So we reported Q1 revenue of $609 million, really kind of spot on our expectations.
Reported cash earnings per share of $2.82.
Against the prior year, we reported a revenue decline of 8% and organic revenue decline of 6%.
Same-store sales or what we call client softness really stuck at approximately minus 6%.
We reported 93% overall retention.
Credit losses, very low for the quarter, $2 million.
That was helped by a $6 million recovery and again, lower sales rolling into this year.
Consolidated sales finished 7% ahead of last year.
Yes, 7% ahead of last year, so finally growing again.
If you rewind sales over the last four quarters, so sales versus prior year, 55%, 81%, 92% and now 107%.
So for Q1, we signed 35,000 new business clients worldwide, 35,000.
Included in our Q1 earnings supplement on page 12, you'll see our updated guidance for the year.
So full year '21 revenue expectations at the midpoint, $2,650,000,000.
Reasons that we're staying put are: one, Q1 revenue, again, coming in kind of on plan; two, we've built in significant sequential revenue step-up in the forward quarters, probably in the range of $100 million up from Q1 to Q4.
On the cash earnings per share front, we will flow through our $0.12 Q1 beat.
We'll raise full year '21 cash earnings per share guidance at the midpoint to $12.42, so $12.42 for the base business.
So as a result of the one month delay, we're going to take the expected in-year AFEX accretion at the midpoint to $0.18 versus $0.20 previously.
If you combine the base business and AFEX, our consolidated earnings per share outlook at the midpoint would be $12.60, $12.60 for the full year.
Leverage ratio 2.5 times, liquidity approaching $2 billion.
Again, our plan is to generate $1 billion-plus of annual free cash flow.
We had the ability to lever up to three times target, which would produce circa $8 billion in capital to invest in either M&A or buybacks over the forecast period.
Rest of year, again, we're raising rest of year cash earnings per share at the midpoint to $12.42.
That's excluding acquisitions, and the $12.60 at the midpoint, that's including AFEX, so tracking to deliver that, although again, fully aware of the uncertainties.
For Q1 of 2021, we reported revenue of $609 million, down 8%; GAAP net income up 25% to $184 million, and GAAP net income per diluted share up 29% to $2.15.
Included in our Q1 2020 results was the impact of the $90 million onetime loss related to a customer receivable in our cross-border payments business, which equated to $0.74 per diluted share, as reported last year.
Adjusted net income for the quarter decreased 8% to $242 million, and adjusted net income per diluted share decreased 6% to $2.82 as we continue to feel the effects of COVID on our businesses.
Organic revenue growth improved two points sequentially to down 6% on a year-over-year basis.
Our fuel category was down organically about 6% year-over-year, which was a 4-point improvement from Q4.
The corporate payments category was down 5% in the first quarter, one point better than Q4, as improvements in virtual card and full AP were offset by FX, which was lapping a very strong Q1 last year.
Full AP growth accelerated 14 points sequentially to 21% growth year-over-year, powered by continued strong new sales.
Tolls was up 3% compared with last year but down four points from Q4 of 2020 due to the aforementioned shutdowns in Brazil.
Looking longer term, compared with Q1 of 2019, revenue was up 13% organically.
The lodging category was down 14%, which was an improvement from down 25% last quarter, with domestic airline activity recovering faster than we expected.
Gift showed organic growth of 2% year-over-year as that business felt the effects of COVID earlier in Q1 of 2020 than most of our other businesses.
Total operating expenses were down 7% to $343 million, excluding the impact of the onetime loss in our cross-border payments business last year.
As a percentage of total revenues, operating expenses excluding the onetime loss were stable compared with Q1 of 2020 at approximately 56%.
In the quarter, bad debt was only $2.5 million or one basis point, as it included the benefit of a $6 million recovery for credit loss recorded in the first quarter of last year.
Interest expense decreased 20% to $29 million due to lower borrowings on our revolver and decreases in LIBOR related to the unhedged portion of our debt.
Our effective tax rate for the first quarter was 21.8%.
Excluding the impact of the onetime loss in our cross-border payments business last year, our effective tax rate in Q1 of 2020 was 18.9%.
We ended the quarter with $958 million of unrestricted cash, and we also had approximately $1 billion of undrawn availability on our revolver.
In total, we had $3.5 billion outstanding on our credit facilities and $915 million borrowed on our securitization facility.
As of March 31, our leverage ratio was 2.48 times trailing 12-month adjusted EBITDA, as calculated in accordance with our credit agreement.
Recall that our normal three year term expired last fall when credit markets were unfavorable, so we entered into a one year note at LIBOR plus 125 basis points with a 37.5 basis point floor, expecting to refinance again when conditions improve.
Our new securitization has a duration of three years at LIBOR plus 100 basis points with a floor of 0, so our effective all-in rate is approximately 50 basis points better, given the current level of LIBOR.
We've also just completed a refinance of our Term B credit facility, upsizing it to $1.15 billion for a new term of seven years and maintaining the rate of LIBOR plus 175 basis points.
We repurchased approximately 640,000 shares during the quarter for $170 million at an average price of $266 per share, and we have approximately $836 million in repurchase capacity remaining under our current authorization.
We are maintaining our full year revenue guidance of between $2.6 billion and $2.7 billion as improvements in some businesses such as domestic airline lodging are being offset by other places like Brazil and Europe.
As we explained last quarter, our full year guidance assumes we recover about 1/3 of our Q4 exit revenue softness during calendar 2021.
We are raising the midpoint of our adjusted net income per diluted share guidance $0.12 to $12.42 to reflect our first quarter results compared to our expectations.
Looking ahead, we are expecting Q2 2021 adjusted net income per diluted share to be in the range of $2.80 to $3 per share.

Summary:
Reported cash earnings per share of $2.82.
Against the prior year, we reported a revenue decline of 8% and organic revenue decline of 6%.
For Q1 of 2021, we reported revenue of $609 million, down 8%; GAAP net income up 25% to $184 million, and GAAP net income per diluted share up 29% to $2.15.
Adjusted net income for the quarter decreased 8% to $242 million, and adjusted net income per diluted share decreased 6% to $2.82 as we continue to feel the effects of COVID on our businesses.
We are maintaining our full year revenue guidance of between $2.6 billion and $2.7 billion as improvements in some businesses such as domestic airline lodging are being offset by other places like Brazil and Europe.
Looking ahead, we are expecting Q2 2021 adjusted net income per diluted share to be in the range of $2.80 to $3 per share.