WEX - WEX Inc. (WEX) Q1 2024 Earnings Call Transcript
2024-04-25 16:23:08 ET
WEX Inc. (WEX)
Q1 2024 Earnings Conference Call
April 25, 2024 10:00 AM ET
Company Participants
Steve Elder – Senior Vice President-Investor Relations
Melissa Smith – Chair and Chief Executive Officer
Jagtar Narula – Chief Financial Officer
Conference Call Participants
Sheriq Sumar – Evercore ISI
Ramsey El-Assal – Barclays
Sanjay Sakhrani – KBW
James Faucette – Morgan Stanley
Nate Svensson – Deutsche Bank
Mihir Bhatia – Bank of America
Presentation
Operator
[Call starts abruptly] to the WEX Q1 2024 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker’s remarks, there will be a question-and-answer session. [Operator Instructions]
I would now like to turn the call over to Steve Elder, Senior Vice President of Investor Relations. Please go ahead.
Steve Elder
Thank you, operator, and good morning, everyone. With me today is Melissa Smith, our Chair and CEO; and Jagtar Narula, our CFO. The press release we issued earlier this morning and a slide deck to walk through our prepared remarks have been posted to the Investor Relations section of our website at wexinc.com. A copy of the release has also been included in an 8-K we filed with the SEC earlier this morning.
As a reminder, we will be discussing non-GAAP metrics, specifically adjusted net income, which we refer to as ANI, adjusted operating income and related margin as well as adjusted free cash flow during our call. Please see Exhibit 1 of the press release for an explanation and reconciliation of these non-GAAP measures. The company provides revenue guidance on a GAAP basis and earnings guidance on a non-GAAP basis due to the uncertainty and the indeterminate amount of certain elements that are included in reported GAAP earnings.
I would also like to remind you that we will discuss forward-looking statements under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those forward-looking statements as a result of various factors, including those discussed in our press release and the risk factors identified in our annual report on Form 10-K for the year-ended December 31, 2023, filed with the SEC on February 23, 2024, and subsequent SEC filings. While we may update forward-looking statements in the future, we disclaim any obligations to do so. You should not place undue reliance on these forward-looking statements, all of which speak only as of today.
With that, I’ll turn the call over to Melissa.
Melissa Smith
Thank you, Steve, and good morning, everyone. We appreciate you joining us today. The first quarter marked a strong start to 2024 for WEX. We delivered another quarter of impressive financial results including record high revenue for the first quarter, which is a testament to the resilience of our diversified business model in any economic environment.
Earlier this month, we hosted our Annual Spark Conference where we brought together industry leaders to demonstrate how our cutting-edge solutions can help simplify the business of running a business. At the event, we showcased how our customers and partners can unlock the full potential of WEX’s solutions, highlighting the power of our innovative technology across employee benefits, fleet management and corporate payments. We had record attendance at Spark, which underscores the invaluable role our services played for our customers....
WEX Inc. (WEX) Q1 2024 Earnings Call Transcript