WEX(US:WEX)2024-10-24 15:46Financial Performance - Revenue reached $665.5 million, a 2% increase compared to the prior year quarter[10, 14] - Adjusted net income per diluted share was $4.35, a 7% increase year-over-year[10, 14] - GAAP net income was $102.9 million, compared to $18.4 million in the same quarter last year[14] - Adjusted free cash flow year-to-date was $393 million, with Q3 standalone at $190 million[19] Segment Performance - Mobility segment revenue grew by 2% year-over-year, impacted by a 5.9% headwind from lower fuel prices[12, 16] - Corporate Payments segment total volume grew by 6%[12] - Benefits segment average HSA custodial cash assets increased by 10% year-over-year[12, 30] - Corporate Payments segment adjusted operating income margin decreased to 56.4% from 61.3% in the prior year[33] Capital Allocation - The company spent approximately $370 million on repurchasing WEX shares in Q3, including $300 million under its Accelerated Share Repurchase (ASR) program[10, 12] - Share repurchase authorization was increased by $1 billion[12, 22] - $544 million was spent repurchasing shares during the first nine months of 2024[10, 22] Outlook - The company expects revenue between $630 million and $640 million for Q4 2024, a decrease of 4% to 5% year-over-year[22] - Adjusted net income per diluted share is projected to be between $3.51 and $3.61 for Q4 2024, a decrease of 5% to 8% year-over-year[22] - The company estimates domestic fuel prices at $3.28 per gallon for Q4 2024[23, 25]