This also includes costs related to certain identified initiatives, including technology initiatives, to further streamline the business, improve the Company's efficiency, create synergies, globalize the Company's operations, and remediate the prior year material weaknesses, all with an objective to improve scale and efficiency and increase profitability going forward. Investor contact: Annual stock financials by MarketWatch. WEX Inc. (NYSE: WEX) reported a 5% year-over-year decline in revenue to $410.8 million during the company’s first-quarter earnings call Thursday. Any statements that are not statements of historical facts may be deemed to be forward-looking statements. Total fuel transactions processed increased 12% from the fourth quarter of 2018 to 156.0 million. 2 0 obj WEX fleet cards offer 14.9 million vehicles exceptional payment security and control; purchase volume in travel and corporate solutions grew to $39.6 billion in 2019; and the WEX Health financial technology platform helps 390,000 employers and 31.8 million consumers better manage healthcare expenses. The Company's adjusted net income attributable to shareholders, which is a non-GAAP measure, was $114.7 million for the fourth quarter of 2019, or $2.61 per diluted share, up 24% from $91.8 million, or $2.11 per diluted share, for the same period last year. Compare WEX With Other Stocks 3 0 obj 2020. In addition, since debt issuance cost amortization is dependent upon the financing method, which can vary widely company to company, we believe that excluding these costs helps to facilitate comparison to historical results as well as to other companies within our industry. Steve Elder, 207-523-7769 Purchase volume in the Travel and Corporate Solutions segment represents the total dollar value of all WEX-issued transactions that use WEX corporate card products and virtual card products. For the full year 2019, revenue increased 15% to $1.72 billion from $1.49 billion in 2018. Note: Q4 2019 revenue reduced by $20.9 million for accounting adjustment with no impact to earnings. Net income attributable to shareholders on a GAAP basis for the fourth quarter increased by $33.2 million to $54.4 million, or $1.24 per diluted share, compared with $21.3 million, or $0.49 per diluted share for the same period a year ago. WEX revenue and stock performance: 2005-2019 WEX Total Return Performance vs. Key Indices: 2005-2019 As CEO of WEX, Smith ensures that the company is powered by and focused on our values as we move forward as a high growth company, developing new technologies, products, and services. Companies, Corporate For the portions of our business that earn revenue based on margin spreads, revenue was calculated utilizing the comparable margin from the prior year. This earnings release contains forward-looking statements, including statements regarding: financial guidance; assumptions underlying the Company's financial guidance; future growth opportunities and expectations; expectations for the macro environment; and, anticipated volumes. WEX net income for the twelve months ending March 31, 2021 was $-0.230B, a 445.18% decline year-over-year. The Company's non-GAAP adjusted net income excludes unrealized gains and losses on financial instruments, net foreign currency gains and losses, acquisition-related intangible amortization, other acquisition and divestiture related items, stock-based compensation, restructuring and other costs, impairment charges, debt restructuring and debt issuance cost amortization, non-cash adjustments related to the tax receivable agreement, similar adjustments attributable to our non-controlling interests and certain tax related items. Solid OTR revenue and transaction growth offset by declines in local fleets In thousands unless otherwise noted Note: In the fourth quarter of 2019, we had a negative $14 million revenue recognition adjustment that also reduced sales and marketing expenses by the same amount. Business Fuel Cards, Large 2019 HSA contribution limits will increase to $3,500 for single (an increase of $50) and $7,000 for family (an increase of $100). Fleet Fuel Cards, Small Fiscal 2019 was a record-breaking year for our company. The number of part-time employees was adjusted on an eight-hour per day basis. To determine the impact of price per gallon of fuel (“PPG”) on revenue, revenue subject to changes in fuel prices was calculated based on the average retail price of fuel for the same period in the prior year for the portion of our business that earns revenue based on a percentage of fuel spend, exclusive of revenues derived from 2019 acquisitions. To determine the estimated earnings impact of PPG, revenue and certain variable expenses impacted by changes in fuel prices, were adjusted based on the average retail price of fuel for the same period in the prior year for the portion of our business that earns revenue based on a percentage of fuel spend, net of applicable taxes. ET Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. We delivered more than $125 billion in revenue, $43 billion in operating income, and more than $50 billion in operating cash flow — and returned more than $30 billion to shareholders. WEX operates in more than 10 countries and in more than 20 currencies through more than 5,000 associates around the world. WEX Inc. <> For the portions of our business that earn revenue based on margin spreads, revenue was adjusted to the comparable margin from the prior year, net of non-controlling interest and applicable taxes. Reported revenue $ 235,379 $ 260,773 $ 74,690 $ 95,700 $ 88,921 $ 83,572 $ 398,990 $ 440,045. This guidance does not include any impacts from the recently announced acquisition of eNett and Optal. 2019. Although adjusted net income, adjusted operating income and total segment adjusted operating income are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”), these non-GAAP measures are integral to the Company's reporting and planning processes and the chief operating decision maker of the Company uses segment adjusted operating income to allocate resources among our operating segments. Unit:People. View and export this data going back to 2001. Occupancy decreased to 79% as the company added a record 115,000 desks. Stock-based compensation is different from other forms of compensation as it is a non-cash expense. $.' Debt restructuring and debt issuance cost amortization are unrelated to the continuing operations of the Company. ",#(7),01444'9=82. The $41.1 million decrease in the quarter … Accounts Payable, Fuel Cards for Truckers %PDF-1.7 Wex is a free legal dictionary and encyclopedia sponsored and hosted by the Legal Information Institute at the Cornell Law School. <>/Metadata 3264 0 R/ViewerPreferences 3265 0 R>> Here's a list of all pages. In addition, the size and complexity of an acquisition, which often drives the magnitude of acquisition-related costs, may not be indicative of such future costs. Global Investor Relations, WEX Inc. Reports Fourth Quarter and Full Year 2019 Financial Results, Compare Meaningful contributions from large North American oil company portfolios, new customer additions, and recent strategic acquisitions drive 19% revenue … The Conference ID number is 1968236. WEX annual net income for 2019 was $0.099B, a 41.17% decline from 2018. 5 0 obj WEX annual revenue for 2019 was $1.724B, a 15.48% increase from 2018. Management uses the non-GAAP measures presented within this news release to evaluate the Company's performance on a comparable basis. As previously announced, the conference call will be webcast live on the Internet, and can be accessed, along with the accompanying slides, at the Investor Relations section of the WEX website, www.wexinc.com. Net payment processing rate represents the percentage of the dollar value of each payment processing transaction that WEX records as revenue from merchants less certain discounts given to customers and network fees. WEX Inc. Q4 2019 Earnings Call May 2, 2019, 9:00 a.m. WEX annual net income for 2018 was $0.168B, a 5.14% increase from 2017. Payment processing dollars of fuel represents the total dollar value of the fuel purchased by fleets that have a payment processing relationship with WEX. Elon Musk to Host SNL Tonight With Miley Cyrus Homes for Sale Getting Snapped Up KFC to Hire 20,000 Employees Nationwide Google to Become Official Sponsor of WNBA x���[K�@����-f33�KE�W*�*�U�؇����{w��Z��˒I&s�s2�/��|6y�@{ԁ�0@@��Č,#h�PN�`܄eă[ �:��f4��>�5��:���_5��-2�P�e6'Z���?�맅�.&��@wb_A��:�.��9����Z-gn�w�v�� ���@>������D�F*���J�v�Ɲ��,�d�*��oap/ƽF�(�)�_mKW�b��j�ۉ��i�x��2z�.�}W��T�dʧ]3�H���H����X����;H��!˒m�^�b֟z�G��2U$^��J����6�&��� ����ns��W� ��� Fleets, Financial stream $14.3 million of this amount relates to Q1-Q3 of 2019. endobj 2020. Third Quarter 2020 Financial Results Total revenue for the third quarter of 2020 decreased 17% to $382.1 million from $460.0 million for the third quarter of 2019. “The fourth quarter built upon the momentum from earlier in the year, marked by robust transaction volume growth, strong performance from acquisitions, significant contribution from our previous contract signings and meaningful new contract wins. The table below shows the impact of certain macro factors on reported revenue: To determine the impact of foreign exchange translation (“FX”) on revenue, revenue from entities whose functional currency is not denominated in U.S. dollars, as well as revenue from purchase volume transacted in non-U.S. denominated currencies, were translated using the weighted average exchange rates for the same period in the prior year, exclusive of revenues derived from 2019 acquisitions. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially, including: the effects of general economic conditions on fueling patterns as well as payment and transaction processing activity; the impact of foreign currency exchange rates on the Company’s operations, revenue and income; changes in interest rates; the impact of fluctuations in fuel prices; the effects of the Company’s business expansion and acquisition efforts; potential adverse changes to business or employee relationships, including those resulting from the completion of an acquisition; competitive responses to any acquisitions; uncertainty of the expected financial performance of the combined operations following completion of an acquisition; the failure to successfully integrate the Company's acquisitions; the ability to realize anticipated synergies and cost savings; unexpected costs, charges or expenses resulting from an acquisition; the Company's ability to successfully acquire, integrate, operate and expand commercial fuel card programs; the failure of corporate investments to result in anticipated strategic value; the impact and size of credit losses; the impact of changes to the Company's credit standards; breaches of the Company’s technology systems or those of the Company's third-party service providers and any resulting negative impact on the Company's reputation, liabilities or relationships with customers or merchants; the Company’s failure to maintain or renew key commercial agreements; failure to expand the Company’s technological capabilities and service offerings as rapidly as the Company’s competitors; failure to successfully implement the Company's information technology strategies and capabilities in connection with its technology outsourcing and insourcing arrangements and any resulting cost associated with that failure; the actions of regulatory bodies, including banking and securities regulators, or possible changes in banking or financial regulations impacting the Company’s industrial bank, the Company as the corporate parent or other subsidiaries or affiliates; the impact of the material weaknesses first disclosed in Item 9A of the Company's Annual Report for the year ended December 31, 2018 filed on Form 10-K with the Securities and Exchange Commission on March 18, 2019 and the effects of the Company's investigation and remediation efforts in connection with certain immaterial errors in the financial statements of our Brazilian subsidiary; the impact of the Company’s outstanding notes on its operations; the impact of increased leverage on the Company's operations, results or borrowing capacity generally, and as a result of acquisitions specifically; the incurrence of impairment charges if our assessment of the fair value of certain of our reporting units changes; the uncertainties of litigation; as well as other risks and uncertainties identified in Item 1A of our Annual Report for the year ended December 31, 2018, filed on Form 10-K with the Securities and Exchange Commission on March 18, 2019. The Company's adjusted net income guidance, which is a non-GAAP measure, excludes unrealized gains and losses on financial instruments, net foreign currency gains and losses, acquisition-related intangible amortization, other acquisition and divestiture related items, stock-based compensation, restructuring and other costs, impairment charges, debt restructuring and debt issuance cost amortization, non-cash adjustments related to our tax receivable agreement, similar adjustments attributable to our non-controlling interests and certain tax related items. endobj To provide investors with additional insight into its operational performance, WEX has included in this news release in Exhibit 1, a reconciliation of non-GAAP measures referenced in this news release, in Exhibit 2, a table illustrating the impact of foreign currency rates and fuel prices for each of our reportable segments for the three and twelve months ended December 31, 2019 and 2018, and in Exhibit 3, a table of selected non-financial metrics for the quarter ended December 31, 2019 and four preceding quarters. Payment processing transactions increased 9% to 126.7 million. Industry: Financial Data Services ... WEX. Management believes that investors may find these measures useful for the same purposes, but cautions that they should not be considered a substitute for, or superior to, disclosure in accordance with GAAP. WEX Inc. , a leading financial technology service provider, today reported financial results for the three months and year ended December 31, 2019. When used in this earnings release, the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. Net late fee rate represents late fee revenue as a percentage of fuel purchased by fleets that have a payment processing relationship with WEX. Our guidance assumes approximately 44.0 million shares outstanding for the full year. For example, a cash salary generally has a fixed and unvarying cash cost. WEX annual revenue for 2020 was $1.56B, a 9.5% decline from 2019. Health and Employee Benefit Solutions' average number of Software-as-a-Service (SaaS) accounts in the U.S. grew 17% to 13.4 million from 11.5 million for the fourth quarter of 2018. or Institutions, Technology Securitized accounts receivable, restricted, Prepaid expenses and other current assets, Property, equipment and capitalized software, Total liabilities and stockholders’ equity, Reconciliation of GAAP Net Income Attributable to Shareholders to Adjusted Net Income Attributable to Shareholders, (in thousands, except per share data) (unaudited), Unrealized (gains) losses on financial instruments, Acquisition-related intangible amortization, Other acquisition and divestiture related items, Debt restructuring and debt issuance cost amortization, ANI adjustments attributable to non-controlling interest, Adjusted net income attributable to shareholders, Unrealized losses (gains) on financial instruments, ANI adjustments attributable to non-controlling interests, Reconciliaton of GAAP Operating Income to Total Segment Adjusted Operating Income and Adjusted Operating Income. More information about Wex can be found in the Wex FAQ. “Good organic growth coupled with solid returns from our strategic acquisitions are proof of the extraordinary progress we’ve made in 2019. Composition of SHIN-NIPPON WEX Revenue (FY2019) 2019. In a slide deck shown to investors, WeWork said it lost $1.25 billion on revenue of $934 million. The Company considers these measures integral because they exclude the above specified items that the Company's management excludes in evaluating the Company's performance. The fuel prices referenced above are based on the applicable NYMEX futures price from the week of February 3, 2020. <>/XObject<>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 720 540] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> The Company provides revenue guidance on a GAAP basis and earnings guidance on a non-GAAP basis, due to the uncertainty and the indeterminate amount of certain elements that are included in reported GAAP earnings. Specifically, in addition to evaluating the Company's performance on a GAAP basis, management evaluates the Company's performance on a basis that excludes the above items because: For the same reasons, WEX believes that adjusted net income, adjusted operating income and total segment adjusted operating income may also be useful to investors when evaluating the Company's performance. ���� JFIF � q �� C Exhibit 3 The company also posted earnings of $1.79 per share, a 1.1% decline compared to earnings of $1.81 per share a year ago. Wex (WEX) delivered earnings and revenue surprises of 0.88% and 0.38%, respectively, for the quarter ended June 2019. Impairment charges represent non-cash asset write-offs, which do not reflect recurring costs that would be relevant to the Company's continuing operations. Average number of vehicles serviced was approximately 14.9 million, an increase of 19% from the fourth quarter of 2018. For more information, visit www.wexinc.com. endobj Browse... View Full Chart Revenue (Annual) Chart . View source version on businesswire.com: https://www.businesswire.com/news/home/20200213005178/en/, News media contact: View 4,000+ financial data types. Jessica.Roy@wexinc.com Total revenue for the fourth quarter of 2020 decreased 9% to $399.0 million from $440.0 million for the fourth quarter of 2019. WEX Inc. (NYSE: WEX), a leading financial technology service provider, today reported financial results for the three months and year ended December 31, 2019. First quarter and full year 2020 guidance is based on an assumed average U.S. retail fuel price of $2.69 and $2.70 per gallon, respectively. WEX Inc. The Company's non-GAAP adjusted operating income excludes acquisition-related intangible amortization, other acquisition and divestiture related items, stock-based compensation, restructuring and other costs, debt restructuring costs and impairment charges. endobj Fourth Quarter and Full Year 2019 Financial Results. Investor Alerts? WEX Inc. (NYSE: WEX), a leading financial technology service provider, today reported financial results for the three months and year ended December 31, 2020.
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