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May 02, 2012 10:00 AM ET
Steve Elder - CCFO & SVP
Mike Dubyak - President & CEO
Sanjay Sakhrani - KBW
Roman Leal - Goldman Sachs
Phil Stiller - Citi
Robert Napoli - William Blair
Greg Smith - Sterne Agee
Tom McCrohan - Janney
Tien-tsin Huang - JPMorgan
Doug Greiner - Compass Point
Good morning, my name is Jennifer and I will be your conference operator today. At this time I would like welcome everyone to the Wright Express First Quarter 2012 Financial Results Conference Call. (Operator Instructions).
Thank you Mr. Elder you may begin your conference.
Good morning. With me today is our CEO, Mike Dubyak. The financial results press release we issued early this morning is posted in the Investor Relations section of our website at wrightexpress.com. A copy of the release has also been included in an 8-K we submitted to the SEC.
As a reminder, we will be discussing a non-GAAP metric, specifically adjusted net income, during our call. For this year’s first quarter, adjusted net income excludes non-cash mark-to-market adjustments on our fuel price related derivative instruments and the amortization of acquired intangible assets as well as the related tax impacts. Please see Exhibit 1 included in the press release for an explanation and reconciliation of adjusted net income to GAAP net income.
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, most recent Form 10-K and other 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.