WEX Inc. (NYSE:WEX) Q4 2022 Earnings Conference Call February 9, 2023 10:00 AM ET

Company Participants

Steve Elder - SVP, Global IR

Melissa Smith - Chairman and CEO

Jagtar Narula - CFO

Conference Call Participants

Mihir Bhatia - Bank of America Merrill Lynch

Nik Cremo - Credit Suisse

Ramsey El-Assal - Barclays

Trevor Williams - Jefferies

Bob Napoli - William Blair

David Koning - Baird

Andrew Jeffrey - Truist Securities

Ken Suchoski - Autonomous Research

James Faucette - Morgan Stanley

Darrin Peller - Wolfe Research

Jeff Cantwell - Wells Fargo

Operator

Good morning. My name is David, and I’ll be your conference operator today. At this time, I would like to welcome everyone to the WEX Q4 2022 Earnings Call. Todays conference is being recrded. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.

Steve Elder, Senior Vice President, Global Investor Relations, you may begin your conference.

Steve Elder

Thank you, operator, and good morning, everyone. With me today is Melissa Smith, our Chair and CEO and President; 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 have also been included in an 8-K we submitted to the SEC earlier this morning.

As a reminder, we will be discussing non-GAAP metrics, specifically, adjusted net income attributable to shareholders, which we refer to as adjusted net income, or ANI, and adjusted operating income and related margins and adjusted free cash flow during our call. Please see Exhibit 1 of our most recent earnings press release, and it’s on deck available on our Investor Relations website for an explanation and reconciliation of adjusted net income attributable to shareholders to GAAP net income attributable to shareholders, an explanation and reconciliation of adjusted operating income to GAAP operating income and a reconciliation of adjusted free cash flow to GAAP operating cash flow.

The company provides revenue guidance on a GAAP basis and earnings guidance on a non-GAAP basis. The non-GAAP guidance cannot be reconciled without unreasonable efforts due to the uncertainty and the indeterminate amount of certain elements that are included in reported GAAP earnings. We have most recent earnings release and slide deck for more detail about the Company’s non-GAAP measure.