WEX, Inc. (NYSE:WEX) Q2 2022 Earnings Conference Call July 28, 2022 10:00 AM ET

Company Participants

Steven Elder - SVP, Global IR

Melissa Smith - Chairman, President & CEO

Jagtar Narula - CFO

Conference Call Participants

Sanjay Sakhrani - KBW

Ramsey El-Assal - Barclays Bank

Darrin Peller - Wolfe Research

Sheriq Sumar - Evercore ISI

James Faucette - Morgan Stanley

Nikolai Cremo - Crédit Suisse

Jeffrey Cantwell - Wells Fargo Securities

Mihir Bhatia - Bank of America Merrill Lynch

Operator

Thank you for standing by. My name is Cheryl, and I will be your conference operator today. At this time, I would like to welcome everyone to the WEX Q2 2022 Earnings Conference Call. [Operator Instructions]. Steve Elder, Senior Vice President of Global Investor Relations. You may begin your conference.

Steven 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, and adjusted operating income during our call. Adjustments for this year's second quarter GAAP results to arrive at these metrics include unrealized gains on financial instruments, net foreign currency remeasurement losses, change in fair value of contingent consideration, acquisition-related intangible amortization, other acquisition and divestiture-related items, stock-based compensation, other costs, debt restructuring and debt issuance cost amortization and certain tax-related items as applicable.

Please see Exhibit 1 of the press release for an explanation and reconciliation of adjusted net income attributable to shareholders to GAAP net income attributable to shareholders and an explanation and reconciliation of adjusted operating income to GAAP operating income. 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.