Wex inc. (WEX)
Income statement / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10Mar'10Sep'09Jun'09
Revenues
Revenue from Contract with Customer, Excluding Assessed Tax

-

-

326,873

314,149

-

-

244,872

236,824

239,715

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

59,057

53,043

Transaction processing revenue

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4,538

4,363

Total revenues

431,679

440,045

459,963

441,807

381,876

381,196

386,617

370,798

354,028

329,334

324,002

303,884

291,357

284,868

287,756

233,936

205,928

212,642

226,057

213,653

202,285

211,864

222,134

201,581

182,068

182,283

191,525

178,285

165,370

168,998

160,967

153,064

140,122

139,836

151,878

141,272

120,090

114,896

100,229

91,435

83,846

85,828

77,875

Fleet payment solutions

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

145,828

135,435

-

136,874

131,040

126,039

128,882

117,877

114,685

109,147

107,468

117,054

113,648

98,534

93,930

83,514

78,385

73,410

-

-

Other payment solutions

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

55,753

46,633

-

54,651

47,245

39,331

40,116

43,090

38,379

30,975

32,368

34,824

27,624

21,556

20,966

16,715

13,050

10,436

-

-

Hardware and equipment sales

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

710

944

Cost of services
Processing costs

104,917

-

-

-

91,119

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Service fees

13,754

13,679

14,905

14,197

14,246

13,702

13,818

13,809

12,326

15,522

19,658

20,177

17,600

-56,731

53,415

45,924

36,759

37,909

36,924

33,941

30,070

31,716

34,024

27,831

26,305

23,663

29,352

26,608

23,805

29,143

28,968

24,770

20,308

18,224

20,774

18,194

13,010

13,353

15,953

9,468

7,594

7,291

5,974

Salary and other personnel

-

-

-

-

-

-

-

-

-

-

-

-

-

-

76,706

66,662

63,410

59,882

57,174

59,091

58,417

58,089

55,392

43,426

43,902

42,328

41,469

40,647

40,077

35,879

28,823

29,963

28,715

25,118

27,388

26,410

25,694

23,551

23,746

20,447

19,620

18,680

18,259

Restructuring

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,531

3,506

1,589

496

-45

0

8,559

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Provision for credit losses

33,987

18,194

14,847

14,832

17,791

16,071

22,549

13,636

14,226

16,291

19,614

16,082

12,231

13,609

9,489

6,443

3,917

8,293

6,635

3,983

3,914

8,990

7,261

6,803

9,090

6,514

5,015

4,915

3,756

7,665

5,647

4,184

5,043

7,063

8,677

6,128

5,659

7,194

3,882

2,851

5,911

5,667

2,567

Operating interest

8,385

54,926

34,549

35,638

9,564

26,463

25,718

25,505

27,337

25,618

25,754

28,547

27,148

26,378

35,064

30,418

21,558

10,855

11,330

11,916

12,088

11,570

9,840

7,276

7,356

7,342

7,369

7,369

7,339

3,556

2,302

2,290

2,285

6,327

1,449

1,461

2,439

2,411

1,484

693

726

1,355

2,048

Operating interest

-

-

11,508

10,693

-

10,126

10,268

9,528

8,485

7,944

7,537

4,619

4,893

6,896

2,599

1,505

1,386

1,209

1,483

1,357

1,579

1,690

1,860

1,599

1,288

1,082

976

1,082

1,147

1,560

1,243

1,076

1,111

-2,473

3,100

3,548

1,278

1,244

1,255

1,429

1,442

1,945

2,563

Depreciation and amortization

24,789

26,519

26,123

21,570

20,513

19,860

19,013

20,612

20,450

19,422

18,879

18,376

17,384

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Total cost of services

185,832

180,085

165,679

160,773

153,233

137,430

146,838

135,068

128,593

134,549

134,807

128,487

116,442

-

859

665

905

737

706

684

1,109

-

1,830

2,255

948

-

1,055

1,137

1,074

-

759

784

727

-

1,166

825

1,051

-

447

655

543

638

763

General and administrative

62,036

69,732

65,423

76,247

64,405

55,295

51,126

47,589

55,309

50,577

51,538

40,073

42,151

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Sales and marketing

68,782

49,230

73,689

72,831

64,119

60,385

54,611

57,697

56,541

41,928

41,585

39,983

40,158

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Technology leasing and support

-

-

-

-

-

-

-

-

-

-

-

-

-

-

12,517

10,932

11,076

11,703

10,157

10,021

9,434

8,397

8,006

7,151

7,027

5,505

6,799

6,428

5,485

4,819

4,577

4,874

4,267

3,572

3,895

4,022

3,934

3,477

3,319

3,261

2,824

2,424

2,237

Occupancy and equipment

-

-

-

-

-

-

-

-

-

-

-

-

-

-

7,271

6,113

5,712

5,347

5,240

5,034

4,997

4,789

5,362

3,761

4,366

4,149

3,822

4,191

3,805

3,299

3,032

3,214

2,816

2,957

2,761

2,820

3,265

2,386

2,181

2,043

2,044

1,960

1,969

Depreciation and amortization

40,200

37,140

36,861

37,219

31,184

31,070

29,054

30,020

29,726

33,875

32,349

31,585

31,854

-28,502

46,008

23,109

22,264

20,153

20,778

20,759

21,387

20,586

19,600

15,176

15,018

14,940

14,160

14,501

14,607

24,672

27,877

11,397

11,317

11,725

11,767

10,908

10,969

11,531

6,752

5,737

5,873

5,359

5,338

Impairment charges and asset write-offs

-

-

0

-

-

-

2,424

-

-

-

0

16,175

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Gain (Loss) on Disposition of Stock in Subsidiary

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

1,215

321

27,169

0

0

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other

-

-

-

-

-

-

-

-

-

-

-

-

-

-

21,793

17,442

17,783

17,023

19,260

15,865

15,794

-9,211

13,438

13,250

12,587

-10,936

10,984

11,695

11,084

-8,822

8,764

9,922

7,855

-10,172

8,757

9,329

9,058

-6,531

6,502

6,197

5,802

5,518

5,833

Total operating expenses

-

-

-

-

-

-

-

-

-

-

-

-

-

-

233,188

182,301

164,801

162,752

158,312

150,735

154,045

150,022

119,604

121,252

120,531

111,048

113,632

111,204

104,840

119,499

109,690

90,184

82,159

79,103

86,634

80,097

73,918

71,919

64,037

52,088

51,653

49,482

45,503

Operating income

74,829

103,858

118,311

94,737

68,935

93,791

102,564

100,424

83,859

61,367

63,723

47,581

60,752

11,195

54,568

51,635

41,127

49,890

67,745

62,918

48,240

61,842

102,530

80,329

61,537

71,235

77,893

67,081

60,530

49,499

51,277

62,880

57,963

60,733

65,244

61,175

46,172

42,977

36,192

39,347

32,193

36,346

32,372

Financing interest expense

32,031

-

-

-

31,112

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net foreign currency loss

-28,727

12,822

-16,528

6,665

-3,885

-11,362

-1,094

-26,734

390

-2,091

14,611

10,525

8,442

-26,466

5,932

-4,823

16,124

-5,677

6,525

-2,161

-4,376

-8,149

-7,560

1,238

1,033

-744

2,968

-1,028

-232

13

180

-472

-20

-96

-855

4

488

-

7,015

40

-

16

12

Net unrealized gains on interest rate swap agreements

-

-

-

-

-

-

-

-

-

-

-

-

1,565

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Gain on settlement of portion of amounts due under tax receivable agreement

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

136,485

Net Realized And Unrealized Losses On Fuel Price Derivatives

-

-

-

-

-

-

-

-

-

-

-

-

-

-1,422

0

0

711

-10,519

7,922

-6,000

2,749

-55,269

14,773

-7,561

1,845

12,632

-3,640

8,614

-7,755

-13,213

-14,026

20,792

18,812

6,878

-13,952

-6,232

25,175

11,053

3,774

-9,363

1,780

-3,687

18,110

NonCash Adjustments Related to Tax Receivable Agreement

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-168

-

-

-

1,634

-

-

-

-1,356

-

-

-

150

-

-

-

0

-

-

-

-875

-

-

-

-214

-

-

-

-

Net unrealized loss on financial instruments

-32,047

4,424

-5,650

-21,516

-11,912

-15,792

2,157

2,706

13,508

-

-150

-2,264

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Decrease in tax refund due to former shareholder of RD Card Holdings Australia

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

9,750

-

-

-

-

-

-

-

-

-

-

-

(Loss) income before income taxes

-17,976

88,658

61,584

44,248

22,026

39,399

77,909

50,891

70,420

51,080

52,430

27,295

43,611

-29,136

25,268

16,394

36,404

35,046

72,496

42,841

34,525

79,303

98,547

66,730

57,059

55,896

70,002

67,298

45,204

43,548

35,129

90,660

36,846

51,330

74,366

63,863

19,046

29,603

37,735

48,057

29,687

38,662

148,687

Income tax (benefit) provision

-5,707

23,871

19,137

12,397

5,818

17,464

21,305

12,325

17,749

-28,310

18,570

10,655

14,535

4,862

6,065

4,482

13,183

13,649

30,714

16,441

14,492

32,064

24,697

23,881

20,979

22,005

26,224

25,246

16,627

14,694

20,845

60,325

13,610

18,538

26,266

23,248

6,931

11,135

17,164

18,021

11,133

15,299

55,497

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

-12,269

64,787

42,447

31,851

16,208

21,935

56,604

38,566

52,671

79,390

33,860

16,640

29,076

-33,998

19,203

11,912

23,221

21,397

41,782

26,400

20,033

47,239

73,850

42,849

36,080

33,891

43,778

42,052

28,577

28,854

14,284

30,335

23,236

-

48,100

-

-

-

-

-

-

-

-

Less: Net income from non-controlling interests

1,363

-797

-631

324

74

678

-40

142

701

-210

-111

-450

-325

-2,148

-493

-655

135

496

203

-92

-2,312

-654

-593

-484

-462

-577

-60

-161

-112

-

-14

-

-

-

-

-

-

-

-

-

-

-

-

Net (loss) income attributable to WEX Inc.

-13,632

65,584

43,078

31,527

16,134

21,257

56,644

38,424

51,970

79,600

33,971

17,090

29,401

-

19,696

12,567

23,086

20,901

41,579

26,492

22,345

47,893

74,443

43,333

36,542

34,468

43,838

42,213

28,689

29,053

14,298

30,335

23,236

32,792

48,100

40,615

12,115

18,468

20,571

30,036

18,554

23,363

93,190

Accretion of non-controlling interest

2,624

11,121

28,459

17,720

0

-

0

0

-

-

-

-

-

-

-

-

-

-

9,413

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net Income (Loss) Attributable to Parent, After Accretion of Non-controlling Interest

-16,256

54,446

14,619

13,807

16,134

-

56,644

38,424

-

-

-

-

-

-

-

-

-

-

32,166

-

-

-

74,443

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Earnings Per Share [Abstract]
Changes in available-for-sale securities, net of tax effect of $27 and $68 in 2012 and $57 and $90 in 2011

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

88

68

-12

-

17

74

34

78

-20

Changes in interest rate swaps, net of tax effect of $- and $35 in 2012 and $65 and $146 in 2011

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

113

69

70

-

-248

21

-117

167

708

Foreign currency translation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-29,888

10,798

7,683

-

13,990

-335

-198

197

-150

Comprehensive income attributable to WEX Inc.

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

18,413

51,550

19,856

-

34,330

29,796

18,273

23,805

93,728

Basic (in dollars per share)

-0.37

1.26

0.34

0.32

0.37

0.49

1.31

0.89

1.21

1.84

0.79

0.40

0.69

-0.80

0.46

0.32

0.60

0.54

0.83

0.68

0.58

1.22

1.92

1.12

0.94

0.89

1.12

1.08

0.74

0.75

0.37

0.78

0.60

0.85

1.24

1.05

0.31

0.49

0.54

0.77

0.48

0.61

2.43

Diluted (in dollars per share)

-0.37

1.24

0.33

0.32

0.37

0.48

1.30

0.88

1.20

1.84

0.79

0.40

0.68

-0.80

0.46

0.32

0.59

0.54

0.83

0.68

0.57

1.23

1.91

1.11

0.93

0.89

1.12

1.08

0.73

0.74

0.37

0.78

0.59

0.85

1.23

1.04

0.31

0.47

0.53

0.77

0.48

0.60

2.36

Weighted average common shares outstanding:
Basic (in shares)

43,416

43,366

43,349

43,329

43,220

43,203

43,191

43,181

43,049

43,021

43,014

43,002

42,871

42,886

42,788

38,806

38,756

38,741

38,745

38,739

38,859

38,871

38,867

38,856

38,966

38,984

38,978

38,934

38,888

38,864

38,793

38,883

38,820

38,759

38,747

38,722

38,516

38,406

38,374

38,830

38,334

38,217

38,418

Diluted (in shares)

43,416

43,932

43,811

43,761

43,572

43,685

43,615

43,546

43,450

43,140

43,101

43,060

43,119

43,078

42,871

38,857

38,850

38,813

38,808

38,799

38,952

38,948

38,961

38,946

39,145

39,105

39,081

39,039

39,187

39,166

38,995

39,084

39,123

39,222

38,951

38,947

38,872

39,171

38,779

39,136

39,122

39,351

39,517

Payment processing revenue
Total revenues

204,037

199,212

224,756

214,826

186,798

193,928

182,871

178,738

168,454

145,732

145,702

141,354

136,378

137,300

146,182

126,080

111,057

-

133,198

128,081

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

85,118

76,931

Processing costs

-

-

98,296

99,481

-

-

81,190

77,483

73,106

-

69,119

69,233

64,334

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Account servicing revenue
Total revenues

113,840

110,369

109,205

106,892

87,086

71,928

78,748

78,716

78,704

78,032

71,322

65,677

61,539

60,242

58,815

47,433

44,522

-

39,578

38,474

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

9,540

9,308

Finance fee revenue
Total revenues

55,927

71,651

66,382

62,912

46,373

50,520

57,673

51,553

48,881

52,456

50,879

42,085

43,372

40,620

36,138

32,704

23,506

-

23,502

20,401

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

8,790

7,279

Other revenue
Total revenues

57,875

58,813

59,620

57,177

61,619

64,820

67,325

61,791

57,989

53,114

56,099

54,768

50,068

46,706

46,621

27,719

26,843

-

29,779

26,697

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3,193

2,938

Payment Processing Revenue
Cost of Goods and Services Sold

-

-

98,296

99,481

-

-

81,190

77,483

73,106

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-