WEX FY 2011 Earnings Report — WEX Inc. Revenue & Financial Results | Market Cap Arena

FY 2011 Earnings

Reported February 28, 2012

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2011	Prior Q	FY 2010	QoQ Change	YoY Change
Revenue	$553M	—	$390M	—	41.7%
Op. Income	$233M	—	$151M	—	54.8%
Gross Margin	62.4%	—	59.3%	—	3.1pp
Net Margin	24.2%	—	22.4%	—	1.7pp
EPS (Diluted)	$3.43	—	$2.25	—	52.4%
Free Cash Flow	$23M	—	-$39M	—	157.4%

Revenue Flow

Item	Amount
REVENUE	$553M
Cost of Revenue	$208M
GROSS PROFIT	$345M
R&D Expenses	$0
Selling & Marketing	$13M
General & Administrative	$21M
SG&A Expenses	$34M
Other Expenses	$78M
Operating Expenses	$112M
Cost & Expenses	$320M
OPERATING INCOME	$233M
Interest Income	$0
Interest Expense	$12M
Other Income/Expenses	-$25M
INCOME BEFORE TAX	$209M
Income Tax Expense	$75M
Net Income from Continuing Ops	$134M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$134M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$134M
D&A	$48M
EBIT	$220M
EBITDA	$268M
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$553M
Cost of Revenue	$208M
GROSS PROFIT	$345M
R&D Expenses	$0
Selling & Marketing	$13M
General & Administrative	$21M
SG&A Expenses	$34M
Other Expenses	$78M
Operating Expenses	$112M
Cost & Expenses	$320M
OPERATING INCOME	$233M
Interest Income	$0
Interest Expense	$12M
Other Income/Expenses	-$25M
INCOME BEFORE TAX	$209M
Income Tax Expense	$75M
Net Income from Continuing Ops	$134M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$134M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$134M
D&A	$48M
EBIT	$220M
EBITDA	$268M
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$134M
Depreciation & Amortization	$48M
Stock-Based Compensation	$9M
Deferred Income Tax	$24M
Other Non-Cash Items	$17M
Change in Working Capital	-$180M
OPERATING CASH FLOW	$51M
Capital Expenditure	-$28M
Acquisitions (Net)	-$4M
Purchases of Investments	-$9M
Sales/Maturities of Investments	$841.0K
Other Investing Activities	-$11M
NET CASH FROM INVESTING	-$41M
Net Debt Issuance	-$7M
Common Stock Repurchased	-$3M
Common Dividends Paid	$0
Other Financing Activities	$4M
NET CASH FROM FINANCING	-$3M
FREE CASH FLOW	$23M
Net Change in Cash	$8M

Balance Sheet

Item	Amount
Cash & Equivalents	$26M
Short-Term Investments	$17M
Net Receivables	$1.3B
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$1.4B
PP&E (Net)	$62M
Goodwill	$550M
Intangible Assets	$110M
Long-Term Investments	$0
Tax Assets	$142M
Other Non-Current Assets	$38M
TOTAL NON-CURRENT ASSETS	$901M
TOTAL ASSETS	$2.3B
Account Payables	$409M
Short-Term Debt	$0
Deferred Revenue	$55M
Other Current Liabilities	-$55M
TOTAL CURRENT LIABILITIES	$1.5B
Long-Term Debt	$0
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$1.2B
TOTAL NON-CURRENT LIABILITIES	$109M
TOTAL LIABILITIES	$1.6B
Common Stock	$423.0K
Additional Paid-In Capital	$146M
Retained Earnings	$633M
Treasury Stock	-$101M
Accum. Other Comp. Income	$31M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$709M
Minority Interest	$0
TOTAL EQUITY	$709M
TOTAL LIABILITIES & EQUITY	$2.3B
Total Debt	$395M
Net Debt	$369M