Item 6. SELECTED FINANCIAL DATA

The selected financial data set forth below should be read in conjunction with (i) "Item 7 ‑ Management's Discussion and Analysis of Financial Condition and Results of Operations," (ii) "Item 8 ‑ Financial Statements and Supplementary Data" and (iii) the historical consolidated financial statements of the FLEETCOR Technologies, Inc. and the related notes presented in this Annual Report on Form 10-K. Our historical results are not necessarily indicative of the results to be expected in any future period.


(in thousands, except per share data)	2020		20191		20182		2017		2016
Income statement data:
Revenues, net	$	2,388,855	$	2,648,848	$	2,433,492	$	2,249,538	$	1,831,546







Operating income	972,265		1,231,430		1,090,698		883,760		754,153







Net income	$	704,216	$	895,073	$	811,483	$	740,200	$	452,385
Per share data:
Basic earnings per share	$	8.38	$	10.36	$	9.14	$	8.12	$	4.89
Diluted earnings per share	$	8.12	$	9.94	$	8.81	$	7.91	$	4.75



	As of December 31,
	2020		2019		2018		2017		2016
Balance sheet data:
Cash and cash equivalents	$	934,900	$	1,271,494	$	1,031,145	$	913,595	$	475,018
Restricted cash3	541,719		403,743		333,748		217,275		168,752
Total assets	11,194,579		12,248,541		11,202,477		11,318,359		9,626,732
Total debt	4,332,623		5,036,785		4,819,047		4,518,616		3,858,233
Total stockholders’ equity	3,355,411		3,711,616		3,340,180		3,676,522		3,084,038


1Reflects 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.
2 Reflects the impact of the Company's adoption of Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASC 606") and related cost capitalization guidance, which was adopted by the Company on January 1, 2018 using the modified retrospective transition method. The adoption of ASC 606 resulted in an adjustment to retained earnings in our consolidated balance sheet for the cumulative effect of applying the standard, which included costs incurred to obtain a contract, as well as presentation changes in our statements of income, including the classification of certain amounts previously classified as merchant commissions and processing expense net with revenues. As a result of the application of the modified retrospective transition method, financial results reported in periods prior to 2018 are unchanged.
3 Restricted cash represents customer deposits repayable, as well as collateral received from customers for cross-currency transactions.

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