WEX Inc. (NYSE:WEX) Q1 2022 Earnings Conference Call April 28, 2022 10:00 AM ET

Company Participants

Steve Elder – Senior Vice President-Investor Relations

Melissa Smith – Chairman and Chief Executive Officer

Jenny Kimball – Interim Chief Financial Officer

Conference Call Participants

Mihir Bhatia – Bank of America

Jeff Cantwell – Wells Fargo

Tien Tsin Huang – JP Morgan

Bob Napoli – William Blair

Dave Koning – Baird

Sanjay Sakhrani – KBW

Darrin Peller – Wolfe Research

Operator

Good morning. My name is David, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the WEX Q1 2022 Earnings Call. Today's conference 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, Senior Vice President of 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 our Interim CFO, Jenny Kimball. 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 8-Ks we submitted to the SEC.

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 first quarter to arrive at these metrics include unrealized gains on financial instruments, net foreign currency remeasurement gains, 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, ANI adjustments attributable to non-controlling interests 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.