WEX Inc. (NYSE:WEX) Q3 2022 Earnings Conference Call October 27, 2022 10:00 AM ET

Company Participants

Steve Elder – Senior Vice President-Global Investor Relations

Melissa Smith – Chairman and Chief Executive Officer

Jagtar Narula – Chief Financial Officer

Conference Call Participants

Ramsey El-Assal – Barclays

Nik Cremo – Credit Suisse

Mihir Bhatia – Bank of America

Bob Napoli – William Blair

Sanjay Sakhrani – KBW

Darrin Peller – Wolfe Research

Sheriq Sumar – Evercore ISI

Jeff Cantwell – Wells Fargo

Operator

My name is Chantal, and I will be your conference operator today. At this time, I would like to welcome everyone to the WEX Q3 2022 Earnings Conference Call. As a reminder, today's conference call is being recorded. 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, 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 our CFO, Jagtar Narula. 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 and the slide deck 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, adjusted operating income and related margins as well as adjustments free cash flow during our call. Please see Exhibit 1 of the press release for an explanation and reconciliation of adjusted net income attributable to shareholders to GAAP net loss 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 due to the uncertainty and indeterminant 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, 2021, filed with the SEC on March 1, 2022, 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.