WEX FY 2013 Earnings Report — WEX Inc. Revenue & Financial Results | Market Cap Arena

FY 2013 Earnings

Reported February 27, 2014

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2013	Prior Q	FY 2012	QoQ Change	YoY Change
Revenue	$717M	—	$623M	—	15.1%
Op. Income	$277M	—	$222M	—	24.9%
Gross Margin	59.2%	—	59.2%	—	0.0pp
Net Margin	20.8%	—	15.6%	—	5.2pp
EPS (Diluted)	$3.82	—	$2.48	—	54.0%
Free Cash Flow	$96.0K	—	$44M	—	-99.8%

Revenue Flow

Item	Amount
REVENUE	$717M
Cost of Revenue	$292M
GROSS PROFIT	$425M
R&D Expenses	$0
Selling & Marketing	$15M
General & Administrative	$28M
SG&A Expenses	$43M
Other Expenses	$105M
Operating Expenses	$148M
Cost & Expenses	$441M
OPERATING INCOME	$277M
Interest Income	$0
Interest Expense	$29M
Other Income/Expenses	-$38M
INCOME BEFORE TAX	$238M
Income Tax Expense	$90M
Net Income from Continuing Ops	$148M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$149M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$149M
D&A	$61M
EBIT	$268M
EBITDA	$328M
EPS	$4
EPS Diluted	$4

Income Statement

Item	Amount
REVENUE	$717M
Cost of Revenue	$292M
GROSS PROFIT	$425M
R&D Expenses	$0
Selling & Marketing	$15M
General & Administrative	$28M
SG&A Expenses	$43M
Other Expenses	$105M
Operating Expenses	$148M
Cost & Expenses	$441M
OPERATING INCOME	$277M
Interest Income	$0
Interest Expense	$29M
Other Income/Expenses	-$38M
INCOME BEFORE TAX	$238M
Income Tax Expense	$90M
Net Income from Continuing Ops	$148M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$149M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$149M
D&A	$61M
EBIT	$268M
EBITDA	$328M
EPS	$4
EPS Diluted	$4

Cash Flow Statement

Item	Amount
Net Income	$148M
Depreciation & Amortization	$61M
Stock-Based Compensation	$9M
Deferred Income Tax	$27M
Other Non-Cash Items	$27M
Change in Working Capital	-$233M
OPERATING CASH FLOW	$40M
Capital Expenditure	-$39M
Acquisitions (Net)	-$11M
Purchases of Investments	-$2M
Sales/Maturities of Investments	$1M
Other Investing Activities	-$610.0K
NET CASH FROM INVESTING	-$51M
Net Debt Issuance	$212M
Common Stock Repurchased	-$18M
Common Dividends Paid	$0
Other Financing Activities	-$15M
NET CASH FROM FINANCING	$179M
FREE CASH FLOW	$96.0K
Net Change in Cash	$164M

Balance Sheet

Item	Amount
Cash & Equivalents	$361M
Short-Term Investments	$16M
Net Receivables	$1.7B
Inventory	-$4M
Other Current Assets	$0
TOTAL CURRENT ASSETS	$2.1B
PP&E (Net)	$72M
Goodwill	$818M
Intangible Assets	$209M
Long-Term Investments	$16M
Tax Assets	$89M
Other Non-Current Assets	$139M
TOTAL NON-CURRENT ASSETS	$1.3B
TOTAL ASSETS	$3.4B
Account Payables	$513M
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	-$76M
TOTAL CURRENT LIABILITIES	$605M
Long-Term Debt	$685M
Deferred Revenue NC	$101M
Deferred Tax Liabilities	$14M
Other Non-Current Liabilities	$1.3B
TOTAL NON-CURRENT LIABILITIES	$1.9B
TOTAL LIABILITIES	$2.5B
Common Stock	$429.0K
Additional Paid-In Capital	$169M
Retained Earnings	$880M
Treasury Stock	-$131M
Accum. Other Comp. Income	-$15M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$903M
Minority Interest	$19M
TOTAL EQUITY	$922M
TOTAL LIABILITIES & EQUITY	$3.4B
Total Debt	$685M
Net Debt	$324M