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Executives

Eric Dey – Chief Financial Officer

Analysts

Darren – Barclays Capital

FleetCor Technologies, Inc. (FLT) Barclays Emerging Payments Forum Conference Transcript March 28, 2012 2:45 PM ET

Darren – Barclays Capital

Okay. Let’s get started. We are happy to have with us FleetCor today. It’s a great story. The company that obviously went public fairly recently, but it’s not extremely well since the IPO. But it’s gone back a lot problem managed, rolled up quite a bit of the fleet card industry through the years has really become the largest player in the industry surpassing many of the public names and obviously, the private name as well.

And so, it’s a name we’ve done pretty well, we do like the story and we happy to have Eric here with us today who is the CFO of the company. Eric Dey has been with the company I think since 2002, you just said, right, the CFO have been since 2003.

Eric Dey

Right.

Darren – Barclays Capital

And so, with that, let me just start off with the audience response and first, you currently own the stock, if you could just give us one, two, three, or four, yeah, you own a lot over rate, some under rate, or you don’t want it right now, we’ll see the answer.

Eric Dey

Really. I don’t know that.

Darren – Barclays Capital

Probably up there, probably up there, yeah, oh, yeah.

Eric Dey

If you may.

Darren – Barclays Capital

I know it’s amazing. Yeah. So there is a lot of room for additional investment, Eric. Question number two, what’s your general bias on the stock right now? Okay. Good. All right. Eric, thank you for being here with us, I wonder, we -- or you kick it off.

Eric Dey

Okay. Great. Excuse me, if I screw up the moving of the slide here, but I will do my best. As [Darren] indicated my name is Eric Dey. I’m CFO for FleetCor Technologies and I have been with the company since 2002, so it’s been quite while, and we’ll see that kind of on the next few pages.

I’m going to start the presentation by first Safe Harbor provision, there you go. I’m going to go over the agenda here. We are going to talk about four very, very brief topics. I think we’ve got about 20 to 30 minutes to actually present.

I’ll briefly go over the company kind of what we do. I’ll take a look at some key investment considerations. The company’s growth strategy, first both historically and then what our strategy is kind of going forward, and then I’ll do a financial overview very briefly, so again, we got about 20 to 30 minutes.

First and foremost, FleetCor is a leading global fleet card company and we are the number one fleet card, commercial fleet card company in the world today. Our core product today is a special purpose business charge card, primarily for the commercial fuel industry around the world. Approximately 90% of our revenue today is generated from the sale of these commercial fuel cards.

We also offer other products and services around the world today. We’ve got a commercial hotel card in the United States. We also have telematics products, primarily in Europe and we have a food card and food voucher business in Mexico.

Our target customers today are effectively all businesses and government entities of all sizes in the geographies in which we do business today. We also partner with major oil companies and other petroleum marketers in the United States and around the world as well.

I’m going to mention a couple names some of the major oil companies that we do partner with today and you guys have know some of these names, Chevron, BP, Arco, Citgo, just to mention a few and more recently, we partnered with Euroshell in our international business.

We are a global company. We are in 21 countries today and we’ve got 17 offices worldwide. However, we’re primarily in five countries. Most of our operations are in the United States today, the U.K., the Czech Republic, Russia and more recently, Mexico.

In 2011, approximately one-third of the company’s revenue was generated outside of the United States and that percentage is actually growing, and I’ve estimated that that percentage will actually grow to closer to 40% in 2012.

We also have a very strong track record of performance and now we’ve grown our revenue at a compounded annual growth rate of 28% since 2003, and we’ve grown our adjusted net income or cash net income at a compounded annual growth rate of 41% over that same kind of period of time.

I like to show this chart graphically and you can see the magnitude of the company’s growth. 2003, we had $73 million of revenue and we’ve grown to over $500 million in revenue in 2011. And we’ve guided the street to approximately $620 million in revenue in 2012.

Similarly from an adjusted net income perspective, $12 million back in 2003, we ended the year 2011 with over $180 million of adjusted net income or free cash flow. And again, our guidance to the street is approximately $220 million in 2012. So this impressive growth rate is projected to certainly continue.

Next, moving on to key investment considerations. First and foremost, the company has downsize protection. There are significant barriers to entry to get into our business, to that end -- today we operate 10 proprietary merchant networks around the world and we’ve contracted with 35,000 merchants individually. So this is not a very easy business to get into certainly from a merchant acceptance standpoint.

We also have differentiated technology. We have state-of-the-technology -- state-of-the-art technology in all of our businesses. More recently we introduce a new global processing system that we call Global FleetNet or GFN.

We have converted some of our international businesses to this platform today and we use that platform to market to new potential major oil company partners internationally. Again, more recently with the win of kind of Euroshell, again the largest major oil portfolio in the world.

We also have broad distribution capabilities. We market our products and services in a number of different ways. We have a direct sales force. We market our products through, we use telemarketing, we use direct mail, we use web and we also use third parties to help us sell our stock, so -- sell our products. So we leave no stone unturned and we should do that to sell stock as well, so probably help us.

We also have very strong merchant relationships, customer relationships and partner relationships. We have very low level of attrition amongst our merchant network today. We have over 600,000 customers that we service today and we have long standing relationship with our partners, and our biggest partners we actually have long-term contractual relationships kind of with them as well.

The short story here, this is a very difficult business to enter, regardless of sale -- scale, and if anybody really wanted to get into the business tomorrow would actually take them many, many, many years to build the business of any size whatsoever.

We also have a very attractive predictable business model. Approximately 85% or more of the company’s revenue today is actually recurring in nature. So if we did, did nothing else, didn’t spend another dime on sales and marketing, we have over 85% of the revenue repeat itself in the next year.

We also have a very diversified revenue stream. 33% of our revenue is generated outside the United States today and that number is growing. We get just over half of our revenue from our customers and just under half of our revenue from our merchants, and we’ll talk about the different revenue stream kind of later on in the presentation.

We also have very low customer concentration. As I mentioned, we have approximately 600,000 customers that we partner with today. There is not a single customer that represents more than 1% of the company’s revenue, so again, very low -- customer concentration.

We also have high operating leverage. We have very low amount of variable costs. I’ve estimated that in our cost structure, approximately two-thirds of those costs are very -- are fixed in nature. So, obviously, we have a very scalable operating model, particularly if you grow our businesses organically, the majority of that revenue effectively fall straight to the bottom line. So we’ve got a mechanism to continue to improve our operating margins.

And we have low CapEx requirements. 2011 we spend approximately $14 million in CapEx and most of that money was actually spent to further develop and enhance our existing processing systems. We are also highly profitable as you saw from the charts earlier. We have approximately 50% EBITDA margins today. So the short story here, again very attractive predictable business model and it’s a model and business that’s relatively easy to plan because of the recurring nature of our revenues.

We also operate in a large global market where there is a lot of room to grow. We’ve estimated today that is approximately 230 billion gallons of gas that’s purchased by commercial companies around the world today. We process approximately 6 billion of those gallons and we are the largest player in the world. So we have about 3% market share globally.

So the short story here is, there is a lot of room to grow in this business and we want a piece of every single commercial transaction on the planet. So we’ve got a lot of work to do, that’s effectively our objective.

From a growth strategy standpoint, first historically. The company has grown by using a three prong growth strategy. We have a build, buy and partner strategy. We’ve invest in sales and marketing. We invest in the businesses that we own today.

We also grow through acquisition which we’ll see in the next several pages. We’ve completed over 45 acquisitions since 2003 and we partner with major oil and petroleum marketers. And again, we’ve got long standing relationships and long-term relationships with some of the biggest oil companies in the world.

As I mentioned earlier, the world is a very big place. Today we have operations in really five countries, again United States, the U.K., the Czech Republic, Russia and more recently Mexico. So we just scratch the surface in growing this business.

We’ve seen more success in United States. Obviously, we’ve been here a long time. We’ve got multiple card products that we sell and market in the United States. And we’ve got long standing relationships with some of the major oil companies kind of here as well.

And again, we’ve just scratch the surface in Europe and rest of the world. We do have some card products there, but we just scratch the surface from our major oil and partnership perspective, so lots of room to grow.

We build the businesses we own by investing in sales and marketing and product innovation. Effectively, we spend in 2011 we spend $34 million in sales and marketing to help grow the businesses that we own today.

That level of investment enables us to offset the amount of attrition that we have in our business and effectively to grow our businesses on the transactional level organically. That level of investment also helps me to grow our revenue per transaction. Our stated objective is that that we’re going to continue to grow our businesses kind of around the 10% range organically into the future.

We also market our products through multiple sales channels as I mentioned earlier. We’ve got multiple means to basically market our products and services around the world, and we leave no stone unturned. We have a direct sales force. We use telemarketing, again, we use the web, we use direct mail and we use third-party partners as well basically to sell our products.

As a matter of fact about 50% of our sales today are basically made through channels that didn’t exist as early as three years ago. So I think we are very innovative and again we leave no stone unturned in terms of how we generate new incremental sales.

But we also invest in product innovation. We grow revenue through new product features and functionality, an example of some of these, some of the products that we have introduced over the last several years that didn’t exist.

As an example, extended network cards, our telematics products in Europe, we have a price protection product that we offer to our customers in the United States and we have another version of our extended network card that we rolled out that we call FleetWide and FleetSource in United States just to name a few. And these products help us to not only grow transactions but enable us to grow revenue per transaction as well.

And finally, we penetrate our target markets further essentially by doing some of the things we just talked about. Again, we add more customers through investment and sales and marketing and we enter into more strategic relationships. And as a result of this strategy in 2011 you can see that we -- our transaction volumes grew 12% and our revenue per transaction grew 8% for a total organic revenue growth of approximately 20% versus 2010.

We also buy and improve performance of our acquired companies. As I mentioned earlier, we completed over 45 acquisitions since 2003, and more recently in 2011, we completed two acquisitions. We purchased a Mexico prepaid card business in September of last and we purchased a company called Allstar, one of the leading U.K. fuel card providers in December of last year.

Our acquisition strategy is primarily focused on the emerging markets going forward. We believe these markets are significant underpenetrated and there is lots of room to grow in these businesses. So as a slide indicates, our focus is on what we call the BRIC countries, meaning, Brazil, Russia, India and China. And again, we are just scratching the surface internationally and we believe there is a lots room for this business to grow.

We also improve the businesses we buy. We gain economies of scale by buying businesses in the geographies we already exist in. We are also leveraging the company’s state-of-the-art process existence and technology to consolidate some of those back office operations, and we run them in the FleetCor way. Effectively, what that means to me as we manage assets better. We get the full value out of every asset that we purchase and we can see that by some of the success that company has realized in our historical growth.

And finally, we partner with major oil and petroleum marketers. There is a number services that we offer to our partners. One is our state-of-the-art technology. We help our major oil companies to not have to invest in friction order and technology to basically run this processes themselves in-house. We have the state-of-the-art technology. We are the experts in this industry.

We also offer revenue management products in a full program outsourcing opportunity as well. Some examples of some recent partner wins, in 2011 we announced that Euroshell selected us to be their outsourcing partner for our proprietary GFN product.

Euroshell for those of you who don’t know is probably the largest oil portfolio in the world and they are in 35 different countries around the world today. And more recently we announced that the Pantry awarded a new -- us a new long-term contract.

And again, just to kind of summarize, the world is a very big place. Again, we use a three prong growth strategy, we build, we buy and we partner. We’ve seen a lot of success in the United States implementing this strategy and we are just scratching the surface internationally.

Again, we bought some companies in Europe. We got our first entry in the Latin America with acquisition in Mexico and we effectively have nothing today in the rest of the world. And our strategy is to gaining the piece of every oil transaction in the world today. So we get a lot of room to grow and lot of work in front of us.

Now, finally, from a financial overview standpoint, I talked about the company’s business model, now I want to spend a few minutes and talk about the company’s financial model as well. Again, we’ve got a tremendous track record of growing our business as we’ve seen the last few pages, growing our revenue at compounded annual growth rate of 20% and our adjusted net income or free cash at a compounded annual growth rate of 41% since 2003.

We have a very stable and predictable business model, with approximately 80% or more of our revenue being recurring in nature. We also have low fuel price sensitivity, approximately 20% of our revenue today is directly impacted by the movement in the retail price of fuel and we have minimal credit risk. Our bad debt today runs approximately 20 basis points of bill revenue.

We also have very strong operating leverage. Today we have approximately 50% adjusted EBITDA margins. We have a highly leverageable cost structure with approximately two-thirds of our cost being fixed today and we generate a lot of free cash flow, and our object is to use that free cash flow to invest in growth of our core businesses and help fund our future acquisitions.

We have a strong balance sheet today. We have over 500 million of liquidity being driven by existing cash on our balance sheet and again undrawn capacity on our debt facilities. We also have low leverage 1.3 times leverage in the fourth quarter of last year and we have a low CapEx requirement as I mentioned earlier, requirement is approximately 2.5% of revenue.

And again, these are not investments in hardware, bricks and motor but for the most part, this is internal labor that we incur to help to enhance and develop the processing systems that we uses our core product in the company.

As I mentioned earlier, we have achieved this results by growing both transaction volumes and revenue per transaction. We grow transaction volumes in a couple of ways, one, obviously, we do acquisitions which helps us grow transaction volumes, and secondly, we invest in sales and marketing. 2011 we spent $34 million, which helps us to offset the amount of attrition that we have in our businesses plus to grow the amount of transactions that we have in our business.

We also grow revenue per transaction and we do that simplistically by, again investing in sales and marketing, and we add more customers at higher -- in higher revenue per transaction products than we actually lose. So it’s simplistically mix.

And we also up sale other products and services to our existing customer base, such as the extended network products, our FleetWide and FleetSource product and leveraging our new MasterCard product that we started selling only a few years ago.

And as a result of this, you can see our transaction volumes have grown at the compounded annual growth rate of 8% since 2006 and our revenue per tran on top of that another 11%, so just under 20% growth rate since 2006.

We also are well diversified, first, from revenue perspective as I mentioned earlier, two-thirds of our revenue is generated from operations in the United States and approximately one-third from our international operations, and that percent is growing.

We also are well diversified from a revenue type perspective. Approximately 50% -- 55% of our revenue comes from our customer and partner relationships, and just under 50% from our merchant and our network relationships.

More specifically from our merchant and our network relationships, again we earn revenue from a number of different sources. One, we earn revenue as percentage of the transaction, we are in fixed fee type revenue and we have spread based revenue. But more importantly, we have limited fuel price sensitivity. We have estimated that approximately 20% of our revenue is directly impacted by the movement in the retail price of fuel.

We also earn revenue from our customers and partners. Approximately 55% of our revenue came from this source in 2011. We earn revenue from various program fees and we charge our customers and other miscellaneous fees. Some examples of those would be late fees and interest, report fees, et cetera, typical things you will see in various card programs. But more importantly these revenue types have very limited sensitivity and the movement in the retail price of fuel.

We also have strong operating leverage with low credit risk. We report our expenses today in five different categories, if you look at our income statement. We’ve got merchant commission, processing expense, selling, G&A, and depreciation and amortization.

And as I mentioned earlier, approximately two-thirds of these costs are fixed in nature. And including in processing expenses actually bad debt expense and you can see that our bad debt expense in 2011 is running in the kind of low 20 basis point range, so we have limited exposure there as well.

And finally, the result of that is we’ve got very strong EBITDA margins running at approximately 50% historically. These are adjusted EBITDA margins, so it’s typically EBITDA less the interest that we pay in our securitization facility.

So we have superior operating leverage, driven primarily by increasing revenue per transaction and by the fact that we’ve got highly scalable again operating model with the high amount of fixed costs and low incremental capital expenditure.

And finally, the business generates a lot of free cash flow. In 2011, the company generated over $180 million of free cash flow. We intend to continue to reinvest this free cash in growing the core business and continuing to pursue acquisitions on opportunistic basis.

That kind of completes the presentation. So, [Darren], I’ll turn it back over to you.

Question-and-Answer Session

Darren – Barclays Capital

Yeah. Thanks. We’re going to open it up for questions from the audience now to start. We will see if there is any right away, if not, I have a couple of them. Why don’t we start there first?

Unidentified Analyst

Just had a question on, can you give a little more detail about the telematics product you have and are there other non-petroleum base products there you have as well?

Eric Dey

Well, telematics product is a product that we introduced in our Czech Republic business. So it is represent some very small portion of our revenue and we’re kind of undecided at this point that how we’re going to proceed with that product whether we’re going to go -- going to go wider with that product across Europe and maybe into the United States.

We may decide at some point do not go with a traditional product but go with more of a telematics kind of light product, which is something different then, a full blown, implementing and installing a gadgets in the business, in a vehicle and managing it from that point. So, I think it’s, the jury is still out on that product for us.

The other products that we kind of offer today, they are outside o the fuel card specter or do we have a corporate hotel card product in the United States, which operate in much the same way as our fuel card product does. We develop that product by signing up one merchant at a time, a very profitable business and it’s growing in the kind of 20% range. We also have in conjunction with our Mexican acquisition food card and food voucher business today. So those are kind of the other products that we offer.

Unidentified Analyst

Okay.

Unidentified Analyst

Hey, Eric, how are you? Just a couple of questions around your international acquisition strategy, just like to know, if there, if you could provide maybe a little more granularity around the types of assets that FleetCor is looking at in each of the geographies. I know that the Mexican prepaid acquisition was slightly different than I guess the legacy FleetCor business and I’m curious to know if there are other opportunities like that or its more traditional fuel card companies?

And then, there’s a follow-up, maybe you could provide a little more color while in terms of how the integration has gone so far with the Mexican prepaid acquisition and Allstar as well?

Eric Dey

First from the, to answer your acquisition question, we are -- we’re focused more on the emerging markets. We like businesses that are in geographies that are very attractive to us and we like business, attractive business model as well.

I think we’ve stated time and time again that, that is where we are placing our focus, so it’s in places like Latin America, could be further penetration into the Russian market. And again, when the time is right it could be entering China and India when that makes sense kind of as well. I’m sorry, what’s the second part of your question again?

Unidentified Analyst

Update on the Allstar?

Eric Dey

Yeah. The Allstar and the Mexican business, the integration is going great. We close the Mexican business in September of last year. I’ve hired a new CFO, actually started a couple of weeks ago, so guy who has got a big background in M&A, so we believe will be very helpful us running that business and running down other acquisition opportunities, particularly in the Latin America market.

So, I think, we are on target and actually the business is actually running ahead of plan, for the first kind of couple of the months of the year. So we are actually very, very pleased with its performance and I would say, Allstar is kind of the same.

We closed that business in December the 13th of last year. So we’re kind of couple of month in. But we are very pleased with the performance of that business as well. It’s a very, very ratable business. The revenue model is more kind of on a fixed fee basis, so we are on fixed fees kind of from our merchant and customers, so it’s a very predictable and stable revenue stream, and again, another business is kind of running ahead of plan, so we’re very pleased.

Darren – Barclays Capital

Eric, you said the integration is going well, but do we need to wait for more of the integration to actually go on, have been underway before we see other deal like that?

Eric Dey

No. I don’t think we’re certainly not waiting to get the integration not before to pursue other acquisitions, for those of you who read in an 8K that we released a few weeks ago in conjunction with the secondary. We actually announced that we’ve get three sign term sheets today for three other acquisitions outside of United States for an aggregate purchase price of approximately $250 million in various stages of diligence on those companies, so will kind of wait and see what happens.

Darren – Barclays Capital

And just one follow-up to that real quickly, I mean, what is about these deals that, I mean, because your accretion is usually very high, I mean also for example, I think you said about 10% accretion in the earnings, whether the first year out, is it the, I mean, what is -- can you give some examples on the synergies and what the opportunities really are there?

Eric Dey

I think, we love business models. We’re business model kind of people. We love businesses that have been under managed, most of the businesses we acquired are been entrepreneurially owned, they have been run as lifestyle businesses.

We see things the other owners of those businesses don’t have. We maximize the assets of the business. We don’t look at what that business has done over the last 12 months, look at what we think that business can do over the next year or two, and quite frankly, if we don’t see a significant improvement in both revenue and profitability, we’re just not interested in those businesses. And again, as I mentioned earlier, we’re very interested in emerging markets, these markets are significantly underpenetrated and there are just a lots of opportunity there.

Unidentified Analyst

Hi, Eric. Can you talk about the competitive environment, it seems like it is, you actually mentioned earlier very fragmented, but who are the biggest players, how you guys compete? And then, you’ve talked a lot of about the, that’s a follow on the emerging market opportunity does the imply the U.S is kind of fully penetrated?

Eric Dey

Well, first, the competitive landscape, obviously, there’s different competitors in each geography that we do business in today. But generally speaking, we really don’t see a lot of competition out there. I mean, United States is a little bit different, there are three big fleet card companies in the United States and each one of the companies in the U.S. does kind of operate in the zone specific niche of the business. But internationally, we kind of see less competition, particularly as we get into some of the emerging markets.

Unidentified Analyst

Just more of the largest that your company have is the close loop network in your relationships with the merchants, I was just wondering what your core process was, when you started the relationship with MasterCard, how you think about that? And then, secondly, what is the role of other open networks in also competing against you?

Eric Dey

Well, fist the MasterCard relationship, MasterCard when develop the fleet card product. We love that product because it is a universe -- it gives us another product that we can offer. We have a product for everybody in the United States, no matter what size business you are, if you are small business, we got a proprietary petroleum marketer product for your, we may have our proprietary fuel man product, we can offer you and if you are larger customer, we’ve got a universal product today and that’s our Universal MasterCard product. So we have a product for everybody. So there’s no size business we can’t sell today.

Darren – Barclays Capital

Okay. So I had just more quick follow-up just -- I appreciate that you are won’t have products for each of you clients, but I just the sense of how you make monies by offering a better servicing for your corporate clients and better network for your -- for the fuel station. I guess when you led MasterCard in, how does that impact that dynamic. I mean, to me it sounds like if you, now saying that, how does that impact that dynamic?

Eric Dey

Really it doesn’t impact much at all. I mean, for us MasterCard is just another product. So, it’s, again it’s a product that we can offer specifically to those companies that have universal need. But the from a margin perspective it’s very complimentary to our existing -- our other existing products.

Unidentified Analyst

Okay. Can you quickly review why your business is not sensitive to fuel prices?

Eric Dey

Well, because we have many different business models. If you go back to, I can’t find that page again, but we’ve got many, we have some models that are, if the revenue stream is dependent on the percentage of transaction.

We have some of our models are based on fuel price spread, which aren’t necessarily dependent on the movement in the retail price of fuel, some of our models are fixed fee in nature. We estimated that only 20% of our revenue is actually dependent on the movement in the retail price of fuel or dependent on the absolute transaction value itself.

Darren – Barclays Capital

Okay. I think we are going to stop the questions there. If we can just turn over to the audience responses again, maybe we’ll start with questions number three, we had two before. First, where would you like to see FleetCor pursue additional strategy deals or acquisitions, North America, South America and Mexico, rest of Europe and emerging markets?

Eric Dey

(Inaudible)

Darren – Barclays Capital

There it is, emerging markets. All right. Number four, what do you proceed to be the most significant near-term risk or talent for FleetCor? Number one, competition; number two, integration risk; number three, microeconomic including fuel and FX; and then lastly, industry regulation; maybe while they are doing that, what do you think about that one?

Eric Dey

I guess both.

Darren – Barclays Capital

You can get chance.

Eric Dey

We don’t worry about a whole lot in our business because we are so well diversified, geographically and from a business mix perspective, sort of everything on this list, but one thing that is generally out of our control is a microeconomic environment, and we have three big pieces to our revenue stream that we can’t control.

Darren – Barclays Capital

Right.

Eric Dey

One is the absolute price of fuel, obviously that can go up and down, and some of our businesses love it when we have higher fuel prices. Fuel price spreads, very, very consistent year-to-year, but can be a little bumpy from quarter-to-quarter, so we don’t control the absolute markets spreads.

Then FX rates, again, a third of our business is generated internationally, so to the extent that, dollar weakens or strengthen that can certainly impact our revenue from transaction or profitability as well. Those are the things that are out of our control.

Darren – Barclays Capital

Great. So what’s the answer?

Unidentified Speaker

Microeconomic.

Darren – Barclays Capital

Microeconomic.

Eric Dey

Correct answer.

Darren – Barclays Capital

All right. Eric, listen, great presentation. Thank you very much for being with us today.

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