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Mar 31, 2020
WEX Q1 2020 Earnings Report
WEX's Q1 2020 performance was marked by revenue growth across all segments, despite challenges from the COVID-19 pandemic. The company implemented cost-saving measures and maintained a strong liquidity position, while also addressing the eNett and Optal transaction.
Key Takeaways
WEX Inc. reported a 13% increase in total revenue for Q1 2020, reaching $431.7 million. However, the company experienced a net loss attributable to shareholders of $16.3 million, or $(0.37) per diluted share. Despite the net loss, adjusted net income attributable to shareholders was $79.7 million, or $1.81 per diluted share.
Total revenue increased by 13% to $431.7 million, driven by growth in Corporate Payments and U.S. Health businesses.
Net loss attributable to shareholders was $16.3 million, or $(0.37) per diluted share.
Adjusted net income attributable to shareholders increased to $79.7 million, or $1.81 per diluted share.
The company withdrew its full fiscal year 2020 financial guidance due to the uncertainty surrounding the COVID-19 pandemic.
Forward Guidance
Due to the continued evolution of the COVID-19 pandemic and the uncertainty surrounding its impact on the global economy, the Company believes it is prudent to withdraw all previously-issued full fiscal year 2020 financial guidance and refrain from issuing any additional quarterly guidance.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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