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FleetCor Reports Fourth Quarter And Fiscal Year 2013 Financial Results

FleetCor Technologies, Inc. (NYSE:FLT), a leading global provider of fuel cards and workforce payment products to businesses, today reported financial results for its fourth quarter and year ended December 31, 2013.

"We are pleased to announce a strong finish to 2013 with adjusted net income per diluted share growth of 32% for the fourth quarter and 35% for the year. We also had a tremendous business development year as we completed seven acquisitions and signed six partnership deals all over the globe leading to further geographic and product diversification,” said Ron Clarke, chairman and chief executive officer, FleetCor Technologies, Inc.

Financial Results for Fourth Quarter 2013:

GAAP Results

  • Total revenues increased 26% to $255.5 million compared to $202.6 million in the fourth quarter of 2012;
  • Net income increased 13% to $68.1 million compared to $60.1 million in the fourth quarter of 2012;
  • Net income per diluted share increased 14% to $0.80 compared to $0.70 in the fourth quarter of 2012.

Non-GAAP Results

  • Adjusted revenues 1 (revenues, net less merchant commissions) increased 28% to $237.7 million compared to $185.0 million in the fourth quarter of 2012;
  • Adjusted net income 1 increased 30% to $92.1 million compared to $70.7 million in the fourth quarter of 2012;
  • Adjusted net income per diluted share 1 increased 32% to $1.08 compared to $0.82 in the fourth quarter of 2012.

Financial Results for Fiscal Year 2013:

GAAP Results

  • Total revenues increased 27% to $895.2 million compared to $707.5 million in 2012;
  • Net income increased 32% to $284.5 million compared to $216.2 million on 2012;
  • Net income per diluted share increased 33% to $3.36 compared $2.52 per diluted share in 2012.

Non-GAAP Results

  • Adjusted revenues 1 (revenues, net less merchant commissions) in 2013 increased 27% to $827.0 million compared to $649.0 million in 2012;
  • Adjusted net income 1 for 2013 increased 34% to $342.7 million compared to $256.0 million in 2012;
  • Adjusted net income per diluted share increased 35% to $4.05 compared to $2.99 in 2012.

Fiscal Year 2014 Outlook:

For fiscal year 2014 FleetCor Technologies, Inc. is expecting the following:

  • Total revenues between $1,070 million and $1,090 million;
  • Adjusted net income between $418 million and $428 million;
  • Adjusted net income per diluted share between $4.90 and $5.00.

The Company's fiscal-year guidance assumptions for 2014 are as follows:

  • Fuel prices and market spreads at the 2013 average
  • FX rates equal to current levels
  • Tax rate of 30.6%
  • Fully diluted shares outstanding of 85.6 million shares
  • No impact related to acquisitions or material new partnership agreements not already disclosed

“We have great momentum heading into 2014 and are projecting another double-digit revenue and profit growth year despite expected headwinds in interest expense and tax rates. Our guidance produces a 21% revenue and 22% adjusted net income per share growth rate, at the midpoint of our guidance range, versus 2013,” said Eric Dey, chief financial officer FleetCor Technologies, Inc.

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