FLEETCOR TECHNOLOGIES INC Files 2023 Annual Report on Form 10-K

TL;DR

<b>FLEETCOR TECHNOLOGIES INC has filed its 2023 annual report (10-K) detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

FLEETCOR TECHNOLOGIES INC (CPAY) filed a Annual Report (10-K) with the SEC on February 29, 2024. FLEETCOR TECHNOLOGIES INC filed its 2023 Form 10-K on February 29, 2024. The filing covers the fiscal year ending December 31, 2023. The company is incorporated in Delaware and headquartered in Atlanta, GA. Its primary business is in Services-Business Services, NEC (SIC code 7389). The filing includes financial data for the fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking FLEETCOR TECHNOLOGIES INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of FLEETCOR's financial health, operational performance, and strategic direction for the past fiscal year, which is crucial for investors to assess the company's value and future prospects. Understanding the detailed financial statements, risk factors, and executive compensation outlined in this report allows stakeholders to make informed investment decisions and evaluate the company's management effectiveness.

Risk Assessment

Risk Level: medium — FLEETCOR TECHNOLOGIES INC shows moderate risk based on this filing. The company's financial performance and future outlook are subject to various market and operational risks inherent in the business services sector, as detailed in the full 10-K filing.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess FLEETCOR's performance and potential future challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-02-29 — Filed As Of Date (Filed As Of Date)
• 128 — Public Document Count (Public Document Count)
• 7389 — Standard Industrial Classification (Standard Industrial Classification)

Key Players & Entities

• FLEETCOR TECHNOLOGIES INC (company) — FILER
• CPAY (company) — Ticker Symbol
• 2023 (dollar_amount) — Fiscal Year End
• 2024-02-29 (date) — Filed As Of Date
• 30305 (dollar_amount) — Business Address ZIP
• 800-877-9019 (dollar_amount) — Business Phone

FAQ

Industry Context

FLEETCOR TECHNOLOGIES INC operates within the business services sector, providing payment solutions and transaction processing services.

Regulatory Implications

The filing is a standard 10-K annual report required by the Securities and Exchange Commission (SEC) for publicly traded companies in the United States.

What Investors Should Do

1. Review the consolidated financial statements for the fiscal years ended December 31, 2023, 2022, and 2021.
2. Analyze the 'Risk Factors' section to understand potential challenges and uncertainties facing the company.
3. Examine the 'Executive Compensation' section to understand compensation structures for key management personnel.

Key Dates

• 2023-12-31: Fiscal Year End — Reporting period for the 10-K filing.
• 2024-02-29: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the period ending December 31, 2023. Previous filings would provide comparative data.

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value per share FLT NYSE Securiti
• $135 — to CPAY. Businesses spend an estimated $135 trillion each year in transactions with

Filing Documents

• flt-20231231.htm (10-K) — 3138KB
• ex106312thamendmentto5thar.htm (EX-10.63) — 59KB
• ex106414thamendmenttothecr.htm (EX-10.64) — 195KB
• ex211listofsubsidiaries123.htm (EX-21.1) — 109KB
• ex231eyconsentexhibit2023.htm (EX-23.1) — 6KB
• ex311q42023.htm (EX-31.1) — 9KB
• ex312q42023.htm (EX-31.2) — 9KB
• ex321q42023.htm (EX-32.1) — 4KB
• ex322q42023.htm (EX-32.2) — 4KB
• ex971fleetcortechnologiesi.htm (EX-97.1) — 29KB
• flt-20231231_g1.jpg (GRAPHIC) — 131KB
• 0001628280-24-008060.txt (&nbsp;) — 17516KB
• flt-20231231.xsd (EX-101.SCH) — 87KB
• flt-20231231_cal.xml (EX-101.CAL) — 140KB
• flt-20231231_def.xml (EX-101.DEF) — 478KB
• flt-20231231_lab.xml (EX-101.LAB) — 1179KB
• flt-20231231_pre.xml (EX-101.PRE) — 812KB
• flt-20231231_htm.xml (XML) — 3314KB

Business

Item 1. Business 5 Item X. Executive Officers of the Registrant 16

Risk Factors

Item 1A. Risk Factors 17

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 30 Item 1C. Cybersecurity 31

Properties

Item 2. Properties 32

Legal Proceedings

Item 3. Legal Proceedings 33

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 34 PART II

Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 35

Selected Financial Data

Item 6. Selected Financial Data 36

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 37

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 56

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 58

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 105

Controls and Procedures

Item 9A. Controls and Procedures 105

Other Information

Item 9B. Other Information 109

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 109 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 110

Executive Compensation

Item 11. Executive Compensation 110

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 110

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 110

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 110 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 111

Form 10-K Summary

Item 16. Form 10-K Summary 116

Signatures

Signatures 117 2 Table of Contents Note About Forward-Looking Statements This Annual Report on Form 10-K 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. These forward-looking statements are not a guarantee of performance, and you should not place undue reliance on such statements. We have based these forward-looking statements largely on our current expectations and projections about future events. Forward-looking statements are subject to many uncertainties and other variable circumstances, including those discussed in this report in Item 1A, "Risk Factors," and Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations," many of which are outside of our control, that could cause our actual results and experience to differ materially from any forward-looking statement. These forward-looking statements may not be realized due to a variety of factors, including, without limitation: the impact of macroeconomic conditions, including any recession that has occurred or may occur in the future, and whether expected trends, including retail fuel prices, fuel price spreads, fuel transaction patterns, electric vehicle, and retail lodging price trends develop as anticipated and we are able to develop successful strategies in light of these trends; our ability to successfully execute our strategic plan, manage our growth and achieve our performance targets; our ability to attract new and retain existing partners, merchants, and providers, their promotion and support of ou

BUSINESS

ITEM 1. BUSINESS Introduction FLEETCOR is a global payments company that helps businesses and consumers better manager their expenses. FLEETCOR's suite of modern payment solutions help customers better manage vehicle-related expenses (e.g. fueling, tolls and parking), lodging expenses (e.g. hotel bookings) and corporate payments (e.g. domestic and international vendors). This results in our customers saving time and ultimately spending less. Since its incorporation in 2000, FLEETCOR's smarter payment and spend management solutions have been delivered in a variety of ways depending on the needs of the customer. From physical payment cards to software that includes customizable controls and robust payment capabilities, we provide our customers with a better way to pay. FLEETCOR has been a member of the S&P 500 since 2018 and trades on the New York Stock Exchange under the ticker FLT. We expect to rebrand FLEETCOR to Corpay, Inc. in March 2024, including changing our New York Stock Exchange ticker from FLT to CPAY. Businesses spend an estimated $135 trillion each year in transactions with other businesses. In many instances, businesses lack the proper tools to monitor what is being purchased, and employ manual, paper-based, disparate processes and methods to both approve and make payments for their business-to-business purchases. This often results in wasted time and money due to unnecessary or unauthorized spending, fraud, receipt collection, data input and consolidation, report generation, reimbursement processing, account reconciliations, employee disciplinary actions, and more. Digital payments are faster and more secure than paper-based methods such as checks, and provide timely and detailed data that can be utilized to effectively reduce unauthorized purchases and fraud, automate data entry and reporting, and eliminate reimbursement processes. Combining this payment data with analytical tools delivers powerful insights, which managers can use to better run t

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View this 10-K filing on SEC EDGAR