WEX Inc
For the period ended Sep 30, 2024. Filed Oct 24, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 24, 2024
WEX$182.53+0.2%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 1. Financial Statements
WEX Inc. Condensed Consolidated Statements of Operations
(in millions, except per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Revenues | ||||
| Payment processing revenue | $309.9 | $313.3 | $930.3 | $901.9 |
| Account servicing revenue | 174.6 | 161.5 | 516.5 | 475.1 |
| Finance fee revenue | 70.5 | 77.1 | 218.6 | 234.2 |
| Other revenue | 110.5 | 99.5 | 326.3 | 273.5 |
| Total revenues | 665.5 | 651.4 | 1,991.6 | 1,884.7 |
| Cost of services | ||||
| Processing costs | 156.0 | 156.4 | 489.0 | 451.7 |
| Service fees | 20.7 | 18.5 | 62.4 | 54.7 |
| Provision for credit losses | 9.7 | 9.4 | 52.6 | 77.5 |
| Operating interest | 28.3 | 25.3 | 77.6 | 57.6 |
| Depreciation and amortization | 34.6 | 25.5 | 98.6 | 75.9 |
| Total cost of services | 249.2 | 235.1 | 780.2 | 717.4 |
| General and administrative | 92.1 | 116.6 | 281.6 | 311.7 |
| Sales and marketing | 80.9 | 82.8 | 259.9 | 241.6 |
| Depreciation and amortization | 46.9 | 42.0 | 140.9 | 125.4 |
| Operating income | 196.4 | 174.9 | 529.0 | 488.6 |
| Financing interest expense, net of financial instruments | (58.4) | (49.4) | (178.5) | (142.5) |
| Change in fair value of contingent consideration | (0.1) | (3.2) | (3.5) | (6.2) |
| Loss on extinguishment of Convertible Notes | — | (70.1) | — | (70.1) |
| Net foreign currency gain (loss) | 3.2 | (7.8) | (9.7) | (9.4) |
| Income before income taxes | 141.1 | 44.4 | 337.2 | 260.4 |
| Income tax expense | 38.2 | 26.0 | 91.6 | 78.7 |
| Net income | $102.9 | $18.4 | $245.7 | $181.7 |
| Net income per share: | ||||
| Basic | $2.56 | $0.43 | $5.95 | $4.23 |
| Diluted | $2.52 | $0.42 | $5.89 | $4.18 |
| Weighted average common shares outstanding: | ||||
| Basic | 40.3 | 42.9 | 41.3 | 43.0 |
| Diluted | 40.8 | 43.4 | 41.7 | 43.5 |
| Table of Contents | PART I |
|---|
WEX Inc. Condensed Consolidated Statements of Comprehensive Income
(in millions)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Net income | $102.9 | $18.4 | $245.7 | $181.7 |
| Other comprehensive income (loss), net of tax: | ||||
| Unrealized gain (loss) on available-for-sale debt securities | 104.1 | (55.8) | 68.9 | (63.5) |
| Foreign currency translation | 31.3 | (22.0) | 14.5 | (15.7) |
| Other comprehensive income (loss), net of tax | 135.4 | (77.8) | 83.4 | (79.2) |
| Total comprehensive income (loss) | $238.3 | $(59.4) | $329.1 | $102.5 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.