0001157523-19-002144.txt : 20191031 0001157523-19-002144.hdr.sgml : 20191031 20191031065554 ACCESSION NUMBER: 0001157523-19-002144 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20191031 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20191031 DATE AS OF CHANGE: 20191031 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WEX Inc. CENTRAL INDEX KEY: 0001309108 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 010526993 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32426 FILM NUMBER: 191182039 BUSINESS ADDRESS: STREET 1: 97 DARLING AVENUE CITY: SOUTH PORTLAND STATE: ME ZIP: 04106 BUSINESS PHONE: (207) 773-8171 MAIL ADDRESS: STREET 1: 97 DARLING AVENUE CITY: SOUTH PORTLAND STATE: ME ZIP: 04106 FORMER COMPANY: FORMER CONFORMED NAME: Wright Express CORP DATE OF NAME CHANGE: 20041118 8-K 1 a52119860.htm WEX INC. 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 
Date of Report (Date of earliest event reported)
October 31, 2019

graphic

WEX Inc.
(Exact name of registrant as specified in its charter)

Delaware
  
001-32426
  
01-0526993
(State or other jurisdiction of
incorporation)
  
(Commission File Number)
  
(IRS Employer Identification No.)
         

1 Hancock Street, Portland, Maine
04101
Address of principal executive offices
Zip Code

Registrant's telephone number, including area code
(207) 773-8171
 

 
(Former name or former address if changes since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.01 par value
WEX
New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐


Item 2.02 Results of Operations and Financial Condition.
On October 31, 2019, WEX Inc. (the “Company”) issued a news release announcing its third-quarter 2019 results.  A copy of the release is attached as Exhibit 99.1 and is incorporated by reference herein in its entirety.
The information in this item, including Exhibit 99.1, is being furnished, not filed. Accordingly, the information in this item will not be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified as being incorporated into it by reference.
Item 7.01 Regulation FD Disclosure.

On October 31, 2019, the Company will hold a conference call announcing its results of operations for the three months ended September 30, 2019.
Item 9.01 Financial Statements and Exhibits.
(c)  See attached Exhibit Index.
EXHIBIT INDEX
Exhibit No.
  
Description
     
 


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934 the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
WEX INC.
   
   
   
Date: October 31, 2019
By:
/s/ Roberto Simon                                        
   
Roberto Simon
   
Chief Financial Officer
   
(principal financial officer and principal accounting officer)

EX-99.1 2 a52119860ex99_1.htm EXHIBIT 99.1
Exhibit 99.1

WEX Inc. Reports Third Quarter 2019 Financial Results

Meaningful contributions from large North American oil company portfolios, new customer additions, and recent strategic acquisitions drive 19% revenue growth

PORTLAND, Maine--(BUSINESS WIRE)--October 31, 2019--WEX Inc. (NYSE: WEX), a leading financial technology service provider, today reported financial results for the three months ended September 30, 2019.

Third Quarter 2019 Financial Results

Total revenue for the third quarter of 2019 increased 19% to $460.0 million from $386.6 million for the third quarter of 2018. The $73.3 million revenue increase in the quarter includes an $8.5 million negative impact as a result of lower average fuel prices.

Net income attributable to shareholders on a GAAP basis decreased by $42.0 million to $14.6 million, or $0.33 per diluted share, compared with $56.6 million, or $1.30 per diluted share, for the third quarter of 2018. The Company's adjusted net income attributable to shareholders, which is a non-GAAP measure, was $113.5 million for the third quarter of 2019, or $2.59 per diluted share, up 16% per diluted share from $97.1 million or $2.23 per diluted share for the same period last year. See Exhibit 1 for a full explanation and reconciliation of adjusted net income attributable to shareholders and adjusted net income attributable to shareholders per diluted share to the comparable GAAP measures.

"In the third quarter, WEX built upon the strong momentum we saw in the first six months of 2019 and again reported double-digit top-line growth across all segments," said Melissa Smith, WEX's Chair and Chief Executive Officer. "Despite macroeconomic headwinds, we drove strong revenue performance and improved operating income by expanding our market share and leveraging our recent strategic acquisitions. Looking ahead, I am proud of the robust growth engine we have established and am confident our best-in-class services and technology position us for continued growth."

Third Quarter 2019 Performance Metrics

  • Average number of vehicles serviced was approximately 14.3 million, an increase of 22% from the third quarter of 2018.
  • Total fuel transactions processed increased 14% from the third quarter of 2018 to 162.2 million. Payment processing transactions increased 15% to 135.2 million.
  • U.S. retail fuel price decreased 8% to $2.80 per gallon from $3.06 per gallon in the third quarter of 2018.
  • Travel and Corporate Solutions' purchase volume grew 20% to $11.5 billion from $9.6 billion in the third quarter of 2018.
  • Health and Employee Benefit Solutions' average number of Software-as-a-Service (SaaS) accounts in the U.S. grew 18% to 13.0 million from 11.1 million in the third quarter of 2018.

"WEX's impressive third quarter results were a product of solid growth in each of our three segments, coupled with significant contributions from our recent acquisitions," said Roberto Simon, WEX's Chief Financial Officer. "As we approach the end of the year, we expect to experience a weaker macro-environment than what we have seen year-to-date with lower than anticipated fleet and travel customer volumes. In the fourth quarter, we will continue to focus on the integration of Discovery Benefits, Noventis and Go Fuel Card and executing on our strategic pillars to make strides towards achieving our long-term strategy."

Financial Guidance and Assumptions

The Company provides revenue guidance on a GAAP basis and earnings guidance on a non-GAAP basis, due to the uncertainty and an indeterminate amount of certain elements that are included in reported GAAP earnings.

  • For the full year 2019, the Company expects revenue in the range of $1.736 billion to $1.746 billion and adjusted net income in the range of $399 million to $403 million, or $9.10 to $9.20 per diluted share.
  • For the fourth quarter of 2019, WEX expects revenue in the range of $452 million to $462 million and adjusted net income in the range of $110 million to $114 million, or $2.51 to $2.61 per diluted share.

Fourth quarter 2019 guidance is based on an assumed average U.S. retail fuel price of $2.76 per gallon. Full year 2019 guidance is based on an assumed average U.S. retail fuel price of $2.79 per gallon. The fuel prices referenced above are based on the applicable NYMEX futures price. The Company's guidance also assumes that fourth quarter 2019 fleet credit loss will range from 14 to 19 basis points and full year fleet credit loss will range from 13 to 14 basis points. Our guidance also assumes approximately 43.8 million shares outstanding for the fourth quarter and the full year 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 remeasurement 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, similar adjustments attributable to our non-controlling interests and certain tax related items. We are unable to reconcile our adjusted net income guidance to the comparable GAAP measure without unreasonable effort because of the difficulty in predicting the amounts to be adjusted, including but not limited to, foreign currency exchange rates, unrealized gains and losses on financial instruments, acquisition and divestiture related items and adjustments to the redemption value of a non-controlling interest, which may have a significant impact on our financial results.

Additional Information

Management uses the non-GAAP measures presented within this news 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.

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 nine months ended September 30, 2019, and in Exhibit 3, a table of selected non-financial metrics for the quarter ended September 30, 2019 and four preceding quarters. The Company is also providing segment revenue for the three and nine months ended September 30, 2019 and 2018 in Exhibit 4 and information regarding segment adjusted operating income margin and adjusted operating income margin in Exhibit 5.

Conference Call Details

In conjunction with this announcement, WEX will host a conference call today, October 31, 2019, at 9:00 a.m. (ET). 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. The live conference call also can be accessed by dialing (877) 388-6527 or (973) 935-8463. The Conference ID number is 4176737. A replay of the webcast and the accompanying slides will be available on the Company's website.

About WEX

Powered by the belief that complex payment systems can be made simple, WEX (NYSE: WEX) is a leading financial technology service provider across a wide spectrum of sectors, including fleet, travel and healthcare. WEX operates in more than 10 countries and in more than 20 currencies through more than 4,900 associates around the world. WEX fleet cards offer 14 million vehicles exceptional payment security and control; purchase volume in its travel and corporate solutions grew to approximately $34.7 billion in 2018; and the WEX Health financial technology platform helps 343,000 employers and more than 28 million consumers better manage healthcare expenses. For more information, visit www.wexinc.com.

Forward-Looking Statements

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. Any statements that are not statements of historical facts may be deemed to be forward-looking statements. 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. 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 forward-looking statements do not reflect the potential future impact of any alliance, merger, acquisition, disposition or stock repurchases. The forward-looking statements speak only as of the date of this earnings release and undue reliance should not be placed on these statements. The Company disclaims any obligation to update any forward-looking statements as a result of new information, future events or otherwise.

 

WEX INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)


 

 

Three months ended September 30,

 

Nine months ended September 30,

 

2019

 

2018

 

2019

 

2018

Revenues

 

 

 

 

 

 

 

Payment processing revenue

$

224,756

 

 

$

182,871

 

 

$

626,380

 

 

$

530,063

 

Account servicing revenue

109,205

 

 

78,748

 

 

303,183

 

 

236,168

 

Finance fee revenue

66,382

 

 

57,673

 

 

175,667

 

 

158,107

 

Other revenue

59,620

 

 

67,325

 

 

178,416

 

 

187,105

 

Total revenues

459,963

 

 

386,617

 

 

1,283,646

 

 

1,111,443

 

Cost of services

 

 

 

 

 

 

 

Processing costs

98,296

 

 

81,190

 

 

288,896

 

 

231,761

 

Service fees

14,905

 

 

13,818

 

 

43,348

 

 

39,847

 

Provision for credit losses

14,847

 

 

22,549

 

 

47,470

 

 

50,411

 

Operating interest

11,508

 

 

10,268

 

 

31,765

 

 

28,281

 

Depreciation and amortization

26,123

 

 

19,013

 

 

68,206

 

 

60,058

 

Total cost of services

165,679

 

 

146,838

 

 

479,685

 

 

410,358

 

General and administrative

65,423

 

 

51,126

 

 

206,075

 

 

154,148

 

Sales and marketing

73,689

 

 

54,611

 

 

210,639

 

 

168,849

 

Depreciation and amortization

36,861

 

 

29,054

 

 

105,264

 

 

88,817

 

Impairment charge

—

 

 

2,424

 

 

—

 

 

2,424

 

Operating income

118,311

 

 

102,564

 

 

281,983

 

 

286,847

 

Financing interest expense

(34,549

)

 

(25,718

)

 

(101,299

)

 

(78,560

)

Net foreign currency loss

(16,528

)

 

(1,094

)

 

(13,748

)

 

(27,438

)

Net unrealized (loss) gain on financial instruments

(5,650

)

 

2,157

 

 

(39,078

)

 

18,371

 

Income before income taxes

61,584

 

 

77,909

 

 

127,858

 

 

199,220

 

Income taxes

19,137

 

 

21,305

 

 

37,352

 

 

51,379

 

Net income

42,447

 

 

56,604

 

 

90,506

 

 

147,841

 

Less: Net (loss) income from non-controlling interests

(631

)

 

(40

)

 

(233

)

 

803

 

Net income attributable to WEX Inc.

$

43,078

 

 

$

56,644

 

 

$

90,739

 

 

$

147,038

 

Accretion of non-controlling interest

(28,459

)

 

—

 

 

(46,179

)

 

—

 

Net income attributable to shareholders

$

14,619

 

 

$

56,644

 

 

$

44,560

 

 

$

147,038

 

 

 

 

 

 

 

 

 

Net income attributable to WEX Inc. per share:

 

 

 

 

 

 

 

Basic

$

0.34

 

 

$

1.31

 

 

$

1.03

 

 

$

3.41

 

Diluted

$

0.33

 

 

$

1.30

 

 

$

1.02

 

 

$

3.38

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

Basic

43,349

 

 

43,191

 

 

43,300

 

 

43,141

 

Diluted

43,811

 

 

43,615

 

 

43,715

 

 

43,558

 












 

WEX INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)


 

 

September 30,
2019

 

December 31,
2018

Assets

 

 

 

Cash and cash equivalents

$

531,410

 

 

$

541,498

 

Restricted cash

139,785

 

 

13,533

 

Accounts receivable

3,181,272

 

 

2,584,203

 

Securitized accounts receivable, restricted

119,134

 

 

109,871

 

Prepaid expenses and other current assets

82,857

 

 

149,021

 

Total current assets

4,054,458

 

 

3,398,126

 

Property, equipment and capitalized software

207,647

 

 

187,868

 

Goodwill and other intangible assets

4,051,617

 

 

2,866,323

 

Investment securities

30,458

 

 

24,406

 

Deferred income taxes, net

12,713

 

 

9,643

 

Other assets

184,413

 

 

284,229

 

Total assets

$

8,541,306

 

 

$

6,770,595

 

Liabilities and Stockholders’ Equity

 

 

 

Accounts payable

$

1,224,737

 

 

$

814,742

 

Accrued expenses

305,855

 

 

312,268

 

Restricted cash payable

139,838

 

 

13,533

 

Short-term deposits

1,158,643

 

 

927,444

 

Short-term debt, net

196,586

 

 

216,517

 

Other current liabilities

87,655

 

 

27,067

 

Total current liabilities

3,113,314

 

 

2,311,571

 

Long-term debt, net

2,700,649

 

 

2,133,923

 

Long-term deposits

416,295

 

 

345,231

 

Deferred income taxes, net

205,677

 

 

151,685

 

Other liabilities

107,183

 

 

32,261

 

Total liabilities

6,543,118

 

 

4,974,671

 

Commitments and contingencies

 

 

 

Redeemable non-controlling interest

146,218

 

 

—

 

Stockholders’ Equity

 

 

 

Total WEX Inc. stockholders’ equity

1,842,424

 

 

1,785,697

 

Non-controlling interest

9,546

 

 

10,227

 

Total stockholders’ equity

1,851,970

 

 

1,795,924

 

Total liabilities and stockholders’ equity

$

8,541,306

 

 

$

6,770,595

 








 

 

Exhibit 1
Reconciliation of Non - GAAP Measures
(in thousands, except per share data) (unaudited)

Reconciliation of GAAP Net Income Attributable to Shareholders to Adjusted Net Income Attributable to Shareholders


 

 

Three Months Ended September 30,

 

2019

 

2018

 

 

 

per diluted share

 

 

 

per diluted share

Net income attributable to shareholders

$

14,619

 

 

$

0.33

 

 

$

56,644

 

 

$

1.30

 

Unrealized loss (gain) on financial instruments

5,650

 

 

0.13

 

 

(2,157

)

 

(0.05

)

Net foreign currency remeasurement loss

16,528

 

 

0.38

 

 

1,094

 

 

0.03

 

Acquisition–related intangible amortization

42,800

 

 

0.98

 

 

33,439

 

 

0.77

 

Other acquisition and divestiture related items

7,907

 

 

0.18

 

 

1,536

 

 

0.04

 

Stock–based compensation

9,522

 

 

0.22

 

 

9,799

 

 

0.22

 

Restructuring and other costs

5,413

 

 

0.12

 

 

1,973

 

 

0.05

 

Impairment charge

—

 

 

—

 

 

2,424

 

 

0.06

 

Debt restructuring and debt issuance cost amortization

3,251

 

 

0.07

 

 

2,216

 

 

0.05

 

ANI adjustments attributable to non–controlling interests

27,149

 

 

0.62

 

 

(351

)

 

(0.01

)

Tax related items

(19,348

)

 

(0.44

)

 

(9,498

)

 

(0.22

)

Adjusted net income attributable to shareholders

$

113,491

 

 

$

2.59

 

 

$

97,119

 

 

$

2.23

 

 

Nine Months Ended September 30,

 

2019

 

2018

 

 

 

per diluted share

 

 

 

per diluted share

Net income attributable to shareholders

$

44,560

 

 

$

1.02

 

 

$

147,038

 

 

$

3.38

 

Unrealized loss (gain) on financial instruments

39,078

 

 

0.89

 

 

(18,371

)

 

(0.42

)

Net foreign currency remeasurement loss

13,748

 

 

0.31

 

 

27,438

 

 

0.63

 

Acquisition–related intangible amortization

116,502

 

 

2.67

 

 

103,596

 

 

2.38

 

Other acquisition and divestiture related items

24,704

 

 

0.57

 

 

2,792

 

 

0.06

 

Stock–based compensation

34,956

 

 

0.80

 

 

25,659

 

 

0.59

 

Restructuring and other costs

12,914

 

 

0.30

 

 

8,274

 

 

0.19

 

Impairment charge

—

 

 

—

 

 

2,424

 

 

0.06

 

Debt restructuring and debt issuance cost amortization

18,200

 

 

0.42

 

 

11,515

 

 

0.26

 

ANI adjustments attributable to non–controlling interests

43,874

 

 

1.00

 

 

(889

)

 

(0.02

)

Tax related items

(60,585

)

 

(1.39

)

 

(40,381

)

 

(0.93

)

Adjusted net income attributable to shareholders

$

287,951

 

 

$

6.59

 

 

$

269,095

 

 

$

6.18

 
















 

Reconciliation of GAAP Operating Income to Total Segment Adjusted Operating Income and Adjusted Operating Income
(in thousands, except per share data)
(unaudited)


 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2019

 

2018

 

2019

 

2018

Operating income

$

118,311

 

 

$

102,564

 

 

$

281,983

 

 

$

286,847

 

Unallocated corporate expenses

17,016

 

 

13,414

 

 

52,135

 

 

42,378

 

Acquisition-related intangible amortization

42,800

 

 

33,439

 

 

116,502

 

 

103,596

 

Other acquisition and divestiture related items

7,907

 

 

1,536

 

 

24,704

 

 

2,792

 

Stock-based compensation

9,522

 

 

9,799

 

 

34,956

 

 

25,659

 

Restructuring and other costs

5,413

 

 

1,973

 

 

12,914

 

 

8,274

 

Debt restructuring costs

1,162

 

 

317

 

 

10,640

 

 

3,798

 

Impairment charge

—

 

 

2,424

 

 

—

 

 

2,424

 

Total segment adjusted operating income

$

202,131

 

 

$

165,466

 

 

$

533,834

 

 

$

475,768

 

Unallocated corporate expenses

(17,016

)

 

(13,414

)

 

(52,135

)

 

(42,378

)

Adjusted operating income

$

185,115

 

 

$

152,052

 

 

$

481,699

 

 

$

433,390

 

The Company's non-GAAP adjusted net income excludes unrealized gains and losses on financial instruments, net foreign currency remeasurement 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, similar adjustments attributable to our non-controlling interests and certain tax related items.

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, and debt restructuring costs. Total segment adjusted operating income incorporates the 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 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. 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. 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:

  • 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.
  • 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 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 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 of 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.
  • Restructuring and other costs includes other immaterial costs that the Company has incurred and are non-operational. We exclude these items when evaluating our continuing business performance as such items 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 costs related to certain identified initiatives to further streamline the business, improve the Company's efficiency, create synergies and globalize the Company's operations, remediate the prior year material weaknesses, 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 non-recurring 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 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 adjustments attributable to non-controlling interests, including adjustments to the redemption value of a non-controlling interest, have no significant impact on the ongoing operations of the business.
  • The tax related items are the difference between the Company’s U.S. GAAP tax provision and a pro forma tax provision based upon the Company’s adjusted net income before taxes as well as the impact from certain discrete tax items. The methodology utilized for calculating the Company’s adjusted net income tax provision is the same methodology utilized in calculating the Company’s U.S. GAAP tax provision.
  • 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.

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. However, because adjusted net income, adjusted operating income and total segment adjusted operating income are a non-GAAP measures, they should not be considered as a substitute for, or superior to, net income, operating income or cash flows from operating activities 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.

The table below shows the impact of certain macro factors on reported revenue:

Exhibit 2

Segment Revenue Results
(in thousands)
(unaudited)

 

 

 

Fleet Solutions

 

Travel and Corporate
Solutions

 

Health and Employee
Benefit Solutions

 

Total WEX Inc.

 

Three months ended September 30,

 

2019

 

2018

 

2019

 

2018

 

2019

 

2018

 

2019

 

2018

Reported revenue

$

277,526

 

 

$

249,569

 

 

$

99,128

 

 

$

82,810

 

 

$

83,309

 

 

$

54,238

 

 

$

459,963

 

 

$

386,617

 

FX impact (favorable) / unfavorable

$

1,633

 

 

$

—

 

 

$

1,185

 

 

$

—

 

 

$

28

 

 

$

—

 

 

$

2,846

 

 

$

—

 

PPG impact (favorable) / unfavorable

$

8,519

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

8,519

 

 

$

—

 

 

Nine months ended September 30,

 

2019

 

2018

 

2019

 

2018

 

2019

 

2018

 

2019

 

2018

Reported revenue

$

777,622

 

 

$

721,346

 

 

$

272,126

 

 

$

225,353

 

 

$

233,898

 

 

$

164,744

 

 

$

1,283,646

 

 

$

1,111,443

 

FX impact (favorable) / unfavorable

$

6,207

 

 

$

—

 

 

$

4,068

 

 

$

—

 

 

$

948

 

 

$

—

 

 

$

11,223

 

 

$

—

 

PPG impact (favorable) / unfavorable

$

15,035

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

15,035

 

 

$

—

 

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.

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. 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:

Segment Estimated Earnings Impact
(in thousands)
(unaudited)

 

 

 

Fleet Solutions

 

Travel and Corporate
Solutions

 

Health and Employee
Benefit Solutions

 

Three months ended September 30,

 

2019

 

2018

 

2019

 

2018

 

2019

 

2018

FX impact (favorable) / unfavorable

$

696

 

 

$

—

 

$

694

 

 

$

—

 

$

13

 

 

$

—

PPG impact (favorable) / unfavorable

$

5,440

 

 

$

—

 

$

—

 

 

$

—

 

$

—

 

 

$

—

 

Nine months ended September 30,

 

2019

 

2018

 

2019

 

2018

 

2019

 

2018

FX impact (favorable) / unfavorable

$

1,910

 

 

$

—

 

$

2,131

 

 

$

—

 

$

(66

)

 

$

—

PPG impact (favorable) / unfavorable

$

9,647

 

 

$

—

 

$

—

 

 

$

—

 

$

—

 

 

$

—

To determine the estimated earnings 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 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, exclusive of revenue and expenses derived from 2019 acquisitions. 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 interests and applicable taxes.

 

Exhibit 3
Selected Non-Financial Metrics
(unaudited)

 

Q3 2019

 

Q2 2019

 

Q1 2019

 

Q4 2018

 

Q3 2018

Fleet Solutions:

 

 

 

 

 

 

 

 

 

Payment processing transactions (000s)

135,236

 

 

127,986

 

 

115,404

 

 

115,883

 

 

117,680

 

Payment processing gallons of fuel (000s)

3,338,322

 

 

3,239,703

 

 

3,014,128

 

 

3,033,896

 

 

3,051,585

 

Average US fuel price (US$ / gallon)

$

2.80

 

 

$

2.91

 

 

$

2.67

 

 

$

2.94

 

 

$

3.06

 

Payment processing $ of fuel (000s)

$

9,737,591

 

 

$

9,755,737

 

 

$

8,462,078

 

 

$

9,333,101

 

 

$

9,723,609

 

Net payment processing rate

1.29

%

 

1.24

%

 

1.27

%

 

1.38

%

 

1.19

%

Payment processing revenue (000s)

$

125,288

 

 

$

120,717

 

 

$

107,408

 

 

$

129,084

 

 

$

116,023

 

Net late fee rate

0.58

%

 

0.54

%

 

0.44

%

 

0.44

%

 

0.43

%

Late fee revenue (000s)

$

56,938

 

 

$

52,823

 

 

$

37,527

 

 

$

40,731

 

 

$

41,641

 

Travel and Corporate Solutions:

 

 

 

 

 

 

 

 

 

Purchase volume (000s)

$

11,543,605

 

 

$

10,047,934

 

 

$

8,405,661

 

 

$

8,210,863

 

 

$

9,620,787

 

Net interchange rate

0.74

%

 

0.77

%

 

0.71

%

 

0.64

%

 

0.56

%

Payment solutions processing revenue (000s)

$

85,128

 

 

$

77,273

 

 

$

59,998

 

 

$

52,878

 

 

$

54,345

 

Health and Employee Benefit Solutions:

 

 

 

 

 

 

 

 

 

Purchase volume (000s)

$

1,126,156

 

 

$

1,374,592

 

 

$

1,657,588

 

 

$

996,404

 

 

$

1,061,215

 

Average number of SaaS accounts (000s)

13,022

 

 

12,563

 

 

12,729

 

 

11,450

 

 

11,057

 

Definitions and explanations:

Payment processing transactions represents the total number of purchases made by fleets that have a payment processing relationship with WEX.

Payment processing gallons of fuel represents the total number of gallons of fuel purchased by fleets that have a payment processing relationship with WEX.

Payment processing dollars of fuel represents the total dollar value of the fuel purchased by fleets that have a payment processing relationship with WEX.

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.

Net late fee rate represents late fee revenue as a percentage of fuel purchased by fleets that have a payment processing relationship with WEX.

Late fee revenue represents fees charged for payments not made within the terms of the customer agreement based upon the outstanding customer receivable balance.

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.

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.

Purchase volume in the Health and Employee Benefit Solutions segment represents the total US dollar value of all transactions where interchange is earned by WEX.

Average number of Health and Employee Benefit Solutions accounts represents the number of active Consumer Directed Health, COBRA, and billing accounts on our SaaS platforms in the United States.

 

Exhibit 4
Segment Revenue Information
(in thousands)
(unaudited)

 

Three months ended
September 30,

 

Increase (decrease)

 

Nine months ended
September 30,

 

Increase (decrease)

Fleet Solutions

2019

 

2018

 

Amount

 

Percent

 

2019

 

2018

 

Amount

 

Percent

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment processing revenue

$

125,288

 

 

$

116,023

 

 

$

9,265

 

 

8

%

 

$

353,413

 

 

$

335,896

 

 

$

17,517

 

 

5

%

Account servicing revenue

42,037

 

 

42,810

 

 

(773

)

 

(2

)%

 

122,782

 

 

128,039

 

 

(5,257

)

 

(4

)%

Finance fee revenue

65,818

 

 

51,644

 

 

14,174

 

 

27

%

 

174,067

 

 

140,436

 

 

33,631

 

 

24

%

Other revenue

44,383

 

 

39,092

 

 

5,291

 

 

14

%

 

127,360

 

 

116,975

 

 

10,385

 

 

9

%

Total revenues

$

277,526

 

 

$

249,569

 

 

$

27,957

 

 

11

%

 

$

777,622

 

 

$

721,346

 

 

$

56,276

 

 

8

%

 

Three months ended
September 30,

 

Increase (decrease)

 

Nine months ended
September 30,

 

Increase (decrease)

Travel and Corporate Solutions

2019

 

2018

 

Amount

 

Percent

 

2019

 

2018

 

Amount

 

Percent

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment processing revenue

$

85,128

 

 

$

54,345

 

 

$

30,783

 

 

57

%

 

$

222,399

 

 

$

150,411

 

 

$

71,988

 

 

48

%

Account servicing revenue

10,717

 

 

9,120

 

 

1,597

 

 

18

%

 

32,019

 

 

27,584

 

 

4,435

 

 

16

%

Finance fee revenue

645

 

 

670

 

 

(25

)

 

(4

)%

 

1,498

 

 

1,157

 

 

341

 

 

29

%

Other revenue

2,638

 

 

18,675

 

 

(16,037

)

 

(86

)%

 

16,210

 

 

46,201

 

 

(29,991

)

 

(65

)%

Total revenues

$

99,128

 

 

$

82,810

 

 

$

16,318

 

 

20

%

 

$

272,126

 

 

$

225,353

 

 

$

46,773

 

 

21

%

 

Three months ended
September 30,

 

Increase (decrease)

 

Nine months ended
September 30,

 

Increase (decrease)

Health and Employee Benefit Solutions

2019

 

2018

 

Amount

 

Percent

 

2019

 

2018

 

Amount

 

Percent

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment processing revenue

$

14,340

 

 

$

12,503

 

 

$

1,837

 

 

15

%

 

$

50,568

 

 

$

43,756

 

 

$

6,812

 

 

16

%

Account servicing revenue

56,451

 

 

26,818

 

 

29,633

 

 

110

%

 

148,382

 

 

80,545

 

 

67,837

 

 

84

%

Finance fee revenue

(81

)

 

5,359

 

 

(5,440

)

 

NM

 

102

 

 

16,514

 

 

(16,412

)

 

(99

)%

Other revenue

12,599

 

 

9,558

 

 

3,041

 

 

32

%

 

34,846

 

 

23,929

 

 

10,917

 

 

46

%

Total revenues

$

83,309

 

 

$

54,238

 

 

$

29,071

 

 

54

%

 

$

233,898

 

 

$

164,744

 

 

$

69,154

 

 

42

%






























 

Exhibit 5
Segment Adjusted Operating Income and Adjusted Operating Income Margin Information

(in thousands)

(unaudited)

 

Segment Adjusted Operating Income

 

Segment Adjusted Operating Income
Margin(1)

 

Three Months Ended September 30,

 

Three Months Ended September 30,

 

2019

 

2018

 

2019

 

2018

Fleet Solutions

$

133,348

 

 

$

112,952

 

 

48.0%

 

45.3%

Travel and Corporate Solutions

$

47,356

 

 

$

39,377

 

 

47.8%

 

47.6%

Health and Employee Benefit Solutions

$

21,427

 

 

$

13,137

 

 

25.7%

 

24.2%

Total segment adjusted operating income

$

202,131

 

 

$

165,466

 

 

43.9%

 

42.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Adjusted Operating Income

 

Segment Adjusted Operating Income
Margin(1)

 

Nine Months Ended September 30,

 

Nine Months Ended September 30,

 

2019

 

2018

 

2019

 

2018

Fleet Solutions

$

348,900

 

 

$

333,878

 

 

44.9%

 

46.3%

Travel and Corporate Solutions

$

122,581

 

 

$

99,074

 

 

45.0%

 

44.0%

Health and Employee Benefit Solutions

$

62,353

 

 

$

42,816

 

 

26.7%

 

26.0%

Total segment adjusted operating income

$

533,834

 

 

$

475,768

 

 

41.6%

 

42.8%

(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 segment adjusted operating income to GAAP operating income.

 

 

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2019

 

2018

 

2019

 

2018

Adjusted operating income

$

185,115

 

 

$

152,052

 

 

$

481,699

 

 

$

433,390

 

Adjusted operating income margin (1)

40.2

%

 

39.3

%

 

37.5

%

 

39.0

%

(1) Adjusted operating income margin is derived by dividing adjusted operating income by revenue of the entire Company. See Exhibit 1 for a reconciliation of adjusted operating income to GAAP.

Contacts

News media:
WEX Inc.
Jessica Roy, 207-523-6763
Jessica.Roy@wexinc.com
or
Investors:
WEX Inc.
Steve Elder, 207-523-7769
Steve.Elder@wexinc.com

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Document Type 8-K
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Document Period End Date Oct. 31, 2019
Entity Registrant Name WEX Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-32426
Entity Tax Identification Number 01-0526993
Entity Address, Address Line One 1 Hancock Street
Entity Address, City or Town Portland
Entity Address, State or Province ME
Entity Address, Postal Zip Code 04101
City Area Code 207
Local Phone Number 773-8171
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001309108
Title of 12(b) Security Common Stock, $0.01 par value
Trading Symbol WEX
Security Exchange Name NYSE
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