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FleetCor Reports First Quarter 2012 Financial Results

FleetCor Technologies, Inc. (NYSE: FLT), a leading independent global provider of fuel cards and specialized payment products to businesses, today reported financial results for its first quarter ended March 31, 2012.

"We are very pleased with our first quarter results which include reported revenue growth of 32% and adjusted net income growth of 29%," said Ron Clarke, chairman, and chief executive officer, FleetCor Technologies, Inc. "Our strong first quarter results were helped by two key strategic acquisitions at the end of last year which included a new served segment for FleetCor in the UK and entry into the Latin American market in Mexico. In addition, we have just announced that we signed an arrangement agreement to acquire CTF Technologies, the leading fuel payment platform provider in Brazil. This acquisition is consistent with our global acquisition strategy of identifying attractive assets with performance upside, particularly in emerging markets.”

Financial results for the first quarter of 2012:

GAAP Results

  • Total revenues, net in the first quarter of 2012 increased 32% to $146.2 million compared to $111.0 million in the first quarter of 2011
  • Net income in the first quarter of 2012 increased 30% to $42.1 million, or $0.49 per diluted share, compared to $32.3 million, or $0.39 per diluted share in the first quarter of 2011

Non-GAAP Results

  • Adjusted revenues 1 (revenues, net less merchant commissions) in the first quarter of 2012 also increased 32% to $135.8 million compared to $102.7 million in the first quarter of 2011
  • Adjusted net income 1 in the first quarter of 2012 increased 29% to $50.8 million, or $0.60 per diluted share, compared to $39.2 million, or $0.47 per diluted share in the first quarter of 2011

2012 Outlook:

FleetCor is guiding to the high end of its previously reported guidance range, excluding the impact of the pending CTF acquisition:

  • Revenues, net between $615 million and $625 million
  • Adjusted Net Income between $217 million and $222 million
  • Adjusted Net Income per diluted share between $2.55 and $2.60

The Company's full-year 2012 guidance assumptions remain unchanged with the exception of the following:

  • An increase in the average diluted shares outstanding, from 85.2 million shares in the prior guidance to 85.9 million shares. The increase in diluted shares is primarily due to the increase in the Company’s share price in the first quarter.

The remaining assumptions are unchanged, and are as follows:

  • Fuel prices flat to 2011 average fuel price
  • A 0.2% increase in our effective tax rate from 30.1% in 2011 to 30.3% in 2012
  • Foreign exchange rates materially consistent with those prevailing at the time we initially provided guidance
  • No impact from future acquisitions or material new partnership agreements

We expect the pending acquisition of CTF Technologies to be accretive to both revenue and profit in 2012 and expect the acquisition to add $0.04 to $0.05 in adjusted net income per diluted share, including deal and restructuring costs and assuming a close date of June 30,” said Eric Dey, chief financial officer, Fleetcor Technologies, Inc. “We will incorporate the CTF impact into our overall guidance, once we close the CTF transaction.”

Conference Call

The Company will host a conference call to discuss first quarter of 2012 financial results May 9th at 5:00pm ET. Hosting the call will be Ron Clarke, chief executive officer, and Eric Dey, chief financial officer. The conference call can be accessed live over the phone by dialing 877-941-2068, or for international callers 480-629-9712. A replay will be available one hour after the call and can be accessed by dialing 877-870-5176 or 858-384-5517 for international callers; the conference ID is 4534714. The replay will be available until Wednesday, May 16, 2012. The call will be webcast live from the Company's investor relations website at investor.fleetcor.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about FleetCor's beliefs, expectations and future performance, are forward-looking statements. Forward-looking statements can be identified by the use of words such as "anticipate," "intend," "believe," "estimate," "plan," "seek," "project" or "expect," "may," "will," "would," "could" or "should," the negative of these terms or other comparable terminology. Examples of forward-looking statements in this press release include statements relating to revenue and earnings guidance, economic outlook, assumptions underlying financial guidance, the anticipated consummation of the CTF acquisition, and management's plans for 2012 and confidence in prospects for growth. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those contained in any forward-looking statement, such as delays or failures associated with implementation; fuel price and spread volatility; changes in credit risk of customers and associated losses; the actions of regulators relating to payment cards; failure to maintain or renew key business relationships; failure to maintain competitive offerings; failure to maintain or renew sources of financing; failure to complete, or delays in completing, anticipated new partnership arrangements or acquisitions and the failure to successfully integrate or otherwise achieve anticipated benefits from such partnerships or acquired businesses; failure to successfully expand business internationally; the impact of foreign exchange rates on operations, revenue and income; the effects of general economic conditions on fueling patterns and the commercial activity of fleets, as well as the other risks and uncertainties identified under the caption "Risk Factors" in FleetCor's Annual Report on Form 10-K for the year ended December 31, 2011, filed with the Securities and Exchange Commission on February 29, 2012. FleetCor believes these forward-looking statements are reasonable; however, forward-looking statements are not a guarantee of performance, and undue reliance should not be placed on such statements. The forward-looking statements included in this press release are made only as of the date hereof, and FleetCor does not undertake, and specifically disclaims, any obligation to update any such statements or to publicly announce the results of any revisions to any of such statements to reflect future events or developments.

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