WEX FY 2008 Earnings Report — WEX Inc. Revenue & Financial Results | Market Cap Arena

FY 2008 Earnings

Reported February 27, 2009

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2008	Prior Q	FY 2007	QoQ Change	YoY Change
Revenue	$394M	—	$336M	—	17.1%
Op. Income	$161M	—	$152M	—	6.1%
Gross Margin	77.0%	—	73.5%	—	3.6pp
Net Margin	32.4%	—	15.3%	—	17.1pp
EPS (Diluted)	$3.22	—	$1.27	—	153.5%
Free Cash Flow	$323M	—	-$109M	—	397.1%

Revenue Flow

Item	Amount
REVENUE	$394M
Cost of Revenue	$90M
GROSS PROFIT	$303M
R&D Expenses	$9M
Selling & Marketing	$12M
General & Administrative	$12M
SG&A Expenses	$23M
Other Expenses	$110M
Operating Expenses	$142M
Cost & Expenses	$232M
OPERATING INCOME	$161M
Interest Income	$0
Interest Expense	$47M
Other Income/Expenses	$34M
INCOME BEFORE TAX	$196M
Income Tax Expense	$68M
Net Income from Continuing Ops	$128M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$128M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$128M
D&A	$21M
EBIT	$243M
EBITDA	$263M
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$394M
Cost of Revenue	$90M
GROSS PROFIT	$303M
R&D Expenses	$9M
Selling & Marketing	$12M
General & Administrative	$12M
SG&A Expenses	$23M
Other Expenses	$110M
Operating Expenses	$142M
Cost & Expenses	$232M
OPERATING INCOME	$161M
Interest Income	$0
Interest Expense	$47M
Other Income/Expenses	$34M
INCOME BEFORE TAX	$196M
Income Tax Expense	$68M
Net Income from Continuing Ops	$128M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$128M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$128M
D&A	$21M
EBIT	$243M
EBITDA	$263M
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$128M
Depreciation & Amortization	$21M
Stock-Based Compensation	$5M
Deferred Income Tax	$42M
Other Non-Cash Items	-$44M
Change in Working Capital	$188M
OPERATING CASH FLOW	$339M
Capital Expenditure	-$16M
Acquisitions (Net)	-$42M
Purchases of Investments	-$4M
Sales/Maturities of Investments	$1M
Other Investing Activities	$1M
NET CASH FROM INVESTING	-$61M
Net Debt Issuance	-$39M
Common Stock Repurchased	-$41M
Common Dividends Paid	$0
Other Financing Activities	-$58M
NET CASH FROM FINANCING	-$138M
FREE CASH FLOW	$323M
Net Change in Cash	$140M

Balance Sheet

Item	Amount
Cash & Equivalents	$183M
Short-Term Investments	$0
Net Receivables	$710M
Inventory	$13M
Other Current Assets	$49M
TOTAL CURRENT ASSETS	$955M
PP&E (Net)	$45M
Goodwill	$315M
Intangible Assets	$40M
Long-Term Investments	$0
Tax Assets	$240M
Other Non-Current Assets	$17M
TOTAL NON-CURRENT ASSETS	$657M
TOTAL ASSETS	$1.6B
Account Payables	$249M
Short-Term Debt	$171M
Deferred Revenue	$35M
Other Current Liabilities	-$206M
TOTAL CURRENT LIABILITIES	$998M
Long-Term Debt	$309M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$759M
TOTAL NON-CURRENT LIABILITIES	$319M
TOTAL LIABILITIES	$1.3B
Common Stock	$410.0K
Additional Paid-In Capital	$100M
Retained Earnings	$272M
Treasury Stock	-$77M
Accum. Other Comp. Income	-$2M
Other Equity	-$10M
TOTAL STOCKHOLDERS' EQUITY	$295M
Minority Interest	$0
TOTAL EQUITY	$295M
TOTAL LIABILITIES & EQUITY	$1.6B
Total Debt	$480M
Net Debt	$297M