Company Quick10K Filing
FleetCor
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 90 $24,977
10-Q 2019-11-12 Quarter: 2019-09-30
10-Q 2019-08-09 Quarter: 2019-06-30
10-Q 2019-05-10 Quarter: 2019-03-31
10-K 2019-03-01 Annual: 2018-12-31
10-Q 2018-11-08 Quarter: 2018-09-30
10-Q 2018-08-09 Quarter: 2018-06-30
10-Q 2018-05-10 Quarter: 2018-03-31
10-K 2018-03-01 Annual: 2017-12-31
10-Q 2017-11-09 Quarter: 2017-09-30
10-Q 2017-08-08 Quarter: 2017-06-30
10-Q 2017-05-09 Quarter: 2017-03-31
10-K 2017-03-01 Annual: 2016-12-31
10-Q 2016-11-09 Quarter: 2016-09-30
10-Q 2016-08-09 Quarter: 2016-06-30
10-Q 2016-05-09 Quarter: 2016-03-31
10-K 2016-02-29 Annual: 2015-12-31
10-Q 2015-11-09 Quarter: 2015-09-30
10-Q 2015-08-10 Quarter: 2015-06-30
10-Q 2015-05-11 Quarter: 2015-03-31
10-K 2015-03-02 Annual: 2014-12-31
10-Q 2014-11-10 Quarter: 2014-09-30
10-Q 2014-08-06 Quarter: 2014-06-30
10-Q 2014-05-12 Quarter: 2014-03-31
10-K 2014-03-03 Annual: 2013-12-31
10-Q 2013-11-08 Quarter: 2013-09-30
10-Q 2013-08-07 Quarter: 2013-06-30
10-Q 2013-05-10 Quarter: 2013-03-31
10-K 2013-03-01 Annual: 2012-12-31
10-Q 2012-11-09 Quarter: 2012-09-30
10-Q 2012-08-09 Quarter: 2012-06-30
10-Q 2012-05-10 Quarter: 2012-03-31
10-K 2012-02-29 Annual: 2011-12-31
10-Q 2011-11-14 Quarter: 2011-09-30
10-Q 2011-08-15 Quarter: 2011-06-30
10-Q 2011-05-16 Quarter: 2011-03-31
10-K 2011-03-25 Annual: 2010-12-31
8-K 2019-12-19 Regulation FD
8-K 2019-11-06 Earnings, Regulation FD, Exhibits
8-K 2019-09-04 Officers, Exhibits
8-K 2019-08-06 Earnings, Regulation FD, Exhibits
8-K 2019-08-06 Officers, Exhibits
8-K 2019-06-12 Amend Bylaw, Shareholder Vote, Exhibits
8-K 2019-05-07 Earnings, Regulation FD, Exhibits
8-K 2019-02-06 Earnings, Regulation FD, Exhibits
8-K 2018-12-14 Other Events, Exhibits
8-K 2018-10-30 Earnings, Regulation FD, Exhibits
8-K 2018-08-02 Earnings, Regulation FD, Exhibits
8-K 2018-06-06 Amend Bylaw, Shareholder Vote, Exhibits
8-K 2018-05-03 Earnings, Regulation FD, Exhibits
8-K 2018-02-08 Earnings, Regulation FD, Exhibits
8-K 2018-02-07 Officers, Shareholder Vote, Exhibits
8-K 2018-01-25 Amend Bylaw, Exhibits
FLT 2019-09-30
Part I-Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part Ii-Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 d34595dex311q32019.htm
EX-31.2 d34595dex312q32019.htm
EX-32.1 d34595dex321q32019.htm
EX-32.2 d34595dex322q32019.htm

FleetCor Earnings 2019-09-30

FLT 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
EBAY 35,223 21,169 17,063 10,856 8,399 2,401 3,628 43,002 77% 11.9 11%
MELI 30,046 4,595 2,351 1,802 951 16 65 28,918 53% 441.9 0%
FDC 26,217 51,031 43,518 9,569 0 1,213 2,437 41,631 0% 17.1 2%
GPN 25,180 14,584 10,409 3,556 2,371 519 1,171 29,283 67% 25.0 4%
FLT 24,977 11,976 8,132 2,532 0 893 1,344 28,097 0% 20.9 7%
TSS 22,430 7,707 5,212 4,103 1,174 617 1,146 25,990 29% 22.7 8%
MSCI 20,021 3,425 3,657 1,477 1,178 580 878 21,827 80% 24.9 17%
CSGP 19,585 3,621 417 1,293 1,010 291 442 18,287 78% 41.4 8%
BR 15,509 3,881 2,753 4,362 1,230 482 642 16,727 28% 26.1 12%
AKAM 12,962 5,343 1,948 2,795 1,828 423 991 12,446 65% 12.6 8%

Document
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Table of Contents

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 __________________________________________________________
FORM 10-Q
 __________________________________________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number: 001-35004
 __________________________________________________________
FleetCor Technologies, Inc.
(Exact name of registrant as specified in its charter)
 __________________________________________________________
Delaware
 
 
72-1074903
(State or other jurisdiction of
incorporation or organization)
 
 
(I.R.S. Employer
Identification No.)
 
 
 
 
5445 Triangle Parkway
Peachtree Corners
Georgia
30092
(Address of principal executive offices)
 
 
(Zip Code)
Registrant’s telephone number, including area code: (770449-0479
 __________________________________________________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one:)
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  


Table of Contents

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class
 
Outstanding at November 1, 2019
Common Stock, $0.001 par value
 
86,781,185
 

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock
FLT
NYSE



Table of Contents

FLEETCOR TECHNOLOGIES, INC. AND SUBSIDIARIES
FORM 10-Q
For the Three and Nine Months Ended September 30, 2019
INDEX
 
 
 
Page
PART I—FINANCIAL INFORMATION
 
 
 
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
PART II—OTHER INFORMATION
 
 
 
 
Item 1.
 
 
 
Item 1A.
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
Item 5.
 
 
 
Item 6.
 
 
 

i

Table of Contents

PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
FLEETCOR Technologies, Inc. and Subsidiaries
Consolidated Balance Sheets
(In Thousands, Except Share and Par Value Amounts)
 
 
September 30, 20191
 
December 31, 2018
 
 
(Unaudited)
 
 
Assets
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
1,058,762

 
$
1,031,145

Restricted cash
 
407,115

 
333,748

Accounts and other receivables (less allowance for doubtful accounts of $64,663 at September 30, 2019 and $59,963 at December 31, 2018)
 
1,703,998

 
1,425,815

Securitized accounts receivable—restricted for securitization investors
 
992,000

 
886,000

Prepaid expenses and other current assets
 
278,132

 
199,278

Total current assets
 
4,440,007


3,875,986

Property and equipment, net
 
185,522

 
186,201

Goodwill
 
4,707,383

 
4,542,074

Other intangibles, net
 
2,315,645

 
2,407,910

Investments
 
26,250

 
42,674

Other assets
 
239,387

 
147,632

Total assets
 
$
11,914,194


$
11,202,477

Liabilities and stockholders’ equity
 
 
 
 
Current liabilities:
 
 
 
 
Accounts payable
 
$
1,375,929

 
$
1,117,649

Accrued expenses
 
290,957

 
261,594

Customer deposits
 
957,667

 
926,685

Securitization facility
 
992,000

 
886,000

Current portion of notes payable and lines of credit
 
173,214

 
1,184,616

Other current liabilities
 
189,170

 
118,669

Total current liabilities
 
3,978,937


4,495,213

Notes payable and other obligations, less current portion
 
3,307,480

 
2,748,431

Deferred income taxes
 
457,174

 
491,946

Other noncurrent liabilities
 
270,293

 
126,707

Total noncurrent liabilities
 
4,034,947


3,367,084

Commitments and contingencies (Note 13)
 

 

Stockholders’ equity:
 
 
 
 
Common stock, $0.001 par value; 475,000,000 shares authorized; 124,174,639 shares issued and 86,770,906 shares outstanding at September 30, 2019; and 123,035,859 shares issued and 85,845,344 shares outstanding at December 31, 2018
 
123

 
123

Additional paid-in capital
 
2,503,590

 
2,306,843

Retained earnings
 
4,477,219

 
3,817,656

Accumulated other comprehensive loss
 
(1,114,678
)
 
(913,858
)
Less treasury stock, 37,403,733 shares at September 30, 2019 and 37,190,515 shares at December 31, 2018
 
(1,965,944
)
 
(1,870,584
)
Total stockholders’ equity
 
3,900,310


3,340,180

Total liabilities and stockholders’ equity
 
$
11,914,194


$
11,202,477


See accompanying notes to unaudited consolidated financial statements.
1 Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 2.

1

Table of Contents

FLEETCOR Technologies, Inc. and Subsidiaries
Unaudited Consolidated Statements of Income
(In Thousands, Except Per Share Amounts)
 
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2019
 
2018¹
 
2019
 
2018¹
Revenues, net
 
$
681,048

 
$
619,586

 
$
1,949,967

 
$
1,790,070

Expenses:
 
 
 
 
 
 
 
 
Processing
 
135,016

 
128,400

 
384,588

 
356,086

Selling
 
51,790

 
44,806

 
152,907

 
135,926

General and administrative
 
98,050

 
98,058

 
297,618

 
284,858

Depreciation and amortization
 
67,347

 
67,267

 
205,700

 
207,379

Other operating, net
 
(296
)
 
(35
)
 
(1,480
)
 
(140
)
Operating income
 
329,141


281,090

 
910,634


805,961

Investment loss
 

 
7,147

 
15,660

 
7,147

Other (income) expense, net
 
(120
)
 
303

 
628

 
465

Interest expense, net
 
36,504

 
36,072

 
115,088

 
100,287

Total other expense
 
36,384


43,522

 
131,376


107,899

Income before income taxes
 
292,757

 
237,568

 
779,258

 
698,062

Provision for income taxes
 
66,952

 
79,874

 
119,695

 
188,579

Net income
 
$
225,805


$
157,694

 
$
659,563


$
509,483

Basic earnings per share
 
$
2.61

 
$
1.78

 
$
7.64

 
$
5.72

Diluted earnings per share
 
$
2.49

 
$
1.71

 
$
7.33

 
$
5.50

Weighted average shares outstanding:
 
 
 
 
 
 
 
 
Basic shares
 
86,662

 
88,456

 
86,332

 
89,126

Diluted shares
 
90,522

 
92,081

 
89,976

 
92,671

See accompanying notes to unaudited consolidated financial statements.
1Reflects reclassifications from previously disclosed amounts to conform to current presentation.




2

Table of Contents

FLEETCOR Technologies, Inc. and Subsidiaries
Unaudited Consolidated Statements of Comprehensive Income (Loss)
(In Thousands)
 
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2019
 
2018
 
2019
 
2018
Net income
 
$
225,805

 
$
157,694

 
$
659,563

 
$
509,483

Other comprehensive income (loss):
 
 
 
 
 
 
Foreign currency translation (losses), net of tax
 
(180,317
)
 
(74,058
)
 
(148,282
)
 
(392,889
)
Net change in derivative contracts, net of tax
 
(6,164
)
 

 
(52,538
)
 

Total other comprehensive (loss)
 
(186,481
)

(74,058
)

(200,820
)

(392,889
)
Total comprehensive income
 
$
39,324


$
83,636


$
458,743


$
116,594

See accompanying notes to unaudited consolidated financial statements.


3

Table of Contents

FLEETCOR Technologies, Inc. and Subsidiaries
Unaudited Consolidated Statements of Stockholders’ Equity
(In Thousands)
 
 
 
Common
Stock
 
Additional
Paid-In
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Treasury
Stock
 
Total
Balance at December 31, 2018
 
$
123

 
$
2,306,843

 
$
3,817,656

 
$
(913,858
)
 
$
(1,870,584
)
 
$
3,340,180

Net income
 

 

 
172,107

 

 

 
172,107

Other comprehensive loss, net of tax
 

 

 

 
(20,334
)
 

 
(20,334
)
Acquisition of common stock
 

 
33,000

 

 

 
(36,322
)
 
(3,322
)
Share-based compensation
 

 
12,541

 

 

 

 
12,541

Issuance of common stock
 

 
29,795

 

 

 

 
29,795

Balance at March 31, 2019
 
123

 
2,382,179

 
3,989,763

 
(934,192
)
 
(1,906,906
)
 
3,530,967

Net income
 

 

 
261,651

 

 

 
261,651

Other comprehensive income, net of tax
 

 

 

 
5,995

 

 
5,995

Acquisition of common stock
 

 

 

 

 
(702
)
 
(702
)
Share-based compensation
 

 
18,306

 

 

 

 
18,306

Issuance of common stock
 

 
27,155

 

 

 

 
27,155

Balance at June 30, 2019
 
123

 
2,427,640

 
4,251,414

 
(928,197
)
 
(1,907,608
)
 
3,843,372

Net income
 

 

 
225,805

 

 

 
225,805

Other comprehensive loss, net of tax
 

 

 

 
(186,481
)
 

 
(186,481
)
Acquisition of common stock
 

 

 

 

 
(58,336
)
 
(58,336
)
Share-based compensation
 

 
15,273

 

 

 

 
15,273

Issuance of common stock
 

 
60,677

 

 

 

 
60,677

Balance at September 30, 2019
 
$
123

 
$
2,503,590

 
$
4,477,219

 
$
(1,114,678
)
 
$
(1,965,944
)
 
$
3,900,310



4

Table of Contents

 
 
Common
Stock
 
Additional
Paid-In
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Treasury
Stock
 
Total
Balance at December 31, 2017
 
$
122

 
$
2,214,224

 
$
2,958,921

 
$
(551,857
)
 
$
(944,888
)
 
$
3,676,522

Net income
 

 

 
174,937

 

 

 
174,937

Cumulative effect of change in accounting principle
 

 

 
47,252

 

 

 
47,252

Other comprehensive income from currency, net of tax of $0
 

 

 

 
43,254

 

 
43,254

Acquisition of common stock
 

 

 

 

 
(88,292
)
 
(88,292
)
Share-based compensation
 

 
14,403

 

 

 


14,403

Issuance of common stock
 
1

 
19,975

 

 

 

 
19,976

Balance at March 31, 2018
 
123

 
2,248,602

 
3,181,110

 
(508,603
)
 
(1,033,180
)
 
3,888,052

Net income
 

 

 
176,852

 

 

 
176,852

Other comprehensive loss from currency exchange, net of tax of $0
 

 

 

 
(362,085
)
 

 
(362,085
)
Acquisition of common stock
 

 

 

 

 
(292,359
)
 
(292,359
)
Share-based compensation
 

 
19,102

 

 

 

 
19,102

Issuance of common stock
 

 
9,523

 

 

 

 
9,523

Balance at June 30, 2018
 
123

 
2,277,227

 
3,357,962


(870,688
)

(1,325,539
)

3,439,085

Net income
 

 

 
157,694

 

 

 
157,694

Other comprehensive loss from currency exchange, net of tax of $0
 

 

 

 
(74,058
)
 

 
(74,058
)
Acquisition of common stock
 

 

 

 

 

 

Share-based compensation
 

 
20,702

 

 

 

 
20,702

Issuance of common stock
 

 
18,824

 

 

 

 
18,824

Balance at September 30, 2018
 
$
123

 
$
2,316,753

 
$
3,515,656

 
$
(944,746
)
 
$
(1,325,539
)
 
$
3,562,247


See accompanying notes to unaudited consolidated financial statements.


5

Table of Contents

FLEETCOR Technologies, Inc. and Subsidiaries
Unaudited Consolidated Statements of Cash Flows
(In Thousands)
 
 
Nine Months Ended
September 30,
 
 
2019¹
 
2018
Operating activities
 
 
 
 
Net income
 
$
659,563

 
$
509,483

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
Depreciation
 
46,393

 
38,174

Stock-based compensation
 
46,120

 
54,207

Provision for losses on accounts receivable
 
54,735

 
43,520

Amortization of deferred financing costs and discounts
 
3,741

 
4,035

Amortization of intangible assets and premium on receivables
 
159,307

 
169,204

Deferred income taxes
 
11,142

 
(6,334
)
Investment loss
 
15,660

 
7,147

Other non-cash operating income
 
(1,778
)
 
(140
)
Changes in operating assets and liabilities (net of acquisitions/dispositions):
 
 
 
 
Accounts and other receivables
 
(472,378
)
 
(640,859
)
Prepaid expenses and other current assets
 
(77,836
)
 
(19,618
)
Other assets
 
(26,578
)
 
(19,922
)
Accounts payable, accrued expenses and customer deposits
 
373,044

 
416,483

Net cash provided by operating activities
 
791,135


555,380

Investing activities
 
 
 
 
Acquisitions, net of cash acquired
 
(334,860
)
 
(3,799
)
Purchases of property and equipment
 
(48,681
)
 
(56,312
)
Other
 

 
(11,192
)
Net cash used in investing activities
 
(383,541
)

(71,303
)
Financing activities
 
 
 
 
Proceeds from issuance of common stock
 
117,627

 
48,322

Repurchase of common stock
 
(59,362
)
 
(380,651
)
Borrowings on securitization facility, net
 
106,000

 
120,000

Deferred financing costs paid and debt discount
 
(2,421
)
 
(166
)
Proceeds from issuance of notes payable
 
700,000

 

Principal payments on notes payable
 
(97,313
)
 
(103,500
)
Borrowings from revolver
 
965,709

 
834,019

Payments on revolver
 
(1,992,296
)
 
(897,861
)
Borrowings on swing line of credit, net
 
1,775

 
23,735

Other
 
(189
)
 
(230
)
Net cash used in financing activities
 
(260,470
)

(356,332
)
Effect of foreign currency exchange rates on cash
 
(46,140
)
 
(70,065
)
Net increase in cash and cash equivalents and restricted cash
 
100,984

 
57,680

Cash and cash equivalents and restricted cash, beginning of period
 
1,364,893

 
1,130,870

Cash and cash equivalents and restricted cash, end of period
 
$
1,465,877


$
1,188,550

Supplemental cash flow information
 
 
 
 
Cash paid for interest
 
$
136,850

 
$
113,785

Cash paid for income taxes
 
$
148,727

 
$
162,563

1 Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using the modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 2.
See accompanying notes to unaudited consolidated financial statements.


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Table of Contents

FLEETCOR Technologies, Inc. and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
September 30, 2019
1. Summary of Significant Accounting Policies
Basis of Presentation
Throughout this Current Report on Form 10-Q, the terms “our,” “we,” “us,” and the “Company” refers to FLEETCOR Technologies, Inc. and its subsidiaries. The Company prepared the accompanying unaudited interim consolidated financial statements in accordance with Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“GAAP”). The unaudited interim consolidated financial statements reflect all adjustments considered necessary for fair presentation. These adjustments consist of normal recurring accruals and estimates that impact the carrying value of assets and liabilities. Actual results may differ from these estimates.
The unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.
Foreign Currency Translation
Assets and liabilities of foreign subsidiaries are translated into U.S. dollars at the period-end rates of exchange. The related translation adjustments are made directly to accumulated other comprehensive loss. Income and expenses are translated at the average monthly rates of exchange during the period. Gains and losses from foreign currency transactions of these subsidiaries are included in net income.
The Company recognized the following foreign exchange losses on long-term intra-entity transactions, net of tax, and foreign exchange gains/losses within the Unaudited Consolidated Statements of Comprehensive Income (Loss) as follows:
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
Long-term intra-entity (loss)
(48.4
)
 
(35.1
)
 
(81.7
)
 
(191.7
)
Foreign Exchange gain (loss)
0.1

 
(0.2
)
 
0.3

 
0.2


Reclassification
The Company reclassified certain amounts on the Unaudited Consolidated Statements of Income from general and administrative to other operating, net in order to conform to current presentation.
Derivatives
The Company uses derivatives to minimize its exposures related to changes in interest rates and facilitate cross-currency
corporate payments by writing derivatives to customers.

The Company is exposed to the risk of increasing interest rates because its borrowings are subject to variable interest rates. In order to mitigate this risk, the Company utilizes derivative instruments. Interest rate swap contracts designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Derivatives designated as cash flow hedges hedge a portion of the Company's variable rate debt.
Changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recorded in other assets or other noncurrent liabilities and offset against accumulated other comprehensive income/loss, net of tax. Cash flow hedges hedge a portion of the Company's variable rate debt. Derivative fair value changes that are recorded in accumulated other comprehensive income/loss are reclassified to earnings in the same period or periods that the hedged item affects earnings, to the extent the derivative is effective in offsetting the change in cash flows attributable to the hedged risk. The portions of the change in fair value that are either considered ineffective or are excluded from the measure of effectiveness are recognized immediately in interest expense, net in the Unaudited Consolidated Statements of Income.
In the Company's cross-border payments business, the majority of revenue is from exchanges of currency at spot rates, which enables customers to make cross-currency payments. In addition, the Company also writes foreign currency forward and option contracts for its customers to facilitate future payments. The Company also uses derivatives to facilitate cross-currency

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Table of Contents

corporate payments by writing derivatives to customers, which are not designated as hedging instruments. The duration of these derivative contracts at inception is generally less than one year. The Company aggregates its foreign exchange exposures arising from customer contracts, including forwards, options and spot exchanges of currency, and economically hedges the net currency risks by entering into offsetting derivatives with established financial institution counterparties. The changes in fair value related to these derivatives are recorded in revenues, net in the Unaudited Consolidated Statements of Income.
The Company recognizes all cross-border payments derivatives in "prepaid expenses and other current assets" and "other current liabilities" in the accompanying Unaudited Consolidated Balance Sheets at their fair value. All cash flows associated with derivatives are included in cash flows from operating activities in the Unaudited Consolidated Statements of Cash Flows. Refer to footnote 14.

Cash, Cash Equivalents, and Restricted Cash

Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less. Restricted cash represents customer deposits repayable on demand.

Revenue
The Company provides payment solutions to our business, merchant, consumer and payment network customers. Our payment solutions are primarily focused on specific commercial spend categories, including fuel, lodging, tolls, and general corporate payments, as well as gift card solutions (stored value cards). The Company provides products that help businesses of all sizes control, simplify and secure payment of various domestic and cross-border payables using specialized payment products. The Company also provides other payment solutions for fleet maintenance, employee benefits and long haul transportation-related services. Revenues from contracts with customers, within the scope of ASC 606, represent approximately 80% of total consolidated revenues, net, for the three and nine months ended September 30, 2019. The Company accounts for remaining revenues comprised of late fees and finance charges, in jurisdictions where permitted under local regulations, primarily in the U.S. and Canada in accordance with ASC 310, "Receivables". Such fees are recognized net of a provision for estimated uncollectible amounts, at the time the fees and finance charges are assessed and services are provided. The Company also writes foreign currency forward and options contracts for its customers to facilitate future payments in foreign currencies, and recognizes revenue in accordance with authoritative fair value and derivatives accountings (ASC 815, "Derivatives").
Disaggregation of Revenues
The Company provides its services to customers across different payment solutions and geographies. Revenue by product (in millions) for the three and nine months ended September 30 was as follows:
Revenues, net by Product*
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
%
 
2018
 
%
 
2019
 
%
 
2018
 
%
Fuel 1
296

 
44
%
 
283

 
46
%
 
874

 
45
%
 
827

 
46
%
Corporate Payments
138

 
20
%
 
105

 
17
%
 
376

 
19
%
 
300

 
17
%
Tolls 1
89

 
13
%
 
76

 
12
%
 
264

 
14
%
 
246

 
14
%
Lodging
56

 
8
%
 
48

 
8
%
 
148

 
8
%
 
132

 
7
%
Gift
48

 
7
%
 
57

 
9
%
 
133

 
7
%
 
139

 
8
%
Other1
53

 
8
%
 
50

 
8
%
 
156

 
8
%
 
147

 
8
%
Consolidated Revenues, net
681

 
100
%
 
620

 
100
%
 
1,950

 
100
%
 
1,790

 
100
%
1 Reflects certain reclassifications of revenue in 2018 between product categories as the Company realigned its Brazil business into product lines, resulting in refinement of revenue classified as fuel versus tolls and the eCash/OnRoad product being fuel versus other.
*Columns may not calculate due to rounding.

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Table of Contents

Revenue by geography (in millions) for the three and nine months ended September 30 was as follows:
Revenues, net by Geography*
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
%
 
2018
 
%
 
2019
 
%
 
2018
 
%
United States
414

 
61
%
 
391

 
63
%
 
1,174

 
60
%
 
1,082

 
60
%
Brazil
106

 
16
%
 
92

 
15
%
 
316

 
16
%
 
296

 
17
%
United Kingdom
68

 
10
%
 
63

 
10
%
 
205

 
10
%
 
192

 
11
%
Other
93

 
14
%
 
73

 
12
%
 
256

 
13
%
 
220

 
12
%
Consolidated Revenues, net
681

 
100
%
 
620

 
100
%
 
1,950

 
100
%
 
1,790

 
100
%
*Columns may not calculate due to rounding.
Contract Liabilities
Deferred revenue contract liabilities for customers subject to ASC 606 were $70.3 million and $30.6 million as of September 30, 2019 and December 31, 2018, respectively. We expect to recognize substantially all of these amounts in revenues within approximately 12 months.  Revenue recognized in the three and nine months ended September 30, 2019 that was included in the deferred revenue contract liability as of December 31, 2018 was approximately $4.6 million and $29.6 million, respectively.
Spot Trade Offsetting
The Company uses spot trades to facilitate cross-currency corporate payments in its Cambridge business. Timing in the receipt of cash from the customer results in intermediary balances in the receivable from the customer and the payment to the customer's counterparty. In accordance with ASC Subtopic 210-20, "Offsetting," the Company applies offsetting to spot trade assets and liabilities associated with contracts that include master netting agreements, as a right of setoff exists, which the Company believes to be enforceable. As such, the Company has netted the Company's exposure with these customer's counterparties, with the receivables from the customer. The Company recognizes all spot trade assets, net in accounts receivable and all spot trade liabilities, net in accounts payable, each net at the customer level, in its Consolidated Balance Sheets at their fair value. The following table presents the Company’s spot trade assets and liabilities at their fair value at September 30, 2019 and December 31, 2018, (in millions). 
 
September 30, 2019
 
December 31, 2018
 
Gross
 
Offset on the Balance Sheet
 
Net
 
Gross
 
Offset on the Balance Sheet
 
Net
Assets
 
 
 
 
 
 
 
 
 
 
 
Accounts Receivable
$
608.4

 
$
(