FLEETCOR Technologies, Inc FLT Cash Flow

Fleetcor technologies, inc (FLT)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11
Operating activities
Net income
147,060	235,510	225,805	261,651	172,107	302,000	157,694	176,852	174,937	282,697	202,823	130,987	123,693	95,424	129,618	116,253	111,090	52,830	116,770	98,678	94,153	109,540	95,509	88,549	75,109	68,120	78,620	73,099	64,662	60,071	59,648	54,401	42,079	37,772	40,514	36,714	32,335
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
15,788	16,407	15,753	15,508	15,132	14,726	13,141	12,636	12,397	11,504	13,503	10,926	10,667	10,750	9,395	8,335	7,976	7,521	7,845	7,598	7,498	6,317	5,107	4,872	4,801	4,723	4,108	4,023	4,031	4,285	3,543	3,169	3,119	2,974	2,946	2,806	2,725
Stock-based compensation
14,175	14,833	15,273	18,306	12,541	15,732	20,702	19,102	14,403	24,400	24,654	21,150	23,093	13,921	17,405	17,434	15,186	45,735	13,887	13,549	16,951	11,357	7,993	7,687	10,612	14,235	4,382	3,897	4,162	4,988	6,494	3,959	3,834	6,121	3,639	7,842	4,141
Provision for losses on accounts receivable
117,746	19,574	14,593	17,978	22,164	20,857	17,025	14,498	11,997	8,908	8,301	14,660	12,988	11,373	10,783	6,893	6,836	6,342	5,265	4,877	8,145	6,303	5,826	6,729	5,554	4,798	4,870	4,739	4,460	5,108	5,835	5,996	4,957	5,626	4,829	4,924	3,847
Amortization of deferred financing costs and discounts
1,354	1,365	1,313	1,223	1,205	1,307	1,357	1,339	1,339	1,541	1,611	1,886	1,914	2,014	1,917	1,829	1,822	1,754	1,778	1,773	1,744	1,197	537	531	531	842	841	833	760	683	545	541	510	513	508	377	466
Amortization of intangible assets and premium on receivables
48,688	52,119	51,594	55,400	52,313	52,469	54,125	55,974	59,105	59,064	54,003	52,240	52,654	49,180	46,341	38,752	27,362	39,685	39,869	40,386	39,800	30,412	19,255	18,210	18,272	17,778	12,296	10,217	9,022	9,332	8,687	7,081	7,276	5,621	4,782	4,587	4,600
Amortization of premium on receivables
-	-	-	-	-	-	-	-	-	-	1,650	1,544	1,544	1,478	1,348	1,349	990	811	812	814	813	814	815	816	814	815	816	816	816	816	816	817	816	816	816	818	816
Deferred income taxes
-7,322	26,741	76,025	-62,187	-2,696	3,584	139	-1,644	-4,829	-209,620	-5,432	-29,207	-3,453	-5,115	-14,318	-7,120	-2,128	58,266	13,254	-22,156	-18,738	42,996	-3,312	1,429	603	-929	-1,926	-1,586	-1,012	-5,838	2,668	-150	-17	-2,057	-98	-425	-340
Investment loss
-2,371	12,190	0	0	-15,660	0	-7,147	0	0	-667	-47,766	-2,354	-2,377	-38,603	-2,744	7,184	-2,193	-43,742	-6,108	-5,118	-2,700	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other non-cash operating income
38	-481	199	5	1,574	46	36	47	57	12	49	0	0	0	244	231	215	1,766	1,704	347	425	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Changes in operating assets and liabilities (net of acquisitions/dispositions):
Restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	42,299	10,188	-23,743	41,373	93	-210	-5,580	-516	-4,017	-688	-1,404	-1,764	1,533	-872	-4,327	1,488	2,059	-7,082	1,447	-1,637	-5,609	-3,311	3,978
Accounts and other receivables
-156,052	-276,350	53,572	116,411	302,395	-481,835	121,332	231,375	288,152	-9,008	59,815	143,632	236,564	-188,459	134,710	209,784	182,761	-111,327	-162,218	119,143	114,385	-384,407	-59,725	44,483	153,184	-139,362	-6,631	-1,485	192,483	-107,613	61,390	-66,651	183,976	-60,467	-13,917	21,773	132,635
Prepaid expenses and other current assets
45,149	107,555	85,990	-7,510	-644	8,032	-822	52,514	-32,074	-112,750	67,870	2,325	16,453	-6,592	-3,345	2,550	2,086	15,288	-2,700	1,671	-1,695	-5,856	-5,249	1,174	7,111	-1,700	3,166	1,802	-3,194	2,495	7,160	-4,697	1,889	-2,849	-19,340	1,573	3,035
Other assets
3,046	-19,786	9,292	2,769	14,517	5,510	4,504	8,317	7,101	5,579	328	12,377	2,673	11,230	-247	-2,334	11,696	-773	336	1,126	1,835	-11,995	-849	934	-545	-326	742	791	-40,113	1,262	3,023	4,447	37,821	1,854	-1,033	0	1,114
Excess tax benefits related to stock-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,972	14,816	3,221	6,418	3,539	34,617	2,508	16,126	8,216	12,303	6,173	5,843	6,178	8,427	5,867	8,883	5,557	6,349	1,034	787
Accounts payable, accrued expenses and customer deposits
-27,646	-174,288	-10,189	56,323	326,910	-389,097	134,011	87,883	194,589	-42,127	174,723	86,039	103,711	-126,261	160,672	133,297	124,311	-78,255	-27,517	105,641	30,154	-310,489	-9,382	24,326	109,670	-77,644	32,405	6,773	50,101	-73,306	63,752	-66,794	57,508	94,180	-23,423	-27,995	84,165
Net cash provided by operating activities
420,033	370,936	241,114	252,527	297,494	348,002	280,291	74,387	200,702	248,463	223,852	134,245	73,498	303,932	192,244	89,419	122,623	230,132	326,040	131,009	67,403	290,842	159,771	106,227	51,494	167,674	125,299	96,402	-13,690	102,329	69,929	77,136	-113,934	209,108	68,063	11,248	-8,794
Investing activities
Acquisitions, net of cash acquired
467	113,417	83,934	250,926	0	17,044	-12	-64	3,875	102,959	598,718	3,580	0	906	1,325,780	1,207	4,092	39,830	1,285	7,103	851	2,133,859	72,069	170,558	19,292	351,372	220,015	62,183	94,773	628	154,329	35,480	10	-	-	-	-
Purchases of property and equipment
18,257	26,489	16,706	17,469	14,506	25,075	21,698	19,400	15,214	20,634	16,859	17,804	14,796	17,134	17,120	13,018	11,739	12,349	13,292	8,129	8,105	8,791	6,727	5,968	5,584	5,437	5,240	5,346	4,762	5,477	5,203	4,868	3,563	5,046	2,492	3,322	2,594
Other
-	-	-	-	-	11,583	0	7,550	3,642	32,626	0	0	6,327	0	-9,279	2,954	4,914	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash used in investing activities
-18,724	-140,161	-100,640	-268,395	-14,506	45,033	-21,686	-26,886	-22,731	-156,219	-299,076	-21,384	-21,123	-18,040	-1,333,621	-17,179	-20,745	-52,867	-22,359	-15,232	-8,956	-2,313,889	-78,796	-176,526	-24,876	-356,809	-225,255	-67,529	-99,535	-6,105	-159,532	-40,348	-3,573	-316,876	-23,640	-4,107	-2,594
Financing activities
Excess tax benefits related to stock-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,972	14,816	3,221	6,418	3,539	34,617	2,508	16,126	8,216	12,303	6,173	5,843	6,178	8,427	5,867	8,883	5,557	6,349	1,034	787
Proceeds from issuance of common stock
73,274	51,298	60,677	27,155	29,795	7,358	18,824	9,523	19,975	24,498	3,760	1,202	15,230	2,611	10,656	7,577	387	5,949	6,872	4,534	2,571	7,719	13,645	3,765	4,512	7,638	10,289	7,255	5,256	5,796	9,807	3,847	7,737	3,411	4,211	371	484
Repurchase of common stock
530,237	635,547	55,338	702	3,322	578,045	0	292,359	88,292	1	349,999	52,393	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
(Payments) borrowings on securitization facility, net
151,973	-21,027	18,000	32,000	56,000	-45,000	-8,000	110,000	18,000	17,000	53,000	65,000	85,000	-19,000	-57,000	162,000	-63,000	-51,000	-99,000	85,000	4,000	281,400	-30,800	30,900	44,500	-45,000	-8,000	17,000	87,000	-57,000	30,000	-16,000	61,000	130,000	-12,000	8,000	10,000
Deferred financing costs paid and debt discount
0	447	2,069	68	284	4,761	166	0	0	-	-	-	-	-	-	-	-	-	-	-	-	43,397	0	25	521	0	3	137	1,830	2,980	1	114	681	0	103	7,186	550
Principal payments on notes payable
51,722	41,187	32,438	32,437	32,438	394,805	34,500	34,500	34,500	34,500	321,931	33,362	33,363	33,375	33,375	25,875	25,875	25,875	25,875	25,875	25,875	526,250	6,875	6,875	6,875	6,875	6,875	6,875	7,500	6,922	15,992	3,750	3,750	3,750	3,750	329,736	1,729
Borrowings from revolver
573,500	845,800	200,000	765,709	0	659,072	60,000	353,761	420,258	255,000	755,000	0	90,000	120,000	965,107	100,000	40,000	-	0	0	0	-	-	-	-	-	-	-	-	125,000	185,000	60,000	85,000	-	-	-	-
Payments on revolver
204,460	300,053	964,828	673,830	353,638	201,179	297,752	160,758	439,351	226,914	588,907	55,952	159,949	115,909	380,940	180,000	110,000	-	135,000	156,082	120,736	-	119,008	127,574	134,803	-	85,000	45,000	25,000	230,000	65,000	75,000	110,000	-	-	-	-
(Payments) borrowings on swing line of credit, net
22,741	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	3,736	3,601	-	-	-	-	-	-	-	-	-	-	-	-
(Payments) borrowings on swing line of credit, net
-	51,221	-32,864	3,607	31,032	-	10,103	8,623	5,009	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Borrowings on swing line of credit, net
-	-	-	-	-	-	-	-	-	-	-	-	21,639	-	5,188	0	0	55	-10,042	-21,424	30,865	-	-	-	15	-	-	-	-	-2,874	-25,862	-37,098	63,960	-	-	-	-
Payment of contingent consideration
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,867	502	0	39,808	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other
-92	241	-64	-62	-63	1,117	-81	-57	-92	-80	0	0	537	-3	-7	-647	-19	-35	-197	-69	-76	-269	-91	-125	-246	-14,125	-80	3	-178	-	-	-	-	-	-	-	-
Net cash used in financing activities
-314,451	-49,701	-108,924	121,372	-272,918	-221,483	-251,572	-5,767	-98,993	1,839	317,904	-86,899	19,094	-222,444	1,097,902	37,018	-158,507	-145,801	-248,928	-110,695	-142,641	2,218,458	-57,975	82,675	-80,893	182,120	143,521	46,493	63,591	-114,163	126,250	-62,248	112,149	260,218	-5,293	-27,696	8,992
Effect of foreign currency exchange rates on cash
-209,859	28,286	-54,299	10,551	-2,392	4,791	-3,921	-78,797	12,653	18,516	9,974	4,662	19,754	7,395	-44,175	-15,491	8,795	-6,702	-16,538	-300	-13,482	-22,451	-16,533	1,892	-456	-569	9,219	-7,074	-9,402	1,527	7,835	-6,080	7,318	-4,575	-3,046	1,976	7,371
Net (decrease) increase in cash and cash equivalents and restricted cash
-123,001	209,360	-22,749	116,055	7,678	176,343	3,112	-37,063	91,631	112,599	252,654	30,624	91,223	70,843	-87,650	93,767	-47,834	24,762	38,215	4,782	-97,676	172,960	6,467	14,268	-54,731	-7,584	52,784	68,292	-59,036	-16,412	44,482	-31,540	1,960	147,875	36,084	-18,579	4,975
Supplemental cash flow information
Cash paid for interest
40,394	41,567	46,291	43,655	46,904	42,964	40,482	37,669	35,634	34,272	10,713	35,241	33,190	21,814	18,164	15,051	15,310	16,578	17,076	17,593	21,290	9,860	6,441	6,533	6,264	12,845	4,779	4,399	3,863	3,902	3,649	3,181	4,028	3,748	6,878	153	4,182
Cash paid for income taxes
32,939	51,798	48,331	82,502	17,894	44,941	49,581	96,152	16,830	134,843	69,192	99,654	88,503	22,352	15,254	52,521	11,824	36,041	17,105	14,242	15,992	15,571	10,856	31,832	20,865	14,613	24,575	21,694	38,426	8,741	5,264	18,160	6,004	14,034	14,887	17,181	3,103