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FLEETCOR Reports First Quarter 2021 Financial Results Atlanta , Ga . , May 5 , 2021 FLEETCOR Technologies , Inc. ( NYSE : FLT ) , a leading global business payments company , today reported financial results for its first quarter of 2021 . " 2021 is off to a good start , with first quarter revenue results in line with our expectations and adjusted net income per share slightly better than our original outlook , mostly due to credit performance , " said Ron Clarke , chairman and chief executive officer , FLEETCOR Technologies , Inc. " Although revenue and adjusted EPS were down 8 % and 6 % , respectively , versus last year , this was mostly due to pandemic driven client softness of roughly 6 % . We remain encouraged that new sales were up 7 % over last year and retention continued to improve , which together will help drive our future growth . " Financial Results for First Quarter of 2021 : GAAP Results Total revenues decreased 8 % to $ 608.6 million in the first quarter of 2021 , compared to $ 661.1 million in the first quarter of 2020 . Net income increased 25 % to $ 184.2 million in the first quarter of 2021 , compared to $ 147.1 million in the first quarter of 2020. Included in the first quarter of 2020 was a one - time loss of $ 90.1 million related to a customer receivable in the Company's cross - border payments business . Net income per diluted share increased 29 % to $ 2.15 in the first quarter of 2021 , compared to $ 1.67 per diluted share in the first quarter of 2020. Included in the first quarter of 2020 was a $ 0.74 per diluted share one - time loss related to a customer receivable in the Company's cross - border payments business . ● Non - GAAP Results ¹ Adjusted net income¹ decreased 8 % to $ 242.1 million in the first quarter of 2021 , compared to $ 264.5 million in the first quarter of 2020 . Adjusted net income per diluted share¹ decreased 6 % to $ 2.82 in the first quarter of 2021 , compared to $ 3.00 per diluted share in the first quarter of 2020 . " Our first quarter results were again affected by softness due to the COVID - 19 pandemic , as responses to virus variants and the state of vaccine rollouts differ by geography . The macroeconomic environment was effectively neutral for the quarter compared with our expectations , with higher fuel prices offset by compressed spreads and lower foreign exchange rates , particularly in Brazil . We've continued to manage expenses in line with revenue , with strong credit performance further buoyed by a $ 6 million recovery , ” said Charles Freund , chief financial officer , FLEETCOR Technologies , Inc. " We also recently refinanced our Term loan B and securitization facilities , locking in low rates and longer durations , and giving us nearly $ 2 billion in liquidity after the anticipated Q2 closing of the AFEX acquisition . " Fiscal - Year 2021 Outlook : " We are maintaining our full year revenue guidance , and raising our adjusted net income per diluted share guidance $ 0.12 to $ 12.42 at the mid - point to reflect our first quarter results compared to our expectations . Volumes should continue to recover and build throughout the year as economies around the world reopen , and we expect to return to growth in both revenue and earnings per share next quarter , " concluded Freund . For fiscal year 2021 , FLEETCOR Technologies , Inc. updated financial guidance¹ is as follows : ● Total revenues between $ 2,600 million and $ 2,700 million ; GAAP net income between $ 835 million and $ 890 million ; GAAP net income per diluted share between $ 9.64 and $ 10.20 ; Adjusted net income between $ 1,045 million and $ 1,110 million ; and Adjusted net income per diluted share between $ 12.14 and $ 12.70 .