WEX FY 2012 Earnings Report — WEX Inc. Revenue & Financial Results | Market Cap Arena

FY 2012 Earnings

Reported February 28, 2013

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2012	Prior Q	FY 2011	QoQ Change	YoY Change
Revenue	$623M	—	$553M	—	12.7%
Op. Income	$222M	—	$233M	—	-5.0%
Gross Margin	59.2%	—	62.4%	—	-3.2pp
Net Margin	15.6%	—	24.2%	—	-8.6pp
EPS (Diluted)	$2.48	—	$3.43	—	-27.7%
Free Cash Flow	$44M	—	$23M	—	93.0%

Revenue Flow

Item	Amount
REVENUE	$623M
Cost of Revenue	$254M
GROSS PROFIT	$369M
R&D Expenses	$0
Selling & Marketing	$14M
General & Administrative	$22M
SG&A Expenses	$36M
Other Expenses	$112M
Operating Expenses	$147M
Cost & Expenses	$402M
OPERATING INCOME	$222M
Interest Income	$0
Interest Expense	$10M
Other Income/Expenses	-$15M
INCOME BEFORE TAX	$206M
Income Tax Expense	$109M
Net Income from Continuing Ops	$97M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$97M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$97M
D&A	$50M
EBIT	$217M
EBITDA	$292M
EPS	$3
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$623M
Cost of Revenue	$254M
GROSS PROFIT	$369M
R&D Expenses	$0
Selling & Marketing	$14M
General & Administrative	$22M
SG&A Expenses	$36M
Other Expenses	$112M
Operating Expenses	$147M
Cost & Expenses	$402M
OPERATING INCOME	$222M
Interest Income	$0
Interest Expense	$10M
Other Income/Expenses	-$15M
INCOME BEFORE TAX	$206M
Income Tax Expense	$109M
Net Income from Continuing Ops	$97M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$97M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$97M
D&A	$50M
EBIT	$217M
EBITDA	$292M
EPS	$3
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$97M
Depreciation & Amortization	$50M
Stock-Based Compensation	$11M
Deferred Income Tax	$36M
Other Non-Cash Items	$51M
Change in Working Capital	-$173M
OPERATING CASH FLOW	$72M
Capital Expenditure	-$28M
Acquisitions (Net)	-$402M
Purchases of Investments	-$864.0K
Sales/Maturities of Investments	$2M
Other Investing Activities	-$402M
NET CASH FROM INVESTING	-$430M
Net Debt Issuance	$349M
Common Stock Repurchased	-$11M
Common Dividends Paid	$0
Other Financing Activities	$191M
NET CASH FROM FINANCING	$530M
FREE CASH FLOW	$44M
Net Change in Cash	$172M

Balance Sheet

Item	Amount
Cash & Equivalents	$198M
Short-Term Investments	$16M
Net Receivables	$1.6B
Inventory	-$3M
Other Current Assets	$0
TOTAL CURRENT ASSETS	$1.8B
PP&E (Net)	$60M
Goodwill	$844M
Intangible Assets	$242M
Long-Term Investments	$18M
Tax Assets	$100M
Other Non-Current Assets	$73M
TOTAL NON-CURRENT ASSETS	$1.3B
TOTAL ASSETS	$3.1B
Account Payables	$501M
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	-$7M
TOTAL CURRENT LIABILITIES	$588M
Long-Term Debt	$669M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$1.1B
TOTAL NON-CURRENT LIABILITIES	$1.7B
TOTAL LIABILITIES	$2.3B
Common Stock	$426.0K
Additional Paid-In Capital	$162M
Retained Earnings	$730M
Treasury Stock	-$113M
Accum. Other Comp. Income	$37M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$818M
Minority Interest	$22M
TOTAL EQUITY	$840M
TOTAL LIABILITIES & EQUITY	$3.1B
Total Debt	$669M
Net Debt	$472M