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WEX Inc. (NYSE: WEX) is a global leader in corporate payment solutions designed to enhance business efficiency, security, and cost control. Founded in 1983 with a focus on fleet card payments, WEX has since diversified its offerings to encompass a wide array of corporate payment solutions, serving millions of cardholders across various sectors, including travel, healthcare, and employee benefits.
The company operates in three main segments: Mobility, Benefits, and Corporate Payments. The Mobility segment, which generates the highest revenue, offers fleet vehicle payment solutions, transaction processing, and information management services for both commercial and government fleets. The Corporate Payments segment provides business-to-business payment processing and transaction monitoring services. The Benefits segment focuses on healthcare payment products and a consumer-directed software platform.
WEX has a significant presence across North and South America, Europe, Australia, New Zealand, and Asia, employing over 2,000 associates. The company is committed to delivering exceptional payment security and control, ensuring that businesses of all sizes can operate efficiently and profitably.
Recent achievements highlight WEX's commitment to innovation and industry leadership. The company has filed a federal lawsuit against HP Inc. and Hewlett-Packard Development Company, L.P. for trademark infringement. This legal action underscores WEX's dedication to protecting its brand and intellectual property rights.
For more detailed information and the latest updates, visit WEX Inc.
WEX Inc. (NYSE: WEX) has announced a $1 billion increase to its share repurchase program, expanding the total authorization to $2.05 billion through December 31, 2025. This move is part of WEX's balanced capital allocation framework and value creation strategy. CEO Melissa Smith highlighted the company's strong balance sheet and cash generative business model, which enable investments in growth while returning capital to shareholders. WEX has already spent over $1 billion repurchasing stock since restarting its program. The expanded authorization allows for discretionary repurchases through various methods, subject to market conditions and other factors. The program can be modified or suspended at any time and does not obligate WEX to acquire a specific number of shares.
WEX Inc. (NYSE: WEX) has announced its entry into a $300 million accelerated share repurchase (ASR) agreement with JPMorgan Chase Bank. This move is part of WEX's existing $1.05 billion amended share repurchase authorization announced in February 2024. The ASR involves an initial delivery of approximately 1.3 million shares of WEX's common stock, representing about 80% of the total expected repurchase. The final number of shares will be determined based on the average daily volume-weighted average prices during the ASR term. This initiative reflects WEX's confidence in its intrinsic value and long-term growth potential, aligning with its capital allocation strategy to invest in future growth while delivering value to shareholders.
WEX Inc. reported strong Q2 2024 financial results, with revenue increasing 8% year-over-year to a record $673 million. The growth was driven by a 13% increase in the Benefits segment and acceleration in the Mobility segment. Q2 GAAP net income was $1.83 per diluted share, while adjusted net income reached $3.91 per diluted share. The company achieved a GAAP operating income margin of 25.0% and an adjusted operating income margin of 40.7%.
WEX repurchased approximately $100 million in shares during Q2, with an additional $70 million in July 2024. The company plans to enter into a $300 million accelerated share repurchase agreement soon. For Q3 2024, WEX expects revenue between $688-698 million and adjusted net income of $4.42-$4.52 per diluted share. Full-year 2024 guidance projects revenue of $2.68-2.72 billion and adjusted net income of $15.98-16.38 per diluted share.
WEX, a global commerce platform, will release its Q2 2024 financial results on July 25, 2024, before the market opens.
CEO Melissa Smith and CFO Jagtar Narula will discuss the results during a conference call at 10:00 AM ET, which will be webcast live on the WEX website. The call can also be accessed via phone with a passcode. A replay will be available online or via phone until August 25, 2024.
WEX, a global commerce platform, has secured a preliminary injunction against HP Inc. and Hewlett-Packard Development Company, L.P., to stop HP from using the 'WEX' name. HP announced its 'WEX' brand in March 2024, leading WEX to file a federal lawsuit and request an injunction in April 2024. The court ruled in favor of WEX on July 9, 2024, citing overwhelming evidence of trademark infringement by HP. WEX aims to secure a permanent injunction at trial to protect its brand and avoid marketplace confusion.
WEX has appointed Sara Trickett as Chief Legal Officer and Corporate Secretary, effective June 4, 2024. She will succeed Hilary Rapkin, who is retiring but will remain with the company as an executive advisor until March 2025. Trickett, who has been with WEX since 2021, previously served as Acting General Counsel and Assistant Corporate Secretary. She brings extensive legal experience from her prior roles at Visa and Latham & Watkins. CEO Melissa Smith expressed confidence in Trickett's leadership as WEX continues its strategic goals. Rapkin, who joined WEX in 1996, significantly contributed to the company's growth including its IPO and generating approximately $2.55 billion in revenue for 2023.
Repay Holdings (NASDAQ: RPAY), a leading integrated payment solutions provider, has been recognized as WEX's Partner of the Year and inducted into the WEX Circle of Excellence at the WEX 2023 Community Awards. This accolade highlights REPAY's innovative approach and collaboration with WEX in providing next-generation payment technology for B2B vendor payments.
REPAY's automated vendor payment platform, which includes virtual card issuance and processing support from WEX, offers simplicity and efficiency, enhancing AP processes while ensuring security against payment fraud. REPAY's EVP, Darin Horrocks, emphasized the importance of this partnership in delivering secure, integrated solutions that drive client growth.
WEX, a global commerce platform, announced that its Chair and CEO, Melissa Smith, will present at the William Blair Growth Stock Conference on June 4, 2024, at 1:00 PM ET. The presentation will be streamed live on the Investor Relations section of the company's website, with an audio replay available for 90 days.
WEX has reached an agreement with Shell to manage Shell's portfolio of commercial fleet cards across North America, providing a full range of solutions for commercial customers. This collaboration combines WEX's software and payments expertise with Shell's brand presence to benefit enterprise-level fleet operators and small business fleets. The agreement demonstrates WEX's commitment to simplifying fleet management processes and running businesses efficiently.
WEX Inc. (NYSE: WEX) will present at upcoming investor conferences. Senior executives will present at the Barclays Emerging Payments and FinTech Forum on May 15 and the JPMorgan Global Technology, Media and Communications Conference on May 21. Webcasts of the presentations will be available on the Company's website.
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