附录99.1
wex inc.公布2024年第三季度财务业绩
第三季营业收入同比增长2％，达到创纪录的6,6500万美元，受益部门增长9％和移动部门增长率持续提升的推动。
Q3按照通用会计准则计算的净利润为每股2.52美元；Q3调整后的净利润为每股4.35美元
Q3的GAAP营运收入率为29.5%，调整后的营运收入率为44.0%。
第三季度花了3.7亿美元进行股份回购，包括3千万美元的加速股份回购协议。
缅因州波特兰- 2024年10月24日 - WEX（纽交所：WEX），简化业务运行的全球商业平台，今天报告截至2024年9月30日的财务业绩。
“我们在第三季度继续实现增长和强劲的盈利能力，这是由健康销售、高客户保留率和扩大利润推动的。尽管如此，梅丽莎·史密斯(Melissa Smith)表示，我们的表现最终还是未能达到我们的预期。”，WEX的主席、首席执行官和总裁说。
「虽然第三季受到宏观环境的挑战，但我相信我们在整个组织中已经采取了正确的倡议，以推动长期强劲表现。在我们健全的低杠杆资产负债表支撑下，我们将继续对业务进行必要的投资，为WEX的持续增长奠定基础，同时致力于为股东创造价值。」
2024年第三季度财务业绩
2024年第三季度的总营业收入较2023年第三季度的66550万美元增加了2％，从65140万美元增加。本季度营业收入的增加包括燃油价格和价差带来的不利2120万美元影响，以及汇率期货带来的有利220万美元影响。
根据GAAP基础，2024年第三季的净利润增加了8450万美元至净利润10290万美元，每股稀释收益为2.52美元，较2023年第三季的净利润1840万美元，每股稀释收益0.42美元有所增加。公司的调整后净利润，这是一项非GAAP衡量标准，为2024年第三季为17750万美元，每股稀释收益4.35美元，较去年同期的17680万美元，每股稀释收益4.05美元增长7%。2024年第三季的GAAP营业收入率为29.5%，较去年同期的26.8%有所增加。调整后的营业收入率为44.0%，较去年同期的41.8%有所增加。请查看附件1，以获取调整后净利润、调整后每股稀释收益和调整后营业收入与最直接相对应的GAAP财务指标的全面解释和调和。请参见附件5，了解调整后的营业收入率的计算资讯。
2024年第三季度业绩指标
•所有板块的成交量为623亿美元，比2023年第三季增加了1%。
•2024年第三季度的移动支付处理交易金额增加了1％，从14460万元增至14650万元，与前一年相比。
•汽车服务的平均车辆数约为1970万，比2023年第三季度增加了3%。
•Benefits’ 平均的软体即服务(saas-云计算)账户数较2023年第三季增长2％，达到2030万。
•2024年第三季的平均HSA保管现金资产为$43亿，比一年前的$39亿高出10%。
•Corporate Payments的采购量从2023年第三季的279亿美元下降了16％至234亿美元。 Corporate Payments总处理量（包括WEX未获取互换营收的情况）为391亿美元，比去年同期增加了6.2％。
•公司在该季度花费了约37000万美元回购其共计170万股普通股，不包括预计在我们之前宣布的加速股份回购协议下不久后交付的约20万股。
•本年第三季度营运活动现金流为330万美元。调整后的自由现金流，为一个非GAAP指标，为同一时期的189.5万美元。请参见附件1，了解调整后自由现金流的更新定义，以及将营运现金流调整为这一非GAAP指标的对应。
“尽管我们的业绩低于预期，但重要的是要注意，我们实现了创纪录的第三季度营业收入和调整后的每股净利润增长，”致富金融(临时代码)官员Jagtar Narula说。“指引不足主要在我们的行动业务中，这表现出健康的潜在增长，但最终受到包括下降的燃油价格和同店销售在内的宏观趋势以及对金融费收入的孤立性不计划费用的影响。因此，我们调低了今年剩余时间的展望，以反映第三季度的表现，以及我们预计燃油价格较低和与行动客户成交量下降将持续到第四季度。”
展望未来，我们相信 WEX 的业务长期动能。我们的董事会最近将我们的股票回购计划授权金额增加了10亿美元，我们的股份数量创近十年来最低水平。自2022年重新启动我们的股票回购以来，我们已将优先股减少了12%。
财务指引和假设
公司提供依据通用会计准则提供营业收入指引，并依据非通用会计准则提供盈利指引，因为报告的通用会计准则盈利中包含的某些因素数量不确定而且不明确。
•公司预计2024年第四季营业收入在63000万至64000万美元之间，调整后的每股稀释分享的净利润在3.51至3.61美元之间。
•对于2024年整年，公司现在预期营业收入在26.2亿至26.3亿美元的区间内。调整后的净利润预计每股稀释后在15.21至15.31美元的区间内。
2024年第四季度和全年指引是基于每加仑分别为3.28美元和3.48美元的美国零售燃油平均价格，以及25.0%的调整后净利润有效税率。上述的燃油价格是基于2024年10月14日当周nymex期货价格。我们的指引假设第四季度和整个年度分别有大约4050万股和4140万股全稀释股份在外。股份数量的假设包括截至目前为止的所有完成活动，但不包括进一步的股份回购和在我们的加速股份回购协议下交付的进一步股份。
公司调整后的净利润引导，这是一个非通用会计原则之衡量，排除了金融工具未实现收益和损失、外币兑换损益、与收购相关之无形资产摊销、其他收购和购出相关项目、股份赔偿、其他成本、债务重组成本及债务发行成本摊销、税务相关项目及其他某些与营运不相关之非经常性项目和非现金营运费用，在呈献的期间视情况而定。我们无法将我们的调整后净利润引导与可比性的通用会计原则衡量和解释，因为难以预测调整的金额，包括但不限于外币兑换汇率、金融工具未实现收益和损失、以及收购和购出相关项目，这可能对我们的财务结果产生重大影响。
Additional Information
Management uses the non-GAAP measures presented within this earnings release to evaluate the Company’s performance on a comparable basis. 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.
为了为投资者提供更多有关其业绩表现的洞察，WEX在本盈利公告中包含了以下内容：在展示1中，说明了在本盈利公告中提及的非通用会计措施的调解；在展示2中，展示了2024年9月30日结束的三个月期间我们各可报告部门外币汇率和燃油价格的影响的表格；在展示3中，列出了2024年9月30日结束的季度以及之前四个季度的其他选定指标的表格。在展示4中查看2024年9月30日结束的三个月和2023年的各部门营业收入，以及关于部门调整后营业利润率和调整后营业利润率的信息在展示5中。
电话会议详细资讯
随著这项公告，WEX将于今天，2024年10月24日，东部时间上午10点（ET）举行一次电话会议。如先前宣布的，这次电话会议将在网上直播，与相关幻灯片一同可以在WEX网站投资者关系部门取得，网址为www.wexinc.com。您亦可透过拨打(888) 596-4144或（646）968-2525来参与现场电话会议。会议ID号码为2902800。网上直播及相关幻灯片的重播将在公司网站上至少提供30天。
有关WEX
WEX（纽交所：WEX）是一个全球商业平台，简化业务运行的业务。WEX已经建立了一个强大的生态系统，为全球客户提供无缝集成、个性化解决方案。通过丰富的数据和专业知识，简化福利、重新想像移动性以及付款和收款等方面，WEX旨在帮助公司轻松克服复杂性，实现其完整潜力。欲了解更多信息，请访问 www.wexinc.com。
前瞻性陈述
本盈利公告包含前瞻性陈述，包括但不限于有关管理层计划、目标、期望、指引和对公司未来财务表现的假设。本盈利公告中的任何非历史事实陈述均属前瞻性陈述。在本盈利公告中使用时，“anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “will,” “positions,” “confidence” 和类似的表达旨在识别前瞻性陈述，尽管并非所有前瞻性陈述均包含这些字眼。前瞻性陈述涉及我们的未来计划、目标、期望和意图，并非历史事实，因此涉及已知和未知的风险、不确定因素和其他因素，可能导致实际结果或表现与这些前瞻性陈述所暗示的未来结果或表现大不相同。以下因素等可能导致实际结果与本盈利公告中以及我们的授权官员口头陈述中所作的前瞻性陈述含有的结果大不相同： “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “will,” “positions,” “confidence” 和类似的表达旨在识别前瞻性陈述，尽管并非所有前瞻性陈述均包含这些字眼。前瞻性陈述涉及我们的未来计划、目标、期望和意图，并非历史事实，因此涉及已知和未知的风险、不确定因素和其他因素，可能导致实际结果或表现与这些前瞻性陈述所暗示的未来结果或表现大不相同。以下因素等可能导致实际结果与本盈利公告中以及我们的授权官员口头陈述中所作的前瞻性陈述含有的结果大不相同：
•需求波动和燃料价格波动对公司国际市场的燃料价格差异，以及对公司业绩（包括毛利、收入和净利润）的影响。
•一般经济条件的影响，包括对燃料需求、企业支付服务、旅行相关服务或医疗相关产品和服务需求的下降；
•未能遵守万事达或Visa合同和规则的适用要求；
•无法预测的事件在公司或公司客户营运地点或其他地方可能对公司的员工、业务运作能力、营运成果和财务状况造成不利影响；
•如公司未能充分评估和监控信用风险或我们支付卡或系统的欺诈使用，将对信用损失的影响和规模，包括欺诈损失以及其他不良影响。
•公司信用标准变动的影响;
•限制或压缩换汇费用；
•受不良金融状况影响，影响银行系统的效应;
•我们环保母基、社会和治理实践受到日益严格审查的影响；
•未能实施新技术和产品；
•无法实现或维持预期效益，来自我们成本和组织运营效率倡议的失败；
•在无法有效竞争以维持或更新主要客户和合作伙伴协议与关系，或是无法维持这些协议下的量的情况下失败；
•吸引和留住员工的能力；
•执行公司业务扩展和收购努力，并实现我们已完成收购的好处；
•由于我们策略性少数股权投资未能获得商业和财务效益的失败；
•货币兑换汇率对公司在美国以外地区的业务、营业收入和收益以及与我们在美国以外地区业务相关的其他风险的影响;
•未能充分保护托管的HSA资产；
•如果公司对某些报告单位的公平价值评估发生变化，就会出现减值损失。
•调查和诉讼的不确定性；
•公司保护其知识产权和其他专有权利的能力;
•监管资本要求和其他监管规定对于WEX银行的运营或其向WEX inc.支付能力的影响。
•公司的债务工具对公司运营的影响；
•贷款杠杆对公司的营运、业绩或借贷能力的影响通常是什么？
•利率期货的变动，包括我们必须支付的存款利率、我们投资证券所获利的利率，以及早期看涨条款中我们债券所可能面临的潜在影响；
•重新融资某些债务或获得额外融资的能力；
•监管机构的行动，包括税务、银行和证券监管机构，或可能对公司的兴业银行、公司作为母公司或其他子公司或联属公司带来的税务、银行或金融法规变动影响;
•未能遵守针对非银行保管人适用的财政部规定；
•来自公司科技系统或其第三方服务提供商的违规行为或其他问题，以及由此对公司声誉、责任或与客户或商户的关系所造成的任何负面影响；
•关于隐私和数据保护方面的监管发展影响；
•对我们依赖的科技和电子通信网络遭到任何干扰的影响；
•成功且具道德性地将人工智能纳入我们的业务能力；
•保持有效的内部控制系统的能力;
•条例文件、特拉华州法律及适用的银行法规定的影响，可能会延迟或阻止我们被第三方收购；
•在我们于2023年12月31日结束的年度10-k表格的第1A项中识别的其他风险和不确定性，于2024年2月23日向证券交易委员会提交，以及之后向证券交易委员会的提交。
前瞻性声明仅反映此收益公告初始申报日期，不应过分依赖这些声明。公司不对根据新资讯、未来事件或其他原因更新任何前瞻性声明承担义务。
wex inc.
综合营业损益汇缩陈述
（以百万为单位，除每股数据外）
(未审核)
| 截至9月30日的三个月内， | 截至九月三十日止九个月， | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| 收益 | |||||||||||||||||||||||
| 支付处理营业收入 | $ | 309.9 | $ | 313.3 | $ | 930.3 | $ | 901.9 | |||||||||||||||
| 账户服务营业收入 | 174.6 | 161.5 | 516.5 | 475.1 | |||||||||||||||||||
| 金融费用营业收入 | 70.5 | 77.1 | 218.6 | 234.2 | |||||||||||||||||||
| 其他收入 | 110.5 | 99.5 | 326.3 | 273.5 | |||||||||||||||||||
| 总收益 | 665.5 | 651.4 | 1,991.6 | 1,884.7 | |||||||||||||||||||
| 服务成本 | |||||||||||||||||||||||
| 处理成本 | 156.0 | 156.4 | 489.0 | 451.7 | |||||||||||||||||||
| 服务费 | 20.7 | 18.5 | 62.4 | 54.7 | |||||||||||||||||||
| 信用损失准备 | 9.7 | 9.4 | 52.6 | 77.5 | |||||||||||||||||||
| 营运利息 | 28.3 | 25.3 | 77.6 | 57.6 | |||||||||||||||||||
| 折旧与摊提 | 34.6 | 25.5 | 98.6 | 75.9 | |||||||||||||||||||
| 服务总成本 | 249.2 | 235.1 | 780.2 | 717.4 | |||||||||||||||||||
| 总务与行政 | 92.1 | 116.6 | 281.6 | 311.7 | |||||||||||||||||||
| 销售和市场推广费用 | 80.9 | 82.8 | 259.9 | 241.6 | |||||||||||||||||||
| 折旧与摊提 | 46.9 | 42.0 | 140.9 | 125.4 | |||||||||||||||||||
| 营收 | 196.4 | 174.9 | 529.0 | 488.6 | |||||||||||||||||||
| 财务利息费用，减去财务工具 | (58.4) | (49.4) | (178.5) | (142.5) | |||||||||||||||||||
| 条件性考虑变动的公允价值 | (0.1) | (3.2) | (3.5) | (6.2) | |||||||||||||||||||
| 转换票据除记亏损 | — | (70.1) | — | (70.1) | |||||||||||||||||||
| 净外币汇兑（损失） | 3.2 | (7.8) | (9.7) | (9.4) | |||||||||||||||||||
| 税前收入 | 141.1 | 44.4 | 337.2 | 260.4 | |||||||||||||||||||
| 所得税支出 | 38.2 | 26.0 | 91.6 | 78.7 | |||||||||||||||||||
| 净利润 | $ | 102.9 | $ | 18.4 | $ | 245.7 | $ | 181.7 | |||||||||||||||
| 每股净利润： | |||||||||||||||||||||||
| 基础 | $ | 2.56 | $ | 0.43 | $ | 5.95 | $ | 4.23 | |||||||||||||||
| 稀释 | $ | 2.52 | $ | 0.42 | $ | 5.89 | $ | 4.18 | |||||||||||||||
| 加权平均普通股股本： | |||||||||||||||||||||||
| 基础 | 40.3 | 42.9 | 41.3 | 43.0 | |||||||||||||||||||
| 稀释 | 40.8 | 43.4 | 41.7 | 43.5 | |||||||||||||||||||
wex inc.
缩表合并资产负债表
(以百万为单位)
（未经审计）
| 九月三十日， 2024 | 12月31日， 2023 | ||||||||||
| 资产 | |||||||||||
| 现金及现金等价物 | $ | 535.4 | $ | 975.8 | |||||||
| 限制性现金 | 776.4 | 1,254.2 | |||||||||
| 应收帐款净额 | 3,770.4 | 3,428.5 | |||||||||
| 投资证券 | 3,722.6 | 3,022.1 | |||||||||
| Securitized accounts receivable, restricted | 133.3 | 129.4 | |||||||||
| 预付费用及其他流动资产 | 171.4 | 125.3 | |||||||||
| 全部流动资产 | 9,109.4 | 8,935.3 | |||||||||
| 资产、设备及资本化软体 | 261.3 | 242.9 | |||||||||
| 商誉及其他无形资产 | 4,338.7 | 4,474.4 | |||||||||
| 投资证券 | 73.7 | 66.8 | |||||||||
| 递延所得税资产，扣除递延所得税负债后净额 | 16.0 | 13.7 | |||||||||
| 其他资产 | 162.2 | 149.0 | |||||||||
| 资产总额 | $ | 13,961.4 | $ | 13,882.1 | |||||||
| 550,714 | |||||||||||
| 应付账款 | $ | 1,365.5 | $ | 1,479.1 | |||||||
| 应计费用及其他流动负债 | 679.9 | 802.7 | |||||||||
| 受限现金应付 | 775.7 | 1,253.5 | |||||||||
| 短期存款 | 4,461.5 | 3,942.8 | |||||||||
| 短期负债，净额 | 1,435.4 | 1,041.1 | |||||||||
| 流动负债合计 | 8,718.1 | 8,519.2 | |||||||||
| 长期负债净额 | 3,143.3 | 2,827.5 | |||||||||
| 长期存款 | — | 129.8 | |||||||||
| 递延所得税资产，扣除递延所得税负债后净额 | 137.6 | 129.5 | |||||||||
| 其他负债 | 285.0 | 455.5 | |||||||||
| 总负债 | 12,284.0 | 12,061.5 | |||||||||
| 股东权益总额 | 1,677.5 | 1,820.6 | |||||||||
| 负债和股东权益总额 | $ | 13,961.4 | $ | 13,882.1 | |||||||
wex inc.
简明合并现金流量表 (未经审计)
(以百万为单位)
（未经审计）
| 截至9月30日的九个月 | |||||||||||
| 2024 | 2023 | ||||||||||
| 来自经营活动的现金流量 | $ | (157.0) | $ | 146.0 | |||||||
| 投资活动产生的现金流量 | |||||||||||
| 物业、设备和资本化软体的购买 | (108.6) | (101.7) | |||||||||
| 其他投资的购入 | (18.0) | (5.0) | |||||||||
| 可供出售债务证券的购买 | (900.9) | (1,448.6) | |||||||||
| 可供出售债务证券的销售和到期 | 309.4 | 144.1 | |||||||||
| 收购无形资产 | (5.1) | (4.5) | |||||||||
| 并购，扣除收购现金和受限现金 | (0.9) | (155.7) | |||||||||
| 投资活动中的净现金流出 | (724.0) | (1,571.4) | |||||||||
| 财务活动中的现金流量 | |||||||||||
| 购回普通股 | (543.6) | (152.6) | |||||||||
| 存款净变动 | 388.8 | 889.9 | |||||||||
| 受限现金应付款净变动 | (480.4) | 213.1 | |||||||||
| 支付透过承诺及条件而产生之款项 | (93.7) | (52.2) | |||||||||
| 回购可转换票据 | — | (368.9) | |||||||||
| 50,000 | (23.5) | (3.4) | |||||||||
净债务活动 1 | 711.3 | 1,179.4 | |||||||||
| 筹资活动提供的净现金 | (41.1) | 1,705.3 | |||||||||
| 汇率对现金、现金等价物和受限制现金的影响 | 3.9 | (22.8) | |||||||||
| 现金、现金等价物和限制性现金的净变动 | (918.2) | 257.1 | |||||||||
| 本期期初现金、现金及受限制的现金余额为 | 2,230.0 | 1,859.8 | |||||||||
| 本期期末现金、现金及受限制的现金余额为 | $ | 1,311.8 | $ | 2,116.9 | |||||||
1 Net activity on debt includes: borrowings and repayments on revolving credit facility; borrowings and repayments on term loans; borrowings and repayments on Bank Term Funding Program (BTFP); advances from and repayments to Federal Home Loan Bank (FHLB); net change in borrowed federal funds; and net borrowings on or repayments of other debt.
| Exhibit 1 | ||||||||||||||
| Reconciliation of Non-GAAP Measures (in millions, except per share data) (unaudited) | ||||||||||||||
Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income
| Three Months Ended September 30, | |||||||||||||||||||||||
| 2024 | 2023 | ||||||||||||||||||||||
| per diluted share | per diluted share | ||||||||||||||||||||||
| Net income | $ | 102.9 | $ | 2.52 | $ | 18.4 | $ | 0.42 | |||||||||||||||
| Unrealized (gain) loss on financial instruments | (0.9) | (0.02) | 7.8 | 0.18 | |||||||||||||||||||
| Net foreign currency (gain) loss | (3.2) | (0.08) | 7.8 | 0.18 | |||||||||||||||||||
| Change in fair value of contingent consideration | 0.1 | — | 3.2 | 0.07 | |||||||||||||||||||
| Acquisition-related intangible amortization | 50.4 | 1.24 | 45.2 | 1.04 | |||||||||||||||||||
| Other acquisition and divestiture related items | 2.4 | 0.06 | 5.1 | 0.12 | |||||||||||||||||||
| Stock-based compensation | 29.8 | 0.73 | 31.9 | 0.74 | |||||||||||||||||||
| Other costs | 12.6 | 0.31 | 15.1 | 0.35 | |||||||||||||||||||
| Debt restructuring and debt issuance cost amortization | 4.3 | 0.11 | 74.4 | 1.71 | |||||||||||||||||||
| Tax related items | (20.9) | (0.51) | (32.1) | (0.74) | |||||||||||||||||||
Dilutive impact of convertible debt1 | — | — | — | (0.02) | |||||||||||||||||||
| Adjusted net income | $ | 177.5 | $ | 4.35 | $ | 176.8 | $ | 4.05 | |||||||||||||||
| Nine Months Ended September 30, | |||||||||||||||||||||||
| 2024 | 2023 | ||||||||||||||||||||||
| per diluted share | per diluted share | ||||||||||||||||||||||
| Net income | $ | 245.7 | $ | 5.89 | $ | 181.7 | $ | 4.18 | |||||||||||||||
| Unrealized (gain) loss on financial instruments | (0.6) | (0.01) | 20.1 | 0.46 | |||||||||||||||||||
| Net foreign currency (gain) loss | 9.7 | 0.23 | 9.4 | 0.22 | |||||||||||||||||||
| Change in fair value of contingent consideration | 3.5 | 0.08 | 6.2 | 0.14 | |||||||||||||||||||
| Acquisition-related intangible amortization | 151.9 | 3.64 | 133.6 | 3.07 | |||||||||||||||||||
| Other acquisition and divestiture related items | 9.3 | 0.22 | 7.6 | 0.17 | |||||||||||||||||||
| Stock-based compensation | 89.8 | 2.15 | 94.5 | 2.17 | |||||||||||||||||||
| Other costs | 37.8 | 0.91 | 28.6 | 0.66 | |||||||||||||||||||
| Debt restructuring and debt issuance cost amortization | 12.0 | 0.29 | 83.9 | 1.93 | |||||||||||||||||||
| Tax related items | (71.1) | (1.70) | (83.7) | (1.92) | |||||||||||||||||||
Dilutive impact of convertible debt1 | — | — | — | (0.09) | |||||||||||||||||||
| Adjusted net income | $ | 488.1 | $ | 11.70 | $ | 481.9 | $ | 10.99 | |||||||||||||||
1 The dilutive impact of the Convertible Notes was calculated under the ‘if-converted’ method for the periods through which they were outstanding. Under the ‘if-converted’ method, interest expense, net of tax, associated with the Convertible Notes of $1.8 million and $9.5 million was added back to adjusted net income for the three and nine months ended September 30, 2023, respectively. For the three and nine months ended September 30, 2023, 0.7 million and 1.3 million shares of the Company’s common stock associated with the assumed conversion of the Convertible Notes (prior to repurchase and cancellation) was included in the calculation of adjusted net income per diluted share, respectively, as the effect of including such adjustments was dilutive. The total number of shares used in calculating adjusted net income per diluted share for the three and nine months ended September 30, 2024 was 40.8 million and 41.7 million, respectively. The total number of shares used in calculating adjusted net income per diluted share for the three and nine months ended September 30, 2023 was 44.1 million and 44.7 million, respectively.
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, other costs, debt restructuring costs and debt issuance cost amortization, tax related items and certain other non-operating items and non-recurring or non-cash operating charges that are not core to our operations, as applicable depending on the period presented.
Reconciliation of GAAP Operating Income to Non-GAAP Total Segment Adjusted Operating Income and Adjusted Operating Income
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
| 2024 | (margin)1 | 2023 | (margin)1 | 2024 | (margin)1 | 2023 | (margin)1 | ||||||||||||||||||||||||||||
| Operating income | $ | 196.4 | 29.5 | % | $ | 174.9 | 26.8 | % | $ | 529.0 | 26.6 | % | $ | 488.6 | 25.9 | % | |||||||||||||||||||
| Unallocated corporate expenses | 24.1 | 29.1 | 73.8 | 76.8 | |||||||||||||||||||||||||||||||
| Acquisition-related intangible amortization | 50.4 | 45.2 | 151.9 | 133.6 | |||||||||||||||||||||||||||||||
| Other acquisition and divestiture related items | 1.6 | 5.1 | 5.4 | 7.6 | |||||||||||||||||||||||||||||||
| Stock-based compensation | 29.8 | 31.9 | 89.8 | 94.5 | |||||||||||||||||||||||||||||||
| Other costs | 14.8 | 15.1 | 42.0 | 28.6 | |||||||||||||||||||||||||||||||
| Total segment adjusted operating income | $ | 317.1 | 47.6 | % | $ | 301.3 | 46.3 | % | $ | 891.9 | 44.8 | % | $ | 829.7 | 44.0 | % | |||||||||||||||||||
| Unallocated corporate expenses | (24.1) | (29.1) | (73.8) | (76.8) | |||||||||||||||||||||||||||||||
| Adjusted operating income | $ | 293.0 | 44.0 | % | $ | 272.2 | 41.8 | % | $ | 818.1 | 41.1 | % | $ | 752.9 | 39.9 | % | |||||||||||||||||||
1 Margins are derived by dividing the applicable measures by total net revenue for the Company.
The Company's non-GAAP adjusted operating income excludes acquisition-related intangible amortization, other acquisition and divestiture related items, debt restructuring costs, stock-based compensation, other costs and certain non-recurring or non-cash operating charges that are not core to our operations, as applicable depending on the period presented. Total segment adjusted operating income incorporates these same adjustments and further excludes unallocated corporate expenses.
Although adjusted net income, adjusted operating income, and total segment adjusted operating income are not calculated in accordance with GAAP, our management team believes these non-GAAP measures are integral to our reporting and planning processes and uses them to assess operating performance because they generally exclude financial results that are outside the normal course of our business operations or
management’s control. These measures are also used to allocate resources among our operating segments and for internal budgeting and forecasting purposes for both short- and long-term operating plans.
For the periods presented herein, the following items have been excluded in determining one or more non-GAAP measures for the following reasons:
•Exclusion of the non-cash, mark-to-market adjustments on financial instruments, including interest rate swap agreements and investment securities, helps management identify and assess trends in the Company’s underlying business that might otherwise be obscured due to quarterly non-cash earnings fluctuations associated with these financial instruments. Additionally, the non-cash, mark-to-market adjustments on financial instruments are difficult to forecast accurately, making comparisons across historical and future periods difficult to evaluate;
•Net foreign currency gains and losses primarily result from the remeasurement to functional currency of cash, accounts receivable and accounts payable balances, certain intercompany notes denominated in foreign currencies and any gain or loss on foreign currency economic hedges relating to these items. The exclusion of these items helps management compare changes in operating results between periods that might otherwise be obscured due to currency fluctuations;
•The change in fair value of contingent consideration, which is related to the acquisition of certain contractual rights to serve as custodian or sub-custodian to HSAs, is dependent upon changes in future interest rate assumptions and has no significant impact on the ongoing operations of the Company. Additionally, the non-cash, mark-to-market adjustments on financial instruments are difficult to forecast accurately, making comparisons across historical and future periods difficult to evaluate;
•The Company considers certain acquisition-related costs, including certain financing costs, investment banking fees, warranty and indemnity insurance, certain integration-related expenses and amortization of acquired intangibles, as well as gains and losses from divestitures to be unpredictable, dependent on factors that may be outside of our control and unrelated to the continuing operations of the acquired or divested business or the Company. 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. The Company believes that excluding acquisition-related costs and gains or losses on divestitures facilitates the comparison of our financial results to the Company’s historical operating results and to other companies in our industry;
•Stock-based compensation is different from other forms of compensation as it is a non-cash expense. For example, a cash salary generally has a fixed and unvarying cash cost. In contrast, the expense associated with an equity-based award is generally unrelated to the amount of cash ultimately received by the employee, and the cost to the Company is based on a stock-based compensation valuation methodology and underlying assumptions that may vary over time;
•Other costs are not consistently occurring and do not reflect expected future operating expense, nor do they provide insight into the fundamentals of current or past operations of our business. This also includes non-recurring professional service costs, costs related to certain identified initiatives, including restructuring and technology initiatives, to further streamline the business, improve the Company’s efficiency, create synergies and globalize the Company’s operations, all with an objective to improve scale and efficiency and increase profitability going forward.
•Impairment charges represent non-cash asset write-offs, which do not reflect recurring costs that would be relevant to the Company’s continuing operations. The Company believes that excluding these nonrecurring expenses facilitates the comparison of our financial results to the Company’s historical operating results and to other companies in its industry;
•Debt restructuring and debt issuance cost amortization, which for the three and nine months ended September 30, 2023 includes the loss on extinguishment of Convertible Notes, are unrelated to the continuing operations of the Company. Debt restructuring costs are not consistently occurring and do not reflect expected future operating expense, nor do they provide insight into the fundamentals of current or past operations of our business. 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;
•The tax related items are the difference between the Company’s GAAP tax provision and a non-GAAP tax provision. Beginning in fiscal year 2024, the Company utilizes a fixed annual projected long-term non-GAAP tax rate in order to provide better consistency across reporting periods. To determine this long-term projected tax rate, the Company performs a pro forma tax provision based upon the Company’s projected adjusted net income before taxes. The fixed annual projected long-term non-GAAP tax rate could be subject to change in future periods for a variety of reasons, including the rapidly evolving global tax environment, significant changes in our geographic earnings mix including due to acquisition activity, or other changes to our strategy or business operations; and
•The Company does not allocate certain corporate expenses to our operating segments, as these items are centrally controlled and are not directly attributable to any reportable segment.
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. However, because adjusted net income, adjusted operating income, and total segment adjusted operating income are non-GAAP measures, they should not be considered as a substitute for, or superior to, net income or operating income, as determined in accordance with GAAP. In addition, adjusted net income, adjusted operating income, and total segment adjusted operating income as used by WEX may not be comparable to similarly titled measures employed by other companies.
Reconciliation of GAAP Operating Cash Flow to Non-GAAP Adjusted Free Cash Flow
The Company’s non-GAAP adjusted free cash flow has historically been calculated as cash flows from operating activities adjusted for net purchases of current investment securities, capital expenditures, net funding activity, and certain other adjustments including contingent and deferred consideration paid to sellers in excess of acquisition-date fair value. Net funding activity includes the change in net deposits, net advances from the FHLB, changes in participation debt, and changes in borrowings under the BTFP and borrowed federal funds. Such calculation has historically been based on the principle that the net activity in accounts receivable, accounts payable, and investment of HSA deposits would be offset by WEX Bank funding activity, however, due to the nature of WEX Bank cash balances, cash balances may be increased or decreased for reasons other than matching operating activity. As a result, beginning with the third quarter of 2024, adjusted free cash flow also includes an adjustment to reflect the change in WEX Bank cash balances and the applicable prior periods have similarly been adjusted to conform to the current presentation. Although non-GAAP adjusted free cash flow is not calculated in accordance with GAAP, WEX believes that adjusted free cash flow is a useful measure for investors to further evaluate our results of operations because (i) adjusted free cash flow indicates the level of cash generated by the operations of the business, which excludes consideration paid on acquisitions, after appropriate reinvestment for recurring investments in property, equipment and capitalized software that are required to operate the business; (ii) net funding activity includes fluctuations in deposits and other borrowings primarily used as part of our accounts receivable funding strategy; (iii) purchases of current investment securities are made as a result of deposits gathered operationally; and (iv) WEX Bank cash balances may be increased or decreased for reasons other than matching operating activity. However, because adjusted free cash flow is a non-GAAP measure, it should not be considered as a substitute for, or superior to, operating cash flow as determined in accordance with GAAP. In addition, adjusted free cash flow as used by WEX may not be comparable to similarly titled measures employed by other companies.
The following table reconciles GAAP operating cash flow to adjusted free cash flow:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Operating cash flow | $ | 3.3 | $ | 46.5 | $ | (157.0) | $ | 146.0 | |||||||||||||||
| Adjustments to operating cash flow: | |||||||||||||||||||||||
| Change in WEX Bank cash balances | 125.3 | (83.5) | 383.8 | (58.8) | |||||||||||||||||||
| Other | — | — | 67.1 | 1.5 | |||||||||||||||||||
| Adjusted for certain investing and financing activities: | |||||||||||||||||||||||
| Net Funding Activity | 372.2 | 294.8 | 792.0 | 1,652.6 | |||||||||||||||||||
| Less: Purchases of current investment securities, net of sales and maturities | (276.3) | (56.6) | (584.8) | (1,304.2) | |||||||||||||||||||
| Less: Capital expenditures | (35.0) | (36.4) | (108.6) | (101.7) | |||||||||||||||||||
| Adjusted free cash flow | $ | 189.5 | $ | 164.9 | $ | 392.5 | $ | 335.4 | |||||||||||||||
Exhibit 2 Impact of Certain Macro Factors on Reported Revenue and Adjusted Net Income (in millions, except per share data) (unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||
The tables below show the impact of certain macro factors on reported revenue:
| Segment Revenue Results | |||||||||||||||||||||||||||||||||||||||||||||||
| Mobility | Corporate Payments | Benefits | Total WEX Inc. | ||||||||||||||||||||||||||||||||||||||||||||
| Three months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||||||||||||||||
| Reported revenue | $ | 357.2 | $ | 350.1 | $ | 126.9 | $ | 135.2 | $ | 181.5 | $ | 166.1 | $ | 665.5 | $ | 651.4 | |||||||||||||||||||||||||||||||
FX impact (favorable) / unfavorable | $ | (0.5) | $ | (1.7) | $ | — | $ | (2.2) | |||||||||||||||||||||||||||||||||||||||
| PPG impact (favorable) / unfavorable | $ | 21.2 | $ | — | $ | — | $ | 21.2 | |||||||||||||||||||||||||||||||||||||||
| Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||||||||||||||||
| Reported revenue | $ | 1,055.6 | $ | 1,032.6 | $ | 383.5 | $ | 361.9 | $ | 552.5 | $ | 490.2 | $ | 1,991.6 | $ | 1,884.7 | |||||||||||||||||||||||||||||||
| FX impact (favorable) / unfavorable | $ | — | $ | (2.1) | $ | — | $ | (2.1) | |||||||||||||||||||||||||||||||||||||||
| PPG impact (favorable) / unfavorable | $ | 47.2 | $ | — | $ | — | $ | 47.2 | |||||||||||||||||||||||||||||||||||||||
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 revenue derived from acquisitions for one year following the acquisition dates.
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 revenue derived from acquisitions for one year following the acquisition dates. For the portions of our business that earn revenue based on margin spreads, revenue was calculated utilizing the comparable margin from the prior year.
The table below shows the impact of certain macro factors on adjusted net income by segment:
Segment Estimated Adjusted Net Income Impact | |||||||||||||||||||||||||||||||||||
| Mobility | Corporate Payments | Benefits | |||||||||||||||||||||||||||||||||
| Three months ended September 30, | |||||||||||||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||||||
FX impact (favorable) / unfavorable | $ | (0.6) | $ | — | $ | (1.2) | $ | — | $ | (0.1) | $ | — | |||||||||||||||||||||||
| PPG impact (favorable) / unfavorable | $ | 13.5 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||
| Nine months ended September 30, | |||||||||||||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||||||
| FX impact (favorable) / unfavorable | $ | (0.2) | $ | — | $ | (1.7) | $ | — | $ | (0.2) | $ | — | |||||||||||||||||||||||
| PPG impact (favorable) / unfavorable | $ | 31.4 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||
To determine the estimated adjusted net income impact of FX on revenue and expenses from entities whose functional currency is not denominated in U.S. dollars, as well as revenue and variable expenses from purchase volume transacted in non-U.S. denominated currencies, amounts were translated using the weighted average exchange rates for the same period in the prior year, net of tax, exclusive of revenue and expenses derived from acquisitions for one year following the acquisition dates.
To determine the estimated adjusted net income 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, exclusive of revenue and expenses derived from acquisitions for one year following the acquisition dates. 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 applicable taxes.
| Exhibit 3 Selected Other Metrics (in millions, except rate statistics) (unaudited) | |||||||||||||||||||||||||||||
| Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | |||||||||||||||||||||||||
| Mobility: | |||||||||||||||||||||||||||||
Payment processing transactions (1) | 146.5 | 144.9 | 136.9 | 138.1 | 144.6 | ||||||||||||||||||||||||
Payment processing gallons of fuel (2) | 3,730.5 | 3,694.4 | 3,567.7 | 3,578.6 | 3,687.2 | ||||||||||||||||||||||||
| Average US fuel price (US$ / gallon) | $ | 3.45 | $ | 3.62 | $ | 3.56 | $ | 3.76 | $ | 3.97 | |||||||||||||||||||
Payment processing $ of fuel (3) | $ | 13,227.5 | $ | 13,729.1 | $ | 13,061.0 | $ | 13,814.3 | $ | 14,945.1 | |||||||||||||||||||
Net payment processing rate (4) | 1.38 | % | 1.29 | % | 1.31 | % | 1.26 | % | 1.18 | % | |||||||||||||||||||
| Payment processing revenue | $ | 183.2 | $ | 177.2 | $ | 170.7 | $ | 174.4 | $ | 176.9 | |||||||||||||||||||
Net late fee rate (5) | 0.45 | % | 0.49 | % | 0.46 | % | 0.50 | % | 0.44 | % | |||||||||||||||||||
Late fee revenue (6) | $ | 59.0 | $ | 67.3 | $ | 60.4 | $ | 69.0 | $ | 66.4 | |||||||||||||||||||
Corporate Payments: | |||||||||||||||||||||||||||||
Purchase volume (7) | $ | 23,394.4 | $ | 25,756.2 | $ | 23,947.9 | $ | 22,800.8 | $ | 27,860.1 | |||||||||||||||||||
Net interchange rate (8) | 0.45 | % | 0.45 | % | 0.43 | % | 0.52 | % | 0.42 | % | |||||||||||||||||||
| Payment solutions processing revenue | $ | 104.8 | $ | 116.2 | $ | 103.2 | $ | 117.4 | $ | 115.7 | |||||||||||||||||||
Benefits: | |||||||||||||||||||||||||||||
Purchase volume (9) | $ | 1,645.7 | $ | 1,865.1 | $ | 2,114.7 | $ | 1,510.0 | $ | 1,501.3 | |||||||||||||||||||
Average number of SaaS accounts (10) | 20.3 | 20.0 | 20.3 | 19.9 | 19.9 | ||||||||||||||||||||||||
Definitions and explanations:
(1) Payment processing transactions represents the total number of purchases made by fleets that have a payment processing relationship with WEX where the Company maintains the receivable for the total purchase.
(2) Payment processing gallons of fuel represents the total number of gallons of fuel purchased by fleets that have a payment processing relationship with WEX.
(3) Payment processing $ of fuel represents the total dollar value of the fuel purchased by fleets that have a payment processing relationship with WEX.
(4) Net payment processing rate represents the percentage of each payment processing $ of fuel that WEX records as revenue from merchants, less certain discounts given to customers and network fees.
(5) Net late fee rate represents late fee revenue as a percentage of fuel purchased by fleets that have a payment processing relationship with WEX.
(6) Late fee revenue represents fees charged for payments not made within the terms of the customer agreement based upon the outstanding customer receivable balance.
(7) Purchase volume represents the total dollar value of all WEX-issued transactions that use WEX corporate card products and virtual card products.
(8) Net interchange 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.
(9) Purchase volume represents the total dollar value of all transactions where interchange is earned by WEX.
(10) Average number of SaaS accounts represents the average number of active consumer-directed health, COBRA, and billing accounts on our SaaS platforms. HSA accounts for which WEX Inc. serves as the non-bank custodian under designation by the U.S. Department of Treasury are included in this average.
| Exhibit 4 Segment Revenue Information (in millions) (unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||
| Three months ended September 30, | Increase (decrease) | Nine months ended September 30, | Increase (decrease) | ||||||||||||||||||||||||||||||||||||||||||||
| Mobility | 2024 | 2023 | Amount | Percent | 2024 | 2023 | Amount | Percent | |||||||||||||||||||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||||||||||||||||||||||||
| Payment processing revenue | $ | 183.2 | $ | 176.9 | $ | 6.3 | 4 | % | $ | 531.1 | $ | 520.6 | $ | 10.5 | 2 | % | |||||||||||||||||||||||||||||||
| Account servicing revenue | 49.0 | 42.5 | 6.5 | 15 | % | 145.2 | 123.6 | 21.6 | 17 | % | |||||||||||||||||||||||||||||||||||||
| Finance fee revenue | 70.2 | 76.8 | (6.6) | (9) | % | 217.9 | 233.5 | (15.6) | (7) | % | |||||||||||||||||||||||||||||||||||||
| Other revenue | 54.7 | 53.9 | 0.8 | 2 | % | 161.4 | 154.9 | 6.5 | 4 | % | |||||||||||||||||||||||||||||||||||||
| Total revenues | $ | 357.2 | $ | 350.1 | $ | 7.1 | 2 | % | $ | 1,055.6 | $ | 1,032.6 | $ | 23.0 | 2 | % | |||||||||||||||||||||||||||||||
| Three months ended September 30, | Increase (decrease) | Nine months ended September 30, | Increase (decrease) | ||||||||||||||||||||||||||||||||||||||||||||
| Corporate Payments | 2024 | 2023 | Amount | Percent | 2024 | 2023 | Amount | Percent | |||||||||||||||||||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||||||||||||||||||||||||
| Payment processing revenue | $ | 104.8 | $ | 115.8 | $ | (11.0) | (10) | % | $ | 324.2 | $ | 310.6 | $ | 13.6 | 4 | % | |||||||||||||||||||||||||||||||
| Account servicing revenue | 15.5 | 10.5 | 5.0 | 48 | % | 35.8 | 31.7 | 4.1 | 13 | % | |||||||||||||||||||||||||||||||||||||
| Finance fee revenue | 0.2 | 0.2 | — | NM | 0.4 | 0.5 | (0.1) | NM | |||||||||||||||||||||||||||||||||||||||
| Other revenue | 6.4 | 8.7 | (2.3) | (27) | % | 23.1 | 19.1 | 4.0 | 21 | % | |||||||||||||||||||||||||||||||||||||
| Total revenues | $ | 126.9 | $ | 135.2 | $ | (8.3) | (6) | % | $ | 383.5 | $ | 361.9 | $ | 21.6 | 6 | % | |||||||||||||||||||||||||||||||
| Three months ended September 30, | Increase (decrease) | Nine months ended September 30, | Increase (decrease) | ||||||||||||||||||||||||||||||||||||||||||||
| Benefits | 2024 | 2023 | Amount | Percent | 2024 | 2023 | Amount | Percent | |||||||||||||||||||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||||||||||||||||||||||||
| Payment processing revenue | $ | 21.9 | $ | 20.6 | $ | 1.3 | 6 | % | $ | 75.0 | $ | 70.7 | $ | 4.3 | 6 | % | |||||||||||||||||||||||||||||||
| Account servicing revenue | 110.0 | 108.5 | 1.5 | 1 | % | 335.5 | 319.8 | 15.7 | 5 | % | |||||||||||||||||||||||||||||||||||||
| Finance fee revenue | 0.1 | 0.1 | — | NM | 0.3 | 0.2 | 0.1 | NM | |||||||||||||||||||||||||||||||||||||||
| Other revenue | 49.4 | 36.9 | 12.5 | 34 | % | 141.8 | 99.5 | 42.3 | 42 | % | |||||||||||||||||||||||||||||||||||||
| Total revenues | $ | 181.5 | $ | 166.1 | $ | 15.4 | 9 | % | $ | 552.5 | $ | 490.2 | $ | 62.3 | 13 | % | |||||||||||||||||||||||||||||||
NM - Not meaningful
| Exhibit 5 Segment Adjusted Operating Income and Adjusted Operating Income Margin Information (in millions) (unaudited) | |||||||||||||||||||||||
| Segment Adjusted Operating Income | Segment Adjusted Operating Income Margin(1) | ||||||||||||||||||||||
| Three Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Mobility | $ | 167.1 | $ | 159.6 | 46.8 | % | 45.6 | % | |||||||||||||||
| Corporate Payments | 71.5 | 82.9 | 56.4 | % | 61.3 | % | |||||||||||||||||
| Benefits | 78.4 | 58.8 | 43.2 | % | 35.4 | % | |||||||||||||||||
| Total segment adjusted operating income | $ | 317.1 | $ | 301.3 | 47.6 | % | 46.3 | % | |||||||||||||||
| Segment Adjusted Operating Income | Segment Adjusted Operating Income Margin(1) | ||||||||||||||||||||||
| Nine Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Mobility | $ | 452.4 | $ | 448.7 | 42.9 | % | 43.5 | % | |||||||||||||||
| Corporate Payments | 210.5 | 198.4 | 54.9 | % | 54.8 | % | |||||||||||||||||
| Benefits | 229.0 | 182.6 | 41.4 | % | 37.3 | % | |||||||||||||||||
| Total segment adjusted operating income | $ | 891.9 | $ | 829.7 | 44.8 | % | 44.0 | % | |||||||||||||||
(1) Segment adjusted operating income margin is derived by dividing segment adjusted operating income by the revenue of the corresponding segment (or the entire Company in the case of total segment adjusted operating income). See Exhibit 1 for a reconciliation of GAAP operating income and related margin to total segment adjusted operating income and related margin.
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Adjusted operating income | $ | 293.0 | $ | 272.2 | $ | 818.1 | $ | 752.9 | |||||||||||||||
Adjusted operating income margin (1) | 44.0 | % | 41.8 | % | 41.1 | % | 39.9 | % | |||||||||||||||
(1) Adjusted operating income margin is derived by dividing adjusted operating income by total revenues of the entire Company as shown on the Condensed Consolidated Statement of Operations. See Exhibit 1 for a reconciliation of GAAP operating income and related margin to adjusted operating income and related margin.
CONTACTS:
News media contact:
WEX
Julie Lydon, 415-816-9397
Julie.Lydon@wexinc.com
or
Investor contact:
WEX
Steve Elder, 207-523-7769
Steve.Elder@wexinc.com