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Jun 30, 2020
WEX Q2 2020 Earnings Report
WEX Inc.'s Q2 2020 results reflected COVID-19 impact but underscored business resilience with recovery in spend volume trends and U.S. Health business growth.
Key Takeaways
WEX Inc. reported a 21% decrease in total revenue to $347.1 million compared to Q2 2019, impacted by COVID-19. Net income attributable to shareholders increased to $72.7 million, or $1.66 per diluted share, while adjusted net income was $53.0 million, or $1.21 per diluted share.
Experienced recovery in spend volume trends across all segments during the quarter.
U.S. Health business remained strong with year-over-year top-line growth.
Secured a $400 million investment from Warburg Pincus and amended credit agreement.
Implemented cost containment measures expected to save $60-$65 million for the year.
Forward Guidance
WEX withdrew previously-issued full fiscal year 2020 financial guidance due to the continued uncertainty related to COVID-19 and is not providing any further financial guidance at this time.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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