The following is a summary of the WEX Inc. (WEX) Q1 2024 Earnings Call Transcript:

Financial Performance:

• WEX Inc. reported Q1 2024 revenue of $653 million, a 7% increase year-over-year.

• Adjusted net income per diluted share in Q1 was $3.46, a 5% increase compared to the same quarter last year.

• They announced cash reserves of $780 million and a leverage ratio of 2.6 times.

• Despite a negative cash flow impact of $190 million in Q1 2024 due to end-of-quarter timing, a reversal is expected in Q2.

• Shares repurchased totalled 353,000 at a cost of $74 million in Q1, cumulatively repurchased 3.9 million shares since 2022 at an average cost of $169 per share.

• Projections for Q2 2024 anticipate a revenue between $675 million and $685 million and diluted ANI EPS falling between $3.75 and $3.85.

• The full 2024 financial year is projected to earn between $2.73 billion to $2.77 billion in revenue and ANI EPS should be between $16.10 and $16.60, marking an increase from previous guidance.

• Despite a loss of the Medicare Advantage account, total accounts saw an 8% growth.

Business Progress:

• Corporate Payments saw significant growth with a 29% increase in purchase volumes year-over-year.

• New long-term agreements have been made with Booking.com and a renewal of agreement with HBX Group has been secured.

• The Benefits segment grew by 8% compared to the last year, now serving 8 million HSA accounts.

• Acquired Payzer, a leading cloud-native field service management software, is integrated into the WEX ecosystem.

• Strategic growth investments and share buybacks are underway, signaling a strong balance sheet and low leverage.

• Organic capital investments are in progress alongside share repurchases and exploring M&A opportunities.

• WEX remains positive about progress in the EP disease portfolio as a new revenue opportunity.

• A forecasted high single digit growth is expected in Corporate Payments, including a new contract with Booking.com.

• An improvement in Mobility margins is anticipated throughout the year, owing to increasing fuel prices, improved late fees, and a better interest rate environment.

• The agreement with Booking.com will see WEX Inc. remain as their primary virtual card partner.

• Direct sales in Corporate Payments contributed to over half of its non-travel related payment processing revenue for Q1.

• The company is focusing on growing account numbers in its benefits segment.

More details: WEX Inc IR

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