We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
WEX Inc | NYSE:WEX | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.50 | -0.24% | 206.17 | 210.545 | 205.38 | 207.75 | 495,223 | 01:00:00 |
WEX Inc. (NYSE: WEX), a leading provider of corporate payment solutions, today reported financial results for the three months and year ended December 31, 2017.
Fourth Quarter and Full Year 2017 Financial Results
Total revenue for the fourth quarter of 2017 increased 14% year-over-year to $331.3 million as compared with $290.8 million for the fourth quarter of 2016. Net earnings attributable to shareholders on a GAAP basis were $79.8 million, or $1.85 per diluted share, compared with $5.3 million, or $0.12 per diluted share, for the fourth quarter of 2016.
The Company's adjusted net income attributable to shareholders, which is a non-GAAP measure, increased 17% to $64.5 million for the fourth quarter of 2017 from $55.2 million for the same period a year ago. Adjusted net income for the fourth quarter of 2017 was $1.49 compared to $1.28 per diluted share for the same period a year ago. See Exhibit 1 for a full reconciliation of adjusted net income attributable to shareholders and adjusted net income attributable to shareholders per diluted share to the comparable GAAP measures.
For the full year 2017, revenue increased 23% to $1.25 billion from $1.02 billion in 2016. Net earnings attributable to shareholders on a GAAP basis were $3.72 per diluted share in 2017 compared to $1.48 per diluted share in 2016. On a non-GAAP basis, adjusted net income attributable to shareholders increased 17% to $5.41 per diluted share from $4.62 per diluted share in 2016.
"We are extremely pleased by our fourth quarter and fiscal year performance, with positive contributions from all three of our segments driving 2017 revenues to record levels,” said Melissa Smith, WEX's president and chief executive officer. “Our relentless approach to executing on our strategic priorities continues to deliver outstanding results and position us for long-term growth.”
Smith continued, “In 2017, we continued to bring new, compelling products to the global marketplace through a deep technical integration with our customers. Our business is more diverse and innovative than ever before, and we are well situated to enhance scalability and capture market share as we head into 2018.”
Fourth Quarter 2017 Performance Metrics
Financial Guidance and Assumptions
The Company provides revenue guidance on a GAAP basis and earnings guidance on a non-GAAP basis, due to the uncertainty and indeterminate amount of certain elements that are included in reported GAAP earnings.
"Our fourth quarter and fiscal year outperformance reflects our ability to grow organically and leverage our strategic investments. The foundation we have built has never been stronger and will continue to drive better execution as we look to capitalize on additional growth opportunities in the years ahead." said Roberto Simon, WEX's chief financial officer.
First quarter and full year 2018 guidance is based on an assumed average U.S. retail fuel price of $2.70 and $2.65 per gallon, respectively. The fuel prices referenced above are based on the applicable NYMEX futures price. The Company's guidance also assumes that fleet credit loss for first quarter will be in the range of 12 to 17 basis points and the full year will be in the range of 11 to 16 basis points. Our guidance assumes approximately 43 million shares outstanding for the year.
The Company's adjusted net income guidance, which is a non-GAAP measure, excludes unrealized gains and losses on derivative instruments, net foreign currency remeasurement gains and losses and related derivatives, acquisition-related ticking fees, acquisition related intangible amortization, other acquisition and divestiture related items, stock-based compensation, restructuring and other costs, impairment charges, gains or losses on divestitures a one-time contract renegotiation cost, debt restructuring and debt issuance cost amortization, non-cash adjustments related to tax receivable agreement, regulatory reserves, similar adjustments attributed to our non-controlling interest and certain tax related items. We are unable to reconcile our adjusted net income guidance to the comparable GAAP measure without unreasonable effort because of the difficulty in predicting the amounts to be adjusted, including but not limited to foreign currency exchange rates, unrealized gains and losses on derivative instruments, and acquisition and divestiture related items, which may have a significant impact on our financial results.
Additional Information
Management uses the non-GAAP measures presented within this news release to evaluate the Company's performance on a comparable basis. Management believes that investors may find these measures useful for the same purposes, but cautions that they should not be considered a substitute for, or superior to, disclosure in accordance with GAAP.
WEX historically used fuel-price derivative instruments to mitigate financial risks associated with the variability in fuel prices in North America. Starting with the second quarter of 2016, there are no longer any fuel price related derivatives outstanding.
To provide investors with additional insight into its operational performance, WEX has included in this news release in Exhibit 2, a table illustrating the impact of foreign currency translations and fuel prices for each of our operating segments for the three and twelve months ended December 31, 2017 and 2016, and in Exhibit 3, a table of selected non-financial metrics for the five quarters ended December 31, 2017. The Company is also providing selected segment revenue information for the three and twelve months ended December 31, 2017 and 2016 in Exhibit 4.
Conference Call Details
In conjunction with this announcement, WEX will host a conference call today, February 21, 2018, at 9:00 a.m. (ET). As previously announced, the conference call will be webcast live on the Internet, and can be accessed, along with the accompanying investor presentation, at the Investor Relations section of the WEX website, http://www.wexinc.com. The live conference call also can be accessed by dialing (866) 334-7066 or (973) 935-8463. The Conference ID number is 5389608. A replay of the webcast along with the accompanying investor presentation will be available on the Company's website.
About WEX Inc.
WEX Inc. (NYSE: WEX) is a leading provider of corporate payment solutions. From its roots in fleet card payments beginning in 1983, WEX has expanded the scope of its business into a multi-channel provider of corporate payment solutions representing 11.3 million vehicles and offering exceptional payment security and control across a wide spectrum of business sectors. WEX serves a global set of customers and partners through its operations around the world, with offices in the United States, Australia, New Zealand, Brazil, the United Kingdom, Italy, France, Germany, Norway, and Singapore. WEX and its subsidiaries employ more than 3,300 associates. The Company has been publicly traded since 2005, and is listed on the New York Stock Exchange under the ticker symbol “WEX.” For more information, visit www.wexinc.com and follow WEX on Twitter at @WEXIncNews.
Forward-Looking Statements
This news release contains forward-looking statements, including statements regarding: financial guidance; assumptions underlying the Company's financial guidance; and, management’s expectations for future growth opportunities, scalability and market expansion. Any statements that are not statements of historical facts may be deemed to be forward-looking statements. When used in this news release, the words "may," "could," "anticipate," "plan," "continue," "project," "intend," "estimate," "believe," "expect" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially, including: the effects of general economic conditions on fueling patterns as well as payment and transaction processing activity; the impact of foreign currency exchange rates on the Company’s operations, revenue and income; changes in interest rates; the impact of fluctuations in fuel prices; the effects of the Company’s business expansion and acquisition efforts; potential adverse changes to business or employee relationships, including those resulting from the completion of an acquisition; competitive responses to any acquisitions; uncertainty of the expected financial performance of the combined operations following completion of an acquisition; the ability to successfully integrate the Company's acquisitions; the ability to realize anticipated synergies and cost savings; unexpected costs, charges or expenses resulting from an acquisition; the Company's failure to successfully operate and expand ExxonMobil's European and Asian commercial fuel card programs; the failure of corporate investments to result in anticipated strategic value; the impact and size of credit losses; the impact of changes to the Company's credit standards; breaches of the Company’s technology systems or those of our third-party service providers and any resulting negative impact on our reputation, liabilities or relationships with customers or merchants; the Company’s failure to maintain or renew key agreements; failure to expand the Company’s technological capabilities and service offerings as rapidly as the Company’s competitors; failure to successfully implement the Company's information technology strategies and capabilities in connection with its technology outsourcing and insourcing arrangements and any resulting cost associated with that failure; the actions of regulatory bodies, including banking and securities regulators, or possible changes in banking or financial regulations impacting the Company’s industrial bank, the Company as the corporate parent or other subsidiaries or affiliates; the impact of the Company’s outstanding notes on its operations; the impact of increased leverage on the Company's operations, results or borrowing capacity generally, and as a result of acquisitions specifically; the incurrence of impairment charges if our assessment of the fair value of certain of our reporting units changes; the uncertainties of litigation; as well as other risks and uncertainties identified in Item 1A of our annual report for the year ended December 31, 2016, filed on Form 10-K with the Securities and Exchange Commission on March 6, 2017 and our quarterly report on Form 10-Q for the three months ended March 31, 2017 filed with the Securities and Exchange Commission on May 8, 2017. The Company's forward-looking statements do not reflect the potential future impact of any alliance, merger, acquisition, disposition or stock repurchases. The forward-looking statements speak only as of the date of this earnings release and undue reliance should not be placed on these statements. The Company disclaims any obligation to update any forward-looking statements as a result of new information, future events or otherwise.
WEX INC.
CONSOLIDATED STATEMENTS OF
INCOME
(in thousands, except per share data)
(unaudited)
Three months ended December 31,
Year ended
December 31,
2017 2016 2017 2016 Revenues Payment processing revenue $ 145,732 $ 137,300 $ 569,166 $ 520,619 Account servicing revenue 78,032 60,242 276,570 211,012 Finance fee revenue 51,246 46,592 187,582 138,940 Other revenue 56,295 46,706 217,230 147,889 Total revenues 331,305 290,840 1,250,548 1,018,460 Expenses Salary and other personnel 101,727 79,521 363,444 286,298 Restructuring 340 (140 ) 7,139 7,486 Service fees 33,831 36,955 149,137 173,052 Provision for credit losses 13,221 13,498 61,148 33,348 Technology leasing and support 11,934 13,077 52,179 47,602 Occupancy and equipment 8,377 6,723 27,729 25,820 Depreciation and amortization 53,296 50,270 203,724 141,651 Operating interest expense 7,788 6,897 24,482 12,386 Cost of hardware and equipment 1,121 693 4,314 3,122 Impairment charges and asset write-offs 27,996 — 44,171 — Gain on divestiture (20,958 ) — (20,958 ) — Other 25,418 35,548 94,769 92,567 Total operating expenses 264,091 243,042 1,011,278 823,332 Operating income 67,214 47,798 239,270 195,128 Financing interest expense (25,618 ) (26,378 ) (107,067 ) (113,418 ) Net foreign currency (loss) gain (3,659 ) (24,898 ) 29,919 (7,665 ) Net unrealized gains on interest rate swap agreements 2,163 12,908 1,314 12,908 Net realized and unrealized gains on fuel price derivatives — — — 711 Non-cash adjustments related to tax receivable agreement 15,259 (395 ) 15,259 (563 ) Income before income taxes 55,359 9,035 178,695 87,101 Income taxes (24,235 ) 5,895 19,525 29,625 Net income 79,594 3,140 159,170 57,476 Less: Net loss from non-controlling interest (210 ) (2,148 ) (1,096 ) (3,161 ) Net earnings attributable to shareholders $ 79,804 $ 5,288 $ 160,266 $ 60,637 Net earnings attributable to shareholders per share: Basic $ 1.86 $ 0.12 $ 3.73 $ 1.49 Diluted $ 1.85 $ 0.12 $ 3.72 $ 1.48 Weighted average common shares outstanding: Basic 43,020 42,841 42,977 40,809 Diluted 43,158 43,072 43,105 40,914WEX INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
(unaudited)
December 31, 2017 2016 Assets Cash and cash equivalents $ 508,072 $ 190,930 Accounts receivable (net of allowances of $30,207 in 2017 and $21,454 in 2016) 2,527,840 2,054,701 Securitized accounts receivable, restricted 150,235 97,417 Income taxes receivable — 10,765 Available-for-sale securities 23,358 23,525Property, equipment and capitalized software (net of accumulated depreciation of $264,928 in2017 and $228,336 in 2016)
163,908 167,278 Deferred income taxes, net 7,752 6,934 Goodwill 1,876,132 1,838,441Other intangible assets (net of accumulated amortization of $392,827 in 2017 and $254,142 in2016)
1,154,047 1,265,468 Other assets 327,831 341,638 Total assets $ 6,739,175 $ 5,997,097 Liabilities and Stockholders’ Equity Accounts payable $ 811,362 $ 617,118 Accrued expenses 323,222 331,579 Income taxes payable 1,076 — Deposits 1,293,854 1,118,823 Securitized debt 126,901 84,323 Revolving line-of-credit facility and term loans, net 1,707,064 1,599,291 Deferred income taxes, net 119,283 152,906 Notes outstanding, net 396,269 395,534 Other debt 194,737 125,755 Amounts due under tax receivable agreement 20,273 47,302 Other liabilities 24,576 18,719 Total liabilities 5,018,617 4,491,350 Commitments and contingencies Stockholders’ EquityCommon stock $0.01 par value; 175,000 shares authorized; 47,352 shares issued in 2017 and 47,173in 2016; 43,022 shares outstanding in 2017 and 42,841 in 2016
473 472 Additional paid-in capital 569,319 547,627 Retained earnings 1,404,683 1,244,271 Accumulated other comprehensive loss (90,795 ) (122,839 ) Treasury stock at cost; 4,428 shares in 2017 and 2016 (172,342 ) (172,342 ) Total WEX Inc. stockholders' equity 1,711,338 1,497,189 Non-controlling interest 9,220 8,558 Total stockholders’ equity 1,720,558 1,505,747 Total liabilities and stockholders’ equity $ 6,739,175 $ 5,997,097Exhibit 1
Reconciliation of GAAP Net Earnings Attributable to Shareholders to Adjusted Net Income Attributable to
Shareholders
(in thousands, except per share data)
(unaudited)
Three months ended December 31, 2017 2016per dilutedshare
per dilutedshare
Net earnings attributable to shareholders $ 79,804 $ 1.85 $ 5,288 $ 0.12 Unrealized gains on derivative instruments (2,163 ) (0.05 ) (12,908 ) (0.30 ) Net foreign currency remeasurement loss 3,659 0.08 24,898 0.58 Acquisition-related intangible amortization 39,207 0.91 38,763 0.90 Other acquisition and divestiture related items 1,620 0.04 1,185 0.03 Stock-based compensation 8,133 0.19 5,430 0.13 Restructuring and other costs 960 0.02 2,306 0.05 Impairment charges and asset write-offs 27,996 0.65 — — Gain on divestiture (20,958 ) (0.49 ) — — Vendor settlement — — 15,500 0.36 Debt restructuring and debt issuance cost amortization 2,069 0.05 2,024 0.05 Non-cash adjustments related to tax receivable agreement (15,259 ) (0.35 ) 395 0.01 ANI adjustments attributable to non-controlling interest (401 ) (0.01 ) (1,383 ) (0.03 ) Tax related items (60,196 ) (1.39 ) (26,329 ) (0.61 ) Adjusted net income attributable to shareholders $ 64,471 $ 1.49 $ 55,169 $ 1.28 Year ended December 31, 2017 2016per dilutedshare
per dilutedshare
Net earnings attributable to shareholders $ 160,266 $ 3.72 $ 60,637 $ 1.48 Unrealized gains on derivative instruments (1,314 ) (0.03 ) (7,901 ) (0.19 ) Net foreign currency remeasurement (gain) loss (29,919 ) (0.69 ) 7,665 0.19 Acquisition-related ticking fees — — 30,045 0.73 Acquisition-related intangible amortization 153,810 3.57 97,829 2.39 Other acquisition and divestiture related items 5,000 0.12 20,879 0.51 Stock-based compensation 30,487 0.71 19,742 0.48 Restructuring and other costs 11,129 0.26 13,995 0.34 Impairment charges and asset write-offs 44,171 1.02 — — Gain on divestiture (20,958 ) (0.49 ) — — Vendor settlement — — 15,500 0.38 Debt restructuring and debt issuance cost amortization 10,519 0.24 12,673 0.31 Non-cash adjustments related to tax receivable agreement (15,259 ) (0.35 ) 563 0.01 ANI adjustments attributable to non-controlling interests (1,563 ) (0.04 ) (2,583 ) (0.06 ) Tax related items (113,327 ) (2.63 ) (79,834 ) (1.95 ) Adjusted net income attributable to shareholders $ 233,042 $ 5.41 $ 189,210 $ 4.62The Company's non-GAAP adjusted net income excludes unrealized gains and losses on derivatives, net foreign currency remeasurement gains and losses, acquisition-related ticking fees, acquisition-related intangible amortization, other acquisition and divestiture related items, stock-based compensation, restructuring and other costs, gain on divestiture, a one time vendor settlement, debt restructuring and debt issuance cost amortization, non-cash adjustments related to tax receivable agreement, similar adjustments attributed to our non-controlling interest and certain tax related items. In addition, for the three months and year ended December 31, 2017, we have excluded certain impairment charges and asset write-offs as described below.
Although adjusted net income is not calculated in accordance with generally accepted accounting principles (“GAAP”), this non-GAAP measure is integral to the Company's reporting and planning processes and the chief operating decision maker of the Company uses adjusted operating income to allocate resources among our operating segments The Company considers this measure integral because it excludes specified items that the Company's management excludes in evaluating the Company's performance. Specifically, in addition to evaluating the Company's performance on a GAAP basis, management evaluates the Company's performance on a basis that excludes the above items because:
For the same reasons, WEX believes that adjusted net income may also be useful to investors as one means of evaluating the Company's performance. However, because adjusted net income is a non-GAAP measure, it should not be considered as a substitute for, or superior to, net income, operating income or cash flows from operating activities as determined in accordance with GAAP. In addition, adjusted net income as used by WEX may not be comparable to similarly titled measures employed by other companies.
The table below shows the impact of certain macro factors on reported revenue:
Exhibit 2Segment Revenue Results
(in thousands)
(unaudited)
Fleet SolutionsTravel and Corporate Solutions
Health and Employee Benefit Solutions
Total WEX Inc. Three months ended December 31, 2017 2016 2017 2016 2017 2016 2017 2016 Reported revenue $ 219,761 192,269 $60,308 $53,454 $51,236 $45,117 $331,305 $ 290,840FX impact(favorable) /unfavorable
(1,935 ) — (1,022 ) — (156 ) — (3,113 ) —PPG impact(favorable) /unfavorable
(11,614 ) — — — — — (11,614 ) — Year ended December 31, 2017 2016 2017 2016 2017 2016 2017 2016 Reported revenue $ 822,966 642,061 $224,047 $215,247 $203,535 $161,152 $1,250,548 $ 1,018,460FX impact(favorable) /unfavorable
(2,619 ) — 433 — (2,969 ) — (5,155 ) —PPG impact(favorable) /unfavorable
(43,212 ) — — — — — (43,212 ) —To determine the impact of foreign exchange translation (“FX”) on revenue, revenue from entities whose functional currency is not denominated in U.S. dollars, as well as revenue from purchase volume transacted in non-US denominated currencies, were translated using the weighted average exchange rates for the same period in the prior year.
To determine the impact of price per gallon of fuel (“PPG”) on revenue, revenue variable to changes in fuel prices was calculated based on the average retail price of fuel for the same period in the prior year for the portion of our business that earns revenue based on a percentage of fuel spend. For the portions of our business that earn revenue based on margin spreads, revenue was calculated utilizing the comparable margin from the prior year.
The table below shows the impact of certain macro factors on adjusted net income:
Segment Estimated Earnings Impact
(in thousands)
(unaudited)
Fleet SolutionsTravel and Corporate Solutions
Health and Employee Benefit Solutions
Three months ended December 31,
2017
2016 2017 2016 2017 2016FX impact (favorable) / unfavorable
$ (400 ) — $ (373 ) — $ (47 ) — PPG impact (favorable) / unfavorable (6,727 ) — — — — — Realized gain on hedge settlement $ — $ — $ — $ — $ — $ — Year ended December 31, 2017 2016 2017 2016 2017 2016 FX impact (favorable) / unfavorable $ (530 ) — $ (96 ) — $ (524 ) — PPG impact (favorable) / unfavorable (24,896 ) — — — — — Realized gain on hedge settlement $ — $ 3,636 $ — $ — $ — $ —To determine the estimated earnings impact of FX, revenue and expenses from entities whose functional currency is not denominated in U.S. dollars, as well as revenue and variable expenses from purchase volume transacted in non-US denominated currencies, were translated using the weighted average exchange rates for the same period in the prior year, net of tax.
To determine the estimated earnings impact of PPG, revenue and certain variable expenses impacted by changes in fuel prices, were adjusted based on the average retail price of fuel for the same period in the prior year for the portion of our business that earns revenue based on a percentage of fuel spend, net of applicable taxes. For the portions of our business that earn revenue based on margin spreads, revenue was adjusted to the comparable margin from the prior year, net of non-controlling interest and applicable taxes.
Exhibit 3
Selected Non-Financial Metrics
Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Fleet Solutions: Payment processing transactions (000s) 108,767 110,047 108,134 102,765 99,662 Payment processing gallons of fuel (000s) 2,877,971 2,905,700 2,907,875 2,775,590 2,731,994 Average US fuel price (US$ / gallon) $ 2.68 $ 2.51 $ 2.41 $ 2.40 $ 2.30 Payment processing $ of fuel (000s) $ 8,119,619 $ 7,688,750 $ 7,399,901 $ 7,080,117 $ 6,672,281 Net payment processing rate 1.18 % 1.17 % 1.18 % 1.22 % 1.23 % Payment processing revenue (000s) $ 95,948 $ 90,270 $ 87,678 $ 86,262 $ 81,767 Net late fee rate 0.44 % 0.42 % 0.39 % 0.42 % 0.48 % Late fee revenue (000s) $ 35,510 $ 32,077 $ 28,713 $ 29,463 $ 31,928 Travel and Corporate Solutions: Purchase volume (000s) $ 7,405,045 $ 8,662,533 $ 7,676,935 $ 6,599,797 $ 6,351,741 Net interchange rate 0.53 % 0.51 % 0.52 % 0.53 % 0.71 % Payment solutions processing revenue (000s) $ 39,332 $ 44,177 $ 40,276 $ 34,875 $ 45,390 Health and Employee Benefit Solutions: Purchase volume (000s) $ 887,511 $ 955,652 $ 1,126,854 $ 1,347,219 $ 803,045Average number of SaaS accounts (000s)
9,774 9,566 8,934 8,576 7,551Definitions and explanations:
Payment processing transactions represents the total number of purchases made by fleets that have a payment processing relationship with WEX.
Payment processing gallons of fuel represents the total number of gallons of fuel purchased by fleets that have a payment processing relationship with WEX.
Payment processing dollars of fuel represents the total dollar value of the fuel purchased by fleets that have a payment processing relationship with WEX.
Net payment processing rate represents the percentage of the dollar value of each payment processing transaction that WEX records as revenue from merchants less any discounts given to fleets or strategic relationships.
Net late fee rate represents late fee revenue as a percentage of fuel purchased by fleets that have a payment processing relationship with WEX.
Late fee revenue represents fees charged for payments not made within the terms of the customer agreement based upon the outstanding customer receivable balance.
Purchase volume in the Travel and Corporate Solutions segment represents the total dollar value of all transactions that use WEX corporate card products and virtual card products.
Net interchange rate represents the percentage of the dollar value of each transaction that WEX records as revenue less any discounts given to customers.
Purchase volume in the Health and Employee Benefit Solutions segment represents the total US dollar value of all transactions where interchange is earned by WEX.
Average number of Health and Employee Benefit Solutions accounts represents the number of active flexible spending, health savings and reimbursement accounts.
Exhibit 4
Segment Revenue Information
Fourth Quarter and Full Year Ended 2017 and 2016
(in thousands)
(unaudited)
Fleet Solutions Three months endedDecember 31, Increase (decrease) Year endedDecember 31, Increase (decrease) 2017 2016 Amount Percent 2017 2016 Amount Percent Revenues Payment processing revenue $ 95,948 $ 81,767 $ 14,181 17 % $ 360,158 $ 297,900 $ 62,258 21 % Account servicing revenue 42,845 36,706 6,139 17 % 165,083 127,106 37,977 30 % Finance fee revenue 45,582 38,884 6,698 17 % 159,336 124,725 34,611 28 % Other revenue 35,386 34,912 474 1 % 138,389 92,330 46,059 50 % Total revenues $ 219,761 $ 192,269 $ 27,492 14 % $ 822,966 $ 642,061 $ 180,905 28 %Travel and Corporate Solutions
Three months endedDecember 31, Increase (decrease) Year endedDecember 31, Increase (decrease) 2017 2016 Amount Percent 2017 2016 Amount Percent Revenues Payment processing revenue $ 39,332 $ 45,390 $ (6,058 ) (13 )% $ 158,660 $ 175,762 $ (17,102 ) (10 )% Account servicing revenue 7,003 396 6,607 1,668 % 7,531 1,247 6,284 504 % Finance fee revenue 291 307 (16 ) (5 )% 760 643 117 18 % Other revenue 13,682 7,361 6,321 86 % 57,096 37,595 19,501 52 % Total revenues $ 60,308 $ 53,454 $ 6,854 13 % $ 224,047 $ 215,247 $ 8,800 4 %Health and Employee Benefit Solutions
Three months endedDecember 31, Increase (decrease) Year endedDecember 31, Increase (decrease) 2017 2016 Amount Percent 2017 2016 Amount Percent Revenues Payment processing revenue $ 10,452 $ 10,144 $ 308 3 % $ 50,348 $ 46,957 $ 3,391 7 % Account servicing revenue 28,184 23,141 5,043 22 % 103,956 82,660 21,296 26 % Finance fee revenue 5,373 7,401 (2,028 ) (27 )% 27,486 13,572 13,914 103 % Other revenue 7,227 4,431 2,796 63 % 21,745 17,963 3,782 21 % Total revenues $ 51,236 $ 45,117 $ 6,119 14 % $ 203,535 $ 161,152 $ 42,383 26 %
View source version on businesswire.com: http://www.businesswire.com/news/home/20180221005368/en/
News Media:WEX Inc.Jessica Roy, 207-523-6763Jessica.Roy@wexinc.comorInvestors:WEX Inc.Steve Elder, 207-523-7769Steve.Elder@wexinc.com
1 Year WEX Chart |
1 Month WEX Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions