附錄99.1
wex inc.公佈2024年第三季度財務業績
第三季營業收入同比增長2％，達到創紀錄的6,6500萬美元，受益部門增長9％和移動部門增長率持續提升的推動。
Q3按照通用會計準則計算的凈利潤為每股2.52美元；Q3調整後的凈利潤為每股4.35美元
Q3的GAAP營運收入率為29.5%，調整後的營運收入率為44.0%。
第三季度花了3.7億美元進行股份回購，包括3千萬美元的加速股份回購協議。
緬因州波特蘭- 2024年10月24日 - WEX（紐交所：WEX），簡化業務運行的全球商業平台，今天報告截至2024年9月30日的財務業績。
“我們在第三季度繼續實現增長和強勁的盈利能力，這是由健康銷售、高客戶保留率和擴大利潤推動的。盡管如此，梅麗莎·史密斯(Melissa Smith)表示，我們的表現最終還是未能達到我們的預期。”，WEX的主席、首席執行官和總裁說。
「雖然第三季受到宏觀環境的挑戰，但我相信我們在整個組織中已經採取了正確的倡議，以推動長期強勁表現。在我們健全的低槓桿資產負債表支撐下，我們將繼續對業務進行必要的投資，為WEX的持續增長奠定基礎，同時致力於為股東創造價值。」
2024年第三季度財務業績
2024年第三季度的總營業收入較2023年第三季度的66550萬美元增加了2％，從65140萬美元增加。本季度營業收入的增加包括燃油價格和價差帶來的不利2120萬美元影響，以及匯率期貨帶來的有利220萬美元影響。
根據GAAP基礎，2024年第三季的凈利潤增加了8450萬美元至凈利潤10290萬美元，每股稀釋收益為2.52美元，較2023年第三季的凈利潤1840萬美元，每股稀釋收益0.42美元有所增加。公司的調整後凈利潤，這是一項非GAAP衡量標準，為2024年第三季為17750萬美元，每股稀釋收益4.35美元，較去年同期的17680萬美元，每股稀釋收益4.05美元增長7%。2024年第三季的GAAP營業收入率為29.5%，較去年同期的26.8%有所增加。調整後的營業收入率為44.0%，較去年同期的41.8%有所增加。請查看附件1，以獲取調整後凈利潤、調整後每股稀釋收益和調整後營業收入與最直接相對應的GAAP財務指標的全面解釋和調和。請參見附件5，了解調整後的營業收入率的計算資訊。
2024年第三季度業績指標
•所有板塊的成交量為623億美元，比2023年第三季增加了1%。
•2024年第三季度的移動支付處理交易金額增加了1％，從14460萬元增至14650萬元，與前一年相比。
•汽車服務的平均車輛數約為1970萬，比2023年第三季度增加了3%。
•Benefits’ 平均的軟體即服務(saas-云计算)帳戶數較2023年第三季增長2％，達到2030萬。
•2024年第三季的平均HSA保管現金資產為$43億，比一年前的$39億高出10%。
•Corporate Payments的採購量從2023年第三季的279億美元下降了16％至234億美元。 Corporate Payments總處理量（包括WEX未獲取互換營收的情況）為391億美元，比去年同期增加了6.2％。
•公司在該季度花費了約37000萬美元回購其共計170萬股普通股，不包括預計在我們之前宣布的加速股份回購協議下不久後交付的約20萬股。
•本年第三季度營運活動現金流為330萬美元。調整後的自由現金流，為一個非GAAP指標，為同一時期的189.5萬美元。請參見附件1，了解調整後自由現金流的更新定義，以及將營運現金流調整為這一非GAAP指標的對應。
“儘管我們的業績低於預期，但重要的是要注意，我們實現了創紀錄的第三季度營業收入和調整後的每股凈利潤增長，”致富金融(臨時代碼)官員Jagtar Narula說。“指引不足主要在我們的行動業務中，這表現出健康的潛在增長，但最終受到包括下降的燃油價格和同店銷售在內的宏觀趨勢以及對金融費收入的孤立性不計劃費用的影響。因此，我們調低了今年剩餘時間的展望，以反映第三季度的表現，以及我們預計燃油價格較低和與行動客戶成交量下降將持續到第四季度。”
展望未來，我們相信 WEX 的業務長期動能。我們的董事會最近將我們的股票回購計劃授權金額增加了10億美元，我們的股份数量創近十年來最低水平。自2022年重新啟動我們的股票回購以來，我們已將優先股減少了12%。
財務指引和假設
公司提供依據通用會計準則提供營業收入指引，並依據非通用會計準則提供盈利指引，因為報告的通用會計準則盈利中包含的某些因素數量不確定而且不明確。
•公司預計2024年第四季營業收入在63000萬至64000萬美元之間，調整後的每股稀釋分享的凈利潤在3.51至3.61美元之間。
•對於2024年整年，公司現在預期營業收入在26.2億至26.3億美元的區間內。調整後的凈利潤預計每股稀釋後在15.21至15.31美元的區間內。
2024年第四季度和全年指引是基於每加侖分別為3.28美元和3.48美元的美國零售燃油平均價格，以及25.0%的調整後凈利潤有效稅率。上述的燃油價格是基於2024年10月14日當週nymex期貨價格。我們的指引假設第四季度和整個年度分別有大約4050萬股和4140萬股全稀釋股份在外。股份數量的假設包括截至目前為止的所有完成活動，但不包括進一步的股份回購和在我們的加速股份回購協議下交付的進一步股份。
公司調整後的凈利潤引導，這是一個非通用會計原則之衡量，排除了金融工具未實現收益和損失、外幣兌換損益、與收購相關之無形資產攤銷、其他收購和購出相關項目、股份賠償、其他成本、債務重組成本及債務發行成本攤銷、稅務相關項目及其他某些與營運不相關之非經常性項目和非現金營運費用，在呈獻的期間視情況而定。我們無法將我們的調整後凈利潤引導與可比性的通用會計原則衡量和解釋，因為難以預測調整的金額，包括但不限於外幣兌換匯率、金融工具未實現收益和損失、以及收購和購出相關項目，這可能對我們的財務結果產生重大影響。
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.
為了為投資者提供更多有關其業績表現的洞察，WEX在本盈利公告中包含了以下內容：在展示1中，說明了在本盈利公告中提及的非通用會計措施的調解；在展示2中，展示了2024年9月30日結束的三個月期間我們各可報告部門外幣匯率和燃油價格的影響的表格；在展示3中，列出了2024年9月30日結束的季度以及之前四個季度的其他選定指標的表格。在展示4中查看2024年9月30日結束的三個月和2023年的各部門營業收入，以及關於部門調整後營業利潤率和調整後營業利潤率的信息在展示5中。
電話會議詳細資訊
隨著這項公告，WEX將於今天，2024年10月24日，東部時間上午10點（ET）舉行一次電話會議。如先前宣布的，這次電話會議將在網上直播，與相關幻燈片一同可以在WEX網站投資者關係部門取得，網址為www.wexinc.com。您亦可透過撥打(888) 596-4144或（646）968-2525來參與現場電話會議。會議ID號碼為2902800。網上直播及相關幻燈片的重播將在公司網站上至少提供30天。
有關WEX
WEX（紐交所：WEX）是一個全球商業平台，簡化業務運行的業務。WEX已經建立了一個強大的生態系統，為全球客戶提供無縫集成、個性化解決方案。通過豐富的數據和專業知識，簡化福利、重新想像移動性以及付款和收款等方面，WEX旨在幫助公司輕鬆克服複雜性，實現其完整潛力。欲了解更多信息，請訪問 www.wexinc.com。
前瞻性陳述
本盈利公告包含前瞻性陳述，包括但不限於有關管理層計劃、目標、期望、指引和對公司未來財務表現的假設。本盈利公告中的任何非歷史事實陳述均屬前瞻性陳述。在本盈利公告中使用時，“anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “will,” “positions,” “confidence” 和類似的表達旨在識別前瞻性陳述，儘管並非所有前瞻性陳述均包含這些字眼。前瞻性陳述涉及我們的未來計劃、目標、期望和意圖，並非歷史事實，因此涉及已知和未知的風險、不確定因素和其他因素，可能導致實際結果或表現與這些前瞻性陳述所暗示的未來結果或表現大不相同。以下因素等可能導致實際結果與本盈利公告中以及我們的授權官員口頭陳述中所作的前瞻性陳述含有的結果大不相同： “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “will,” “positions,” “confidence” 和類似的表達旨在識別前瞻性陳述，儘管並非所有前瞻性陳述均包含這些字眼。前瞻性陳述涉及我們的未來計劃、目標、期望和意圖，並非歷史事實，因此涉及已知和未知的風險、不確定因素和其他因素，可能導致實際結果或表現與這些前瞻性陳述所暗示的未來結果或表現大不相同。以下因素等可能導致實際結果與本盈利公告中以及我們的授權官員口頭陳述中所作的前瞻性陳述含有的結果大不相同：
•需求波動和燃料價格波動對公司國際市場的燃料價格差異，以及對公司業績（包括毛利、收入和凈利潤）的影響。
•一般經濟條件的影響，包括對燃料需求、企業支付服務、旅行相關服務或醫療相關產品和服務需求的下降；
•未能遵守萬事達或Visa合同和規則的適用要求；
•無法預測的事件在公司或公司客戶營運地點或其他地方可能對公司的員工、業務運作能力、營運成果和財務狀況造成不利影響；
•如公司未能充分評估和監控信用風險或我們支付卡或系統的欺詐使用，將對信用損失的影響和規模，包括欺詐損失以及其他不良影響。
•公司信用標準變動的影響;
•限制或壓縮換匯費用；
•受不良金融狀況影響，影響銀行系統的效應;
•我們環保母基、社會和治理實踐受到日益嚴格審查的影響；
•未能實施新技術和產品；
•無法實現或維持預期效益，來自我們成本和組織運營效率倡議的失敗；
•在無法有效競爭以維持或更新主要客戶和合作夥伴協議與關係，或是無法維持這些協議下的量的情況下失敗；
•吸引和留住員工的能力；
•執行公司業務擴展和收購努力，並實現我們已完成收購的好處；
•由於我們策略性少數股權投資未能獲得商業和財務效益的失敗；
•貨幣兌換匯率對公司在美國以外地區的業務、營業收入和收益以及與我們在美國以外地區業務相關的其他風險的影響;
•未能充分保護托管的HSA資產；
•如果公司對某些報告單位的公平價值評估發生變化，就會出現減值損失。
•調查和訴訟的不確定性；
•公司保護其知識產權和其他專有權利的能力;
•監管資本要求和其他監管規定對於WEX銀行的運營或其向WEX inc.支付能力的影響。
•公司的債務工具對公司運營的影響；
•貸款槓桿對公司的營運、業績或借貸能力的影響通常是什麼？
•利率期貨的變動，包括我們必須支付的存款利率、我們投資證券所獲利的利率，以及早期看漲條款中我們債券所可能面臨的潛在影響；
•重新融資某些債務或獲得額外融資的能力；
•監管機構的行動，包括稅務、銀行和證券監管機構，或可能對公司的興業銀行、公司作為母公司或其他子公司或聯屬公司帶來的稅務、銀行或金融法規變動影響;
•未能遵守針對非銀行保管人適用的財政部規定；
•來自公司科技系統或其第三方服務提供商的違規行為或其他問題，以及由此對公司聲譽、責任或與客戶或商戶的關係所造成的任何負面影響；
•關於隱私和數據保護方面的監管發展影響；
•對我們依賴的科技和電子通信網絡遭到任何干擾的影響；
•成功且具道德性地將人工智能納入我們的業務能力；
•保持有效的內部控制系統的能力;
•條例文件、特拉華州法律及適用的銀行法規定的影響，可能會延遲或阻止我們被第三方收購；
•在我們於2023年12月31日結束的年度10-k表格的第1A項中識別的其他風險和不確定性，於2024年2月23日向證券交易委員會提交，以及之後向證券交易委員會的提交。
前瞻性聲明僅反映此收益公告初始申報日期，不應過分依賴這些聲明。公司不對根據新資訊、未來事件或其他原因更新任何前瞻性聲明承擔義務。
wex inc.
綜合營業損益匯縮陳述
（以百萬為單位，除每股數據外）
(未審核)
| 截至9月30日的三個月内， | 截至九月三十日止九個月， | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| 收益 | |||||||||||||||||||||||
| 支付處理營業收入 | $ | 309.9 | $ | 313.3 | $ | 930.3 | $ | 901.9 | |||||||||||||||
| 賬戶服務營業收入 | 174.6 | 161.5 | 516.5 | 475.1 | |||||||||||||||||||
| 金融費用營業收入 | 70.5 | 77.1 | 218.6 | 234.2 | |||||||||||||||||||
| 其他收入 | 110.5 | 99.5 | 326.3 | 273.5 | |||||||||||||||||||
| 總收益 | 665.5 | 651.4 | 1,991.6 | 1,884.7 | |||||||||||||||||||
| 服務成本 | |||||||||||||||||||||||
| 處理成本 | 156.0 | 156.4 | 489.0 | 451.7 | |||||||||||||||||||
| 服務費 | 20.7 | 18.5 | 62.4 | 54.7 | |||||||||||||||||||
| 信用損失準備 | 9.7 | 9.4 | 52.6 | 77.5 | |||||||||||||||||||
| 營運利息 | 28.3 | 25.3 | 77.6 | 57.6 | |||||||||||||||||||
| 折舊與攤提 | 34.6 | 25.5 | 98.6 | 75.9 | |||||||||||||||||||
| 服務總成本 | 249.2 | 235.1 | 780.2 | 717.4 | |||||||||||||||||||
| 總務與行政 | 92.1 | 116.6 | 281.6 | 311.7 | |||||||||||||||||||
| 銷售和市場推廣費用 | 80.9 | 82.8 | 259.9 | 241.6 | |||||||||||||||||||
| 折舊與攤提 | 46.9 | 42.0 | 140.9 | 125.4 | |||||||||||||||||||
| 營收 | 196.4 | 174.9 | 529.0 | 488.6 | |||||||||||||||||||
| 財務利息費用，減去財務工具 | (58.4) | (49.4) | (178.5) | (142.5) | |||||||||||||||||||
| 條件性考慮變動的公允價值 | (0.1) | (3.2) | (3.5) | (6.2) | |||||||||||||||||||
| 轉換票據除記虧損 | — | (70.1) | — | (70.1) | |||||||||||||||||||
| 凈外幣匯兌（損失） | 3.2 | (7.8) | (9.7) | (9.4) | |||||||||||||||||||
| 稅前收入 | 141.1 | 44.4 | 337.2 | 260.4 | |||||||||||||||||||
| 所得稅支出 | 38.2 | 26.0 | 91.6 | 78.7 | |||||||||||||||||||
| 凈利潤 | $ | 102.9 | $ | 18.4 | $ | 245.7 | $ | 181.7 | |||||||||||||||
| 每股淨利潤： | |||||||||||||||||||||||
| 基礎 | $ | 2.56 | $ | 0.43 | $ | 5.95 | $ | 4.23 | |||||||||||||||
| 稀釋 | $ | 2.52 | $ | 0.42 | $ | 5.89 | $ | 4.18 | |||||||||||||||
| 加權平均普通股股本： | |||||||||||||||||||||||
| 基礎 | 40.3 | 42.9 | 41.3 | 43.0 | |||||||||||||||||||
| 稀釋 | 40.8 | 43.4 | 41.7 | 43.5 | |||||||||||||||||||
wex inc.
縮表合併資產負債表
(以百萬為單位)
（未經審計）
| 九月三十日， 2024 | 12月31日， 2023 | ||||||||||
| 資產 | |||||||||||
| 現金及現金等價物 | $ | 535.4 | $ | 975.8 | |||||||
| 限制性現金 | 776.4 | 1,254.2 | |||||||||
| 應收帳款淨額 | 3,770.4 | 3,428.5 | |||||||||
| 投資證券 | 3,722.6 | 3,022.1 | |||||||||
| Securitized accounts receivable, restricted | 133.3 | 129.4 | |||||||||
| 預付費用及其他流動資產 | 171.4 | 125.3 | |||||||||
| 全部流動資產 | 9,109.4 | 8,935.3 | |||||||||
| 資產、設備及資本化軟體 | 261.3 | 242.9 | |||||||||
| 商譽及其他無形資產 | 4,338.7 | 4,474.4 | |||||||||
| 投資證券 | 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 | |||||||||
| 其他資產 | 162.2 | 149.0 | |||||||||
| 資產總額 | $ | 13,961.4 | $ | 13,882.1 | |||||||
| 550,714 | |||||||||||
| 應付賬款 | $ | 1,365.5 | $ | 1,479.1 | |||||||
| 應計費用及其他流動負債 | 679.9 | 802.7 | |||||||||
| 受限現金應付 | 775.7 | 1,253.5 | |||||||||
| 短期存款 | 4,461.5 | 3,942.8 | |||||||||
| 短期負債，淨額 | 1,435.4 | 1,041.1 | |||||||||
| 流動負債合計 | 8,718.1 | 8,519.2 | |||||||||
| 長期負債淨額 | 3,143.3 | 2,827.5 | |||||||||
| 長期存款 | — | 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 | |||||||||
| 其他負債 | 285.0 | 455.5 | |||||||||
| 總負債 | 12,284.0 | 12,061.5 | |||||||||
| 股東權益總額 | 1,677.5 | 1,820.6 | |||||||||
| 負債和股東權益總額 | $ | 13,961.4 | $ | 13,882.1 | |||||||
wex inc.
簡明合併現金流量表 (未經審計)
(以百萬為單位)
（未經審計）
| 截至9月30日的九個月 | |||||||||||
| 2024 | 2023 | ||||||||||
| 來自經營活動的現金流量 | $ | (157.0) | $ | 146.0 | |||||||
| 投資活動產生的現金流量 | |||||||||||
| 物業、設備和資本化軟體的購買 | (108.6) | (101.7) | |||||||||
| 其他投資的購入 | (18.0) | (5.0) | |||||||||
| 可供出售債務證券的購買 | (900.9) | (1,448.6) | |||||||||
| 可供出售債務證券的銷售和到期 | 309.4 | 144.1 | |||||||||
| 收購無形資產 | (5.1) | (4.5) | |||||||||
| 併購，扣除收購現金和受限現金 | (0.9) | (155.7) | |||||||||
| 投資活動中的淨現金流出 | (724.0) | (1,571.4) | |||||||||
| 財務活動中的現金流量 | |||||||||||
| 購回普通股 | (543.6) | (152.6) | |||||||||
| 存款淨變動 | 388.8 | 889.9 | |||||||||
| 受限現金應付款淨變動 | (480.4) | 213.1 | |||||||||
| 支付透過承諾及條件而產生之款項 | (93.7) | (52.2) | |||||||||
| 回購可轉換票據 | — | (368.9) | |||||||||
| 50,000 | (23.5) | (3.4) | |||||||||
淨債務活動 1 | 711.3 | 1,179.4 | |||||||||
| 籌資活動提供的淨現金 | (41.1) | 1,705.3 | |||||||||
| 匯率對現金、現金等價物和受限制現金的影響 | 3.9 | (22.8) | |||||||||
| 現金、現金等價物和限制性現金的淨變動 | (918.2) | 257.1 | |||||||||
| 本期期初現金、現金及受限制的現金餘額為 | 2,230.0 | 1,859.8 | |||||||||
| 本期期末現金、現金及受限制的現金餘額為 | $ | 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