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Sep 30, 2021
WEX Q3 2021 Earnings Report
WEX delivered impressive Q3 results driven by customer spend recovery and new customer wins.
Key Takeaways
WEX Inc. reported a 26% increase in total revenue for Q3 2021, reaching $482.8 million, compared to $382.1 million in Q3 2020. Net income attributable to shareholders was $48.3 million, or $1.07 per diluted share, a significant increase from the net loss of $65.8 million, or $(1.49) per diluted share, in the same period last year. Adjusted net income was $111.1 million, or $2.45 per diluted share, up 54% per diluted share from $70.9 million, or $1.59 per diluted share, in the third quarter of 2020.
Total purchase volume reached an all-time high of $26 billion, up 93%.
Travel and Corporate Solutions' segment purchase volume grew 172%.
Health and Employee Benefit Solutions' SaaS accounts grew 16%.
Revenues substantially surpassed the previous quarterly high, with double-digit revenue increases across each segment.
WEX
WEX
Forward Guidance
For the fourth quarter of 2021, the Company expects revenue in the range of $468 million to $483 million and adjusted net income in the range of $102 million to $111 million, or $2.25 to $2.45 per diluted share.