Earnings Call Excerpt
Wright Express Corp. (WXS)
Q4 2008 Earnings Call
February 11, 2009; 10:00 am ET
Executives
Mike Dubyak - Chairman, President & Chief Executive Officer
Melissa Smith - Chief Financial Officer
Steve Elder - Vice President of Investor Relations
Analysts
Tien-Tsin Huang - JP Morgan Chase & Company
Anurag Rana - KeyBanc Capital Markets
Paul Bartley - PB Investment Research
Tim Willi - Avondale Partners
Robert Dodd - Morgan Keegan & Company
Tom Mccrohan - Janney Montgomery Scott
Jason Deleeuw - Piper Jaffray & Company
Presentation
Operator
Good morning everyone, and welcome to the Wright Express Corporation fourth quarter and year-end 2008 conference call (Operator Instructions).
At this time, for opening remarks and introductions, I’d like to turn the call over to Steve Elder, Vice President of Investor Relations. Please go ahead, sir.
Steve Elder
Good morning, thank you for joining us. With me today is our CEO, Mike Dubyak and our CFO, Melissa Smith. The financial results, press release we issued earlier this morning is now posted in the Investor Relations section of our website at www.wrightexpress.com. A copy of the release has also been included as an exhibit to an 8-K we filed with the SEC.
We’ll be discussing a non-GAAP metric, specifically adjusted net income during our call. Please see exhibit one included in the press release for an explanation and reconciliation of adjusted net income to GAAP net income.
I’d 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, most recent Form 10-K and other SEC filings. While we may update forward-looking statements in the future, we disclaim any obligation to do so. You should not rely on these forward-looking statements after today.
With that, I’ll turn the call over to our CEO, Mike Dubyak.
Mike Dubyak
Hello everyone and thanks for joining us. We executed well in a very tough economic environment this quarter, as planed we added three pieces of business from the Federal Government including GSA Fleet, one of the largest fleets in the United States to our portfolio and continue to diversify our revenue streams. We generated significant cash flow during the quarter and continue to maintain excellent liquidity.
As a result we exited the quarter very well positioned to face the challenging economic environment ahead and even more so compared with our competition. We continue to see deterioration in the business model during Q4, if you exclude new customer editions and look only at the install base of fleet accounts on a same-store sales basis in the second and third quarters, we saw low single-digit declines in total fuel transactions.
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