WEX Q1 revenue record $612M (+18% YoY), adj EPS $3.31 (+15%), raises full-year guidance

WEX Inc.

2023-Q1 EPS reported $1.56 revenue$612,000,000

GAAP net income $68.0M ($1.56 diluted), down 42% YoY; adjusted net income $145.8M ($3.31 diluted), up 15%.
Total volume $52.3B (+17%); Corporate Payments purchase volume jumped 58% to $18.6B.
Full-year 2023 revenue guidance raised to $2.45-2.49B; adjusted EPS guidance raised to $13.85-14.25.
Q2 2023 revenue guidance $613-623M, adjusted EPS $3.45-3.55.
Repurchased ~525,000 shares for ~$93M in Q1; adjusted free cash flow negative $61.4M seasonally.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

WEX Inc. reported the three months ended March 31, 2023 results: revenue $612.0 million, net income $68.0 million, EPS $1.56 per diluted share. Guidance raised.

Period: the three months ended March 31, 2023
Revenue: $612.0 million
Net income: $68.0 million
EPS: $1.56 per diluted share
Guidance: raised
Result: reported results

Exact text from the filing

WEX Inc. Reports First Quarter 2023 Financial Results 1Q revenue increased 18% year-over-year to a first quarter record $612 million 1Q GAAP net income was $1.56 per diluted share, down 42% year-over-year; 1Q adjusted net income attributable to shareholders increased 15% year-over-year to $3.31 per diluted share 1Q GAAP operating income margin of 25.2% and adjusted operating income margin of 37.6% Total volume increased 17% year-over-year to $52.3 billion Raises full-year 2023 financial guidance

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Source: SEC EDGAR

accession 0001157523-23-000629

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