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Fleetcor Reports Third Quarter 2015 Financial Results

The following excerpt is from the company's SEC filing.

Adjusted Net Income Per Share Grows 22% Year-Over-Year

NORCROSS, Ga., November 4, 2015 FleetCor Technologies, Inc. (NYSE: FLT), a leading global provider of fuel cards and workforce payment products to businesses, today reported financial results for its third quarter ended September 30, 2015.

We reported solid third quarter results, despite the continuation of an unfavorable macro-environment. Importantly, our fundamentals were strong, organic revenue growth was approximately 9% in the quarter, on a constant fuel price, spread and foreign exchange rate basis, excluding SVS, said Ron Clarke, ch airman and chief executive officer, FleetCor Technologies, Inc. We are maintaining our full year 2015 guidance range of $6.18$6.26 in adjusted net income per share.

Financial Results for Third Quarter 2015:

GAAP Results

Total revenues increased 53% to $451.5 million in the third quarter of 2015 compared to $295.3 million in the third quarter of 2014.

GAAP net income

increased 22% to $116.8 million or $1.24 per diluted share in the third quarter of 2015 compared to GAAP net income of $95.5 million or $1.11 per diluted share in the third quarter of 2014.

Non-GAAP Results

Adjusted revenues

(revenues, net less merchant commissions) increased 55% to $419.8 million in the third quarter of 2015 compared to $270.3 million in the third quarter of 2014.

Adjusted net income

increased 34% to $157.6 million in the third quarter of 2015 compared to $117.6 million in the third quarter of 2014.

Adjusted net income per diluted share

increased 22% to $1.67 in the third quarter of 2015 compared to $1.37 in the third quarter of 2014.

Fiscal Year 2015 Outlook:

During the third quarter of 2015, unfavorable macro-economic headwinds negatively impacted our business by approximately $0.28 in adjusted net income per diluted share compared to the third quarter of last year. Also, in the third quarter we recorded a net favorable tax adjustment which added approximately $0.06 to $0.07 in adjusted net income per diluted share on top of our previous guidance for the third quarter, said Eric Dey, chief financial officer, FleetCor Technologies, Inc. Our fiscal year 2015 guidance assumes that the impact of declining fuel prices and foreign exchange rates will continue in the fourth quarter and provide an additional unfavorable impact of approximately $0.05 to $0.07 in adjusted net income per diluted share versus the guidance we provided on the second quarter earnings call.

For fiscal year 2015, FleetCor Technologies, Inc. financial guidance and assumptions are as follows:

Total revenues between $1,680 million and $1,720 million;

Adjusted net income between $580 million and $590 million; and

Adjusted net income per diluted share between $6.18 and $6.26;

Reconciliations of GAAP results to non GAAP results are provided in Exhibit 1 attached. Additional supplemental data is provided in Exhibit 2 and segment information is provided in Exhibit 3.

FleetCors fiscal-year guidance assumptions for 2015 are as follows:

Weighted average fuel prices of approximately $2.45 for the fourth quarter of 2015 in the U.S. compared to approximately $3.30 per gallon average in the U.S. in the fourth quarter of 2014, down approximately 25%.

Market spreads lower in the fourth quarter of 2015 compared to the record spreads in the fourth quarter of 2014.

Foreign exchange rates equal to the October 1 through October 12 average, a negative impact to revenue of approximately $15 million to $18 million compared to the fourth quarter of 2014.

SVS business is retained for the remainder of the year.

Fully diluted shares outstanding of 94.3 million shares.

Full year tax rate of approximately 31.5% to 32.0%.

No impact related to acquisitions or material new partnership agreements not already disclosed.

Conference Call

The company will host a conference call to discuss third quarter 2015 financial results today 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) 407-0784, or for international callers (201) 689-8560. 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 13623462. The replay will be available until November 11, 2015. The call will be webcast live from the companys 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 FleetCors 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, 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 and assumptions underlying financial guidance. 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 or resulting from investigations; failure to maintain...


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