||||
As reported | 73,437 | 55,744 | ||||||||||||
TOLLS - TAGS | ||||||||||||||
Pro forma and macro adjusted | $ | 387 | $ | 333 | 5.1 | 4.7 | ||||||||
Impact of acquisitions/dispositions | — | — | — | — | ||||||||||
Impact of fuel prices/spread | — | — | — | — | ||||||||||
Impact of foreign exchange rates | (30 | ) | — | — | — | |||||||||
As reported | $ | 357 | $ | 333 | 5.1 | 4.7 | ||||||||
LODGING - ROOM NIGHTS | ||||||||||||||
Pro forma and macro adjusted | $ | 213 | $ | 189 | 19 | 21 | ||||||||
Impact of acquisitions/dispositions | — | (13 | ) | — | (2 | ) | ||||||||
Impact of fuel prices/spread | — | — | — | — | ||||||||||
Impact of foreign exchange rates | — | — | — | — | ||||||||||
As reported | $ | 213 | $ | 176 | 19 | 19 | ||||||||
GIFT - TRANSACTIONS | ||||||||||||||
Pro forma and macro adjusted | $ | 180 | $ | 193 | 1,274 | 1,385 | ||||||||
Impact of acquisitions/dispositions | — | (7 | ) | — | (1 | ) | ||||||||
Impact of fuel prices/spread | — | — | — | — | ||||||||||
Impact of foreign exchange rates | — | — | — | — | ||||||||||
As reported | $ | 180 | $ | 187 | 1,274 | 1,384 | ||||||||
OTHER1 - TRANSACTIONS | ||||||||||||||
Pro forma and macro adjusted | $ | 219 | $ | 201 | 56 | 55 | ||||||||
Impact of acquisitions/dispositions | — | (3 | ) | — | (5 | ) | ||||||||
Impact of fuel prices/spread | — | — | — | — | ||||||||||
Impact of foreign exchange rates | (9 | ) | — | — | — | |||||||||
As reported | $ | 210 | $ | 197 | 56 | 50 | ||||||||
FLEETCOR CONSOLIDATED REVENUES | ||||||||||||||
Pro forma and macro adjusted | $ | 2,700 | $ | 2,428 | Intentionally Left Blank | |||||||||
Impact of acquisitions/dispositions | 11 | 6 | ||||||||||||
Impact of fuel prices/spread | 2 | — | ||||||||||||
Impact of foreign exchange rates | (64 | ) | — | |||||||||||
As reported | $ | 2,649 | $ | 2,434 |
Year Ended December 31,* | ||||||||
2017 | 2016 | |||||||
(Unaudited) | Macro Adjusted1 | Pro forma2,3 | ||||||
FUEL CARDS | ||||||||
Pro forma and macro adjusted | $ | 1,068 | $ | 996 | ||||
Impact of acquisitions/dispositions | — | (7 | ) | |||||
Impact of fuel prices/spread | 30 | — | ||||||
Impact of foreign exchange rates | — | — | ||||||
One-time items4 | (2 | ) | 8 | |||||
As reported | $ | 1,096 | $ | 997 | ||||
CORPORATE PAYMENTS | ||||||||
Pro forma and macro adjusted | $ | 260 | $ | 226 | ||||
Impact of acquisitions/dispositions | — | (47 | ) | |||||
Impact of fuel prices/spread | 1 | — | ||||||
Impact of foreign exchange rates | 1 | — | ||||||
One-time items4 | — | — | ||||||
As reported | $ | 262 | $ | 180 | ||||
TOLLS | ||||||||
Pro forma and macro adjusted | $ | 302 | $ | 257 | ||||
Impact of acquisitions/dispositions | — | (154 | ) | |||||
Impact of fuel prices/spread | — | — | ||||||
Impact of foreign exchange rates | 25 | — | ||||||
One-time items4 | — | — | ||||||
As reported | $ | 327 | $ | 103 | ||||
LODGING | ||||||||
Pro forma and macro adjusted | $ | 127 | $ | 105 | ||||
Impact of acquisitions/dispositions | — | (4 | ) | |||||
Impact of fuel prices/spread | — | — | ||||||
Impact of foreign exchange rates | — | — | ||||||
One-time items4 | — | — | ||||||
As reported | $ | 127 | $ | 101 | ||||
GIFT | ||||||||
Pro forma and macro adjusted | $ | 194 | $ | 185 | ||||
Impact of acquisitions/dispositions | — | — | ||||||
Impact of fuel prices/spread | — | — | ||||||
Impact of foreign exchange rates | — | — | ||||||
One-time items4 | — | — | ||||||
As reported | $ | 194 | $ | 185 | ||||
OTHER5 | ||||||||
Pro forma and macro adjusted | $ | 243 | $ | 244 | ||||
Impact of acquisitions/dispositions | — | 23 | ||||||
Impact of fuel prices/spread | — | — | ||||||
Impact of foreign exchange rates | 1 | — | ||||||
One-time items4 | — | — | ||||||
As reported | $ | 244 | $ | 266 | ||||
FLEETCOR CONSOLIDATED REVENUES | ||||||||
Pro forma and macro adjusted | $ | 2,194 | $ | 2,013 | ||||
Impact of acquisitions/dispositions | — | (189 | ) | |||||
Impact of fuel prices/spread | 30 | — | ||||||
Impact of foreign exchange rates | 27 | — | ||||||
One-time items4 | (2 | ) | 8 | |||||
As reported | $ | 2,250 | $ | 1,832 |
Year Ended December 31,* | Year Ended December 31,* | |||||||||||||||||||||||
(Unaudited) | 2017 | 20162 | 2015 | 2019 | 2018 | |||||||||||||||||||
Net income | $ | 740,200 | $ | 452,385 | $ | 362,431 | $ | 895,073 | $ | 811,483 | ||||||||||||||
Net income per diluted share | $ | 7.91 | $ | 4.75 | $ | 3.85 | ||||||||||||||||||
Stock based compensation | 93,297 | 63,946 | 90,122 | 60,953 | 69,939 | |||||||||||||||||||
Amortization of intangible assets, premium on receivables, deferred financing costs and discounts | 233,280 | 184,475 | 180,704 | 216,532 | 227,015 | |||||||||||||||||||
Impairment of investment | 44,600 | 36,065 | 40,000 | |||||||||||||||||||||
Net gain on disposition of business | (109,205 | ) | — | — | ||||||||||||||||||||
Investment losses | 2,705 | 7,147 | ||||||||||||||||||||||
Net gain on disposition of assets/business | — | (152,750 | ) | |||||||||||||||||||||
Loss on write-off of fixed assets | 1,819 | 8,793 | ||||||||||||||||||||||
Loss on extinguishment of debt | 3,296 | — | — | — | 2,098 | |||||||||||||||||||
Non-recurring loss due to merger of entities | 2,028 | — | — | |||||||||||||||||||||
Non-recurring net gain at equity method investment | — | (10,845 | ) | — | ||||||||||||||||||||
Legal settlement | 11,000 | — | — | |||||||||||||||||||||
Restructuring costs | 1,043 | — | — | |||||||||||||||||||||
Legal settlements/litigation | 6,181 | 5,500 | ||||||||||||||||||||||
Restructuring and related costs | 2,814 | 4,969 | ||||||||||||||||||||||
Unauthorized access impact | — | 2,065 | ||||||||||||||||||||||
Total pre-tax adjustments | 279,339 | 273,641 | 310,826 | 291,004 | 174,777 | |||||||||||||||||||
Impact of 2017 Tax Act | (127,466 | ) | — | — | ||||||||||||||||||||
Income tax impact of pre-tax adjustments at the effective tax rate1 | (93,164 | ) | (66,850 | ) | (80,632 | ) | (61,619 | ) | (39,151 | ) | ||||||||||||||
Impact of investment sale, other discrete item and tax reform2 | (62,333 | ) | 22,731 | |||||||||||||||||||||
Adjusted net income | $ | 798,909 | $ | 659,176 | $ | 592,625 | $ | 1,062,125 | $ | 969,840 | ||||||||||||||
Adjusted net income per diluted share | $ | 8.54 | $ | 6.92 | $ | 6.30 | $ | 11.79 | $ | 10.53 | ||||||||||||||
Diluted shares | 93,594 | 95,213 | 94,139 | 90,070 | 92,151 |
1Includes discrete tax effect of non-cash investment gain. Also excludes impact of a Section 199 tax adjustment related to a prior tax year on the 2019 effective income tax rate. |
2Represents the impact to taxes from the reversal of a valuation allowance related to the disposition of our investment in Masternaut of $64.9 million and $0.8 million in the second and fourth quarters of 2019, respectively, and impact of tax reform adjustments included in our effective tax rate of $22.7 million in the third quarter of 2018. Also, includes the impact of a discrete tax item for a Section 199 adjustment related to a prior tax year in the third quarter of 2019 results of $1.8 million. |
*Columns may not calculate due to rounding. |
Page | |
Valuation of Goodwill | ||
Description of the Matter | At December 31, 2019, the Company’s goodwill was $4.8 billion. As discussed in Note 2 to the consolidated financial statements, the Company completes an impairment test of goodwill at least annually or more frequently if facts and circumstances indicate that goodwill might be impaired. Goodwill is tested for impairment at the reporting unit level and involves estimating the fair value of each identified reporting unit which is measured based upon, among other factors, a discounted cash flow analysis, as well as market multiples for comparable companies. Auditing the Company's estimate of reporting unit fair value involved a high degree of subjectivity as estimates underlying the determination of reporting unit fair value using the discounted cash flow model were based on significant assumptions that are sensitive to changes and are affected by expected future market and economic conditions. These assumptions included forecasts for Revenue, net, Earnings before Interest Taxes Depreciation and Amortization (EBITDA), and long-term growth rates as well as the discount rate, which reflected risk-based factors based on the reporting units’ geographical location and business risk. | |
How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s goodwill impairment review process, including controls over management’s review of the significant assumptions described above. For example, we tested controls over management’s review of the reporting units’ long-term growth rates and discount rates used in the determination of the reporting units’ estimated fair values. To test the estimated fair value of the Company’s reporting units, our audit procedures included, among others, assessing the methodologies used by the Company and testing the significant assumptions discussed above, inclusive of the underlying data used by the Company in its development of these assumptions. We involved our valuation specialists to assist us with these procedures. Our valuation specialists evaluated management’s estimation of the discount rates used in the reporting unit’s fair value calculations, performed a comparison of market multiples to observable transactions, and independently recalculated the discount rates for the respective reporting units. We also compared earnings forecasts to historical results and, for certain reporting units, to current industry and economic trends, and performed sensitivity analyses of the significant assumptions to evaluate the changes in the fair value of the reporting units that would result from changes in the significant assumptions. | |
December 31, | December 31, | |||||||||||||||
2017 | 2016 | 20191 | 2018 | |||||||||||||
Assets | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 913,595 | $ | 475,018 | $ | 1,271,494 | $ | 1,031,145 | ||||||||
Restricted cash | 217,275 | 168,752 | 403,743 | 333,748 | ||||||||||||
Accounts and other receivables (less allowance for doubtful accounts of $46,031 and $32,506, respectively) | 1,420,011 | 1,202,009 | ||||||||||||||
Accounts and other receivables (less allowance for doubtful accounts of $70,890 at December 31, 2019 and $59,963 at December 31, 2018) | 1,568,961 | 1,425,815 | ||||||||||||||
Securitized accounts receivable—restricted for securitization investors | 811,000 | 591,000 | 970,973 | 886,000 | ||||||||||||
Prepaid expenses and other current assets | 187,820 | 90,914 | 403,400 | 199,278 | ||||||||||||
Total current assets | 3,549,701 | 2,527,693 | 4,618,571 | 3,875,986 | ||||||||||||
Property and equipment, net | 180,057 | 142,504 | 199,825 | 186,201 | ||||||||||||
Goodwill | 4,715,823 | 4,195,150 | 4,833,047 | 4,542,074 | ||||||||||||
Other intangibles, net | 2,724,957 | 2,653,233 | 2,341,882 | 2,407,910 | ||||||||||||
Investments | 32,859 | 36,200 | 30,440 | 42,674 | ||||||||||||
Other assets | 114,962 | 71,952 | 224,776 | 147,632 | ||||||||||||
Total assets | $ | 11,318,359 | $ | 9,626,732 | $ | 12,248,541 | $ | 11,202,477 | ||||||||
Liabilities and stockholders’ equity | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 1,437,314 | $ | 1,151,432 | $ | 1,249,586 | $ | 1,117,649 | ||||||||
Accrued expenses | 238,472 | 238,812 | 275,511 | 261,594 | ||||||||||||
Customer deposits | 732,171 | 530,787 | 1,007,631 | 926,685 | ||||||||||||
Securitization facility | 811,000 | 591,000 | 970,973 | 886,000 | ||||||||||||
Current portion of notes payable and lines of credit | 805,512 | 745,506 | 775,865 | 1,184,616 | ||||||||||||
Other current liabilities | 71,033 | 38,781 | 183,502 | 118,669 | ||||||||||||
Total current liabilities | 4,095,502 | 3,296,318 | 4,463,068 | 4,495,213 | ||||||||||||
Notes payable and other obligations, less current portion | 2,902,104 | 2,521,727 | 3,289,947 | 2,748,431 | ||||||||||||
Deferred income taxes | 518,912 | 668,580 | 519,980 | 491,946 | ||||||||||||
Other noncurrent liabilities | 125,319 | 56,069 | 263,930 | 126,707 | ||||||||||||
Total noncurrent liabilities | 3,546,335 | 3,246,376 | 4,073,857 | 3,367,084 | ||||||||||||
Commitments and contingencies (Note 13) | ||||||||||||||||
Commitments and contingencies (Note 15) | ||||||||||||||||
Stockholders’ equity: | ||||||||||||||||
Common stock, $0.001 par value; 475,000,000 shares authorized; 122,083,059 shares issued and 89,803,982 shares outstanding at December 31, 2017; and 121,259,960 shares issued and 91,836,938 shares outstanding at December 31, 2016 | 122 | 121 | ||||||||||||||
Common stock, $0.001 par value; 475,000,000 shares authorized; 124,626,786 shares issued and 85,342,156 shares outstanding at December 31, 2019; and 123,035,859 shares issued and 85,845,344 shares outstanding at December 31, 2018 | 124 | 123 | ||||||||||||||
Additional paid-in capital | 2,214,224 | 2,074,094 | 2,494,721 | 2,306,843 | ||||||||||||
Retained earnings | 2,958,921 | 2,218,721 | 4,712,729 | 3,817,656 | ||||||||||||
Accumulated other comprehensive loss | (551,857 | ) | (666,403 | ) | (972,465 | ) | (913,858 | ) | ||||||||
Less treasury stock (32,279,077 shares at December 31, 2017; and 29,423,022 shares at December 31, 2016) | (944,888 | ) | (542,495 | ) | ||||||||||||
Less treasury stock (39,284,630 shares and 37,190,515 shares at December 31, 2019 and 2018, respectively) | (2,523,493 | ) | (1,870,584 | ) | ||||||||||||
Total stockholders’ equity | 3,676,522 | 3,084,038 | 3,711,616 | 3,340,180 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 11,318,359 | $ | 9,626,732 | $ | 12,248,541 | $ | 11,202,477 |
1Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14. |
See accompanying notes. |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 20192 | 2018 | 20171 | |||||||||||||||||||
Revenues, net | $ | 2,249,538 | $ | 1,831,546 | $ | 1,702,865 | $ | 2,648,848 | $ | 2,433,492 | $ | 2,249,538 | ||||||||||||
Expenses: | ||||||||||||||||||||||||
Merchant commissions | 113,133 | 104,345 | 108,257 | — | — | 113,133 | ||||||||||||||||||
Processing | 429,613 | 355,414 | 331,073 | 530,669 | 487,695 | 429,613 | ||||||||||||||||||
Selling | 170,717 | 131,443 | 109,075 | 204,806 | 182,593 | 170,717 | ||||||||||||||||||
General and administrative | 387,694 | 283,625 | 297,715 | 407,210 | 389,172 | 387,694 | ||||||||||||||||||
Depreciation and amortization | 264,560 | 203,256 | 193,453 | 274,210 | 274,609 | 264,560 | ||||||||||||||||||
Other operating, net | 61 | (690 | ) | (4,242 | ) | |||||||||||||||||||
Other operating expense, net | 523 | 8,725 | 61 | |||||||||||||||||||||
Operating income | 883,760 | 754,153 | 667,534 | 1,231,430 | 1,090,698 | 883,760 | ||||||||||||||||||
Investment loss | 53,164 | 36,356 | 57,668 | |||||||||||||||||||||
Other (income) expense, net | (173,436 | ) | 2,982 | 2,523 | ||||||||||||||||||||
Investment loss, net | 3,470 | 7,147 | 53,164 | |||||||||||||||||||||
Other expense (income), net | 93 | (152,166 | ) | (173,436 | ) | |||||||||||||||||||
Interest expense, net | 107,146 | 71,896 | 71,339 | 150,048 | 138,494 | 107,146 | ||||||||||||||||||
Loss on extinguishment of debt | 3,296 | — | — | — | 2,098 | 3,296 | ||||||||||||||||||
Total other (income) expense | (9,830 | ) | 111,234 | 131,530 | ||||||||||||||||||||
Total other expense (income) | 153,611 | (4,427 | ) | (9,830 | ) | |||||||||||||||||||
Income before income taxes | 893,590 | 642,919 | 536,004 | 1,077,819 | 1,095,125 | 893,590 | ||||||||||||||||||
Provision for income taxes | 153,390 | 190,534 | 173,573 | 182,746 | 283,642 | 153,390 | ||||||||||||||||||
Net income | $ | 740,200 | $ | 452,385 | $ | 362,431 | $ | 895,073 | $ | 811,483 | $ | 740,200 | ||||||||||||
Basic earnings per share | $ | 8.12 | $ | 4.89 | $ | 3.94 | $ | 10.36 | $ | 9.14 | $ | 8.12 | ||||||||||||
Diluted earnings per share | $ | 7.91 | $ | 4.75 | $ | 3.85 | $ | 9.94 | $ | 8.81 | $ | 7.91 | ||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||||||
Basic shares | 91,129 | 92,597 | 92,023 | 86,401 | 88,750 | 91,129 | ||||||||||||||||||
Diluted shares | 93,594 | 95,213 | 94,139 | 90,070 | 92,151 | 93,594 |
1The Company applied the modified retrospective transition method when adopting ASC 606, therefore the Company's 2017 prior period results were not restated to reflect ASC 606. |
2Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14. |
See accompanying notes. |
Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Net income | $ | 895,073 | $ | 811,483 | $ | 740,200 | ||||||
Other comprehensive (loss) income: | ||||||||||||
Foreign currency translation (losses) gains, net of tax | (15,855 | ) | (362,001 | ) | 83,165 | |||||||
Reclassification of foreign currency translation gain to investment, net of tax | — | — | 31,381 | |||||||||
Net change in derivative contracts, net of tax | (42,752 | ) | — | — | ||||||||
Total other comprehensive (loss) income | (58,607 | ) | (362,001 | ) | 114,546 | |||||||
Total comprehensive income | $ | 836,466 | $ | 449,482 | $ | 854,746 |
Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Net income | $ | 740,200 | $ | 452,385 | $ | 362,431 | ||||||
Other comprehensive income (loss): | ||||||||||||
Foreign currency translation gains (losses), net of tax | 83,165 | (95,592 | ) | (279,303 | ) | |||||||
Reclassification of foreign currency translation loss to investment, net of tax | 31,381 | — | — | |||||||||
Total other comprehensive income (loss) | 114,546 | (95,592 | ) | (279,303 | ) | |||||||
Total comprehensive income | $ | 854,746 | $ | 356,793 | $ | 83,128 |
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total | |||||||||||||||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 120 | $ | 1,852,442 | $ | 1,403,905 | $ | (291,508 | ) | $ | (346,397 | ) | $ | 2,618,562 | ||||||||||||||||||||||||||||||||||
Net income | — | — | 362,431 | — | — | 362,431 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax of $0 | — | — | — | (279,303 | ) | — | (279,303 | ) | ||||||||||||||||||||||||||||||||||||||||
Acquisition of common stock | — | — | — | — | (8,119 | ) | (8,119 | ) | ||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | 1 | 136,475 | — | — | — | 136,476 | ||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2015 | 121 | 1,988,917 | 1,766,336 | (570,811 | ) | (354,516 | ) | 2,830,047 | ||||||||||||||||||||||||||||||||||||||||
Net income | — | — | 452,385 | — | — | 452,385 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax of $0 | — | — | — | (95,592 | ) | — | (95,592 | ) | ||||||||||||||||||||||||||||||||||||||||
Acquisition/return of common stock | — | — | — | — | (187,979 | ) | (187,979 | ) | ||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | — | 85,177 | — | — | — | 85,177 | ||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2016 | 121 | 2,074,094 | 2,218,721 | (666,403 | ) | (542,495 | ) | 3,084,038 | $ | 121 | $ | 2,074,094 | $ | 2,218,721 | $ | (666,403 | ) | $ | (542,495 | ) | $ | 3,084,038 | ||||||||||||||||||||||||||
Net income | — | — | 740,200 | — | — | 740,200 | — | — | 740,200 | — | — | 740,200 | ||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax of $0 | — | — | — | 114,546 | — | 114,546 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income from currency exchange, net of tax of $0 | — | — | — | 114,546 | — | 114,546 | ||||||||||||||||||||||||||||||||||||||||||
Acquisition of common stock | — | — | — | — | (402,393 | ) | (402,393 | ) | — | — | — | — | (402,393 | ) | (402,393 | ) | ||||||||||||||||||||||||||||||||
Share-based compensation expense1 | — | 93,297 | — | — | — | 93,297 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | 1 | 140,130 | — | — | — | 140,131 | 1 | 46,833 | — | — | — | 46,834 | ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2017 | $ | 122 | $ | 2,214,224 | $ | 2,958,921 | $ | (551,857 | ) | $ | (944,888 | ) | $ | 3,676,522 | 122 | 2,214,224 | 2,958,921 | (551,857 | ) | (944,888 | ) | 3,676,522 | ||||||||||||||||||||||||||
Net income | — | — | 811,483 | — | — | 811,483 | ||||||||||||||||||||||||||||||||||||||||||
Cumulative effect of change in accounting principle | — | — | 47,252 | — | — | 47,252 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss from currency exchange, net of tax of $0 | — | — | — | (362,001 | ) | — | (362,001 | ) | ||||||||||||||||||||||||||||||||||||||||
Acquisition of common stock | — | (33,000 | ) | — | — | (925,696 | ) | (958,696 | ) | |||||||||||||||||||||||||||||||||||||||
Share-based compensation expense1 | — | 69,939 | — | — | — | 69,939 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | 1 | 55,680 | — | — | — | 55,681 | ||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | 123 | 2,306,843 | 3,817,656 | (913,858 | ) | (1,870,584 | ) | 3,340,180 | ||||||||||||||||||||||||||||||||||||||||
Net income | — | — | 895,073 | — | — | 895,073 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | (58,607 | ) | — | (58,607 | ) | ||||||||||||||||||||||||||||||||||||||||
Acquisition of common stock | — | (42,000 | ) | — | — | (652,909 | ) | (694,909 | ) | |||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | 60,953 | — | — | — | 60,953 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | 1 | 168,925 | — | — | — | 168,926 | ||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | 124 | $ | 2,494,721 | $ | 4,712,729 | $ | (972,465 | ) | $ | (2,523,493 | ) | $ | 3,711,616 |
Year Ended Year Ended December 31, | Year Ended Year Ended December 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 20191 | 2018 | 20172 | |||||||||||||||||||
Operating activities | ||||||||||||||||||||||||
Net income | $ | 740,200 | $ | 452,385 | $ | 362,431 | $ | 895,073 | $ | 811,483 | $ | 740,200 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||
Depreciation | 46,599 | 36,456 | 30,462 | 62,784 | 52,936 | 46,599 | ||||||||||||||||||
Stock-based compensation | 93,297 | 63,946 | 90,122 | 60,953 | 69,939 | 93,297 | ||||||||||||||||||
Provision for losses on accounts receivable | 44,857 | 35,885 | 24,629 | 74,309 | 64,377 | 44,857 | ||||||||||||||||||
Amortization of deferred financing costs and discounts | 6,952 | 7,582 | 7,049 | 5,106 | 5,342 | 6,952 | ||||||||||||||||||
Amortization of intangible assets | 211,849 | 161,635 | 159,740 | |||||||||||||||||||||
Amortization of premium on receivables | 6,112 | 5,165 | 3,250 | |||||||||||||||||||||
Amortization of intangible assets and premium on receivables | 211,426 | 221,673 | 217,961 | |||||||||||||||||||||
Loss on extinguishment of debt | 3,296 | — | — | — | 2,098 | 3,296 | ||||||||||||||||||
Loss on write-off of fixed assets | 1,819 | 8,793 | — | |||||||||||||||||||||
Deferred income taxes | (247,712 | ) | (28,681 | ) | 30,626 | 37,883 | (2,750 | ) | (247,712 | ) | ||||||||||||||
Investment loss | 53,164 | 36,356 | 57,668 | 3,470 | 7,147 | 53,164 | ||||||||||||||||||
Gain on disposition of business | (174,983 | ) | — | — | ||||||||||||||||||||
Gain on sale of assets/business | — | (152,750 | ) | (174,983 | ) | |||||||||||||||||||
Other non-cash operating income | (61 | ) | (690 | ) | (4,242 | ) | (1,297 | ) | (186 | ) | (61 | ) | ||||||||||||
Changes in operating assets and liabilities (net of acquisitions and disposition): | ||||||||||||||||||||||||
Restricted cash | (4,335 | ) | (2,306 | ) | (35,676 | ) | ||||||||||||||||||
Changes in operating assets and liabilities (net of acquisitions/disposition): | ||||||||||||||||||||||||
Accounts receivable and other receivables | (431,003 | ) | (338,796 | ) | 40,017 | (196,028 | ) | (159,024 | ) | (431,003 | ) | |||||||||||||
Prepaid expenses and other current assets | 26,102 | 5,301 | (12,564 | ) | (185,391 | ) | (27,650 | ) | 26,102 | |||||||||||||||
Other assets | (20,957 | ) | (20,345 | ) | (2,524 | ) | (6,792 | ) | (25,432 | ) | (20,957 | ) | ||||||||||||
Excess tax benefits related to stock-based compensation | — | — | (26,427 | ) | ||||||||||||||||||||
Accounts payable, accrued expenses and customer deposits | 322,346 | 292,019 | 30,023 | 198,756 | 27,386 | 322,346 | ||||||||||||||||||
Net cash provided by operating activities | 675,723 | 705,912 | 754,584 | 1,162,071 | 903,382 | 680,058 | ||||||||||||||||||
Investing activities | ||||||||||||||||||||||||
Acquisitions, net of cash acquired1 | (705,257 | ) | (1,331,985 | ) | (49,069 | ) | ||||||||||||||||||
Acquisitions, net of cash acquired | (448,277 | ) | (20,843 | ) | (705,257 | ) | ||||||||||||||||||
Purchases of property and equipment | (70,093 | ) | (59,011 | ) | (41,875 | ) | (75,170 | ) | (81,387 | ) | (70,093 | ) | ||||||||||||
Proceeds from disposal of a business | 316,501 | — | — | |||||||||||||||||||||
Proceeds from disposal of an asset/business | — | 98,735 | 316,501 | |||||||||||||||||||||
Other | (38,953 | ) | 1,411 | (8,470 | ) | (255 | ) | (22,775 | ) | (38,953 | ) | |||||||||||||
Net cash used in investing activities | (497,802 | ) | (1,389,585 | ) | (99,414 | ) | (523,702 | ) | (26,270 | ) | (497,802 | ) | ||||||||||||
Financing activities | ||||||||||||||||||||||||
Excess tax benefits related to stock-based compensation | — | — | 26,427 | |||||||||||||||||||||
Proceeds from issuance of common stock | 44,690 | 21,231 | 19,926 | 168,925 | 55,680 | 44,690 | ||||||||||||||||||
Borrowings (payments) on securitization facility, net | 220,000 | (23,000 | ) | (61,000 | ) | |||||||||||||||||||
Repurchase of common stock | (402,393 | ) | (187,678 | ) | — | (694,909 | ) | (958,696 | ) | (402,393 | ) | |||||||||||||
Borrowings on securitization facility, net | 84,973 | 75,000 | 220,000 | |||||||||||||||||||||
Deferred financing costs paid and debt discount | (12,908 | ) | (2,272 | ) | — | (2,868 | ) | (4,927 | ) | (12,908 | ) | |||||||||||||
Proceeds from issuance of notes payable | 780,656 | 600,000 | — | 700,000 | 363,430 | 780,656 | ||||||||||||||||||
Principal payments on notes payable | (423,156 | ) | (118,500 | ) | (103,500 | ) | (138,500 | ) | (498,305 | ) | (423,156 | ) | ||||||||||||
Borrowings from revolver | 1,100,000 | 1,225,107 | — | 1,811,509 | 1,493,091 | 1,100,000 | ||||||||||||||||||
Payments on revolver | (1,031,722 | ) | (786,849 | ) | (486,818 | ) | (2,292,349 | ) | (1,099,040 | ) | (1,031,722 | ) | ||||||||||||
Borrowings (payments) on swing line of credit, net | (23,686 | ) | 26,606 | (546 | ) | |||||||||||||||||||
Payment of contingent consideration | — | — | (42,177 | ) | ||||||||||||||||||||
Borrowings from (payments on) swing line of credit, net | 52,996 | (4,935 | ) | (23,686 | ) | |||||||||||||||||||
Other | 457 | (676 | ) | (377 | ) | 52 | 887 | 457 | ||||||||||||||||
Net cash provided by (used in) financing activities | 251,938 | 753,969 | (648,065 | ) | ||||||||||||||||||||
Net cash (used in) provided by financing activities | (310,171 | ) | (577,815 | ) | 251,938 | |||||||||||||||||||
Effect of foreign currency exchange rates on cash | 8,718 | (42,430 | ) | (37,022 | ) | (17,854 | ) | (65,274 | ) | 52,906 | ||||||||||||||
Net increase (decrease) in cash | 438,577 | 27,866 | (29,917 | ) | ||||||||||||||||||||
Cash and cash equivalents, beginning of year | 475,018 | 447,152 | 477,069 | |||||||||||||||||||||
Cash and cash equivalents, end of year | $ | 913,595 | $ | 475,018 | $ | 447,152 | ||||||||||||||||||
Net increase in cash and cash equivalents and restricted cash | 310,344 | 234,023 | 487,100 | |||||||||||||||||||||
Cash and cash equivalents and restricted cash, beginning of year | 1,364,893 | 1,130,870 | 643,770 | |||||||||||||||||||||
Cash and cash equivalents and restricted cash, end of year | $ | 1,675,237 | $ | 1,364,893 | $ | 1,130,870 | ||||||||||||||||||
Supplemental cash flow information | ||||||||||||||||||||||||
Cash paid for interest | $ | 113,416 | $ | 70,339 | $ | 72,537 | $ | 178,417 | $ | 156,749 | $ | 113,416 | ||||||||||||
Cash paid for income taxes | $ | 392,192 | $ | 101,951 | $ | 83,380 | $ | 200,525 | $ | 207,504 | $ | 392,192 | ||||||||||||
Non cash investing activity, notes assumed in acquisitions | $ | 29,341 | $ | — | $ | — | $ | — | $ | — | $ | 29,341 |
1 |
2 Reflects the impact of the Company's adoption of Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 230), which was adopted by the Company on January 1, 2018 and |
See accompanying notes. |
2019 | 2018 | |||||||
Gross domestic unsecuritized accounts receivables | $ | 734,410 | $ | 668,154 | ||||
Gross domestic securitized accounts receivable | 970,973 | 886,000 | ||||||
Gross foreign receivables | 905,441 | 817,624 | ||||||
Total gross receivables | 2,610,824 | 2,371,778 | ||||||
Less allowance for doubtful accounts | (70,890 | ) | (59,963 | ) | ||||
Net accounts and securitized accounts receivable | $ | 2,539,934 | $ | 2,311,815 |
2017 | 2016 | |||||||
Gross domestic accounts receivables | $ | 661,677 | $ | 529,885 | ||||
Gross domestic securitized accounts receivable | 811,000 | 591,000 | ||||||
Gross foreign receivables | 804,365 | 704,630 | ||||||
Total gross receivables | 2,277,042 | 1,825,515 | ||||||
Less allowance for doubtful accounts | (46,031 | ) | (32,506 | ) | ||||
Net accounts and securitized accounts receivable | $ | 2,231,011 | $ | 1,793,009 |
2019 | 2018 | 2017 | ||||||||||
Allowance for doubtful accounts beginning of year | $ | 59,963 | $ | 46,031 | $ | 32,506 | ||||||
Provision for bad debts | 74,309 | 64,377 | 44,857 | |||||||||
Write-offs | (63,382 | ) | (50,445 | ) | (31,332 | ) | ||||||
Allowance for doubtful accounts end of year | $ | 70,890 | $ | 59,963 | $ | 46,031 |
2017 | 2016 | 2015 | ||||||||||
Allowance for doubtful accounts beginning of year | $ | 32,506 | $ | 21,903 | $ | 23,842 | ||||||
Provision for bad debts | 44,857 | 35,885 | 24,629 | |||||||||
Write-offs | (31,332 | ) | (25,282 | ) | (26,568 | ) | ||||||
Allowance for doubtful accounts end of year | $ | 46,031 | $ | 32,506 | $ | 21,903 |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||
Gross | Offset on the Balance Sheet | Net | Gross | Offset on the Balance Sheet | Net | ||||||||||||||||||
Assets | |||||||||||||||||||||||
Accounts Receivable | $ | 1,139.1 | $ | (1,084.6 | ) | $ | 54.5 | $ | 815.7 | $ | (745.2 | ) | $ | 70.5 | |||||||||
Liabilities | |||||||||||||||||||||||
Accounts Payable | $ | 1,140.4 | $ | (1,084.6 | ) | $ | 55.8 | $ | 760.8 | $ | (745.2 | ) | $ | 15.6 |
Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Revenue by Product Category | Revenues, net | Revenues, net | Revenues, net | |||||||||
Fuel1 | $ | 1,172,954 | $ | 1,125,532 | $ | 1,131,684 | ||||||
Corporate payments | 516,173 | 415,856 | 261,822 | |||||||||
Tolls1 | 357,209 | 332,689 | 320,880 | |||||||||
Lodging | 212,597 | 175,505 | 126,657 | |||||||||
Gift | 180,236 | 186,646 | 194,099 | |||||||||
Other1 | 209,679 | 197,264 | 214,396 | |||||||||
Consolidated revenues, net | $ | 2,648,848 | $ | 2,433,492 | $ | 2,249,538 |
2019 | 2018 | 2017 | ||||||||||
Revenues, net by location: | ||||||||||||
United States (country of domicile) | $ | 1,595,266 | $ | 1,481,785 | $ | 1,400,801 | ||||||
Brazil | 427,918 | 400,111 | 394,550 | |||||||||
United Kingdom | 275,218 | 257,651 | 236,550 | |||||||||
Other | 350,446 | 293,945 | 217,637 | |||||||||
Consolidated Revenues, net | $ | 2,648,848 | $ | 2,433,492 | $ | 2,249,538 |
a. | The costs relate directly to a contract or to an anticipated contract that the Company can specifically identify. |
b. | The costs generate or enhance resources of the Company that will be used in satisfying (or in continuing to satisfy) performance obligations in the future. |
c. | The costs are expected to be recovered. |
Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||
December 31, 2019 | ||||||||||||||||
Assets: | ||||||||||||||||
Repurchase agreements | $ | 833,658 | $ | — | $ | 833,658 | $ | — | ||||||||
Money market | 54,978 | — | 54,978 | — | ||||||||||||
Certificates of deposit | 27,022 | — | 27,022 | — | ||||||||||||
Trading Securities | 22,955 | 22,955 | — | — | ||||||||||||
Foreign exchange contracts | 72,076 | — | 72,076 | — | ||||||||||||
Total assets | $ | 1,010,689 | $ | 22,955 | $ | 987,734 | $ | — | ||||||||
Cash collateral for foreign exchange contracts | $ | 6,086 | $ | — | $ | — | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Interest Rate Swaps | $ | 56,418 | $ | — | $ | 56,418 | $ | — | ||||||||
Foreign exchange contracts | 60,909 | — | 60,909 | $ | — | |||||||||||
Total liabilities | $ | 117,327 | $ | — | $ | 117,327 | $ | — | ||||||||
Cash collateral obligation for foreign exchange contracts | $ | 25,618 | $ | — | $ | — | $ | — | ||||||||
December 31, 2018 | ||||||||||||||||
Assets: | ||||||||||||||||
Repurchase agreements | $ | 581,293 | $ | — | $ | 581,293 | $ | — | ||||||||
Money market | 50,644 | — | 50,644 | — | ||||||||||||
Certificates of deposit | 22,412 | — | 22,412 | — | ||||||||||||
Foreign exchange contracts | 68,814 | 21 | 68,793 | — | ||||||||||||
Total assets | $ | 723,163 | $ | 21 | $ | 723,142 | $ | — | ||||||||
Cash collateral for foreign exchange contracts | $ | 9,644 | $ | — | $ | — | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Foreign exchange contracts | $ | 72,125 | $ | — | $ | 72,125 | ||||||||||
Total liabilities | $ | 72,125 | $ | — | $ | 72,125 | ||||||||||
Cash collateral obligation for foreign exchange contracts | $ | 73,140 | $ | — | $ | — | $ | — |
Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||
December 31, 2017 | ||||||||||||||||
Assets: | ||||||||||||||||
Repurchase agreements | $ | 420,838 | $ | — | $ | 420,838 | $ | — | ||||||||
Money market | 50,423 | — | 50,423 | — | ||||||||||||
Certificates of deposit | 7,417 | — | 7,417 | — | ||||||||||||
Foreign exchange contracts | 39,045 | 10 | 39,035 | — | ||||||||||||
Total cash equivalents | $ | 517,723 | $ | 10 | $ | 517,713 | $ | — | ||||||||
Cash collateral for foreign exchange contracts | $ | 12,540 | $ | — | $ | — | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Foreign exchange contracts | $ | 26,888 | $ | 67 | $ | 26,821 | $ | — | ||||||||
Total liabilities | $ | 26,888 | $ | 67 | $ | 26,821 | $ | — | ||||||||
Cash collateral obligation for foreign exchange contracts | $ | 10,882 | $ | — | $ | — | $ | — | ||||||||
December 31, 2016 | ||||||||||||||||
Assets: | ||||||||||||||||
Repurchase agreements | $ | 232,131 | $ | — | $ | 232,131 | $ | — | ||||||||
Money market | 50,179 | — | 50,179 | — | ||||||||||||
Certificates of deposit | 48 | — | 48 | — | ||||||||||||
Total cash equivalents | $ | 282,358 | $ | — | $ | 282,358 | $ | — |
2019 | 2018 | 2017 | ||||||||||
Stock options | $ | 32,736 | $ | 43,443 | $ | 56,400 | ||||||
Restricted stock | 28,217 | 26,496 | 36,897 | |||||||||
Stock-based compensation | $ | 60,953 | $ | 69,939 | $ | 93,297 |
2017 | 2016 | 2015 | ||||||||||
Stock options | $ | 56,400 | $ | 35,234 | $ | 44,260 | ||||||
Restricted stock | 36,897 | 28,712 | 45,862 | |||||||||
Stock-based compensation | $ | 93,297 | $ | 63,946 | $ | 90,122 |
Unrecognized Compensation Cost | Weighted Average Period of Expense Recognition (in Years) | |||||
Stock options | $ | 37,349 | 1.15 | |||
Restricted stock | 36,936 | 1.44 | ||||
Total | $ | 74,285 |
Unrecognized Compensation Cost | Weighted Average Period of Expense Recognition (in Years) | |||||
Stock options | $ | 84,452 | 1.33 | |||
Restricted stock | 18,819 | 1.06 | ||||
Total | $ | 103,271 |
Shares | Weighted Average Exercise Price | Options Exercisable at End of Year | Weighted Average Exercise Price of Exercisable Options | Weighted Average Fair Value of Options Granted During the Year | Aggregate Intrinsic Value | |||||||||||||||||
Outstanding at December 31, 2016 | 6,146 | $ | 91.20 | 3,429 | $ | 55.00 | $ | 309,238 | ||||||||||||||
Granted | 2,885 | 145.35 | $ | 32.57 | ||||||||||||||||||
Exercised | (633 | ) | 71.43 | 76,546 | ||||||||||||||||||
Forfeited | (367 | ) | 144.51 | |||||||||||||||||||
Outstanding at December 31, 2017 | 8,031 | 109.78 | 4,029 | 75.80 | 663,815 | |||||||||||||||||
Granted | 412 | 204.59 | $ | 50.07 | ||||||||||||||||||
Exercised | (708 | ) | 73.26 | 79,588 | ||||||||||||||||||
Forfeited | (119 | ) | 155.41 | |||||||||||||||||||
Outstanding at December 31, 2018 | 7,616 | 117.58 | 5,174 | 98.39 | 518,954 | |||||||||||||||||
Granted | 431 | 244.35 | $ | 57.99 | ||||||||||||||||||
Exercised | (1,482 | ) | 115.53 | 255,242 | ||||||||||||||||||
Forfeited | (302 | ) | 167.35 | |||||||||||||||||||
Outstanding at December 31, 2019 | 6,263 | $ | 124.38 | 5,137 | $ | 109.03 | $ | 1,022,860 | ||||||||||||||
Expected to vest at December 31, 2019 | 1,126 | $ | 194.44 |
Shares | Weighted Average Exercise Price | Options Exercisable at End of Year | Weighted Average Exercise Price of Exercisable Options | Weighted Average Fair Value of Options Granted During the Year | Aggregate Intrinsic Value | |||||||||||||||||
Outstanding at December 31, 2014 | 5,131 | $ | 58.71 | 2,370 | $ | 21.75 | $ | 461,770 | ||||||||||||||
Granted | 654 | 154.56 | $ | 35.32 | ||||||||||||||||||
Exercised | (586 | ) | 33.97 | 63,863 | ||||||||||||||||||
Forfeited | (196 | ) | 95.16 | |||||||||||||||||||
Outstanding at December 31, 2015 | 5,003 | 72.72 | 2,545 | 26.82 | 351,277 | |||||||||||||||||
Granted | 1,780 | 133.33 | $ | 28.61 | ||||||||||||||||||
Exercised | (500 | ) | 42.36 | 49,592 | ||||||||||||||||||
Forfeited | (137 | ) | 140.67 | |||||||||||||||||||
Outstanding at December 31, 2016 | 6,146 | 91.20 | 3,429 | 55.00 | 309,238 | |||||||||||||||||
Granted | 2,885 | 145.35 | $ | 32.57 | ||||||||||||||||||
Exercised | (633 | ) | 71.43 | 76,546 | ||||||||||||||||||
Forfeited | (367 | ) | 144.51 | |||||||||||||||||||
Outstanding at December 31, 2017 | 8,031 | $ | 109.78 | 4,029 | $ | 75.80 | $ | 663,815 | ||||||||||||||
Expected to vest at December 31, 2017 | 8,031 | $ | 109.78 |
Exercise Price | Options Outstanding | Weighted Average Remaining Vesting Life in Years | Options Exercisable | |||||
$10.00 – $114.90 | 2,242 | 0.00 | 2,242 | |||||
121.76 – 150.74 | 2,834 | 0.21 | 2,516 | |||||
151.16 – 165.96 | 352 | 0.61 | 227 | |||||
172.68 – 199.75 | 342 | 1.29 | 124 | |||||
202.02 – 209.05 | 69 | 2.28 | 7 | |||||
216.18 – 231.70 | 144 | 2.82 | 21 | |||||
252.50 – 288.37 | 280 | 2.88 | — | |||||
6,263 | 5,137 |
Exercise Price | Options Outstanding | Weighted Average Remaining Vesting Life in Years | Options Exercisable | |||||
$10.00 – 58.02 | 2,218 | 0.00 | 2,218 | |||||
74.99 – 111.09 | 104 | 0.03 | 90 | |||||
114.90 – 138.47 | 2,029 | 0.77 | 577 | |||||
140.23-150.74 | 2,593 | 1.60 | 906 | |||||
151.16-158.24 | 618 | 1.48 | 195 | |||||
165.96-174.35 | 469 | 3.08 | 43 | |||||
8,031 | 4,029 |
2019 | 2018 | 2017 | |||||||
Risk-free interest rate | 2.40 | % | 2.57 | % | 1.65 | % | |||
Dividend yield | — | — | — | ||||||
Expected volatility | 26.40 | % | 26.92 | % | 28.00 | % | |||
Expected life (in years) | 3.7 | 3.8 | 3.4 |
2017 | 2016 | 2015 | |||||||
Risk-free interest rate | 1.65 | % | 1.08 | % | 1.47 | % | |||
Dividend yield | — | — | — | ||||||
Expected volatility | 28.00 | % | 27.29 | % | 27.77 | % | |||
Expected life (in years) | 3.4 | 3.5 | 4.5 |
2019 | |||
Risk-free interest rate | 1.48 | % | |
Dividend yield | — | ||
Expected volatility | 25.40 | % | |
Expected life (in years) | 2.36 |
Shares | Weighted Average Grant Date Fair Value | ||||||
Outstanding at December 31, 2016 | 379 | $ | 140.39 | ||||
Granted | 238 | 141.99 | |||||
Cancelled | (48 | ) | 152.95 | ||||
Issued | (204 | ) | 136.85 | ||||
Outstanding at December 31, 2017 | 365 | 155.58 | |||||
Granted | 107 | 200.71 | |||||
Cancelled | (47 | ) | 339.34 | ||||
Issued | (251 | ) | 154.85 | ||||
Outstanding at December 31, 2018 | 174 | 190.73 | |||||
Granted | 232 | 212.79 | |||||
Cancelled | (49 | ) | 225.96 | ||||
Issued | (114 | ) | 206.05 | ||||
Outstanding at December 31, 2019 | 243 | $ | 246.34 |
Shares | Weighted Average Grant Date Fair Value | ||||||
Outstanding at December 31, 2014 | 716 | $ | 121.38 | ||||
Granted | 126 | 151.33 | |||||
Cancelled | (52 | ) | 135.92 | ||||
Issued | (293 | ) | 85.40 | ||||
Outstanding at December 31, 2015 | 497 | 149.40 | |||||
Granted | 152 | 128.90 | |||||
Cancelled | (41 | ) | 145.25 | ||||
Issued | (229 | ) | 151.72 | ||||
Outstanding at December 31, 2016 | 379 | 140.39 | |||||
Granted | 238 | 141.99 | |||||
Cancelled | (48 | ) | 152.95 | ||||
Issued | (204 | ) | 136.85 | ||||
Outstanding at December 31, 2017 | 365 | $ | 155.58 |
Trade and other receivables | $ | 1,513 | |
Prepaid expenses and other current assets | 396 | ||
Property, plant and equipment | 1,030 | ||
Other long term assets | 5,612 | ||
Goodwill | 168,990 | ||
Intangibles | 44,750 | ||
Liabilities | (4,415 | ) | |
Other noncurrent liabilities | (6,130 | ) | |
Deferred tax liabilities | (4,178 | ) | |
Aggregate purchase price | $ | 207,568 |
Restricted cash | $ | 37,666 | |
Trade and other receivables | 61,801 | ||
Prepaid expenses and other current assets | 15,190 | ||
Property and equipment | 7,106 | ||
Other long term assets | 10,025 | ||
Goodwill | 500,391 | ||
Customer relationships and other identifiable intangible assets | 271,793 | ||
Liabilities assumed | (194,552 | ) | |
Deferred tax liabilities | (93,364 | ) | |
Aggregate purchase price | $ | 616,056 |
Useful Lives (in Years) | Value | |||
Trade Name and Trademarks | Indefinite | $ | 8,700 | |
Proprietary Technology | 6 | 15,600 | ||
Referral Partners | 10 | 810 | ||
Supplier Network | 10 | 2,640 | ||
Customer Relationships | 20 | 17,000 | ||
$ | 44,750 |
Useful Lives (in Years) | Value | |||
Banking relationships | 20 | $ | 705 | |
Trade name and trademarks | Indefinite | 35,110 | ||
Technology | 5 | 16,039 | ||
Customer relationships - excluding Accounts Payable Solutions | 7-18 | 178,190 | ||
Customer relationships - Accounts Payable Solutions | 20 | 41,749 | ||
$ | 271,793 |
Trade and other receivables | $ | 37,986 | |
Prepaid expenses and other | 1,426 | ||
Property and equipment | 5,745 | ||
Goodwill | 55,711 | ||
Other intangible assets | 53,259 | ||
Liabilities assumed | (32,202 | ) | |
Deferred tax liabilities | (17,217 | ) | |
Aggregate purchase prices | $ | 104,708 |
Trade and other receivables | $ | 91,912 | |
Prepaid expenses and other current assets | 2,059 | ||
Property, plant and equipment | 2,879 | ||
Other long term assets | 4,593 | ||
Goodwill | 119,408 | ||
Intangibles | 82,925 | ||
Liabilities | (78,579 | ) | |
Other noncurrent liabilities | (4,657 | ) | |
Deferred tax liabilities | (11,647 | ) | |
Aggregate purchase price | $ | 208,893 |
Useful Lives (in Years) | Value | |||
Trade Names and Trademarks | 2 - Indefinite | $ | 10,140 | |
Technology | 5 - 10 | 14,032 | ||
Lodging Network | 10 | 300 | ||
Referral Partners | 20 | 2,000 | ||
Customer Relationships | Varies | 56,453 | ||
$ | 82,925 |
Useful Lives (in Years) | Value | |||
Trade name and trademarks | 1 | $ | 180 | |
Technology | 4 | 1,750 | ||
Customer relationships | 8 | 51,329 | ||
$ | 53,259 |
Trade and other receivables | $ | 243,157 | |
Prepaid expenses and other | 5,757 | ||
Deferred tax assets | 20,644 | ||
Property and equipment | 44,226 | ||
Other long term assets | 14,280 | ||
Goodwill | 663,040 | ||
Customer relationships and other identifiable intangible assets | 548,682 | ||
Liabilities assumed | (312,297 | ) | |
Aggregate purchase price | $ | 1,227,489 | |
Useful Lives (in Years) | Value | |||
Customer relationships | 8.5-20 | $ | 348,414 | |
Trade names and trademarks | Indefinite | 154,851 | ||
Technology | 6 | 45,417 | ||
$ | 548,682 |
Trade and other receivables | $ | 27,810 | |
Prepaid expenses and other | 5,097 | ||
Property and equipment | 992 | ||
Goodwill | 28,540 | ||
Other intangible assets | 61,823 | ||
Deferred tax asset | 146 | ||
Deferred tax liabilities | (5,123 | ) | |
Liabilities assumed | (42,550 | ) | |
Aggregate purchase prices | $ | 76,735 |
Useful Lives (in Years) | Value | |||
Customer relationships and other identifiable intangible assets | 10-18 | $ | 61,823 | |
$ | 61,823 |
Trade and other receivables | $ | 521 | ||
Prepaid expenses and other | 996 | |||
Property and equipment | 197 | |||
Goodwill | 9,561 | |||
Other intangible assets | 39,791 | |||
Deferred tax liabilities | (2,437 | ) | ||
Liabilities assumed | (2,331 | ) | ||
Aggregate purchase prices | $ | 46,298 |
Useful Lives (in Years) | Value | |||||
Customer relationships | 14-20 | $ | 39,791 | |||
$ | 39,791 |
December 31, 2016 | Acquisitions | Dispositions | Acquisition Accounting Adjustments | Foreign Currency | December 31, 2017 | December 31, 2018 | Acquisitions | Acquisition Accounting Adjustments | Foreign Currency | December 31, 2019 | ||||||||||||||||||||||||||||||||||
Segment | ||||||||||||||||||||||||||||||||||||||||||||
North America | $ | 2,640,409 | $ | 534,777 | $ | (92,046 | ) | $ | — | $ | 983 | $ | 3,084,123 | $ | 3,087,875 | $ | 268,866 | $ | 2,914 | $ | 9,518 | $ | 3,369,173 | |||||||||||||||||||||
International | 1,554,741 | 21,325 | — | 3,752 | 51,882 | 1,631,700 | 1,454,199 | 19,531 | — | (9,856 | ) | 1,463,874 | ||||||||||||||||||||||||||||||||
$ | 4,195,150 | $ | 556,102 | $ | (92,046 | ) | $ | 3,752 | $ | 52,865 | $ | 4,715,823 | $ | 4,542,074 | $ | 288,397 | $ | 2,914 | $ | (338 | ) | $ | 4,833,047 |
December 31, 2015 | Acquisitions | Acquisition Accounting Adjustments | Foreign Currency | December 31, 2016 | December 31, 2017 | Acquisitions | Acquisition Accounting Adjustments | Foreign Currency | December 31, 2018 | |||||||||||||||||||||||||||||||
Segment | ||||||||||||||||||||||||||||||||||||||||
North America | $ | 2,640,409 | $ | — | $ | — | $ | — | $ | 2,640,409 | $ | 3,084,123 | $ | 16,184 | $ | 4,036 | $ | (16,468 | ) | $ | 3,087,875 | |||||||||||||||||||
International | 905,625 | 687,828 | (521 | ) | (38,191 | ) | 1,554,741 | 1,631,700 | — | 20 | (177,521 | ) | 1,454,199 | |||||||||||||||||||||||||||
$ | 3,546,034 | $ | 687,828 | $ | (521 | ) | $ | (38,191 | ) | $ | 4,195,150 | $ | 4,715,823 | $ | 16,184 | $ | 4,056 | $ | (193,989 | ) | $ | 4,542,074 |
2017 | 2016 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||
Weighted- Avg Useful Life (Years) | Gross Carrying Amounts | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amounts | Accumulated Amortization | Net Carrying Amount | Weighted- Avg Useful Life (Years) | Gross Carrying Amounts | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amounts | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||||||||||||||||||||||
Customer and vendor agreements | 17.0 | $ | 2,698,428 | $ | (605,347 | ) | $ | 2,093,081 | $ | 2,449,389 | $ | (458,118 | ) | $ | 1,991,271 | 17.0 | $ | 2,698,327 | $ | (943,537 | ) | $ | 1,754,790 | $ | 2,625,270 | $ | (776,383 | ) | $ | 1,848,887 | ||||||||||||||||||||||
Trade names and trademarks—indefinite lived | N/A | 499,587 | — | 499,587 | 510,952 | — | 510,952 | N/A | 496,306 | — | 496,306 | 479,555 | — | 479,555 | ||||||||||||||||||||||||||||||||||||||
Trade names and trademarks—other | 13.8 | 2,986 | (2,207 | ) | 779 | 2,746 | (2,021 | ) | 725 | 13.4 | 5,384 | (2,877 | ) | 2,507 | 2,957 | (2,501 | ) | 456 | ||||||||||||||||||||||||||||||||||
Software | 6.0 | 219,019 | (116,654 | ) | 102,365 | 211,331 | (85,167 | ) | 126,164 | 6.0 | 242,783 | (180,839 | ) | 61,944 | 212,733 | (152,416 | ) | 60,317 | ||||||||||||||||||||||||||||||||||
Non-compete agreements | 4.5 | 48,221 | (19,076 | ) | 29,145 | 35,191 | (11,070 | ) | 24,121 | 4.1 | 65,560 | (39,225 | ) | 26,335 | 47,009 | (28,314 | ) | 18,695 | ||||||||||||||||||||||||||||||||||
Total other intangibles | $ | 3,468,241 | $ | (743,284 | ) | $ | 2,724,957 | $ | 3,209,609 | $ | (556,376 | ) | $ | 2,653,233 | $ | 3,508,360 | $ | (1,166,478 | ) | $ | 2,341,882 | $ | 3,367,524 | $ | (959,614 | ) | $ | 2,407,910 |
2020 | $ | 192,314 | ||
2021 | 183,440 | |||
2022 | 170,757 | |||
2023 | 163,926 | |||
2024 | 157,125 | |||
Thereafter | 978,014 |
2018 | $ | 220,506 | ||
2019 | 206,174 | |||
2020 | 186,259 | |||
2021 | 182,156 | |||
2022 | 171,177 | |||
Thereafter | 1,259,098 |
Estimated Useful Lives (in Years) | 2017 | 2016 | ||||||||
Computer hardware and software | 3 to 5 | $ | 244,655 | $ | 197,958 | |||||
Card-reading equipment | 4 to 6 | 25,462 | 25,553 | |||||||
Furniture, fixtures, and vehicles | 2 to 10 | 18,846 | 15,418 | |||||||
Buildings and improvements | 5 to 50 | 21,603 | 14,432 | |||||||
Property, plant and equipment, gross | 310,566 | 253,361 | ||||||||
Less: accumulated depreciation | (130,509 | ) | (110,857 | ) | ||||||
Property, plant and equipment, net | $ | 180,057 | $ | 142,504 |
Estimated Useful Lives (in Years) | 2019 | 2018 | ||||||||
Computer hardware and software | 3 to 5 | $ | 341,282 | $ | 291,404 | |||||
Card-reading equipment | 4 to 6 | 24,077 | 20,117 | |||||||
Furniture, fixtures, and vehicles | 2 to 10 | 19,319 | 18,308 | |||||||
Buildings and improvements | 5 to 50 | 29,127 | 21,854 | |||||||
Property, plant and equipment, gross | 413,805 | 351,683 | ||||||||
Less: accumulated depreciation | (213,980 | ) | (165,482 | ) | ||||||
Property, plant and equipment, net | $ | 199,825 | $ | 186,201 |
2019 | 2018 | |||||||
Accrued bonuses | $ | 23,595 | $ | 20,553 | ||||
Accrued payroll and severance | 23,718 | 15,932 | ||||||
Accrued taxes | 70,350 | 85,346 | ||||||
Accrued commissions/rebates | 77,430 | 60,593 | ||||||
Other | 80,418 | 79,170 | ||||||
$ | 275,511 | $ | 261,594 |
2017 | 2016 | |||||||
Accrued bonuses | $ | 15,119 | $ | 15,866 | ||||
Accrued payroll and severance | 18,500 | 10,704 | ||||||
Accrued taxes | 63,698 | 104,623 | ||||||
Accrued commissions/rebates | 47,198 | 43,467 | ||||||
Other | 93,957 | 64,152 | ||||||
$ | 238,472 | $ | 238,812 |
2017 | 2016 | 2019 | 2018 | |||||||||||||
Term notes payable—domestic(a), net of discounts | $ | 2,993,667 | $ | 2,639,279 | ||||||||||||
Revolving line of credit A Facility—domestic(a) | 635,000 | 465,000 | ||||||||||||||
Revolving line of credit B Facility—foreign(a) | 28,334 | 123,412 | ||||||||||||||
Revolving line of credit B Facility—swing line(a) | 6,879 | 26,608 | ||||||||||||||
Other(c) | 43,736 | 12,934 | ||||||||||||||
Term Loan A note payable (a), net of discounts | $ | 3,080,789 | $ | 2,515,519 | ||||||||||||
Term Loan B note payable (a), net of discounts | 340,481 | 344,180 | ||||||||||||||
Revolving line of credit A Facility(a) | 325,000 | 655,000 | ||||||||||||||
Revolving line of credit B Facility(a) | 225,477 | 345,446 | ||||||||||||||
Revolving line of credit C Facility(a) | — | 35,000 | ||||||||||||||
Revolving line of credit B Facility —foreign swing line(a) | 52,038 | — | ||||||||||||||
Other debt(c) | 42,027 | 37,902 | ||||||||||||||
Total notes payable and other obligations | 3,707,616 | 3,267,233 | 4,065,812 | 3,933,047 | ||||||||||||
Securitization Facility(b) | 811,000 | 591,000 | 970,973 | 886,000 | ||||||||||||
Total notes payable, credit agreements and Securitization Facility | $ | 4,518,616 | $ | 3,858,233 | $ | 5,036,785 | $ | 4,819,047 | ||||||||
Current portion | $ | 1,616,512 | $ | 1,336,506 | $ | 1,746,838 | $ | 2,070,616 | ||||||||
Long-term portion | 2,902,104 | 2,521,727 | 3,289,947 | 2,748,431 | ||||||||||||
Total notes payable, credit agreements and Securitization Facility | $ | 4,518,616 | $ | 3,858,233 | $ | 5,036,785 | $ | 4,819,047 |
(a) | The Company has a Credit Agreement, which has been amended multiple times and provides for senior secured credit facilities (collectively, the "Credit Facility") consisting of a revolving |
(b) | The Company is party to a |
(c) | Other includes the |
2020 | $ | 775,865 | ||
2021 | 192,577 | |||
2022 | 162,156 | |||
2023 | 2,607,293 | |||
2024 | 327,921 | |||
Thereafter | — |
Cumulative Foreign Currency Translation | Unrealized (Losses) Gains on Derivative Instruments | Total Accumulated Other Comprehensive (Loss) Income | |||||||||||
Balance at December 31, 2016 | $ | (666,403 | ) | $ | — | $ | (666,403 | ) | |||||
Other comprehensive income before reclassifications | 83,165 | — | 83,165 | ||||||||||
Amounts reclassified from AOCI | 31,381 | 31,381 | |||||||||||
Tax effect | — | — | — | ||||||||||
Other comprehensive income | 114,546 | — | 114,546 | ||||||||||
Balance at December 31, 2017 | (551,857 | ) | — | (551,857 | ) | ||||||||
Other comprehensive loss before reclassifications | (362,001 | ) | — | (362,001 | ) | ||||||||
Amounts reclassified from AOCI | — | — | — | ||||||||||
Tax effect | — | — | — | ||||||||||
Other comprehensive loss | (362,001 | ) | — | (362,001 | ) | ||||||||
Balance at December 31, 2018 | (913,858 | ) | — | (913,858 | ) | ||||||||
Other comprehensive loss before reclassifications | (15,855 | ) | (68,928 | ) | (84,783 | ) | |||||||
Amounts reclassified from AOCI | — | 5,828 | 5,828 | ||||||||||
Tax effect | — | 20,348 | 20,348 | ||||||||||
Other comprehensive loss | (15,855 | ) | (42,752 | ) | (58,607 | ) | |||||||
Balance at December 31, 2019 | $ | (929,713 | ) | $ | (42,752 | ) | $ | (972,465 | ) |
2018 | $ | 805,512 | ||
2019 | 173,927 | |||
2020 | 136,197 | |||
2021 | 136,337 | |||
2022 | 2,121,177 | |||
Thereafter | 334,466 |
2019 | 2018 | 2017 | ||||||||||
United States | $ | 505,818 | $ | 622,214 | $ | 524,669 | ||||||
Foreign | 572,001 | 472,911 | 368,921 | |||||||||
Total | $ | 1,077,819 | $ | 1,095,125 | $ | 893,590 |
2017 | 2016 | 2015 | ||||||||||
United States | $ | 524,669 | $ | 383,427 | $ | 304,743 | ||||||
Foreign | 368,921 | 259,492 | 231,261 | |||||||||
Total | $ | 893,590 | $ | 642,919 | $ | 536,004 |
2019 | 2018 | 2017 | ||||||||||
Current: | ||||||||||||
Federal | $ | 50,145 | $ | 165,303 | $ | 303,514 | ||||||
State | 10,285 | 26,036 | 19,234 | |||||||||
Foreign | 84,433 | 95,053 | 78,354 | |||||||||
Total current | 144,863 | 286,392 | 401,102 | |||||||||
Deferred: | ||||||||||||
Federal | (10,479 | ) | (19,688 | ) | (255,188 | ) | ||||||
State | 3,745 | 8,727 | 276 | |||||||||
Foreign | 44,617 | 8,211 | 7,200 | |||||||||
Total deferred | 37,883 | (2,750 | ) | (247,712 | ) | |||||||
Total provision | $ | 182,746 | $ | 283,642 | $ | 153,390 |
2017 | 2016 | 2015 | ||||||||||
Current: | ||||||||||||
Federal | $ | 303,514 | $ | 147,406 | $ | 82,926 | ||||||
State | 19,234 | 10,725 | 8,051 | |||||||||
Foreign | 78,354 | 61,084 | 51,970 | |||||||||
Total current | 401,102 | 219,215 | 142,947 | |||||||||
Deferred: | ||||||||||||
Federal | (255,188 | ) | (18,723 | ) | 36,723 | |||||||
State | 276 | 1,608 | 1,525 | |||||||||
Foreign | 7,200 | (11,566 | ) | (7,622 | ) | |||||||
Total deferred | (247,712 | ) | (28,681 | ) | 30,626 | |||||||
Total provision | $ | 153,390 | $ | 190,534 | $ | 173,573 |
2019 | 2018 | 2017 | |||||||||||||||||||
Computed “expected” tax expense | $ | 226,342 | 21.0 | % | $ | 229,976 | 21.0 | % | $ | 312,756 | 35.0 | % | |||||||||
Changes resulting from: | |||||||||||||||||||||
Change in valuation allowance | (28,614 | ) | (2.7 | ) | 25,193 | 2.8 | 18,289 | 2.0 | |||||||||||||
Foreign income tax differential | (15,816 | ) | (1.4 | ) | 9,921 | 0.9 | (38,695 | ) | (4.3 | ) | |||||||||||
State taxes net of federal benefits | 12,482 | 1.2 | 20,480 | 1.9 | 12,884 | 1.4 | |||||||||||||||
Foreign-sourced nontaxable income | — | (28,861 | ) | (2.6 | ) | (8,836 | ) | (1.0 | ) | ||||||||||||
Foreign withholding tax | 20,360 | 1.9 | 20,569 | 1.9 | 9,362 | 1.0 | |||||||||||||||
IRC Section 199 deduction | — | — | — | — | (8,844 | ) | (1.0 | ) | |||||||||||||
Excess tax benefits related to stock-based compensation | (38,156 | ) | (3.5 | ) | (19,255 | ) | (1.8 | ) | (18,058 | ) | (2.0 | ) | |||||||||
Revaluation of capital loss deferred tax asset | (24,279 | ) | (2.3 | ) | — | — | — | — | |||||||||||||
Impact of the Tax Act: | |||||||||||||||||||||
One-time transition tax | — | — | — | — | 195,779 | 21.9 | |||||||||||||||
Foreign tax credit- one-time transition tax | — | — | 17,385 | 1.6 | (113,955 | ) | (12.8 | ) | |||||||||||||
Deferred tax effects | — | — | 7,128 | 0.1 | (209,965 | ) | (23.5 | ) | |||||||||||||
Sub-part F Income/GILTI | 49,859 | 4.6 | 40,200 | 3.7 | 3,741 | 0.4 | |||||||||||||||
Foreign tax credits | (38,657 | ) | (3.6 | ) | (52,095 | ) | (4.8 | ) | — | — | |||||||||||
Other | 19,225 | 1.8 | 13,001 | 1.2 | (1,068 | ) | 0.1 | ||||||||||||||
Provision for income taxes | $ | 182,746 | 17.0 | % | $ | 283,642 | 25.9 | % | $ | 153,390 | 17.2 | % |
2017 | 2016 | 2015 | |||||||||||||||||||
Computed “expected” tax expense | $ | 312,756 | 35.0 | % | $ | 225,022 | 35.0 | % | $ | 187,601 | 35.0 | % | |||||||||
Changes resulting from: | |||||||||||||||||||||
Change in valuation allowance | 18,289 | 2.0 | 11,952 | 1.9 | 20,243 | 3.8 | |||||||||||||||
Foreign income tax differential | (38,695 | ) | (4.3 | ) | (25,533 | ) | (4.0 | ) | (23,718 | ) | (4.4 | ) | |||||||||
State taxes net of federal benefits | 12,884 | 1.4 | 9,439 | 1.5 | 6,711 | 1.2 | |||||||||||||||
Foreign-sourced nontaxable income | (8,836 | ) | (1.0 | ) | (13,659 | ) | (1.2 | ) | (10,573 | ) | (2.0 | ) | |||||||||
IRC Section 199 deduction | (8,844 | ) | (1.0 | ) | (7,731 | ) | (1.2 | ) | (10,221 | ) | (1.9 | ) | |||||||||
Excess tax benefits related to stock-based compensation | (18,058 | ) | (2.0 | ) | (11,974 | ) | (1.9 | ) | — | — | |||||||||||
Subpart F income/transition tax - federal only | 195,779 | 21.9 | — | — | — | — | |||||||||||||||
Foreign tax credit/transition tax - federal only | (113,955 | ) | (12.8 | ) | — | — | — | — | |||||||||||||
Tax reform - federal rate reduction | (209,966 | ) | (23.5 | ) | — | — | — | — | |||||||||||||
Other | 12,036 | 1.3 | 3,018 | (0.4 | ) | 3,530 | 0.7 | ||||||||||||||
Provision for income taxes | $ | 153,390 | 17.2 | % | $ | 190,534 | 29.7 | % | $ | 173,573 | 32.4 | % |
2019 | 2018 | |||||||
Deferred tax assets: | ||||||||
Accounts receivable, principally due to the allowance for doubtful accounts | $ | 9,586 | $ | 8,518 | ||||
Accrued expenses not currently deductible for tax | 2,305 | 6,734 | ||||||
Lease deferral | 24,713 | — | ||||||
Interest rate swap | 13,781 | — | ||||||
Stock based compensation | 39,779 | 40,081 | ||||||
Income tax credits | 35,845 | 26,770 | ||||||
Net operating loss carry forwards | 67,108 | 53,221 | ||||||
Investments | — | 39,062 | ||||||
Accrued escheat | 3,098 | 3,608 | ||||||
Other | 3,522 | 4,240 | ||||||
Deferred tax assets before valuation allowance | 199,737 | 182,234 | ||||||
Valuation allowance | (64,482 | ) | (90,366 | ) | ||||
Deferred tax assets, net | 135,255 | 91,868 | ||||||
Deferred tax liabilities: | ||||||||
Intangibles—including goodwill | (499,525 | ) | (483,361 | ) | ||||
Basis difference in investment in subsidiaries | (42,314 | ) | (38,200 | ) | ||||
Lease deferral | (21,810 | ) | — | |||||
Mark to Market | (3,213 | ) | — | |||||
Accrued Expense Liability | (4,023 | ) | — | |||||
Prepaid expenses | (2,075 | ) | ||||||
Property and equipment, prepaid expenses and other | (79,620 | ) | (59,101 | ) | ||||
Deferred tax liabilities | (652,580 | ) | (580,662 | ) | ||||
Net deferred tax liabilities | $ | (517,325 | ) | $ | (488,794 | ) |
2017 | 2016 | |||||||
Deferred tax assets: | ||||||||
Accounts receivable, principally due to the allowance for doubtful accounts | $ | 6,752 | $ | 7,148 | ||||
Accrued expenses not currently deductible for tax | 442 | 2,647 | ||||||
Stock based compensation | 37,274 | 41,415 | ||||||
Income tax credits | 376 | 376 | ||||||
Net operating loss carry forwards | 41,168 | 45,969 | ||||||
Investments | 37,804 | 53,379 | ||||||
Accrued escheat | 4,768 | 7,290 | ||||||
Fixed assets, intangibles and other | 12,604 | 15,622 | ||||||
Deferred tax assets before valuation allowance | 141,188 | 173,846 | ||||||
Valuation allowance | (59,349 | ) | (76,395 | ) | ||||
Deferred tax assets, net | 81,839 | 97,451 | ||||||
Deferred tax liabilities: | ||||||||
Intangibles—including goodwill | (508,958 | ) | (687,443 | ) | ||||
Basis difference in investment in foreign subsidiaries | (39,287 | ) | (48,354 | ) | ||||
Prepaid expenses | (1,605 | ) | (3,644 | ) | ||||
Property and equipment, principally due to differences between book and tax depreciation, and other | (49,100 | ) | (24,157 | ) | ||||
Deferred tax liabilities | (598,950 | ) | (763,598 | ) | ||||
Net deferred tax liabilities | $ | (517,111 | ) | $ | (666,147 | ) |
2017 | 2016 | 2019 | 2018 | |||||||||||||
Long term deferred tax assets and liabilities: | ||||||||||||||||
Long term deferred tax assets | 1,801 | 2,433 | $ | 2,655 | $ | 3,152 | ||||||||||
Long term deferred tax liabilities | (518,912 | ) | (668,580 | ) | (519,980 | ) | (491,946 | ) | ||||||||
Net long term deferred taxes | (517,111 | ) | (666,147 | ) | ||||||||||||
Net deferred tax liabilities | $ | (517,111 | ) | $ | (666,147 | ) | $ | (517,325 | ) | $ | (488,794 | ) |
Balance at December 31, 2016 | $ | 76,395 | ||
Additions based on changes in deferred tax assets in 2017 | 5,332 | |||
Reduction in valuation allowance due to rate change from Tax Act | (22,378 | ) | ||
Balance at December 31, 2017 (after impact of tax reform) | 59,349 | |||
Additions based on changes in deferred tax assets | 25,193 | |||
Increase in valuation allowance due to rate change from Tax Act | 5,824 | |||
Balance at December 31, 2018 | 90,366 | |||
Reductions based on changes in deferred tax assets | (28,601 | ) | ||
Additions based on changes in deferred tax assets | 2,717 | |||
Balance at December 31, 2019 | $ | 64,482 |
Balances at December 31, 2014 | $ | 27,082 | ||
Additions | 35,523 | |||
Balance at December 31, 2015 | 62,605 | |||
Additions | 13,790 | |||
Balance at December 31, 2016 | 76,395 | |||
Additions | 5,332 | |||
Reduction in valuation allowance due to rate change from Tax Act | (22,378 | ) | ||
Balance at December 31, 2017 | $ | 59,349 |
Unrecognized tax benefits at December 31, 2016 | $ | 26,155 | ||
Additions based on tax provisions related to the current year | 4,143 | |||
Additions for tax positions due to acquisitions | 9,208 | |||
Deductions based on settlement/expiration of prior year tax positions | (9,119 | ) | ||
Additions based on tax provisions related to the prior year | 1,171 | |||
Unrecognized tax benefits at December 31, 2017 | 31,558 | |||
Additions based on tax provisions related to the current year | 3,755 | |||
Additions based on tax provisions related to the prior year | 3,000 | |||
Deductions based on settlement/expiration of prior year tax positions | (4,161 | ) | ||
Unrecognized tax benefits at December 31, 2018 | 34,152 | |||
Additions based on tax provisions related to the current year | 4,284 | |||
Additions based on tax provisions related to the prior year | 11,679 | |||
Deductions based on settlement/expiration of prior year tax positions | (7,342 | ) | ||
Unrecognized tax benefits at December 31, 2019 | $ | 42,773 |
Unrecognized tax benefits at December 31, 2014 | $ | 18,641 | ||
Additions based on tax provisions related to the current year | 9,079 | |||
Additions based on tax provisions related to the prior year | 477 | |||
Deductions based on settlement/expiration of prior year tax positions | (6,363 | ) | ||
Unrecognized tax benefits at December 31, 2015 | 21,834 | |||
Additions based on tax provisions related to the current year | 3,332 | |||
Additions based on tax provisions related to the prior year | 2,496 | |||
Deductions based on settlement/expiration of prior year tax positions | (1,507 | ) | ||
Unrecognized tax benefits at December 31, 2016 | 26,155 | |||
Additions based on tax provisions related to the current year | 4,143 | |||
Additions for tax positions due to acquisitions | 9,208 | |||
Additions based on tax provisions related to the prior year | 1,171 | |||
Deductions based on settlement/expiration of prior year tax positions | (9,119 | ) | ||
Unrecognized tax benefits at December 31, 2017 | $ | 31,558 |
December 31, 2019 | |||
Cash paid for operating lease liabilities | $ | 19,763 | |
Right-of-use assets obtained in exchange for new operating lease obligations 1 | $ | 102,586 | |
Weighted-average remaining lease term (years) | 7.54 | ||
Weighted-average discount rate | 4.64 | % | |
1 Includes $55.9 million for operating leases existing on January 1, 2019 |
2020 | $ | 19,785 | ||
2021 | 17,813 | |||
2022 | 14,438 | |||
2023 | 13,403 | |||
2024 | 12,824 | |||
Thereafter | 38,992 | |||
Total lease payments | 117,255 | |||
Less imputed interest | 18,700 | |||
Present value of lease liabilities | $ | 98,555 |
2019 | $ | 19,678 | ||
2020 | 16,658 | |||
2021 | 14,826 | |||
2022 | 11,733 | |||
2023 | 11,017 | |||
Thereafter | 24,374 |
2018 | $ | 19,343 | ||
2019 | 14,362 | |||
2020 | 12,132 | |||
2021 | 10,661 | |||
2022 | 10,195 | |||
Thereafter | 25,335 |
• | Forward contracts, which are commitments to buy or sell at a future date a currency at a contract price and will be settled in cash. |
• | Option contracts, which gives the purchaser, the right, but not the obligation to buy or sell within a specified time a currency at a contracted price that may be settled in cash. |
• | Swap contracts, which are commitments to settlement in cash at a future date or dates, usually on an overnight basis. |
Net Notional | |||||||
2019 | 2018 | ||||||
Foreign exchange contracts: | |||||||
Swaps | $ | 599.5 | $ | 929.5 | |||
Futures, forwards and spot | 3,017.1 | 3,249.9 | |||||
Written options | 6,393.9 | 3,688.8 | |||||
Purchased options | 5,830.8 | 2,867.2 | |||||
Total | $ | 15,841.3 | $ | 10,735.4 |
Net Notional | |||
Foreign exchange contracts: | |||
Swaps | $ | 515.4 | |
Futures, forwards and spot | 3,274.5 | ||
Written options | 2,934.2 | ||
Purchased options | 2,314.1 | ||
Total | $ | 9,038.1 |
December 31, 2019 | Fair Value, Gross | Fair Value, Net | |||||||||||||
Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | ||||||||||||
Derivatives - undesignated: | |||||||||||||||
Foreign exchange contracts | $ | 114.9 | $ | 103.8 | $ | 72.1 | $ | 60.9 | |||||||
Cash collateral | 6.1 | 25.6 | 6.1 | 25.6 | |||||||||||
Total net derivative assets and liabilities | $ | 108.8 | $ | 78.2 | $ | 66.0 | $ | 35.3 |
Fair Value, Gross | Fair Value, Net | ||||||||||||||
Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | ||||||||||||
Derivatives - undesignated: | |||||||||||||||
Over the counter | $ | 80.4 | $ | 68.2 | $ | 39.0 | $ | 26.8 | |||||||
Exchange traded | — | 0.1 | — | 0.1 | |||||||||||
Foreign exchange contracts | 80.4 | 68.3 | 39.0 | 26.9 | |||||||||||
Cash collateral | 12.5 | 10.9 | 12.5 | 10.9 | |||||||||||
Total net derivative assets and liabilities | $ | 67.9 | $ | 57.4 | $ | 26.5 | $ | 16.0 |
December 31, 2018 | Fair Value, Gross | Fair Value, Net | |||||||||||||
Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | ||||||||||||
Derivatives - undesignated: | |||||||||||||||
Foreign exchange contracts | 109.5 | 112.9 | 68.8 | 72.1 | |||||||||||
Cash collateral | 9.6 | 73.1 | 9.6 | 73.1 | |||||||||||
Total net derivative assets and liabilities | $ | 99.9 | $ | 39.8 | $ | 59.2 | $ | (1.0 | ) |
Notional Amount as of | Fixed Rates | Maturity Date | ||||
December 31, 2019 | ||||||
Interest Rate Derivative: | ||||||
Interest Rate Swap | $ | 1,000 | 2.56% | 1/31/2022 | ||
Interest Rate Swap | 500 | 2.56% | 1/31/2023 | |||
Interest Rate Swap | 500 | 2.55% | 12/19/2023 |
December 31, 2019 | ||||||
Balance Sheet Location | Fair Value | |||||
Derivatives designated as cash flow hedges: | ||||||
Swap contracts | Other liabilities | $ | 56.4 |
2019 | ||||
Interest Rate Swaps: | ||||
Amount of loss recognized in other comprehensive income on derivatives, net of tax of $20.3 million | $ | 42.8 | ||
Amount of loss reclassified from accumulated other comprehensive income into interest expense | 5.8 |
2019 | 2018 | 2017 | ||||||||||
Net income | $ | 895,073 | $ | 811,483 | $ | 740,200 | ||||||
Denominator for basic earnings per share | 86,401 | 88,750 | 91,129 | |||||||||
Dilutive securities | 3,669 | 3,401 | 2,465 | |||||||||
Denominator for diluted earnings per share | 90,070 | 92,151 | 93,594 | |||||||||
Basic earnings per share | $ | 10.36 | $ | 9.14 | $ | 8.12 | ||||||
Diluted earnings per share | 9.94 | 8.81 | 7.91 |
2017 | 2016 | 2015 | ||||||||||
Net income | $ | 740,200 | $ | 452,385 | $ | 362,431 | ||||||
Denominator for basic earnings per share | 91,129 | 92,597 | 92,023 | |||||||||
Dilutive securities | 2,465 | 2,616 | 2,116 | |||||||||
Denominator for diluted earnings per share | 93,594 | 95,213 | 94,139 | |||||||||
Basic earnings per share | $ | 8.12 | $ | 4.89 | $ | 3.94 | ||||||
Diluted earnings per share | 7.91 | 4.75 | 3.85 |
2017 | 2016 | 2015 | 2019 | 2018 | 20171 | |||||||||||||||||||
Revenues, net: | ||||||||||||||||||||||||
North America | $ | 1,428,711 | $ | 1,279,102 | $ | 1,231,957 | $ | 1,708,546 | $ | 1,571,466 | $ | 1,428,711 | ||||||||||||
International | 820,827 | 552,444 | 470,908 | 940,302 | 862,026 | 820,827 | ||||||||||||||||||
$ | 2,249,538 | $ | 1,831,546 | $ | 1,702,865 | $ | 2,648,848 | $ | 2,433,492 | $ | 2,249,538 | |||||||||||||
Operating income: | ||||||||||||||||||||||||
North America | $ | 541,598 | $ | 506,414 | $ | 442,052 | $ | 755,867 | $ | 673,867 | $ | 541,598 | ||||||||||||
International | 342,162 | 247,739 | 225,482 | 475,563 | 416,831 | 342,162 | ||||||||||||||||||
$ | 883,760 | $ | 754,153 | $ | 667,534 | $ | 1,231,430 | $ | 1,090,698 | $ | 883,760 | |||||||||||||
Depreciation and amortization: | ||||||||||||||||||||||||
North America | $ | 139,418 | $ | 129,653 | $ | 127,863 | $ | 160,246 | $ | 154,405 | $ | 139,418 | ||||||||||||
International | 125,142 | 73,603 | 65,590 | 113,964 | 120,204 | 125,142 | ||||||||||||||||||
$ | 264,560 | $ | 203,256 | $ | 193,453 | $ | 274,210 | $ | 274,609 | $ | 264,560 | |||||||||||||
Capital expenditures: | ||||||||||||||||||||||||
North America | $ | 40,747 | $ | 39,000 | $ | 19,883 | $ | 44,238 | $ | 36,514 | $ | 40,747 | ||||||||||||
International | 29,346 | 20,011 | 21,992 | 30,932 | 44,873 | 29,346 | ||||||||||||||||||
$ | 70,093 | $ | 59,011 | $ | 41,875 | $ | 75,170 | $ | 81,387 | $ | 70,093 | |||||||||||||
Long-lived assets (excluding goodwill): | ||||||||||||||||||||||||
Long-lived assets (excluding goodwill and investments):2 | ||||||||||||||||||||||||
North America | $ | 1,888,599 | $ | 1,664,224 | $ | 1,719,639 | $ | 1,860,708 | $ | 1,799,149 | $ | 1,888,599 | ||||||||||||
International | 1,131,610 | 1,203,465 | 602,941 | 905,775 | 942,594 | 1,131,610 | ||||||||||||||||||
$ | 3,020,209 | $ | 2,867,689 | $ | 2,322,580 | $ | 2,766,483 | $ | 2,741,743 | $ | 3,020,209 |
2017 | 2016 | 2015 | ||||||||||
Revenues, net by location: | ||||||||||||
United States (country of domicile) | $ | 1,400,801 | $ | 1,278,828 | $ | 1,231,641 | ||||||
Brazil | 394,550 | 167,769 | 85,124 | |||||||||
United Kingdom | 236,550 | 229,125 | 248,598 |
Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Revenue by Product Category | Revenues, net | Revenues, net | Revenues, net | |||||||||
Fuel1 | $ | 1,096,153 | $ | 997,398 | $ | 1,115,570 | ||||||
Corporate payments | 261,822 | 179,557 | 162,283 | |||||||||
Tolls | 326,977 | 102,740 | 9,337 | |||||||||
Lodging | 126,657 | 100,664 | 91,751 | |||||||||
Gift | 194,099 | 184,743 | 170,095 | |||||||||
Other | 243,830 | 266,444 | 153,829 | |||||||||
Consolidated revenues, net | $ | 2,249,538 | $ | 1,831,546 | $ | 1,702,865 |
2019 | 2018 | |||||||
Long-lived assets (excluding goodwill): | ||||||||
United States (country of domicile) | $ | 1,860,708 | $ | 1,721,419 | ||||
Brazil | 487,464 | 541,891 | ||||||
United Kingdom | 282,351 | 274,530 |
2017 | 2016 | |||||||
Long-lived assets (excluding goodwill): | ||||||||
United States (country of domicile) | $ | 1,808,043 | $ | 1,664,224 | ||||
Brazil | 688,809 | 784,816 | ||||||
United Kingdom | 294,039 | 286,928 |
Fiscal Quarters Year Ended December 31, 2017 | First | Second | Third | Fourth | ||||||||||||||||||||||||||||
Fiscal Quarters Year Ended December 31, 2019 | First | Second | Third | Fourth | ||||||||||||||||||||||||||||
Revenues, net | $ | 520,433 | $ | 541,237 | $ | 577,877 | $ | 609,991 | $ | 621,825 | $ | 647,094 | $ | 681,048 | $ | 698,881 | ||||||||||||||||
Operating income | 195,068 | 216,043 | 232,637 | 240,012 | 284,176 | 297,317 | 329,141 | 320,796 | ||||||||||||||||||||||||
Net income | 123,693 | 130,987 | 202,823 | 282,697 | 172,107 | 261,651 | 225,805 | 235,510 | ||||||||||||||||||||||||
Basic earnings per share | $ | 1.34 | $ | 1.42 | $ | 2.23 | $ | 3.15 | $ | 2.00 | $ | 3.03 | $ | 2.61 | $ | 2.72 | ||||||||||||||||
Diluted earnings per share | 1.31 | 1.39 | 2.18 | 3.05 | 1.93 | 2.90 | 2.49 | 2.60 | ||||||||||||||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||||||||||||||
Basic shares | 92,108 | 92,013 | 90,751 | 89,676 | 85,941 | 86,360 | 86,662 | 86,600 | ||||||||||||||||||||||||
Diluted shares | 94,560 | 94,223 | 93,001 | 92,623 | 89,244 | 90,131 | 90,522 | 90,427 |
Fiscal Quarters Year Ended December 31, 2018* | First | Second | Third | Fourth | ||||||||||||
Revenues, net | $ | 585,500 | $ | 584,985 | $ | 619,586 | $ | 643,422 | ||||||||
Operating income | 260,087 | 264,783 | 281,090 | 284,738 | ||||||||||||
Net income | 174,937 | 176,852 | 157,694 | 302,000 | ||||||||||||
Earnings per share: | ||||||||||||||||
Basic earnings per share | $ | 1.95 | $ | 1.98 | $ | 1.78 | $ | 3.45 | ||||||||
Diluted earnings per share | 1.88 | 1.91 | 1.71 | 3.33 | ||||||||||||
Weighted average shares outstanding: | ||||||||||||||||
Basic shares | 89,765 | 89,169 | 88,456 | 87,636 | ||||||||||||
Diluted shares | 93,250 | 92,702 | 92,081 | 90,703 |
Fiscal Quarters Year Ended December 31, 2016* | First | Second | Third | Fourth | ||||||||||||
Revenues, net | $ | 414,262 | $ | 417,905 | $ | 484,426 | $ | 514,953 | ||||||||
Operating income | 175,955 | 171,168 | 191,055 | 215,975 | ||||||||||||
Net income | 111,090 | 116,253 | 129,618 | 95,424 | ||||||||||||
Earnings per share: | ||||||||||||||||
Basic earnings per share | $ | 1.20 | $ | 1.25 | $ | 1.40 | $ | 1.03 | ||||||||
Diluted earnings per share | 1.17 | 1.22 | 1.36 | 1.00 | ||||||||||||
Weighted average shares outstanding: | ||||||||||||||||
Basic shares | 92,516 | 92,665 | 92,631 | 92,574 | ||||||||||||
Diluted shares | 95,030 | 95,279 | 95,307 | 95,235 |
Page | |
Exhibit no. | ||
Amended and Restated Certificate of Incorporation of FLEETCOR Technologies, Inc. (incorporated by reference to Exhibit 3.1 to the registrant’s Annual Report on Form 10-K, File No. 001-35004, filed with SEC on March 25, 2011) | ||
Certificate of Amendment to the Amended and Restated | ||
Certificate of Amendment to the Amended and Restated Certificate of Incorporation of FLEETCOR Technologies, Inc. (incorporated by reference to Exhibit 3.1 to the registrant's Current Report on Form 8-K, File No. 001-35004, filed with the SEC on June 14, 2019) | ||
Amended and Restated Bylaws of FleetCor Technologies, Inc. (incorporated by reference to Exhibit 3.1 to the Registrant’s Annual Report on Form 8-K, File No. 001-35004, filed with the SEC on January 29, 2018) | ||
Form of Stock Certificate for Common Stock (incorporated by reference to Exhibit 4.1 to Amendment No. 3 to the registrant’s Registration Statement on Form S-1, File No. 333-166092, filed with the SEC on June 29, 2010) | ||
Description of FLEETCOR Technologies, Inc. Common Stock Registered under Section 12 of the Securities Exchange Act | ||
Form of Indemnity Agreement entered into between FLEETCOR and its directors and executive officers (incorporated by reference to Exhibit 10.1 to Amendment No. 3 to the registrant’s Registration Statement on Form S-1, | ||
FLEETCOR Technologies, Inc. Amended and Restated Stock Incentive Plan (incorporated by reference to Exhibit 10.2 to Amendment No. 1 to the registrant’s Registration Statement on Form S-1, | ||
First Amendment to FLEETCOR Technologies, Inc. Amended and Restated Stock Incentive Plan (incorporated by reference to Exhibit 10.3 to Amendment No. 1 to the registrant’s Registration Statement on Form S-1, | ||
Second Amendment to FLEETCOR Technologies, Inc. Amended and Restated Stock Incentive Plan (incorporated by reference to Exhibit 10.4 to Amendment No. 1 to the registrant’s Registration Statement on Form S-1, | ||
Third Amendment to FLEETCOR Technologies, Inc. Amended and Restated Stock Incentive Plan (incorporated by reference to Exhibit 10.5 to Amendment No. 1 to the registrant’s Registration Statement on Form S-1, | ||
Fourth Amendment to FLEETCOR Technologies, Inc. Amended and Restated Stock Incentive Plan (incorporated by reference to Exhibit 10.6 to Amendment No. 1 to the registrant’s Registration Statement on Form S-1, | ||
Form of Incentive Stock Option Award Agreement pursuant to the FLEETCOR Technologies, Inc. Amended and Restated Stock Incentive Plan (incorporated by reference to Exhibit 10.7 to Amendment No. 1 to the registrant’s Registration Statement on Form S-1, | ||
Form of Non-Qualified Stock Option Award Agreement pursuant to the FLEETCOR Technologies, Inc. Amended and Restated Stock Incentive Plan (incorporated by reference to Exhibit 10.8 to Amendment No. 1 to the registrant’s Registration Statement on Form S-1, | ||
Form of Performance Share Restricted Stock Agreement pursuant to the FLEETCOR Technologies, Inc. Amended and Restated Stock Incentive Plan (incorporated by reference to Exhibit 10.9 to Amendment No. 1 to the registrant’s Registration Statement on Form S-1, | ||
FLEETCOR Technologies, Inc. Annual Executive Bonus Program (incorporated by reference to Exhibit 10.11 to Amendment No. 2 to the registrant’s Registration Statement on Form S-1, | ||
Employee Noncompetition, Nondisclosure and Developments Agreement, dated September 25, 2000, between Fleetman, Inc. and Ronald F. Clarke (incorporated by reference to Exhibit 10.12 to Amendment No. 2 to the registrant’s Registration Statement on Form S-1, | ||
Offer Letter, dated September 20, 2002, between FLEETCOR Technologies, Inc. and Eric R. Dey (incorporated by reference to Exhibit 10.13 to Amendment No. 2 to the registrant’s Registration Statement on Form S-1, | ||
Service Agreement, dated July 9, 2007, between FLEETCOR Technologies, Inc. and Andrew R. Blazye (incorporated by reference to Exhibit 10.16 to Amendment No. 2 to the registrant’s Registration Statement on Form S-1, | ||
Sixth Amended and Restated Registration Rights Agreement, dated April 1, 2009, between FLEETCOR Technologies, Inc. and each of the stockholders party thereto (incorporated by reference to Exhibit 10.17 to Amendment No. 2 to the registrant’s Registration Statement on Form S-1, | ||
First Amendment to Sixth Amended and Restated Registration Rights Agreement (incorporated by reference to Exhibit No. 10.17 to the registrant’s form 10-K, | ||
Form of Indemnity Agreement to be entered into between FLEETCOR and representatives of its major stockholders (incorporated by reference to Exhibit 10.37 to Amendment No. 3 to the registrant’s Registration Statement on Form S-1, | ||
Form of Director Restricted Stock Grant Agreement pursuant to the FLEETCOR Technologies, Inc. 2010 Equity Compensation Plan (incorporated by reference to Exhibit 10.38 to Amendment No. 6 to the registrant’s Registration Statement on Form S-1, | ||
Form of Employee Performance Share Restricted Stock Agreement pursuant to the FLEETCOR Technologies, Inc. 2010 Equity Compensation Plan (incorporated by reference to Exhibit 10.39 to Amendment No. 6 to the registrant’s Registration Statement on Form S-1, | ||
Form of Employee Incentive Stock Option Award Agreement pursuant to the FLEETCOR Technologies, Inc. 2010 Equity Compensation Plan (incorporated by reference to Exhibit 10.40 to Amendment No. 6 to the registrant’s Registration Statement on Form S-1, | ||
Form of Employee Non-Qualified Stock Option Award Agreement pursuant to the FLEETCOR Technologies, Inc. 2010 Equity Compensation Plan (incorporated by reference to Exhibit 10.41 to Amendment No. 6 to the registrant’s Registration Statement on Form S-1, | ||
Form of Director Non-Qualified Stock Option Award Agreement pursuant to the FLEETCOR Technologies, Inc. 2010 Equity Compensation Plan (incorporated by reference to Exhibit 10.42 to Amendment No. 6 to the registrant’s Registration Statement on Form S-1, | ||
Amended and Restated Employee Noncompetition, Nondisclosure and Developments Agreement, dated November 29, 2010, between FLEETCOR Technologies, Inc. and Ronald F. Clarke (incorporated by reference to Exhibit No. 10.43 to Amendment No. 6 to the registrant’s Registration Statement on Form S-1, | ||
Arrangement Agreement Among FLEETCOR Luxembourg Holdings2 S.À.R.L, FLEETCOR Technologies, Inc. and CTF Technologies, Inc. (incorporated by reference to Exhibit 10.1 to the registrant’s | ||
Repurchase Agreement, dated November 26, 2012, among the Company and the Repurchase Stockholders (incorporated by reference to Exhibit 10.1 to the registrant’s Form 8-K, File No. 001-35004, filed with the SEC on November 27, 2012) | ||
FLEETCOR Technologies, Inc. 2010 Equity Compensation Plan, as amended and restated effective February 7, 2018 (incorporated by reference from Appendix A to Exhibit 10.1 to the registrant's | ||
FLEETCOR Technologies, Inc. Section 162(M) Performance—Based Program (incorporated by reference to Annex A to the registrant’s Proxy Statement, File No. 001-35004, filed with the SEC on April 18, 2014) | ||
Credit Agreement, dated October 24, 2014, among FLEETCOR Technologies Operating Company, LLC, as Borrower, FLEETCOR Technologies, Inc., as Parent, FLEETCOR Technologies Operating Company, LLC, as a borrower and guarantor, certain of the our foreign subsidiaries as borrowers, Bank of America, N.A., as administrative agent, swing line lender and L/C issuer and a syndicate of financial institutions (incorporated by reference to Exhibit No. 10.4 to the registrant’s Form 10-Q, File No. 001-35004, filed with the SEC on November 10, 2014) | ||
Fifth Amended and Restated Receivables Purchase Agreement, dated November 14, 2014, by and among FLEETCOR Technologies, Inc. and PNC Bank, National Association, as administrator for a group of purchasers and purchaser agents, and certain other parties (incorporated by reference to Exhibit No. 10.1 to the registrant’s Form 8-K, File No. 001-35004, filed with the SEC on November 17, 2014) | ||
Amended and Restated Performance Guaranty dated as of November 14, 2014 made by FLEETCOR Technologies, Inc. and FLEETCOR Technologies Operating Company, LLC, in favor of PNC Bank, National Association, as administrator under the Fifth Amended and Restated Receivables Purchase Agreement (incorporated by reference to Exhibit 10.32 to the registrant’s Form 10-K, | ||
Amended and Restated Purchase and Sale Agreement dated as of November 14, 2014, among various entities listed on Schedule I thereto, as originators, and FLEETCOR Funding LLC (incorporated by reference to Exhibit 10.33 to the registrant’s Form 10-K, | ||
Receivables Purchase and Sale Agreement dated as of November 14, 2014, among Comdata TN, Inc. and Comdata Network, Inc. of California, as the sellers, and Comdata Inc., as the buyer (incorporated by reference to Exhibit 10.34 to the registrant’s Form 10-K, | ||
Investor Rights Agreement, dated November 14, 2014, between FLEETCOR Technologies, Inc. and Ceridian LLC (incorporated by reference to Exhibit 10.35 to the registrant’s Form 10-K, | ||
Offer Letter, dated June 19, 2013, between FLEETCOR Technologies, Inc. and John A. Reed (incorporated by reference to Exhibit No. 10.3 to the registrant’s Form 10-Q, File No. 001-35004, filed with the SEC on May 12, 2014) | ||
Offer Letter, dated July 29, 2014, between FLEETCOR Technologies, Inc. and Armando Lins Netto (incorporated by reference to Exhibit 10.1 to the registrant’s Form 10-Q, | ||
First Amendment to the Fifth Amended and Restated Receivables Purchase Agreement, dated as of November 5, 2015, by and among FLEETCOR Funding LLC, FLEETCOR Technologies Operating Company, LLC and PNC Bank, National Association, as administrator for a group of purchasers and purchaser agents, and certain other parties (incorporated by reference to Exhibit 10.2 to the registrant’s Form 10-Q, | ||
Employee agreement on confidentiality, work product, non-competition, and non-solicitation (incorporated by reference to Exhibit 10.38 to the registrant's Form 10-K, | ||
Second Amendment to the Fifth Amended and Restated Receivables Purchase Agreement, dated as of December 1, 2015, by and among FLEETCOR Funding LLC, FLEETCOR Technologies Operating Company, LLC and PNC Bank, National Association, as administrator for a group of purchasers and purchaser agents, and certain other parties (incorporated by reference to Exhibit 10.39 to the registrant's Form 10-K, | ||
First Amendment to Credit Agreement and Lender Joiner Agreement, dated as of August 22, 2016, by and among FLEETCOR Funding LLC, FLEETCOR Technologies Operating Company, LLC and PNC Bank, National Association, as administrator for a group of purchasers and purchaser agents, and certain other parties (incorporated by reference to Exhibit 10.1 to the registrant’s Form 10-Q, File No. 001-35004, filed with the SEC on November 9, 2016) | ||
Second Amendment to Credit Agreement, dated as of January 2017, among FLEETCOR Technologies Operating Company, LLC, as the Company, FLEETCOR Technologies, Inc., as the Parent, the designated borrowers party hereto, the other guarantors party hereto, Bank of America, N.A., as administrative agent, swing line lender and l/c issuer, and the other lenders party hereto and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as sole lead arranger and sole bookrunner (incorporated by reference to Exhibit 10.41 to the registrant's Form 10-K, File No. 001-35004, filed with the SEC on March 1, 2017) | ||
Third Amendment to Credit Agreement, dated as of August 2, 2017, among FLEETCOR Technologies Operating Company, LLC, as the Company, FLEETCOR Technologies, Inc., as the Parent, the designated borrowers party hereto, the other guarantors party hereto, Bank of America, N.A., as administrative agent, swing line lender and l/c issuer, and the other lenders party hereto, and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as sole lead arranger and sole bookrunner (incorporated by reference to Exhibit 10.1 to the registrant’s Form 10-Q, File No. 001-35004, filed with the SEC on August 8, 2017) | ||
Third Amendment to Fifth Amended and Restated Receivables Purchase Agreement, dated as of November 14, 2017, by and among FLEETCOR Funding LLC, FLEETCOR Technologies Operating Company, LLC, PNC Bank, National Association, as administrator for a group of purchasers and purchase agents, and certain other parties (incorporated by reference to Exhibit 10.43 to the registrant's Form 10-K, File No. 001-35004, filed with the SEC on March 1, 2018) | ||
Fourth Amendment to Credit Agreement, dated August 30, 2018, among FleetCor Technologies Operating Company, LLC, FleetCor Technologies Operating Company, LLC, FleetCor Technologies, Inc., the designated borrowers party thereto, Cambridge Mercantile Corp. (U.S.A.), the other guarantors party thereto, Bank of America, N.A., as administrative agent, swing line lender and l/c issuer, and the other lenders party thereto (incorporated by reference to Exhibit 10.2 to the registrant's Form 10-Q, File No. 001-35004, filed with the SEC on November 8, 2018) | ||
Fourth Amendment to Fifth Amended and Restated Receivables Purchase Agreement, dated August 30, 2018, by and among FleetCor Funding LLC, FleetCor Technologies Operating Company, LLC, PNC Bank, National Association as administrator for a group of purchasers and purchaser agents, and certain other parties thereto (incorporated by reference to exhibit 10.3 to the registrant's Form 10-Q, File No. 001-35004, filed with the SEC on November 8, 2018) | ||
Fifth Amendment to Credit Agreement, dated as of December 19, 2018, among FLEETCOR Technologies Operating Company, LLC, as the Company, FLEETCOR Technologies, Inc., as the Parent, the designated borrowers party hereto, Bank of America, N.A., as administrative agent, swing line lender and L/C issuer, and the other lenders party hereto Merrill Lynch, Pierce, Fenner & Smith Incorporated, as sole lead arranger and sole bookrunner (incorporated by reference to exhibit 10.47 to the registrant's Form 10-K, File No. 001-35004, filed with the SEC on March 1, 2019) | ||
Offer Letter, dated March 30, 2018, between FLEETCOR Technologies, Inc. and David Krantz (incorporated by reference to exhibit 10.1 to the registrant's Form 10-Q, File No. 001-35004, filed with the SEC on May 10, 2019) | ||
Offer Letter, dated August14, 2015, between FLEETCOR Technologies, Inc. and Kurt Adams (incorporated by reference to exhibit 10.2 to the registrant's Form 10-Q, File No. 001-35004, filed with the SEC on May 10, 2019) | ||
Fifth Amendment to the Fifth Amended and Restated Receivables Purchase Agreement, dated February 8, 2019 by and among FleetCor Funding LLC, FleetCor Technologies Operating Company, LLC, PNC Bank, National Association as administrator for a group of purchasers and purchaser agents, and certain other parties thereto (incorporated by reference to exhibit 10.3 to the registrant's Form 10-Q, File No. 001-35004, filed with the SEC on May 10, 2019) | ||
Sixth Amendment to the Fifth Amended and Restated Receivables Purchase Agreement, dated April 22, 2019 by and among FleetCor Funding LLC, FleetCor Technologies Operating Company, LLC, PNC Bank, National Association as administrator for a group of purchasers and purchaser agents, and certain other parties thereto (incorporated by reference to exhibit 10.4 to the registrant's Form 10-Q, File No. 001-35004, filed with the SEC on May 10, 2019) | ||
Sixth Amendment to Credit Agreement, dated as of August 2, 2019, among FLEETCOR Technologies Operating Company, LLC, as the Company, FLEETCOR Technologies, Inc., as the Parent, the designated borrowers party hereto, Bank of America, N.A., as administrative agent, swing line lender and L/C issuer, and the other lenders party hereto Merrill Lynch, Pierce, Fenner & Smith Incorporated, as sole lead arranger and sole bookrunner (incorporated by reference to Exhibit 10.5 to the registrant's Form 10-Q, File No. 001-35004, filed with the SEC on August 9, 2019) | ||
Seventh Amendment to Credit Agreement, dated as of November 14, 2019, among FLEETCOR Technologies Operating Company, LLC, as the Company, FLEETCOR Technologies, Inc., as the Parent, the designated borrowers party hereto, Bank of America, N.A., as administrative agent, swing line lender and L/C issuer, and the other lenders party hereto Merrill Lynch, Pierce, Fenner & Smith Incorporated, as sole lead arranger and sole bookrunner | ||
List of subsidiaries of FLEETCOR Technologies, Inc. | ||
Consent of Independent Registered Public Accounting Firm | ||
Certification of Chief Executive Officer Pursuant to Section 302 | ||
Certification of Chief Financial Officer Pursuant to Section 302 | ||
Certification of Chief Executive Officer Pursuant to Section 906 | ||
Certification of Chief Financial Officer Pursuant to Section 906 | ||
101 | The following financial information for the registrant formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Comprehensive Income; (iv) the Consolidated Statements of Stockholders' Equity; (v) the Consolidated Statements of Cash Flows and (vi) the Notes to Consolidated Financial Statements | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document and contained in Exhibit 101) |
* | Identifies management contract or compensatory plan or arrangement. |
FLEETCOR Technologies, Inc. | ||
By: | /S/ RONALD F. CLARKE | |
Ronald F. Clarke | ||
President and Chief Executive Officer |
Signature | Title | |
/S/ RONALD F. CLARKE | President, Chief Executive Officer and Chairman of the Board of Directors (Principal Executive Officer) | |
Ronald F. Clarke | ||
/S/ ERIC R. DEY | Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) | |
Eric R. Dey | ||
/s/ MICHAEL BUCKMAN | Director | |
Michael Buckman | ||
/s/ JOSEPH W. FARRELLY | Director | |
Joseph W. Farrelly | ||
/s/ THOMAS M. HAGERTY | Director | |
Thomas M. Hagerty | ||
/s/ MARK A. JOHNSON | Director | |
Mark A. Johnson | ||
/s/ RICHARD MACCHIA | Director | |
Richard Macchia | ||
/s/ HALA G. MODDELMOG | Director | |
Hala G. Moddelmog | ||
/s/ JEFFREY S. SLOAN | Director | |
Jeffrey S. Sloan | ||
/s/ STEVEN T. STULL | Director | |
Steven T. Stull | ||