WEX Q1 2023 Earnings Report
Key Takeaways
WEX Inc. reported an 18% year-over-year increase in revenue, reaching a record $612 million for Q1 2023. GAAP net income was $1.56 per diluted share, while adjusted net income attributable to shareholders increased by 15% year-over-year to $3.31 per diluted share. The company is raising its full-year 2023 financial guidance.
Total net revenue for the first quarter of 2023 increased 18% to $612.0 million.
Net income attributable to shareholders was $68.0 million, or $1.56 per diluted share for the first quarter of 2023.
Adjusted net income attributable to shareholders was $145.8 million for the first quarter of 2023, or $3.31 per diluted share.
Total volume across all segments was $52.3 billion, an increase of 17% from the first quarter of 2022.
WEX
WEX
Forward Guidance
The Company provides revenue guidance on a GAAP basis and earnings guidance on a non-GAAP basis. For the second quarter of 2023, the Company expects revenue in the range of $613 million to $623 million and adjusted net income attributable to shareholders in the range of $3.45 to $3.55 per diluted share. For the full year 2023, the Company now expects revenue in the range of $2.45 billion to $2.49 billion, up from the prior guidance range of $2.43 billion to $2.47 billion. Adjusted net income attributable to shareholders is now expected to be in the range of $13.85 to $14.25 per diluted share, an increase from the prior guidance range of $13.55 to $14.05 per diluted share.