WEX Inc. Q3 2024 10-Q Filing Released

TL;DR

WEX Inc. 10-Q filed: Q3 2024 revenue figures for Payment Processing, Account Servicing, and Finance Fees are in. Check the numbers vs. last year.

AI Summary

WEX Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance across its Payment Processing, Account Servicing, and Finance Fee revenue segments for the third quarter and the first nine months of 2024, comparing them to the same periods in 2023. Specific revenue figures for these segments are provided, though the overall financial health and net income are not detailed in this excerpt.

Why It Matters

This filing provides investors with the latest financial performance data for WEX Inc., crucial for understanding revenue trends and making informed investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing (10-Q) and does not inherently indicate new or elevated risks.

Key Numbers

• Q3 2024 — Reporting Period (Third quarter financial performance)
• Nine Months 2024 — Reporting Period (Year-to-date financial performance)
• Payment Processing Revenue — Revenue Segment (Key business segment for WEX Inc.)
• Account Servicing Revenue — Revenue Segment (Key business segment for WEX Inc.)
• Finance Fee Revenue — Revenue Segment (Key business segment for WEX Inc.)

Key Players & Entities

• WEX Inc. (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• 2024-10-24 (date) — Filing date
• 2024-07-01 (date) — Start of Q3 2024
• 2023-07-01 (date) — Start of Q3 2023

FAQ

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

• wex-20240930.htm (10-Q) — 2529KB
• a20249updatednon-employe.htm (EX-10.1) — 3KB
• wex20240930ex311.htm (EX-31.1) — 9KB
• wex20240930ex312.htm (EX-31.2) — 9KB
• wex20240930ex321.htm (EX-32.1) — 4KB
• wex20240930ex322.htm (EX-32.2) — 5KB
• a20249updatednon-employe001.jpg (GRAPHIC) — 134KB
• wex-20240930_g1.jpg (GRAPHIC) — 805KB
• 0001309108-24-000201.txt ( ) — 13756KB
• wex-20240930.xsd (EX-101.SCH) — 63KB
• wex-20240930_cal.xml (EX-101.CAL) — 96KB
• wex-20240930_def.xml (EX-101.DEF) — 346KB
• wex-20240930_lab.xml (EX-101.LAB) — 776KB
• wex-20240930_pre.xml (EX-101.PRE) — 566KB
• wex-20240930_htm.xml (XML) — 2245KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited) 7 Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited) 8 Condensed Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023 9 Condensed Consolidated Statements of Stockholders' Equity for the Three Months Ended March 31 , June 30, an d September 30, 2024 and 2023 (unaudited) 10 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 (unaudited) 12 Notes to Condensed Consolidated Financial Statements 14

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 39

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 54

Controls and Procedures

Item 4. Controls and Procedures 54

—OTHER INFORMATION

PART II—OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 55

Risk Factors

Item 1A. Risk Factors 55

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 55

Exhibits

Item 6. Exhibits 57 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 results, including margins, revenues, and net income; the effects of general econom

- 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenues Payment processing revenue $ 309.9 $ 313.3 $ 930.3 $ 901.9 Account servicing revenue 174.6 161.5 516.5 475.1 Finance fee revenue 70.5 77.1 218.6 234.2 Other revenue 110.5 99.5 326.3 273.5 Total revenues 665.5 651.4 1,991.6 1,884.7 Cost of services Processing costs 156.0 156.4 489.0 451.7 Service fees 20.7 18.5 62.4 54.7 Provision for credit losses 9.7 9.4 52.6 77.5 Operating interest 28.3 25.3 77.6 57.6 Depreciation and amortization 34.6 25.5 98.6 75.9 Total cost of services 249.2 235.1 780.2 717.4 General and administrative 92.1 116.6 281.6 311.7 Sales and marketing 80.9 82.8 259.9 241.6 Depreciation and amortization 46.9 42.0 140.9 125.4 Operating income 196.4 174.9 529.0 488.6 Financing interest expense, net of financial instruments ( 58.4 ) ( 49.4 ) ( 178.5 ) ( 142.5 ) Change in fair value of contingent consideration ( 0.1 ) ( 3.2 ) ( 3.5 ) ( 6.2 ) Loss on extinguishment of Convertible Notes — ( 70.1 ) — ( 70.1 ) Net foreign currency gain (loss) 3.2 ( 7.8 ) ( 9.7 ) ( 9.4 ) Income before income taxes 141.1 44.4 337.2 260.4 Income tax expense 38.2 26.0 91.6 78.7 Net income $ 102.9 $ 18.4 $ 245.7 $ 181.7 Net income per share: Basic $ 2.56 $ 0.43 $ 5.95 $ 4.23 Diluted $ 2.52 $ 0.42 $ 5.89 $ 4.18 Weighted average common shares outstanding: Basic 40.3 42.9 41.3 43.0 Diluted 40.8 43.4 41.7 43.5 See notes to the unaudited condensed consolidated financial statements. 7 Table of Contents PART I WEX Inc. Condensed Consolidated Statements of Comprehensive Income (in millions) (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net income $ 102.9 $ 18.4 $ 245.7 $ 181.7 Other comprehensive income (loss), net of tax: Unrealized gain (loss) on availab

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View this 10-Q filing on SEC EDGAR