So today, we reported revenue of $617 million, that's down 12%, and cash earnings per share of $3.01, that's down 5% versus last year.
These results both better than anticipated, volume recovered a bit more in the quarter than we forecasted and we did manage operating expenses down 14% against the prior year.
Organic revenue growth overall minus 8%.
Sales strengthened to over 90% of last year's level.
Same-store sales or client-volume softness improved to minus 6%.
Credit loss is $6 million, although held by a reserve release and retention continued steady at 92%.
We added 175,000 new urban or city users in Q4.
That represents 30% of all the new tags we sold in the quarter.
If you look at Page 7 of our earning supplement, you can see that every Q4 metric is improving from the Q2 low.
Revenue up from $525 million to $617 million, cash earnings per share up $2.28 to $3.01, sales up from 55% to now over 90% of last year's level.
Same-store sales volume getting better from minus 17% to minus 6%, credit losses from $21 million to $6 million, and then lastly retention holding steady at 92%.
Revenue finished at approximately $2.4 billion, that's down 10% versus $19 billion, and cash earnings per share finishing at $11.09, down 6% against 2019.
COVID and the shutdowns did manage the vanquish over $400 million of revenue that we planned in 2020, really in three ways.
And lastly, the demand for our service is clearly recovering as sales reached 90% of prior-year levels.
Expenses, tough times but we did manage expenses down over 10% in Q2, 3, and 4.
So if we get that, that recovery would provide about 4% to 5% of incremental revenue lift in the second half.
Revenue of $2,650,000,000 at the midpoint that reflects an 11% increase.
Overall organic revenue in the same range kind of 9% to 13% but I do want to emphasize that assumes 3% to 4% of softness recovery from today's level.
We're anticipating significant sales growth over 30% this year, which would be a record-level sales for the company and profit guide at the midpoint $12.40 of cash earnings per share for the core business.
We are planning about $0.10 of dilution from the Roger acquisition, so that would put our consolidated number at $12.30 at the midpoint.
Lastly, assuming now May 1 close for the AFEX acquisition, accretion could be approximately $0.20 for the year.
So if that happens on time, that could take consolidated cash earnings per share to $12.50.
Chuck will speak further about how the guidance rolls out across the quarters, but I do want to point out that our guidance outlooks Q2, 3, and 4 revenue and profit growth to be back into the high-teens.
So if you look at Page 11 of our earnings supplement, you'll see the current Beyond initiatives for each of our four businesses.
We now settled 25% of all proprietary hotel payments with our virtual card in which we earn interchange.
So that's up from literally from 0% a few years ago.
You can see that on Pages 11 and 12 of our supplement.
So a large global SMB client base numbering in the hundreds of thousands, we've got working SMB sales channels, they historically have acquired 30,000 new clients per quarter.
We've got scaled virtual card processing capability, we generated over $30 billion in annualized spend last year, we've got a very large merchant database that allows us to monetize virtual card, and now we've got some modern cloud software to provide the bill-pay functionality, along with a pretty cool user interface.
For the fourth quarter of 2020, we reported revenue of $617 million, down 12%.
GAAP net income down 11% to $210 million, and GAAP net income per diluted share down 6% to $2.44.
Adjusted net income for the fourth quarter of 2020 decreased 10% to $258 million, and adjusted net income per diluted share decreased 5% to $3.01.
Organic revenue in the quarter was down 8% overall, primarily due to same-store sales being down 6% year-over-year.
Our fuel category was down organically about 10% versus Q4 last year.
The corporate payments category was down approximately 6% in the fourth quarter.
Approximately 6 points of decline was again driven by the 100 most-affected customers we discussed last quarter.
Lower spending on our T&E product drove another 2 points of organic drag.
Virtual card volumes were up 12% for the quarter, which was an improvement from flat last quarter as continued political spend and the benefit of new customers offset the drag from the highly affected customers.
Cross-border or FX-related volumes were down 1% as payment volumes are still being affected by lower invoice levels, specifically in manufacturing and wholesale trade.
Full AP continued to perform very well, with volume up 14%.
We continue to invest here and have enabled 10 new ERP integrations in 2020, with plans for another 10 or so in 2021.
Tolls continue to be our most resilient business and grew organically 7% in the fourth quarter, up 4% from last quarter.
Active toll tags were up 6% in the quarter, with urban tags accounting for 25% of all new tags sold during 2020.
The lodging category was down 25% organically in the fourth quarter, with 20 points of drag caused by the inclusion of acquired airline Lodging businesses in the year-ago period.
Our total operating expenses were down 14% for the fourth quarter of 2020 to $323 million.
As a percentage of total revenues, operating expenses were approximately 52.4%, or roughly 240 basis point improvement from last quarter.
Bad debt expense in the fourth quarter of 2020 was $6 million or 2 basis points, which includes a reserve release of $5 million.
Bad debt was only 4 basis points excluding the reserve release.
Interest expense decreased 13% to $30.3 million, driven primarily by decreases in LIBOR related to the unhedged portion of our debt.
Our effective tax rate for the fourth quarter of 2020 was 20.3%, with the reduction from last year, driven primarily by incremental excess tax benefit on stock option exercises.
As of December 31, 2020, we have approximately $1.9 billion of total liquidity consisting of available cash on the balance sheet and our un-drawn revolver at quarter-end.
We ended the quarter just shy of $1.5 billion in total cash, of which approximately $542 million is restricted and consists primarily of customer deposits.
We had $3.6 billion outstanding on our credit facilities and $700 million borrowed in our securitization facility.
In the quarter, we repurchased roughly 181,000 shares in-connection with employee sales.
In total for 2020, we spent $850 million on share buybacks.
For the quarter, we had approximately $23.4 million of capital expenditures and we finished with a leverage ratio of 2.67 times trailing-12 month EBITDA as of December 31st.
Looking ahead, we're expecting Q1 2020 adjusted net income per share to be between $2.60 and $2.80, which at the midpoint is approximately $0.31 or 10% lower than what we reported in Q4 of 2020.
Roughly a third of the difference is due to the normalization of certain expenses, for example in Q4 of 2020, we released $5 million of our bad debt reserve, which we do not expect to repeat in Q1.
Additionally, when the impact of the COVID-related shutdowns became clear in 2020, we proactively reduced our annual incentive target payouts by 50% and accrued to those lower targets for the remainder of the year.
We also expect our effective tax rate in Q1 of 2021 to be about 80 to 100 basis points higher than the rate we reported in Q4 of 2020.
For 2021, we are guiding revenues to be between $2.6 billion and $2.7 billion and adjusted net income per diluted share to be between $11.90 and $12.70 inclusive of the Roger acquisition.
We're also making incremental investments in sales, marketing, and IT to support our growth aspirations and to deliver a 2021 sales production plan, that's more than 30% higher than 2020's results.
As such, the fully loaded acquisition will be an estimated $0.10 drag to adjusted net income per diluted share in 2021.

Summary:
So today, we reported revenue of $617 million, that's down 12%, and cash earnings per share of $3.01, that's down 5% versus last year.
Revenue up from $525 million to $617 million, cash earnings per share up $2.28 to $3.01, sales up from 55% to now over 90% of last year's level.
GAAP net income down 11% to $210 million, and GAAP net income per diluted share down 6% to $2.44.
Adjusted net income for the fourth quarter of 2020 decreased 10% to $258 million, and adjusted net income per diluted share decreased 5% to $3.01.
Looking ahead, we're expecting Q1 2020 adjusted net income per share to be between $2.60 and $2.80, which at the midpoint is approximately $0.31 or 10% lower than what we reported in Q4 of 2020.
For 2021, we are guiding revenues to be between $2.6 billion and $2.7 billion and adjusted net income per diluted share to be between $11.90 and $12.70 inclusive of the Roger acquisition.