WEX Inc. Files Q1 2024 Quarterly Report

Ticker: WEX · Form: 10-Q · Filed: Apr 25, 2024 · CIK: 1309108

Wex Inc. 10-Q Filing Summary
FieldDetail
CompanyWex Inc. (WEX)
Form Type10-Q
Filed DateApr 25, 2024
Risk Levellow
Pages15
Reading Time18 min
Key Dollar Amounts$0.01, $310.0 million
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, quarterly-report, sec-filing

Related Tickers: WEX

TL;DR

WEX filed its Q1 2024 10-Q. All systems go.

AI Summary

WEX Inc. filed its quarterly report for the period ended March 31, 2024. The company, incorporated in Delaware with its principal executive offices at 1 Hancock St., Portland, ME, is registered with the SEC under file number 001-32426. Its common stock trades on the New York Stock Exchange under the symbol WEX.

Why It Matters

This filing provides investors with an update on WEX Inc.'s financial performance and operational status for the first quarter of 2024, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a standard quarterly filing and does not contain immediate red flags or significant new risks.

Key Players & Entities

  • WEX Inc. (company) — Registrant
  • March 31, 2024 (date) — Quarterly period end date
  • 001-32426 (other) — Commission file number
  • New York Stock Exchange (company) — Exchange where WEX common stock is registered
  • WEX (company) — Trading Symbol for Common Stock

FAQ

What is the primary purpose of this Form 10-Q filing?

This Form 10-Q is a quarterly report filed by WEX Inc. pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended March 31, 2024.

Where is WEX Inc. incorporated and what is its principal executive office address?

WEX Inc. is incorporated in Delaware and its principal executive offices are located at 1 Hancock St., Portland, ME 04101.

What is the trading symbol for WEX Inc.'s common stock and on which exchange is it listed?

The trading symbol for WEX Inc.'s common stock is WEX, and it is registered on the New York Stock Exchange.

Has WEX Inc. filed all required reports for the preceding 12 months?

The filing indicates 'Yes' for whether the registrant has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months.

Has WEX Inc. submitted all required Interactive Data Files electronically?

The filing indicates 'Yes' for whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S–T during the preceding 12 months.

Filing Stats: 4,510 words · 18 min read · ~15 pages · Grade level 9.8 · Accepted 2024-04-25 14:23:39

Key Financial Figures

  • $0.01 — ange on which registered Common Stock, $0.01 par value WEX New York Stock Exchange
  • $310.0 million — 027 in an aggregate principal amount of $310.0 million with a 6.5 percent interest rate, issue

Filing Documents

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Condensed Consolidated Statements of Operations for the Thre e Months Ended March 31 , 2024 and 2023 (unaudited) 7 Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 (unaudited) 8 Condensed Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 9 Condensed Consolidated Statements of Stockholders' Equity for the Three Months Ended March 31, 202 4 and 202 3 (unaudited) 10 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31 , 202 4 and 202 3 (unaudited) 11 Notes to Condensed Consolidated Financial Statements 12

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 34

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 48

Controls and Procedures

Item 4. Controls and Procedures 48

—OTHER INFORMATION

PART II—OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 49

Risk Factors

Item 1A. Risk Factors 49

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 49

Exhibits

Item 6. Exhibits 51 SIGNATURE 2 Table of Contents Unless otherwise indicated or required by the context, the terms "we," "us," "our," "WEX," or the "Company," in this Quarterly Report on Form 10–Q refers to WEX Inc. and all of its subsidiaries that are consolidated under Generally Accepted Accounting Principles in the United States. FORWARD–LOOKING STATEMENTS The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for statements that are forward-looking and are not statements of historical facts. This Quarterly Report on Form 10-Q includes forward-looking statements including, but not limited to, statements about management's plans and goals. Any statements in this Quarterly Report that are not statements of historical facts are forward-looking statements. When used in this Quarterly Report, the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "project," "will," "positions," "confidence," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. Forward-looking statements relate to our future plans, objectives, expectations and intentions and are not historical facts and accordingly involve known and unknown risks and uncertainties and other factors that may cause the actual results or performance to be materially different from future results or performance expressed or implied by these forward-looking statements. The following factors, among others, could cause actual results to differ materially from those contained in forward-looking statements made in this Quarterly Report and in oral statements made by our authorized officers: the impact of fluctuations in demand for fuel and the volatility and prices of fuel, including fuel spreads in the Company's international markets, and the resulting impact on the Company's margins, revenues, and net income; the effects of general economic conditions, incl

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. WEX Inc. Condensed Consolidated Statements of Operations (in millions, except per share data) (unaudited) Three Months Ended March 31, 2024 2023 Revenues Payment processing revenue $ 302.0 $ 288.1 Account servicing revenue 173.3 160.7 Finance fee revenue 70.3 80.7 Other revenue 107.1 82.5 Total revenues 652.7 612.0 Cost of services Processing costs 169.1 145.6 Service fees 21.0 18.3 Provision for credit losses 22.4 45.4 Operating interest 23.5 12.8 Depreciation and amortization 31.2 25.2 Total cost of services 267.2 247.3 General and administrative 88.5 88.9 Sales and marketing 85.3 79.9 Depreciation and amortization 47.2 41.6 Operating income 164.5 154.3 Financing interest expense, net of financial instruments ( 60.3 ) ( 52.9 ) Change in fair value of contingent consideration ( 1.7 ) ( 1.8 ) Net foreign currency loss ( 12.5 ) ( 1.4 ) Income before income taxes 90.0 98.2 Income tax expense 24.2 30.2 Net income $ 65.8 $ 68.0 Net income per share: Basic $ 1.57 $ 1.58 Diluted $ 1.55 $ 1.56 Weighted average common shares outstanding: Basic 41.8 43.1 Diluted 42.4 43.6 See notes to the unaudited condensed consolidated financial statements. 7 Table of Contents PART I WEX Inc. Condensed Consolidated Statements of Comprehensive Income (unaudited) Three Months Ended March 31, 2024 2023 Net income $ 65.8 $ 68.0 Other comprehensive (loss) income, net of tax: Unrealized (loss) gain on available-for-sale debt securities ( 25.7 ) 22.2 Foreign currency translation ( 21.6 ) 0.8 Other comprehensive (loss) income, net of tax ( 47.3 ) 23.0 Total comprehensive income $ 18.5 $ 91.0 See notes to the unaudited condensed consolidated financial statements. 8 Table of Contents PART I WEX Inc. Condensed Consolidated Balance Sheets (in millions, except per share data) (unaudited) March 31, 2024 December 31, 2023 Assets Cash and cash equivalents $ 779.6 $ 975.8 Restricted cash 1,302.1 1,254.2

View Full Filing

View this 10-Q filing on SEC EDGAR

View on ReadTheFiling | About | Contact | Privacy | Terms

Data from SEC EDGAR. Not affiliated with the SEC. Not investment advice. © 2026 OpenDataHQ.