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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenues        
Total revenues $ 621.3 $ 598.2 $ 1,233.3 $ 1,115.8
Cost of services        
Processing costs 149.7 137.4 295.3 269.9
Service fees 17.9 14.9 36.2 30.6
Provision for credit losses 22.7 42.2 68.1 67.8
Operating interest 19.5 3.2 32.3 5.5
Depreciation and amortization 25.2 26.6 50.4 52.6
Total cost of services 235.0 224.3 482.3 426.5
General and administrative 106.2 83.5 195.1 162.1
Sales and marketing 78.9 80.4 158.8 154.4
Depreciation and amortization 41.8 38.9 83.4 79.3
Operating income 159.4 171.1 313.7 293.4
Financing interest expense (42.4) (31.8) (80.8) (61.5)
Change in fair value of contingent consideration (1.2) (88.2) (3.0) (104.8)
Net foreign currency loss (0.2) (19.4) (1.6) (14.4)
Net unrealized gain (loss) on financial instruments 2.2 16.9 (12.3) 66.7
Income before income taxes 117.8 48.6 216.0 179.4
Income tax expense 22.5 14.5 52.7 56.5
Net income 95.3 34.1 163.3 122.9
Less: Net income from non-controlling interests 0.0 0.0 0.0 0.3
Net income attributable to WEX Inc. 95.3 34.1 163.3 122.6
Change in value of redeemable non-controlling interest 0.0 0.0 0.0 34.2
Net income attributable to shareholders $ 95.3 $ 34.1 $ 163.3 $ 156.9
Net income attributable to shareholders per share:        
Basic (in dollars per share) $ 2.22 $ 0.76 $ 3.80 $ 3.50
Diluted (in dollars per share) $ 2.20 $ 0.76 $ 3.76 $ 3.47
Weighted average common shares outstanding:        
Basic (in shares) 42.9 44.8 43.0 44.9
Diluted (in shares) 43.4 45.1 43.5 45.2
Payment processing revenue        
Revenues        
Total revenues $ 300.5 $ 312.3 $ 588.6 $ 551.8
Account servicing revenue        
Revenues        
Total revenues 152.9 137.6 313.6 277.6
Finance fee revenue        
Revenues        
Total revenues 76.4 85.3 157.1 163.9
Other revenue        
Revenues        
Total revenues $ 91.5 $ 63.0 $ 174.0 $ 122.5