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Mar 31, 2024
WEX Q1 2024 Earnings Report
WEX's Q1 2024 financial results were reported, featuring record first-quarter revenue driven by growth in the Benefits and Corporate Payments segments.
Key Takeaways
WEX Inc. reported a 7% year-over-year increase in revenue to $652.7 million for Q1 2024, driven by strong growth in the Benefits and Corporate Payments segments. GAAP net income was $65.8 million, or $1.55 per diluted share, while adjusted net income was $146.7 million, or $3.46 per diluted share. The company raised its full-year 2024 financial guidance.
Total revenue increased by 7% year-over-year to $652.7 million, a record for the first quarter.
Benefits segment revenue grew by 16%, and Corporate Payments segment revenue grew by 17%.
GAAP net income was $1.55 per diluted share, and adjusted net income was $3.46 per diluted share.
The company raised its full-year 2024 revenue and adjusted net income guidance.
WEX
WEX
WEX Revenue by Segment
Revenue by Segment
Mobility Revenue
CapyFin.comCorporate Payments Revenue
CapyFin.comBenefits Revenue
CapyFin.comPayment Processing Revenue
CapyFin.comAccount Servicing Revenue
CapyFin.comFinance Fee Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
For Q2 2024, WEX expects revenue between $675 million and $685 million, and adjusted net income per diluted share between $3.75 and $3.85. For the full year 2024, revenue is projected to be between $2.73 billion and $2.77 billion, with adjusted net income per diluted share between $16.10 and $16.60.
Positive Outlook
- Revenue is expected to be in the range of $675 million to $685 million for the second quarter of 2024.
- Adjusted net income is projected to be in the range of $3.75 to $3.85 per diluted share for Q2 2024.
- Full-year 2024 revenue is now expected to be in the range of $2.73 billion to $2.77 billion.
- Adjusted net income for the full year 2024 is projected to be in the range of $16.10 to $16.60 per diluted share.
- Guidance includes the anticipated impact of the Company’s new long-term agreement with Booking.com.
Challenges Ahead
- Guidance is based on assumed average U.S. retail fuel prices of $3.69 and $3.64 per gallon for the second quarter and full year 2024, respectively.
- Guidance assumes approximately 42.5 million fully diluted shares outstanding for the full year.
- The Company's adjusted net income guidance excludes certain items, including unrealized gains and losses on financial instruments.
- The Company's adjusted net income guidance excludes net foreign currency gains and losses.
- The Company's adjusted net income guidance excludes acquisition and divestiture related items.
Revenue & Expenses
Visualization of income flow from segment revenue to net income