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August 01, 2012 10:00 am ET
Steve Elder - SVP & CFO
Mike Dubyak - Chairman, President & CEO
Robert Napoli - William Blair
Sanjay Sakhrani - KBW
Tom McCrohan - Janney
Tim Willi - Wells Fargo
Michael Grondahl - Piper Jaffray
Tien-tsin Huang - JPMorgan
Phil Stiller - Citi
Greg Smith- Sterne Agee
Good morning, my name is Kela and I will be your conference operator today. At this time I would like to welcome everyone to the Wright Express second 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 exhibit, as an 8-K to the SEC this morning.
As a reminder, we will be discussing a non-GAAP metric, specifically adjusted net income, during our call. For this year’s second 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, which includes impact from recently enacted tax legislation in Australia which I will discuss later. Please see Exhibit 1 included in the press release for an explanation and reconciliation of adjusted net income to GAAP net income.