Financial Performance - Total revenues for Q3 2025 were $691.8 million, a 3.4% increase from $665.5 million in Q3 2024[148]. - Net income for Q3 2025 was $80.3 million, down 22% from $102.9 million in Q3 2024[148]. - Adjusted net income for Q3 2025 was $159.7 million, compared to $177.5 million in Q3 2024, reflecting a decrease of 10%[148]. - For the three months ended September 30, 2025, operating income decreased by $25.0 million, or 18%, compared to the same period in 2024, with segment adjusted operating income margin declining to 40.7% from 46.8%[157][158]. - Total segment adjusted operating income for the three months ended September 30, 2025, was $297.2 million, down from $317.1 million in 2024, indicating a decline of approximately 6%[189]. - The effective tax rates for the three months ended September 30, 2025, were 31.1%, compared to 27.1% for the same period in 2024, showing an increase of 4 percentage points[180]. Revenue Breakdown - Total volume across the company increased to $66,231 million in Q3 2025 from $62,322 million in Q3 2024, marking a 14.5% increase[148]. - Payment processing revenue in the Mobility segment decreased by 8% to $168.2 million in Q3 2025 from $183.2 million in Q3 2024[150]. - Account servicing revenue increased by 10% to $53.7 million in Q3 2025, up from $49.0 million in Q3 2024[150]. - Finance fee revenue rose by 18% to $82.9 million in Q3 2025, compared to $70.2 million in Q3 2024[150]. - Total revenues for the Benefits segment increased by $16.7 million, or 9%, for the three months ended September 30, 2025, driven by higher other revenue and SaaS account growth[163][164]. - Payment processing revenue increased by $1.9 million, or 9%, for the three months ended September 30, 2025, compared to the same period in 2024[163]. - Corporate Payments total revenues increased by $5.9 million (5%) for the three months ended September 30, 2025, but decreased by $29.0 million (8%) for the nine months ended September 30, 2025, compared to the prior year[168]. Expenses and Cash Flow - Adjusted free cash flow for Q3 2025 was $376.7 million, down from $392.5 million in Q3 2024[148]. - The company reported a net cash used for operating activities of $159.6 million in Q3 2025, compared to a net cash used of $(157.0) million in Q3 2024[148]. - Sales and marketing expenses increased by $10.4 million, or 20%, for the three months ended September 30, 2025, primarily due to targeted investments for growth acceleration initiatives[162]. - General and administrative expenses increased by $8.7 million, or 33%, for the three months ended September 30, 2025, primarily due to strategic decisions related to an international subsidiary[161]. - Depreciation and amortization increased by $2.6 million, or 18%, for the three months ended September 30, 2025, due to increased capital expenditures for new product development[160]. - Cash provided by operating activities for the nine months ended September 30, 2025, increased by $316.6 million compared to the same period in the prior year, primarily due to a seasonal increase in merchant payables[208]. Credit and Financing - Provision for credit losses increased by $7.3 million, or 93%, for the three months ended September 30, 2025, compared to the same period in the prior year, reflecting higher estimated credit and fraud losses[159]. - Provision for credit losses rose by $3.1 million (182%) for the three months and $8.9 million (168%) for the nine months ended September 30, 2025, due to higher collection risk[172]. - Financing interest expense increased by $5.4 million for the three months and $3.3 million for the nine months ended September 30, 2025, due to increased borrowings[177]. - As of September 30, 2025, the company had outstanding term loan principal borrowings of $2.7 billion, borrowings of $601.8 million on the Revolving Credit Facility, and $550.0 million of outstanding Senior Notes[197]. Cash and Investments - As of September 30, 2025, the company had cash and cash equivalents of $812.9 million and remaining borrowing availability of $953.6 million under the Revolving Credit Facility[195]. - Total deposits as of September 30, 2025, amounted to $5.2 billion, with $102.4 million of securitized debt under financing arrangements[202]. - Cash used for investing activities for the nine months ended September 30, 2025, decreased by $329.7 million compared to the prior year, primarily due to lower transfers of HSA deposits[210]. - Net cash from financing activities during 2025 increased by $257.9 million, primarily due to a larger decrease in restricted cash payable compared to the prior year[212]. Stock and Acquisitions - Stock-based compensation for the three months ended September 30, 2025, was $34.7 million, up from $29.8 million in 2024, reflecting an increase of about 16%[187]. - The company completed a private offering of $550.0 million in senior unsecured notes due in March 2033 on March 6, 2025[195]. - The company expects to close on the acquisition of a Mobility card program portfolio for $58.6 million during the first quarter of 2026[217]. - As of September 30, 2025, the company had $173.9 million worth of common stock available for repurchase under its plan[214]. - The company was in compliance with all financial covenants under its Credit Agreement as of September 30, 2025[198].

Core Insights - WEX has accelerated its product innovation by 20% through the use of artificial intelligence [1][2] Group 1: AI Integration and Impact - WEX's CEO highlighted that AI is utilized in various areas including customer discovery, prototyping, coding, quality assurance, infrastructure management, and security [2] - AI has significantly reduced claims processing time in the benefits segment from days to minutes, and generative AI is enhancing productivity in customer service [3] - The integration of AI is expected to help WEX scale its business, accelerate innovation, and strengthen long-term competitive advantages [3] Group 2: Financial Performance - WEX reported revenue growth across all three business segments during the third quarter [4] - The mobility segment's revenue increased by 1% year over year to $360.8 million, while the benefits segment grew by 9.2% to $198.1 million, and the corporate payments segment rose by 4.7% to $132.8 million [5] - The mobility segment's growth was impacted by lower fuel prices, foreign exchange rates, and improved vehicle fuel efficiency [5] Group 3: Strategic Focus and Future Opportunities - WEX aims to strengthen its market position, extend its platform into adjacent workflows, and enhance productivity from its investments [4] - The benefits segment's growth was driven by a 7% increase in Health Savings Accounts (HSAs), with expectations of new legislation in 2026 potentially expanding the total addressable market by 3 to 4 million new accounts [6][7] - In the corporate payments segment, revenue growth was supported by greater yields on purchase volume and a 10.8% increase in total volume, with embedded payments gaining traction across various industries [8]

Financial Data and Key Metrics Changes - Revenue for Q3 was $691.8 million, an increase of 3.9% year over year, with adjusted net income per diluted share at $4.59, up 5.5% year over year [6][7][28] - Excluding fluctuations in fuel prices and foreign exchange rates, revenue growth was 4.4%, and adjusted EPS grew 7.2% [6][7] - The company aims for long-term revenue growth of 5% to 10% and double-digit long-term adjusted EPS growth [7][8] Business Line Data and Key Metrics Changes - **Mobility Segment**: Revenue increased by 1%, with transaction levels slightly down from the prior year, reflecting overall market trends [16][29] - **Benefits Segment**: Total revenue rose 9.2% to $198.1 million, with SaaS account growth of 6% and HSA accounts up 7% [20][29] - **Corporate Payments Segment**: Revenue increased 4.7% to $132.8 million, with purchase volume down 0.9% year over year, but offset by an increase in the net interchange rate [22][30] Market Data and Key Metrics Changes - The Mobility segment continues to face challenges in the over-the-road market, with same-store sales softening [17][18] - The Benefits segment is positioned to benefit from new legislation expanding HSA eligibility, potentially adding 3 million to 4 million new accounts [22] - Corporate Payments is seeing broad-based adoption across industries, with a focus on the underserved mid-market [23][30] Company Strategy and Development Direction - The company’s strategy focuses on amplifying its core, expanding its reach, and accelerating innovation [9][10] - AI is being leveraged to enhance productivity and customer service, with a 20% increase in product innovation velocity [9][10] - The company is committed to maintaining a strong balance sheet and strategically investing in core businesses while evaluating M&A opportunities [31][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company’s ability to deliver sustainable growth despite a dynamic macro backdrop [5][36] - The company is optimistic about moving past the OTA customer headwind and expects improvements in Corporate Payments [36][34] - Management remains cautious about macroeconomic uncertainties but is encouraged by the foundational work established in 2025 [34][35] Other Important Information - The company announced the appointment of Dave Foss to the Board of Directors, effective November 3rd, 2025 [24][25] - The company is focused on executing its strategy to deliver results that drive long-term shareholder value [26][36] Q&A Session Summary Question: What was the conclusion of the strategic review regarding the stock? - Management indicated that the board conducted a thorough strategic review with independent investment banks, focusing on executing the strategic plan and overcoming the OTA customer transition impact [38][39] Question: Can you elaborate on the trends in the Mobility segment? - Management noted a slight deterioration in the over-the-road business but emphasized strong sales efforts and customer retention strategies [40][42] Question: What are the expectations for Corporate Payments moving forward? - Management expressed excitement about returning to growth in Corporate Payments, with strong momentum and investments in product capabilities [47][50] Question: How is the company managing credit in the Mobility segment? - Management stated that credit standards have been tightened, and investments in risk models have improved credit decision-making [55][56] Question: What is the sensitivity of the business to fuel and interest rates? - Management provided details on the revenue and EPS sensitivity to fuel prices and interest rates, indicating a quick flow-through effect on both metrics [59][61]

Financial Data and Key Metrics Changes - Revenue for Q3 was $691.8 million, an increase of 3.9% year-over-year, exceeding the high end of guidance [4][24] - Adjusted net income per diluted share was $4.59, an increase of 5.5% year-over-year [5][24] - Adjusted EPS growth was 7.2% when excluding fuel price and foreign exchange impacts [5] - The company aims for long-term revenue growth of 5%-10% and double-digit long-term adjusted EPS growth [5][6] Business Line Data and Key Metrics Changes - **Mobility Segment**: Revenue increased by 1% despite a drag of 1.4% from lower fuel prices and foreign exchange rates [24][25] - **Benefits Segment**: Total revenue was $198.1 million, up 9.2%, with SaaS account growth of 6% [25][17] - **Corporate Payments Segment**: Revenue was $132.8 million, an increase of 4.7%, with purchase volume declining 0.9% year-over-year [26] Market Data and Key Metrics Changes - The Mobility segment remains the largest, representing roughly half of total revenue [13] - Same store sales in the over-the-road market softened during Q3, with a noted decline in transaction levels [14][15] - The Benefits segment continues to grow, with WEX retaining its position as the fifth largest HSA custodian in the market [17] Company Strategy and Development Direction - The company focuses on three strategic pillars: amplifying core business, expanding reach into adjacent workflows, and accelerating innovation [6][7] - AI is leveraged to enhance productivity and decision-making, driving a 20% increase in product innovation velocity [7][8] - A comprehensive portfolio assessment was conducted, confirming that the segments work better together, enhancing competitive advantages [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to growth, particularly in Corporate Payments, as they move past the OTA customer transition [5][30] - The macroeconomic environment remains dynamic, but the company is optimistic about future performance due to strategic investments [30][32] - The company anticipates continued growth in the Benefits segment, especially with new legislation expanding HSA eligibility [18][30] Other Important Information - The company announced the appointment of Dave Foss to the Board of Directors, effective November 3rd [20][21] - The leverage ratio at the end of Q3 was 3.25x, down from 3.5x at the end of Q1, indicating a focus on debt reduction [28] Q&A Session Summary Question: What was the conclusion of the strategic review regarding the stock? - Management indicated that the board conducted a thorough review with independent investment banks, focusing on executing the strategic plan and improving stock performance [34][35] Question: Can you elaborate on the trends in Mobility and the impact of over-the-road sales? - Management noted a slight worsening in over-the-road sales but emphasized a focus on sales and retention, viewing the situation as transient [36][40] Question: What are the expectations for Corporate Payments moving forward? - Management expressed optimism about returning to growth in Corporate Payments, with strong momentum and a robust pipeline of new customer opportunities [44][46] Question: How is the company managing credit in the Mobility segment? - Management stated that credit standards have been tightened, and they are making informed credit decisions, leveraging AI for better risk management [52][53] Question: What is the sensitivity of the business to fuel prices and interest rates? - Management provided specific figures indicating that a $0.10 change in fuel prices could impact revenue by $20 million and EPS by $0.35 [55][56] Question: What are the expectations for adjusted operating margin for the rest of the year? - Management did not provide specific guidance but indicated that margins are expected to expand next year assuming stable macro conditions [83]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $691.8 million, an increase of 3.9% year over year, exceeding the high end of guidance [5][27] - Adjusted net income per diluted share was $4.59, an increase of 5.5% year over year, also above the high end of guidance [6][27] - Excluding the impact of fuel prices and foreign exchange rates, revenue growth was 4.4% and adjusted EPS grew 7.2% [6][27] Business Line Data and Key Metrics Changes - **Mobility Segment**: Revenue increased 1% despite a drag of 1.4% from lower fuel prices and foreign exchange rates; transaction levels were down slightly from the prior year [16][28] - **Benefits Segment**: Total revenue was $198.1 million, up 9.2%; SaaS account growth was 6% and HSA accounts increased by 7% [20][28] - **Corporate Payments Segment**: Revenue was $132.8 million, an increase of 4.7%; purchase volume declined 0.9% year over year, but the net interchange rate increased, leading to revenue growth [22][30] Market Data and Key Metrics Changes - The Mobility segment continues to face challenges in the over-the-road market, with same-store sales softening during Q3 [17][41] - The Benefits segment is well-positioned for growth, especially with new legislation expected to expand HSA eligibility [21][50] - Corporate Payments is seeing broad-based adoption across industries, with a notable 20% year-over-year growth in direct accounts payable volumes [22][30] Company Strategy and Development Direction - The company aims to simplify business operations through a differentiated value proposition, focusing on sustainable growth, profitability, and strong free cash flow [8][12] - Three strategic pillars include amplifying core business, expanding reach into adjacent workflows, and accelerating innovation through AI [9][10] - The company is leveraging AI to enhance product innovation and operational efficiency, resulting in a 20% increase in product innovation velocity [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to growth, particularly in Corporate Payments, and emphasized the importance of maintaining high retention rates [6][34] - The macroeconomic environment remains dynamic, but the company is optimistic about its strategic investments yielding results [6][34] - Management anticipates continued growth in the Benefits segment and expects to navigate through the current challenges in Mobility [34][35] Other Important Information - The company appointed Dave Foss to the Board of Directors, bringing valuable experience in financial services and technology [25] - The leverage ratio at the end of Q3 was 3.25 times, down from 3.5 times at the end of Q1, indicating a focus on debt reduction [32] Q&A Session Summary Question: What was the conclusion of the strategic review regarding the stock? - Management indicated that the board conducted a thorough review with independent investment banks, focusing on executing the strategic plan and overcoming the OTA customer transition impact [38][39] Question: Can you elaborate on the trends in Mobility and the impact of over-the-road softness? - Management noted a slight worsening in over-the-road performance but emphasized strong sales efforts and customer retention strategies [41][42] Question: What are the expectations for Corporate Payments moving forward? - Management expressed excitement about returning to growth in Corporate Payments, highlighting strong momentum and product capability extensions [48][49] Question: How is the company managing credit risk in the Mobility segment? - Management stated that credit standards have been tightened, and investments in risk models have improved credit decision-making [55][56] Question: What is the fuel price sensitivity of the business? - A $0.10 change in fuel prices annually would impact revenue by $20 million and EPS by $0.35, with quick flow-through effects on both [58][59]

Financial Performance - Total revenue for Q3 2025 increased by $263 million, or 39%, compared to Q3 2024, which includes a net $60 million unfavorable impact from fuel prices and spreads and a $27 million favorable impact from foreign exchange rates[13] - Q3 2025 GAAP net income was $230 per diluted share, a decrease of 87% compared to the prior year, while adjusted net income was $459 per diluted share, an increase of 55%[13] - Mobility segment revenue for Q3 2025 increased 10% compared to the same period a year ago, including a 14% drag due to lower fuel prices and foreign exchange rates[19] - Benefits revenue in Q3 2025 was $1981 million, an increase of 92% over the prior year, driven by continued strong revenue growth in HSA accounts[23] - Corporate Payments segment revenue for Q3 2025 increased 47% to $1328 million, driven primarily by increased yields on purchase volume and a 108% increase in total volume[31] Segment Breakdown - Mobility segment revenue was $3608 million, representing 522% of total revenue, with a year-over-year change of 10%[14] - Benefits segment revenue was $1981 million, accounting for 286% of total revenue, with a year-over-year increase of 92%[14] - Corporate Payments segment revenue was $1328 million, making up 192% of total revenue, with a year-over-year growth of 47%[14] Balance Sheet and Cash Flow - The company ended Q3 2025 with $1082 million of available liquidity[39] - The company's leverage ratio as of September 30, 2025, was 325 times[39] - Q3 2025 non-GAAP adjusted free cash flow was $166 million, and over the trailing twelve months ended September 30, 2025, the company generated $546 million[46] Financial Guidance - The company's net revenue guidance for full year 2025 is between $2634 billion and $2654 billion[51] - The company's adjusted net income per diluted share guidance for full year 2025 is between $1576 and $1596[51]

Core Insights - Wex reported revenue of $691.8 million for the quarter ended September 2025, reflecting a 4% increase year-over-year and a surprise of +1.44% over the Zacks Consensus Estimate [1] - Earnings per share (EPS) for the quarter was $4.59, up from $4.35 in the same quarter last year, with an EPS surprise of +3.15% compared to the consensus estimate of $4.45 [1] Financial Performance Metrics - Average US fuel price was $3.38 per gallon, exceeding the average estimate of $3.26 per gallon [4] - Corporate Payments purchase volume was reported at $23.18 billion, slightly below the average estimate of $23.53 billion [4] - Benefits purchase volume reached $1.77 billion, compared to the average estimate of $1.85 billion [4] - Mobility payment processing transactions totaled 140 million, compared to the average estimate of 142.98 million [4] - Mobility revenues were $360.8 million, surpassing the average estimate of $350.31 million, marking a +1% year-over-year change [4] - Corporate Payments revenues were $132.8 million, below the average estimate of $144.49 million, with a +4.7% year-over-year change [4] - Benefits revenues were $198.1 million, exceeding the average estimate of $185.18 million, reflecting a +9.2% year-over-year change [4] - Corporate Payments payment processing revenues were $109.7 million, slightly above the average estimate of $109.02 million, with a +4.7% year-over-year change [4] - Benefits payment processing revenues were $23.8 million, below the average estimate of $25.06 million, with an +8.7% year-over-year change [4] - Benefits account servicing revenues were $113.3 million, close to the average estimate of $113.54 million, reflecting a +3% year-over-year change [4] - Benefits other revenues were $61 million, exceeding the average estimate of $57.99 million, with a +23.5% year-over-year change [4] - Mobility payment processing revenues were $168.2 million, below the average estimate of $172.04 million, reflecting an -8.2% year-over-year change [4] Stock Performance - Wex shares returned +0.8% over the past month, compared to the Zacks S&P 500 composite's +3.8% change [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3]

Core Insights - Wex reported quarterly earnings of $4.59 per share, exceeding the Zacks Consensus Estimate of $4.45 per share, and showing an increase from $4.35 per share a year ago, resulting in an earnings surprise of +3.15% [1] - The company achieved revenues of $691.8 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 1.44% and up from $665.5 million year-over-year [2] - Wex has consistently outperformed consensus EPS and revenue estimates over the last four quarters [2] Earnings Performance - The earnings surprise for the previous quarter was +7.05%, with actual earnings of $3.95 per share compared to an expected $3.69 [1] - The current consensus EPS estimate for the upcoming quarter is $3.79, with projected revenues of $659.07 million, while the estimate for the current fiscal year is $15.67 on $2.64 billion in revenues [7] Market Position - Wex shares have declined approximately 9.4% since the beginning of the year, contrasting with the S&P 500's gain of 17.2% [3] - The Zacks Rank for Wex is currently 2 (Buy), indicating expectations for the stock to outperform the market in the near future [6] Industry Context - The Financial Transaction Services industry, to which Wex belongs, is currently ranked in the bottom 43% of over 250 Zacks industries, suggesting potential challenges ahead [8] - Another company in the same industry, Fidelity National Information Services, is expected to report earnings soon, with a consensus EPS estimate of $1.48, reflecting a year-over-year increase of +5.7% [9]

Revenue and Income - Total revenue for Q3 2025 increased by $26.3 million, or 3.9%, compared to Q3 2024, with a net unfavorable impact from fuel prices of $6.0 million and a favorable impact from foreign exchange rates of $2.7 million[9] - Q3 GAAP net income was $2.30 per diluted share, a decrease of 8.7% compared to the prior year, while adjusted net income was $4.59 per diluted share, an increase of 5.5% year-over-year[9] - Revenue growth, when adjusted for fuel prices and foreign exchange, was up 4.4% during the quarter compared to the prior year, and adjusted earnings per share grew by 7.2% on the same basis[10] - The twelve-month total revenue for the year ended December 31, 2024, was $2,628.1 million, reflecting a year-over-year increase of 3.1%[12] - Total revenues for the quarter reached $132.8 million, a 4.7% increase driven by higher yields on purchase volume and a 10.8% increase in total volume[27] - Total revenues for the Corporate Payments segment for the twelve months ended December 31, 2023, were $496.9 million, compared to $487.8 million in the prior year[28] Segment Performance - Mobility segment revenue for Q3 2025 was $360.8 million, representing 52.2% of total revenue, with a year-over-year change of 1.0%[12] - Benefits segment revenue increased by 9.2% year-over-year to $198.1 million, accounting for 28.6% of total revenue[12] - Payments segment revenue was $132.8 million, with a year-over-year increase of 4.7% and representing 19.2% of total revenue[12] - Mobility segment revenue for Q3 2025 increased by 1.0% year-over-year, impacted by a 1.4% drag from lower fuel prices and foreign exchange rates[15] - Benefits segment revenue in Q3 2025 was $198.1 million, reflecting a 9.2% increase over the prior year, driven by strong growth in HSA accounts[18] - Total purchase volume for the Corporate Payments segment was $27.9 billion for the quarter, reflecting a year-over-year change of 34.9%[28] Operating Income and Margins - Total adjusted operating income for Q3 2025 was $273.5 million, with an adjusted operating income margin of 39.5%[12] - The company reported a total GAAP operating income margin of 26.5% for Q3 2025, with a total GAAP operating income of $183.6 million[12] - GAAP operating income margin for the Mobility segment was 30.9%, down from 38.2% in the prior-year period[15] - The adjusted operating income margin for the Benefits segment was 43.8%, compared to 43.2% in the prior year[18] - GAAP operating income margin for the Corporate Payments segment was 39.1%, down from 44.2% in the prior year[27] - Adjusted operating income margin for the segment was 48.0%, a decrease from 56.4% in the same quarter last year[27] Cash Flow and Capital Expenditures - For Q3 2025, the company generated non-GAAP adjusted free cash flow of $166 million, with a trailing twelve-month adjusted free cash flow of $546 million[36] - Capital expenditures for Q3 2025 were $35 million, while total capital deployed, including acquisitions and share repurchases, was $913.8 million[38] - Operating cash flow for the three months ended September 30, 2023, was $46.5 million, while for the twelve months ended December 31, 2023, it was $907.9 million[68] - Adjusted free cash flow for the three months ended September 30, 2023, was $164.9 million, and for the twelve months ended December 31, 2023, it was $510.6 million[68] - The company anticipates a significant increase in adjusted free cash flow to $562.0 million for the twelve months ended December 31, 2024[68] Guidance and Future Outlook - The financial guidance for Q4 2025 includes net revenue expectations between $646 million and $666 million, with adjusted net income per diluted share projected between $3.76 and $3.96[42] - Average U.S. retail fuel prices are expected to be $3.09 per gallon for Q4 2025, with mobility credit losses projected between 14 and 19 basis points[42] - The company plans no further share repurchases in 2025, and the adjusted net income guidance excludes various non-GAAP items[42] - The company maintains a runway of more than two years before its next debt maturity, allowing for strategic market opportunities[33] - The company plans to continue its customer-centric strategy supported by its core competencies to drive profitable growth[49] Share Repurchases and Debt Management - The company repurchased approximately 4.9 million shares at a price of $154 per share, totaling $750 million in cash during the tender offer completed on March 31, 2025[39] - The company has repurchased $310 million in convertible notes due July 15, 2027, with a 6.5% interest rate[55] Non-GAAP Measures and Adjustments - The company emphasizes that non-GAAP measures like adjusted net income and adjusted operating income are integral for assessing operating performance and capital allocation[62] - The adjusted net income excludes unrealized gains and losses on financial instruments, net foreign currency gains and losses, and certain non-operating items, providing a clearer view of operational performance[61] - Adjusted free cash flow is considered a useful measure for evaluating the company's operational results, excluding acquisition-related considerations and capital expenditures[67] Stock-Based Compensation and Amortization - Stock-based compensation expenses for the twelve months ended December 31, 2023, are projected to be $111.9 million[58] - Acquisition-related intangible amortization for the twelve months ended December 31, 2023, is expected to total $201.8 million[58] - Stock-based compensation for the twelve months ended December 31, 2024, is projected to be $111.9 million, down from $131.6 million in 2023, a decrease of 15.0%[60] - The company expects to incur acquisition-related intangible amortization of $201.8 million for the year ended December 31, 2024, compared to $184.0 million in 2023, an increase of 9.3%[60] Market Presence and Growth Strategy - The company is focused on expanding its market presence through new product development and strategic acquisitions[49] - The company achieved a 13.3% compound annual growth rate in revenue over the past 10 years[51]

Core Insights - WEX reported financial results for Q3 2025, indicating a successful return to revenue growth with both revenue and earnings surpassing the high end of guidance ranges [1] Financial Performance - The company demonstrated strong financial performance for the three months ended September 30, 2025, with revenue and earnings exceeding expectations [1] Strategic Focus - WEX's strategy is centered on driving continued momentum in its business operations, as highlighted by the positive financial results [1]