WEX Q1 2022 Earnings Report
Key Takeaways
WEX Inc. reported a strong first quarter in 2022, with total revenue increasing by 26% year-over-year to $517.5 million. GAAP net income per share increased to $2.71, and adjusted net income per share increased by 61% to $2.88. The company also raised its full-year 2022 financial guidance.
Total revenue for Q1 2022 increased by 26% to $517.5 million.
GAAP net income per share increased to $2.71 per diluted share.
Adjusted net income per share increased 61% year-over-year to $2.88 per diluted share.
Total volume across the company increased by 50% from Q1 2021.
WEX
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WEX Revenue by Segment
Forward Guidance
For Q2 2022, WEX anticipates revenue between $555 million and $565 million, with adjusted net income ranging from $154 million to $159 million, or $3.35 to $3.45 per diluted share. The full-year 2022 revenue is projected to be between $2.155 billion and $2.195 billion. Adjusted net income for the year is expected to be in the range of $569 million to $588 million, or $12.40 to $12.80 per diluted share.
Positive Outlook
- Revenue is expected to be in the range of $555 million to $565 million for Q2 2022.
- Adjusted net income is projected to be between $154 million and $159 million for Q2 2022.
- Full-year 2022 revenue is now expected to be in the range of $2.155 billion to $2.195 billion.
- Adjusted net income for full-year 2022 is expected to be between $569 million and $588 million.
- Guidance assumes approximately 47.5 million fully diluted shares outstanding for the full year.
Challenges Ahead
- Guidance is based on assumed average U.S. retail fuel prices of $4.46 and $4.13 per gallon for Q2 and full year 2022, respectively, which could fluctuate.
- Adjusted net income guidance excludes certain items, making it difficult to reconcile with GAAP measures.
- Uncertainty in predicting amounts to be adjusted, including foreign currency exchange rates and acquisition-related items.
- Potential impact of the coronavirus (COVID-19) pandemic on the Company’s business and financial condition.
- Risk of fluctuations in fuel prices and fuel spreads in the Company’s international markets.
Revenue & Expenses
Visualization of income flow from segment revenue to net income