Wex Inc Stock Price, News & Analysis

WEX Inc. (NYSE: WEX) has announced the pricing and upsizing of its senior unsecured notes offering to $550 million, an increase of $50 million from the previously announced $500 million. The notes, due 2033, will carry a 6.500% interest rate paid semi-annually.

The company plans to use the proceeds, along with a proposed $450 million incremental term loan B facility and cash on hand, to fund:

• A tender offer to purchase company shares for up to $750 million
• Repayment of approximately $250 million outstanding under the revolving credit facility
• Related fees and expenses

The offering is expected to close on March 6, 2025, subject to customary conditions. The notes will be guaranteed by WEX's wholly-owned domestic subsidiaries that guarantee the company's senior secured credit facilities.

WEX Inc. (NYSE: WEX) has announced a private offering of $500 million in senior unsecured notes due 2033. The company plans to use the proceeds, along with a proposed $500 million incremental term loan B facility and cash on hand, to fund:

• A tender offer to purchase company shares for up to $750 million
• Repayment of approximately $250 million outstanding under the revolving credit facility
• Related fees and expenses

The notes will be guaranteed by WEX's wholly-owned domestic subsidiaries that guarantee the company's senior secured credit facilities. The offering is not conditioned on completing either the incremental term loan or tender offer. If the tender offer is not completed, proceeds may be used for general corporate purposes, including credit facility repayments and stock repurchases.

WEX Inc. (NYSE: WEX) has announced plans to launch a 'modified Dutch auction' tender offer to repurchase up to $750 million worth of common stock. The purchase price will range between $148 and $170 per share.

The tender offer is expected to commence on February 26, 2025, and expire on March 25, 2025. WEX plans to fund this initiative through debt financings of at least $750 million. In a modified Dutch auction format, shareholders can specify both the number of shares and their preferred selling price within the stated range.

The final purchase price will be the lowest price that allows WEX to buy back $750 million worth of shares. All shares will be purchased at the same price, regardless of the shareholder's specified tender price. The tender offer is subject to certain conditions, including financing requirements.

WEX (NYSE: WEX), a global commerce platform, has announced an upcoming investor community conference call scheduled for February 28, 2025, at 11:00 a.m. ET. The call will be hosted by Chair and CEO Melissa Smith and CFO Jagtar Narula, with moderation by Sanjay Sakhrani of Keefe, Bruyette & Woods (KBW).

The event will include a Q&A session allowing investors to engage directly with WEX's management team. The presentation will be accessible via live webcast through the Investor Relations section of WEX's website. An audio replay will remain available on the company website for up to 30 days following the event for those unable to attend the live session.

WEX Inc. reported mixed Q4 2024 financial results, with revenue declining 4% year-over-year to $637 million, while full-year revenue grew 3% to $2.63 billion. Q4 GAAP net income was $1.60 per diluted share, down from $1.98 in Q4 2023, while adjusted net income was $3.57 per diluted share, decreasing 7% from $3.82.

The company's Q4 GAAP operating income margin was 24.7%, slightly down from 25.1% in the previous year. Total volume across segments decreased 6% to $53 billion, with Corporate Payments purchase volume notably declining 27% to $16.5 billion. During Q4, WEX repurchased 773,000 shares for approximately $106 million, bringing the full-year repurchase to 3.3 million shares at a cost of $650 million.

The Benefits segment showed positive metrics with SaaS accounts growing 2% to 20.4 million, and HSA custodial cash assets increasing to $4.4 billion from $3.9 billion year-over-year.

WEX (NYSE: WEX) has announced the expansion of its electric vehicle (EV) charging solution across Europe's commercial fleets. The platform includes both 'En Route' and 'At-Home' solutions, providing access to over 830,000 charge points across Europe through the 'EV Driver by WEX' app.

The solution is currently live in five key markets: Germany, the Netherlands, Belgium, Luxembourg, and France. The platform offers fleet managers comprehensive tools for cost optimization, charging behavior monitoring, and downtime minimization. Research commissioned by WEX shows that 80% of mixed fleet operators plan to have at least 25% EVs by 2030, with one in five French fleets aiming for 100% EV adoption.

WEX plans to expand its EV solutions to Italy and the UK later this year. The platform features Plug&Charge capabilities, real-time insights, and streamlined billing management to simplify the transition to electric vehicles for commercial fleets.

WEX Inc. (NYSE: WEX) has announced it will release its fourth quarter and full year 2024 financial results on Wednesday, February 5, 2025, after market close. The company will publish both a press release and a new supplemental materials packet containing a summary and discussion of fourth quarter performance through their investor relations website.

A conference call will be held on Thursday, February 6, 2025, at 10:00 AM ET, hosted by Chair, CEO, and President Melissa Smith and CFO Jagtar Narula. The call will be accessible via webcast through WEX's website and by phone. A replay will be available until February 13, 2025, through both the website and dedicated phone numbers.

WEX has announced a nationwide partnership with Qmerit to facilitate EV charger installation at commercial fleet drivers' homes. Qmerit will provide comprehensive installation services through its network of 23,000+ certified electricians. Dallas 1, a Florida construction company, reported over 60% savings per vehicle in fuel and maintenance costs using WEX's EV At-Home charging solution.

The WEX EV At-Home program enables commercial mixed-energy fleets to streamline operations with automated reimbursement for drivers and unified billing through WEX's fleet management software portal. The solution calculates driver reimbursements using live utility rates and offers various approval options for charging sessions.

WEX serves over 19.7 million vehicles globally and continues to expand its EV and mixed-energy fleet capabilities. A recent Frost & Sullivan study revealed that while 75% of U.S. fleet operators recognize at-home charging cost benefits, only 23% of commercial drivers currently charge company vehicles at home.

WEX Inc. (NYSE: WEX), a global commerce platform, announced that Chair and CEO Melissa Smith will present at the UBS Global Technology and AI Conference on December 3, 2024, at 12:50 PM ET. The presentation will be accessible via live webcast on the company's Investor Relations website, with an audio replay available for up to 180 days afterward.