Proceeds from disposal of investment

  
FLEETCOR Technologies, Inc. and SubsidiariesConsolidated Statements of Cash Flows(In Thousands) 

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   |  | Year Ended December 31, |
|   |  | 2021 |  | 2020 |  | 2019 |
| Operating activities |  |  |  |  |  |  |
| Net income |  | $ | 839,497  |  |  | $ | 704,216  |  |  | $ | 895,073  |  |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |
| Depreciation |  | 75,571  |  |  | 65,181  |  |  | 62,784  |  |
| Stock based compensation |  | 80,071  |  |  | 43,384  |  |  | 60,953  |  |
| Provision for losses on accounts and other receivables |  | 37,919  |  |  | 158,549  |  |  | 74,309  |  |
| Amortization of deferred financing costs and discounts |  | 6,831  |  |  | 6,486  |  |  | 5,106  |  |
| Amortization of intangible assets and premium on receivables |  | 208,625  |  |  | 189,620  |  |  | 211,426  |  |
|  |  |  |  |  |  |  |
| Deferred income taxes |  | 11,026  |  |  | 15,668  |  |  | 37,883  |  |
| Loss on extinguishment of debt |  | 16,194  |  |  | —  |  |  | —  |  |
| Investment (gain) loss  |  | (9) |  |  | (30,008) |  |  | 3,470  |  |
|  |  |  |  |  |  |  |
| Other non-cash operating income |  | (784) |  |  | (1,985) |  |  | 522  |  |
| Changes in operating assets and liabilities (net of acquisitions/disposition): |  |  |  |  |  |  |
| Accounts receivable and other receivables |  | (731,137) |  |  | 264,140  |  |  | (196,028) |  |
| Prepaid expenses and other current assets |  | 186,268  |  |  | (14,521) |  |  | (185,391) |  |
| Other assets |  | 36,832  |  |  | 12,656  |  |  | (6,792) |  |
|  |  |  |  |  |  |  |
| Accounts payable, accrued expenses and customer deposits |  | 430,159  |  |  | 59,203  |  |  | 198,756  |  |
| Net cash provided by operating activities |  | 1,197,063  |  |  | 1,472,589  |  |  | 1,162,071  |  |
| Investing activities |  |  |  |  |  |  |
| Acquisitions, net of cash acquired |  | (602,120) |  |  | (80,787) |  |  | (448,277) |  |
| Purchases of property and equipment |  | (111,530) |  |  | (78,425) |  |  | (75,170) |  |
| Proceeds from disposal of investment |  | —  |  |  | 52,963  |  |  | —  |  |
|  |  |  |  |  |  |  |
| Other |  | (2,281) |  |  | —  |  |  | (255) |  |
| Net cash used in investing activities |  | (715,931) |  |  | (106,249) |  |  | (523,702) |  |
| Financing activities |  |  |  |  |  |  |
|  |  |  |  |  |  |  |
| Proceeds from issuance of common stock |  | 48,781  |  |  | 136,797  |  |  | 168,925  |  |
| Repurchase of common stock |  | (1,355,722) |  |  | (849,910) |  |  | (694,909) |  |
| Borrowings (payments) on securitization facility, net |  | 418,000  |  |  | (270,973) |  |  | 84,973  |  |
| Deferred financing costs paid and debt discount |  | (38,920) |  |  | (2,637) |  |  | (2,868) |  |
| Proceeds from issuance of notes payable |  | 1,900,000  |  |  | —  |  |  | 700,000  |  |
| Principal payments on notes payable |  | (507,500) |  |  | (175,285) |  |  | (138,500) |  |
| Borrowings from revolver |  | 1,910,000  |  |  | 1,243,500  |  |  | 1,811,509  |  |
| Payments on revolver |  | (1,978,851) |  |  | (1,496,907) |  |  | (2,292,349) |  |
| (Payments) borrowings on swing line of credit, net |  | (51,049) |  |  | (1,042) |  |  | 52,996  |  |
|  |  |  |  |  |  |  |
| Other |  | (811) |  |  | (344) |  |  | 52  |  |
| Net cash provided by (used in) financing activities |  | 343,928  |  |  | (1,416,801) |  |  | (310,171) |  |
| Effect of foreign currency exchange rates on cash |  | (50,984) |  |  | (148,157) |  |  | (17,854) |  |
| Net increase (decrease) in cash and cash equivalents and restricted cash |  | 774,076  |  |  | (198,618) |  |  | 310,344  |  |
| Cash and cash equivalents and restricted cash, beginning of year |  | 1,476,619  |  |  | 1,675,237  |  |  | 1,364,893  |  |
| Cash and cash equivalents and restricted cash, end of year |  | $ | 2,250,695  |  |  | $ | 1,476,619  |  |  | $ | 1,675,237  |  |
| Supplemental cash flow information |  |  |  |  |  |  |
| Cash paid for interest |  | $ | 132,504  |  |  | $ | 126,460  |  |  | $ | 178,417  |  |
| Cash paid for income taxes |  | $ | 229,721  |  |  | $ | 165,315  |  |  | $ | 200,525  |  |
|  |  |  |  |  |  |  |



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| See accompanying notes. |

  
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