WEX Inc. (NYSE:WEX) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 10:00 am ET


WEX Inc. (NYSE:WEX) Q2 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to the WEX Second Quarter 2020 Earnings Conference Call.

[Operator Instructions]

Mr. Elder, please go ahead.

Steven Elder

Thank you, operator. Good morning, everyone. With me today is Melissa Smith, our CEO; and our CFO, Roberto Simon. The press release we issued earlier this morning and a slide deck to walk through our prepared remarks have been posted to the Investor Relations section of our website at wexinc.com.

A copy of the release and the slide deck have also been included in 8-Ks we submitted to the SEC. As a reminder, we will be discussing non-GAAP metrics, specifically, adjusted net income attributable to shareholders, which we refer to as adjusted net income or ANI during our call. Adjustments for this year's second quarter to arrive at these metrics include unrealized losses on financial instruments, net foreign currency remeasurement losses, acquisition-related intangible amortization, other acquisition-related items, stock-based compensation, other costs, debt restructuring and debt issuance cost amortization, ANI adjustments attributable to non-controlling interests and certain tax-related items. Please see Exhibit 1 of the press release for an explanation and reconciliation of adjusted net income to GAAP net income attributable to shareholders. I would also like to remind you that we will discuss forward-looking statements under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those forward-looking statements as a result of various factors, including those discussed in our press release and the risk factors identified in our annual report on Form 10-K for the year ended December 31, 2019, filed with the SEC on February 28, 2020; our quarterly report on Form 10-Q for the quarter ended March 31, 2020, filed with the SEC on May 11, 2020; and subsequent SEC filings. While we may update forward-looking statements in the future, we disclaim any obligations to do so. You should not place undue reliance on these forward-looking statements, all of which speak only as of today.

With that, I'll turn the call over to Melissa Smith.

Melissa Smith

Good morning, everyone, and thank you for joining us today. Importantly, I hope all of you and your families are safe and healthy. Like last quarter, I will start today's call with an overview of our Q2 performance highlights before providing an update on some of the key metrics in the current environment. This will include what we're seeing as we progress into the back half of the year as well as some color around key announcements we made this quarter.

I will close with talking about how we're progressing with our long-term strategic objective. Then Roberto will provide more detail about our financial results for the quarter as well as some balance sheet highlights before we open it up for questions. As we begin this morning, let me express my continued appreciation for our employees, who have been working hard to continue to build upon our outstanding technology and products, while providing the quality service that our customers and partners expect. The