8-K
WEX Inc. (WEX)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15\(d\) of the Securities Exchange Act of 1934
| Date of Report (Date of earliest event reported) | March 23, 2022 |
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| WEX Inc. | ||
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| (Exact name of registrant as specified in its charter) | ||
| Delaware | 001-32426 | 01-0526993 |
| --- | --- | --- |
| (State or other jurisdiction of<br><br> <br>incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
| 1 Hancock Street,<br> Portland, Maine | 04101 | |
| --- | --- | |
| Address of principal executive offices | Zip Code | |
| Registrant's telephone number, including area code | (207) 773-8171 | |
| --- | --- | |
| (Former name or former address if changes since last report) | ||
| --- |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, $0.01 par value | WEX | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure.
As previously announced, WEX Inc. (the “Company”) will host a virtual Investor Day today, March 23, 2022, beginning at 9:00 a.m. Eastern Time. The Company is furnishing under this Item 7.01, a copy of a slide deck presentation to be made available in conjunction with the Company’s Investor Day. The presentation is incorporated by reference with this Form 8-K and has also been posted to the Company’s website. All information in Exhibit 99.1 is presented as of the particular date or dates referenced in it, and the Company does not undertake any obligation to, and disclaims any duty to, update any of the information provided.
In addition, on March 23, 2022 the Company issued a press release which includes information regarding how to access the virtual Investor Day. A copy of the release is attached as Exhibit 99.2 and is incorporated by reference herein in its entirety.
The information in this Current Report on Form 8-K under Item 7.01, including the attached Exhibit 99.1 and Exhibit 99.2, is being “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of such section. Furthermore, the information shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, unless specifically identified as being incorporated by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits:
| Exhibit | Description |
|---|---|
| No. | |
| 99.1 | Investor Day Slide Deck Presentation,<br> dated March 23, 2022. |
| 99.2 | Press Release date March 23, 2022. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934 the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| WEX INC. | |||
|---|---|---|---|
| Date: | March 23, 2022 | By: | /s/ Jennifer Kimball |
| Jennifer Kimball | |||
| Interim Chief Financial Officer and Chief | |||
| Accounting Officer | |||
| Exhibit 99.1 | |||
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INVESTOR DAYMarch 23, 2022
These materials contain forward-looking statements, including statements regarding: assumptions underlying the Company's future financial performance, future operations; future growth opportunities and expectations; expectations for future revenue performance, future impacts from areas of investment, expectations for the macro environment; and, expectations for volumes. Any statements that are not statements of historical facts may be deemed to be forward-looking statements. When used in this release, the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” "will" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially, including: the extent to which the coronavirus (COVID-19) pandemic and measures taken in response thereto impact the Company’s employees, business, results of operations and financial condition in excess of current expectations, particularly with respect to demand for worldwide travel; the impact of fluctuations in fuel prices, and fuel spreads in the Company’s international markets, including the resulting impact on the Company’s revenues and net income; any impacts on our business from the conflict between Russia and Ukraine, including the rapid increase in the price of fuel among other things; the failure to maintain or renew key customer and partner agreements and relationships, or to maintain volumes under such agreements; breaches of, or other issues with, the Company’s technology systems or those of its third-party service providers and any resulting negative impact on its reputation, liabilities or relationships with customers or merchants; the actions of regulatory bodies, including banking and securities regulators, or possible changes in banking or financial regulations impacting the Company’s industrial bank, the Company as the corporate parent or other subsidiaries or affiliates; the failure to comply with the applicable requirements of Mastercard or Visa contracts and rules; the effects of general economic conditions, including a decline in demand for fuel, travel related services, or healthcare services, and payment and transaction processing activity; failure to expand the Company’s technological capabilities and service offerings as rapidly as the Company’s competitors; changes in interest rates and the rate of inflation; the ability to attract and retain employees; limitations on or compression of interchange fees; the impact and size of credit losses; the success of the Company’s recently announced Executive Leadership Team and strategic reorganization; the effects of the Company’s business expansion and acquisition efforts; the failure of corporate investments to result in anticipated strategic value; the failure to comply with the Treasury Regulations applicable to non-bank custodians; potential adverse changes to business or employee relationships, including those resulting from the completion of an acquisition; competitive responses to any acquisitions; uncertainty of the expected financial performance of the combined operations following completion of an acquisition; the failure to complete or successfully integrate the Company’s acquisitions or to realize anticipated synergies and cost savings from such acquisitions; unexpected costs, charges, or expenses resulting from an acquired company or business; the impact of changes to the Company’s credit standards; the impact of foreign currency exchange rates on the Company’s operations, revenue and income; the impact of the future transition from LIBOR as a global benchmark to a replacement rate; the impact of the Company’s debt instruments on the Company’s operations; the impact of leverage on the Company’s operations, results or borrowing capacity generally, and as a result of acquisitions specifically; the impact of sales or dispositions of significant amounts of the Company’s outstanding common stock into the public market, or the perception that such sales or dispositions could occur; the possible dilution to the Company’s stockholders caused by the issuance of additional shares of common stock or equity-linked securities, whether as result of the Company’s convertible notes or otherwise; the incurrence of impairment charges if the Company’s assessment of the fair value of certain of its reporting units changes; the uncertainties of litigation; as well as other risks and uncertainties identified in Item 1A of our annual report for the year ended December 31, 2021, filed on Form 10-K with the Securities and Exchange Commission on March 1, 2022. The Company's forward-looking statements do not reflect the potential future impact of any alliance, merger, acquisition, disposition or stock repurchases. The forward-looking statements speak only as of the date of this release and undue reliance should not be placed on these statements. The Company disclaims any obligation to update any forward-looking statements as a result of new information, future events or otherwise.Non-GAAP Information:For additional important information and disclosure regarding our use of non-GAAP metrics, specifically adjusted net income, please see our most recent earnings release, issued on February 10, 2022. See the Appendix to this presentation for an explanation and reconciliation of (i) non-GAAP adjusted net income attributable to shareholders (or "adjusted net income" or “ANI”) to GAAP net income attributable to shareholders, (ii) ANI per diluted share to GAAP net income per diluted share, (iii) non-GAAP adjusted operating income to GAAP operating income, (iv) non-GAAP total segment adjusted operating income to GAAP operating income, (v) non-GAAP bank covenant EBITDA to GAAP consolidated net income and (vi) non-GAAP cash generated to GAAP consolidated net income.Note: The Company rounds amounts in the consolidated financial statements to thousands and calculates all percentages and per-share data from underlying whole-dollar amounts. Thus, certain amounts may not foot, crossfoot, or recalculate exactly based on reported numbers due to rounding. Forward Looking Statements
Agenda Welcome Steve ElderBusiness & Strategic Overview Melissa SmithAmericas Strategy & Business Deep Dive Robert Deshaies & Jay DearbornInternational Strategy Carlos CarriedoTechnology and Digital Focus David Cooper & Karen StroupFinancial Overview Jennifer Kimball & Melissa SmithQ&A
Business & Strategic Overview Melissa SmithChief Executive Officer
5 Our Purpose A Global Commerce Platform for Simplifying Business To simplify the business of running a business
EARLY GROWTH AND IPO BUILDING SCALE AND DIVERSIFYING INVESTING IN GROWTH AND TECHNOLOGY TRANSFORMATION 6 2005Wright Express IPO 2012Name change to WEX to reflect transformation and growth 2014 Acquisition of Evolution1 2016Acquisition of Electronic Funds Source 2016 – 2019Strong Organic Growth1 2019Acquisition of Discovery Benefits 2014Melissa Smith Appointed CEO 2020Acquisition of eNett and Optal History of Evolution Revenue ($M) During this time period, in addition to strong organic growth, WEX also made several smaller acquisitions. 2020Impact of Pandemic
+12% CAGR +22% CAGR +13% CAGR +9% CAGR 0 7 Fleet Solutions Travel & Corporate Solutions Health & Employee Benefits Solutions WEX Strong Track Record of Revenue and Margin Expansion Adjusted operating income margin is derived by dividing adjusted operating income by the revenue of the corresponding segment (or the entire Company for adjusted operating income). See the appendix to the presentation for a reconciliation of GAAP operating income to total segment adjusted operating income and adjusted operating income.
Diverse and Experienced Executive Team Melissa SmithChair and CEO Carlos CarriedoChief Operating Officer, International David CooperChief Technology Officer Jay DearbornPresident, Corporate Payments Robert DeshaiesChief Operating Officer,Americas Ann E. DrewChief Risk & Compliance Officer Jennifer KimballInterim Chief Financial Officer; Chief Accounting Officer Hilary RapkinChief Legal Officer Melanie TintoChief Human Resources Officer Karen StroupChief Digital Officer Anthony HynesExecutive Advisor
Why Our Role Matters Commerce is the engine of progress for the world Today’s environment is increasingly complex for businesses Complexity is the enemy of progress We win when our customers are set free to achieve their goals
Complexity We’re Solving for Customers Value Leakage Repeat Costs InsufficientControls High Error Rate Disjointed Payments & Data Exchange TimeWasted Delayed Results Limited Resources to Help Solve Problems Highly Manual Processes & Reconciliations Lack of Visibility ComplexIntegrations Fraud & Security Risk LowerMargins SlowerGrowth HigherCosts
Our Offerings Simplify Complexity for our Customers GlobalCommerce Platform Personalized Solutions, Seamlessly Embedded Insights that Power Success What We Offer Why We’re Unique Customers look to WEX for a powerful combination of Specialized Expertise and Rich Data to drive better decisions, move more quickly, and eliminate risk Engineered and operated with global scale and reliability, WEX is trusted to play critical roles in high growth and critical infrastructure businesses Shaped by 15+ years of Customer Focused Innovation and deep industry experience, WEX solutions are proven to be among the best in the world at solving complexity
12 Global Scale & Reliability Customer confidence backed by strong ongoing investment in product and technologyPlatforms relied upon by businesses responsible for critical infrastructure and operationsMore than 20 currencies support the needs of global businesses Strong compliance, security, and safeguards around platforms, data, and regulated information Customer-Focused Innovation Deep, specialized expertise ensures customers achieve expected outcomes in complex settingsSuccessful channel partner engagement maximizes growth Access to experts in different domains creates synergies for clients and partnersAbility to expose customer-driven innovation across portfolio creates network effect SpecializedExpertise &Rich Data Flexible configurations and integrations in technology and service model meet unique customer needsExpansive data sets from decades powering specialized solutions drive powerful insightsLongstanding investment in analytics tools to enhance customer and partner outcomes WEX is the Partner of Choice
Direct Customers Our Ecosystem of Solutions Partners Simplify Benefits CDH Program Management Benefits Administration Billing Solutions Controls & Fraud Prevention EV & Mixed Fleets Proprietary Network Expense Management Travel Booking Workflow Automation Reimagine Mobility Pay & Get Paid WEX Solutions Ecosystem Global Commerce Platform API Integration Flexible UIs Global Omnichannel Servicing Scalable Data, Analytics, AI Risk & Security Payments Access to Funds Incorporates the Best of our Vertical Expertise and the Power of our Commerce Platform
14 $24B+ Currently addressable revenue opportunity1 Leveraging global platform to expand our opportunity Strong Secular TailwindsExpect 5-10% long-term annual market growthApproximately 5% when adjusted for current WEX revenue mix Our Addressable Markets Are Large, With Big Expansion Opportunities Opportunities to Expand Addressable MarketNew productsNew customer segmentsNew geographies 1 Currently addressable revenue. Includes Fleet, B2B Payables, Global Travel, US Health. Sources: Ptolemus, McKinsey, Kaiser, Mastercard, Euromonitor, Aite, William Blair, WEX analysis
Win New Customers Grow Share of Wallet Expand & Diversify Offering DeepenGlobal Presence Strategic M&A Multiple Levers to Drive Growth
Product Expansion Scale / Share Expansion Geographic Expansion Global expansionSynergistic verticals and geographies Comprehensive product suiteExpand cross-sell opportunitiesDeepen customer integration Drive operating leverageStreamline technology Strong track record of integration Disciplined M&A Framework Achieved or on track to achieve $80M+ of combined synergytargets for all 7 deals closed since 2016
Our Commitment to ESG Our focus on ESG is embedded in our culture, integral to our long-term strategy, and underpinned by our core values Environmental Stewardship Social Impact WEX enables customers’ sustainability efforts through fleet efficiency, better data, and electrification WEX is driving operational and energy efficiency to minimize our own corporate environmental impact WEX enhances the health and wellbeing of our communities, customers, and employees Environmental Innovation WEX creates an inclusive environment where all of our people can succeed and thrive People & Culture
8% - 12% 10% - 15% 15% - 20% Organic Revenue Growth Total Revenue Growth Adjusted Net Income Growth Ambitious and Achievable Long-Range Financial Targets Financial targets represent CAGR assuming stable foreign exchange rates and fuel prices (based on average of 2021), as we are unable to predict future fluctuations in these markets
We have leading technology, customers, and people that all continue to drive strong shareholder value Growth Engine in Large Markets Recurring Revenue Model Leadership Position People Network Effect Why We Succeed
Americas Strategy & Business Deep Dive Robert DeshaiesChief Operating Officer, AmericasJay DearbornPresident, Corporate Payments
$121BTotal Volume2021 Americas Overview Simplify Benefits CDH Program Management Benefits Administration Billing Solutions Controls & Fraud Prevention EV & Mixed Fleets Proprietary Network Expense Management Travel Booking Workflow Automation Reimagine Mobility Pay & Get Paid $1.65BRevenue 2021 14%Revenue CAGR2016-2021 Americas is defined as North America and South America. Total volume includes purchases on WEX issued accounts as well as purchases issued by others, but using the WEX platform. Revenue CAGR excludes Brazil business which contributed $31.1 million in revenue in 2016 and zero in 2021.
A More Unified Approach Benefits of the Change Our Growth Focus Win New Customers Expand & Diversify Offering Grow Share Of Wallet Channel Optimization CombinedCapabilities Deepened Relationships Enabled by our global commerce platform
Channel Optimization Combining our networks of customers, partners, and merchants to amplify new customer acquisition Sales Digital Fleet & Leasing Solutions C-Stores & Fuel Retailers Marketing Benefits Brokers & Consultants TPAs & Health Plans Banks & Financial Institutions Fintechs & Tech Partners Channels DIRECT PARTNER SMBs Mid-Market Enterprises Government & Public Sector Employees >500Partners >600KBusinesses >200K Accepting Sites >11M Vehicles >16M SaaS Accounts >$120B Total Volume Customers Total volume includes purchases on WEX issued accounts as well as purchases issued by others, but using the WEX platform. Businesses represent both direct and indirect customer accounts.
Combined Capabilities Meeting Complex Needs with Compelling and Novel Solutions Employers want bundled benefits administration and consumer directed health solutions Integrated Benefits Solutions Simplify Benefits Simplify Benefits Need: Combined Capabilities: Outcome: Benefits Administration + Benefits Accounts Platform + Benefits Card Integrated consumer directed health and benefits administration experience Reimagine Mobility Pay & Get Paid Multi-Payment Network Routing Manage mixed fleet payments across multiple payment networks Need: Combined Capabilities: Outcome: Fleet Integrated Billing & Data Insights + Closed Loop Payments + Open Loop Payments Integrated Payments, Billing & Data Insights across disparate networks
Deepened Relationships Mobility ✓ ✓ ✓ ✓ Payments ✓ ✓ ✓ Benefits ✓ ✓ ✓ Massive Opportunity: less than 10% of top customers use products from more than one solutions set today An executable path with demonstrated successes
Customer-First Solutions Driving Growth Win New Customers Expand & Diversify Offering Grow Share of Wallet Competitive Wins-Extend into Underpenetrated Segments-Scale New Channels Enhancing Existing Solutions-Capabilities in New Use Cases-New Products & Capabilities More Awareness of Solutions Breadth-Leverage & Enhance Touchpoints-Growth with Key Relationships >10 health plans using new Medicare Advantage solutions
27 Customer-FocusedInnovation Deep expertise in key verticals with long-standing relationshipsUnique product combinationsLeveraging customer-driven improvements across network Specialized Expertise & Rich Data Flexible technology and support models fit unique customer and partner needsRich datasets delivering powerful insightsDetailed data capture embedded in core payment infrastructure Scale & Reliability Comprehensive and dependable technology and teamsIndustry-leading security, control, and fraud & misuse preventionIntegrity and trust are core to our relationships Building on Proven Strengths Track record of solving complex customer needs in creative ways
$10B Total Volume2021 Americas Health Simplify Benefits $3B+ Assets Under Management 25% Revenue CAGR2016-2021 $414M Revenue 2021 7M+ HSA Accounts CDH Program Management Benefits Administration Billing Solutions Reimagine Mobility Controls & Fraud Prevention EV & Mixed Fleets Proprietary Network Pay & Get Paid Expense Management Travel Booking Workflow Automation 16M+ SaaS Accounts Americas is defined as North America and South America. Total volume includes purchases on WEX issued accounts as well as purchases issued by others, but using the WEX platform. Revenue CAGR excludes Brazil business which contributed $31.1 million in revenue in 2016 and zero in 2021.
Our Role Simplifying Benefits Where We Play What We Offer Who We Serve Retirement COBRA CDH ComplianceServices Medical/Dental Voluntary Benefits Benefits Administration Enrollment Account Administration Compliance Insights & Analytics Data Exchange Billing & Payments Employers Employees Administrators Benefit Providers Revenue Model Recurring Revenue(SaaS, Interchange) Asset Revenue(Deposits, Investments) Service Revenue(Professional Services)
Customer-Focused Innovation Lifestyle Benefits AccountsAI-powered Customer Experiences Personalized Investment Experience Specialized Expertise & Rich Data Consumer PathwaysBenefit Analytics & Real Time BenchmarkingMy HSA Planner Scale & Reliability Reliable Partner & Systems: 100% of implementations launched on timeScale of solution suite creates one-stop shop for employee lifecycleMarket leading distribution and channel breadth Building on Proven Strengths Track record of solving complex customer needs in creative ways
$56B Total Volume2021 Americas Fleet Simplify Benefits 11.9M Vehicles Serviced 13% Revenue CAGR2016-2021 $981M Revenue 2021 >90% U.S. Fueling Stations CDH Program Management Benefits Administration Billing Solutions Reimagine Mobility Controls & Fraud Prevention EV & Mixed Fleets Pay & Get Paid Expense Management Workflow Automation >450K North American Customers Americas is defined as North America and South America. Total volume includes purchases on WEX issued accounts as well as purchases issued by others, but using the WEX platform. Revenue CAGR excludes Brazil business which contributed $31.1 million in revenue in 2016 and zero in 2021. Proprietary Network Travel Booking
Customer-Focused Innovation Specialized Expertise & Rich Data Scale & Reliability Building on Proven Strengths Solving complex customer needs in creative ways
Fleet ServicesIntegrated billing and payment solutionsConsultative services around EV transition Aggregated reporting and insights On-Route & DestinationCard and mobile app for fueling and chargingCharger location finder Depot & At-WorkIntegrated reporting Mixed-use authenticationCharging & energy management via partners Home Employee authentication and data capture Reimbursement of employee energy costsChargers and installation via partners End-to-End Charging Core Services Expanding solutions are expected to drive continued market growth Introducing New Solutions to Solve the Complexities of Electrification
Shift in Product Mix Provides Opportunity for Higher Quality Revenue Capture Existing pricing structure Payment Processing Revenueapplied to fuel and non-fuel spendFinance Fee Revenueapplied to total past due balancesAccount Servicing Revenue applied to accounts, activities, cards Potential EV pricing migrationOn-Route eMSP Subscriptionapplied per card+Home eMSP Subscription applied per card/employee Payment & Transaction Processing Revenue applied to on-route and destination chargingAccount Servicing Revenue applied to accounts, relevant activities, cards, services $5 - $20 per card, per month1 $3 - $20per card, per month 1 Based on current, but evolving, market pricing and norms in North America; estimated value per card dependent on attachment of various services/solutions
Emerging Opportunities for WEX Product Expansion within eMobility Ecosystem Select Ecosystem Expansion Opportunities Connectivity Fleet Solutions Sustainability Connected Car Telematics Advanced Route Planning Energy Management Carbon Emissions Reporting Credits & Offsets Complexity linked to EV adoption creates new customer needs, presenting opportunity for WEX beyond existing addressable market
Travel and Corporate Payments Jay DearbornPresident, Corporate Payments
$55B Total Volume2021 Americas Travel & Corporate Payments Simplify Benefits 200+ Merchant Countries and Territories 7% Revenue CAGR2016-2021 $257M Revenue 2021 CDH Program Management Benefits Administration Billing Solutions Reimagine Mobility Controls & Fraud Prevention EV & Mixed Fleets Pay & Get Paid Expense Management Workflow Automation 20+ Currencies Americas is defined as North America and South America. Total volume includes purchases on WEX issued accounts as well as purchases issued by others, but using the WEX platform. Revenue CAGR excludes Brazil business which contributed $31.1 million in revenue in 2016 and zero in 2021. Proprietary Network Travel Booking
38 Our Capabilities Market Leading Virtual Card Capabilities Embedded Payments Solution AP Automation and Spend Management Solution forOnline Travel Commercial payments via API Commercial payments via UI forFintech forBusinesses forFinancial Institutions Wholly owned, cloud first, built for scale technology platform Issuing, Compliance, and Funding capabilities Deep partnership with card associations
Winning with Embedded Payments Solutions Need Why WEX Won Leading buy now, pay later provider in the travel industry Enterprise grade virtual card capabilitiesSpeed, accuracy, reliability, and security Ability to create payments in real time with immediate transparency on authorization flowCo-innovation on custom configurations to prove new industry use cases Enhanced security and controls Industry leader in AP automation software for middle market Platform co-innovationProcess automationAdvantageous economics Deep commercial payments expertiseWide range of card issuing products Optimized systems and processes for bespoke needsAll-in-one solutionScale and reliability
Winning with AP Automation and Spend Management Solutions Need Why WEX Won One of the largest hospital operators in the U.S. Optimized accounts payableReduce paper checks Enhanced AP data analysis and in-house supplier enablement Customizable integrations Straight-forward UI & reconciliation Wholly-owned funding mechanism allows WEX to be the issuer in addition to payment processor One of the largest financial institutions in the U.S. Commercial card management platform Capabilities to power thousands of commercial accounts and billions in annual spend One platform for travel & expense, traditional payables and virtual cardAbility to fulfill full AP file needs
Customer-First Solutions Driving Growth Win New Customers Grow Share of Wallet Capture scale opportunities in Embedded PaymentsEmbed payment solutions with new partnersDeliver exceptional customer experienceGrow direct footprint in AP AutomationScale commercial engineCross-sell WEX base Expand & Diversify Offering Launch small business productExpand developer experienceIntroduce new payment flows and rails
Built for Profitable Growth Total Travel & Corporate Payment Solutions Segment Largely fixed cost structureExpect to return to pre-pandemic margins in short- to medium-term Stable net interchange by portfolioSeasonal mix changes For comparative purposes, graphs show revenue, net interchange rate and segment adjusted operating income margin in all periods as if a specific customer contract was reported on a net basis to reflect accounting change implemented in Q4 2021. See appendix.
International Strategy Carlos CarriedoChief Operating Officer, International
$25B Total Volume2021 International Overview Simplify Benefits ~200K International Customers 8% Revenue CAGR2016-2021 40 Customer Countries 20+ Currencies $198M Revenue 2021 200+ Merchant Countries & Territories CDH Program Management Benefits Administration Billing Solutions International is defined as countries outside of North America and South America. Total volume includes purchases on WEX issued accounts as well as purchases issued by others, but using the WEX platform. Pay & Get Paid Expense Management Workflow Automation Travel Booking Reimagine Mobility Controls & Fraud Prevention EV & Mixed Fleets Proprietary Network
International Growth Drivers Win New Customers Deepen Global Footprint Grow Share of Wallet Lead with Our New Platform-Extend into Underpenetrated Verticals-Leverage Digital ChannelsCloud-native and modular platform Leverage Global Partnerships-Expand the Network-Replicate Local Success9 out of the 10 top U.S. fuel retailers1 in every 4 liters of commercial fuel in Australia processed by WEX Expand with Key Customers-Capitalize on Travel Recovery-Capture Value from Evolving Models8 out of the 10 top global online travel agenciesMore than doubled share of wallet with largest Travel customer since Q1 2019
Need Why WEX Won International integrated oil, gas and chemicals company Fuel card processing platformCard management and controlCustomer portalBack-office functionality Modern platform with opportunity to co-developFeature rich and highly configurablePan-European solution with central issuanceAlignment of strategic goals One of Australia's leading fleet management organizations Customized fuel card controlsMulti-branded cardsData provision and comprehensive reporting Collaborative partnership Acceptance network strengthScaleMarket experience One of the world’s largest travel marketplaces Virtual Card payments to travel suppliers worldwideMultiple currencies and card typesBespoke reporting and fraud management capabilities Global footprint and strength of licensing frameworkSeamless integration into payment processesPlatform scale and resilience Winning Internationally
Technology & Digital Focus David Cooper Chief Technology OfficerKaren Stroup Chief Digital Officer
WEX is a Financial Technology Leader WEX Platform 80%+Multi-Cloud based 95%Fully automated regression testing 7x+Faster releasetime vs. 2018 Fully automated software delivery pipeline 3 new modern solutions (Data, Payments, Issuer Processing) Customer service automation API Integration Flexible UIs Global Omnichannel Servicing Scalable Data, Analytics, AI Risk & Security Payments Access to Funds
We Continue to Evolve our Platform Insourced global IT operations Cloud & Multi-cloud strategy Platform consolidation Highly mature business agility practices Established a micro-services framework Best-in-class data platform Cloud-based open loop processing platform Industry leading security and compliance
We Have Forged Strong Partnerships with Industry Leaders Cloud Data Security & Monitoring
Our Platform is Flexible and Scalable Direct Customers Developer Portal Pay & Get Paid Reimagine Mobility Simplify Benefits Global Commerce Platform Authorization Issuer Processing Payments Credit Management Reporting More Data Risk & Security Infrastructure Partners Unique, discrete Solutions & Capabilities Microservice Architecture Core Tech Stack & Functionalities
Our Technology is Driving Positive Outcomes Win New Customers Expand & Diversify Offering New Developer PortalDelivering an enhanced developer and partner experienceCustomers will soon be able to further integrate their services with WEX’s through common services and APIsAdds a new level of customization, self-service partnership, and integration Centralized Authorization GatewayResilient, cloud-based transaction processing service for merchants, processors and issuersReduces operational costs and streamlines business processesAllows for cross-issuer productsFacilitates millions of authorizations per day for WEX customers and partners Cutting-Edge Issuer ProcessingIndustry-leading, cloud-based credit card issuing platformCurrently processing over 1 million authorizations per month across more than 20 currencies
Reimagining How We Reach and Serve Customers Improving Productivity and Confidence, Focused on Highest Value Work Leveraging Experimentation to Innovate Faster Modernize Technology Digitize Go-To-Market & Support Launch New Offerings Simplify Ways of Working Enabling Speed and Agility Through Modern Architecture & Processes Digital is an Enabler of Our Broader Strategy
Customer and Prospect Insights Targeted Outreach Digital Channels Programmatic & Affiliate Campaigns Dynamic Content & Intent Data AI-enabled search engine marketing platformEnd-to-end digital customer acquisition & conversionAutomated / integrated customer journeysNearly 60% of new Fleet customer accounts acquired in 2021 via fully digital channels50% YoY increase in digitally onboarded customers vs. 20201 Digitize Go-to-Market & Support: Digital Marketing Cloud Automated Optimization Digital Marketing Cloud 1 WEX Internal Analysis (North American Fleet customers)
Integrated software & payments solution to help WEX’s >450K SMB customers save time & money Concept to MVP launch in 6 months “I’m ready to switch to Flume… I can really see the benefit vs. our bank’s bill pay product to help us save time”- SMB customer Launch New Offerings: Flume Businesses represent both direct and indirect customer accounts
More Sustainability, Innovation, Reimagination Higher Customer Satisfaction More Revenue 56 Modernize Technology Digitize Go-To-Market & Support Launch New Offerings Simplify Ways of Working Better Agility & Scalability Why Technology + Digital Matters
Financial Overview Jennifer KimballInterim Chief Financial Officer & Chief Accounting OfficerMelissa SmithChief Executive Officer
Q4 and FY 2021 Results Demonstrate Momentum $497.5MRevenue +25%vs. Q4 2020 $2.58ANI per Share +78%vs. Q4 2020 Q4 2021 $1.85BRevenue +19%vs. FY 2020 $9.14ANI per Share FY 2021 +51%vs. FY 2020
59 Track Record of Strong Performance Revenue ($M) Adjusted Net Income per Diluted Share +13% CAGR (2016-2021) +19% CAGR (2016-2021) 2022E reflects mid-point of guidance range announced during 4Q 2021 earnings Includes 2% from fuel price and FX fluctuation Includes 5% from fuel price and FX fluctuation $2,050 - $2,090 $11.20 - $11.60
60 Attractive margin profile, low capital intensity, and recurring revenue model drive significant cash generationCash generation is a compelling competitive advantage compared to smaller, less profitable peers ~$3BCash Generated1 Since 2017 Robust Cash Flow Generation 1 Cash Generated is a non-GAAP measure consisting of Bank Covenant EBITDA less capital expenditures. See the appendix for a reconciliation of cash generated to GAAP consolidated net income.2 Year-End Leverage Ratio is calculated in accordance with the 2016 amended and restated credit agreement. See appendix for reconciliation of Bank Covenant EBITDA and calculation of leverage. Ratio 1 2
61 Capital Allocation Priorities 1 Invest in Organic Growth Enhance global commerce platform to drive customer wins and grow share of walletExpand and diversify existing offeringDigital go-to-market and support capabilities 2 Execute Strategic M&A Identify targets with complementary solutions to expand WEX’s platformAcquire new products, new customer segments, new geographiesDisciplined financial approach 3 Maintain Strong Balance Sheet Leverage target of 2.5 – 3.5x EBITDA1, flexing upward for strategic acquisitionsFocus on free cash flow generationOpportunistic share repurchases 1 EBITDA as defined by our credit agreement
8% - 12% 10% - 15% 15% - 20% Organic Revenue Growth Total Revenue Growth Adjusted Net Income Growth Ambitious and Achievable Long-Range Financial Targets 4% - 8% 10% - 15% 15% - 20% Fleet Solutions Revenue Growth Travel & Corporate Solutions Revenue Growth Health & Employee Benefits Solutions Revenue Growth Financial targets represent CAGR assuming stable foreign exchange rates and fuel prices (based on average of 2021), as we are unable to predict future fluctuations in these markets
63 Our Five-Year Growth Plan 4-5% 3-5% 1-2% 2-3% 10-15% 15-20% ~5% Largely fixed cost base and scalability of platform driving higher marginsBalance sheet actions driving incremental ANI accretion Financial targets represent CAGR assuming stable foreign exchange rates and fuel prices (based on average of 2021), as we are unable to predict future fluctuations in these markets CAGR
Why We Succeed Growth Engine in Large Markets Recurring Revenue Model Leadership Position People Network Effect We have leading technology, customers, and people that all continue to drive strong shareholder value
Q&A
Appendix
Impacts of Amended Contract on Travel and Corporate Solutions Segment Accounting presentation changed in Q4 2021 from gross revenue recognition to net, with a corresponding change in sales and marketing costs for one significant customerThere is no impact on earnings from this change Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Reported: Volume $ 4,968,321 $ 6,107,675 $ 8,736,019 $ 12,799,555 $ 10,916,015 Net interchange rate** 1.26 % 0.94 % 0.78 % 0.62 % 0.63 % Revenue $ 74,690 $ 70,642 $ 81,762 $ 91,002 $ 81,512 Adjusted operating expenses $ 59,654 $ 63,627 $ 64,605 $ 59,945 $ 49,881 Adjusted operating income $ 15,036 $ 7,015 $ 17,157 $ 31,057 $ 31,631 % margin** 20.1 % 9.9 % 21.0 % 34.1 % 38.8 % Adjusted: Volume $ 4,968,321 $ 6,107,675 $ 8,736,019 $ 12,799,555 $ 10,916,015 Net interchange rate** 0.93 % 0.64 % 0.55 % 0.52 % 0.63 % Revenue $ 58,545 $ 52,386 $ 61,133 $ 77,713 $ 81,512 Adjusted operating expenses $ 43,509 $ 45,371 $ 43,976 $ 46,656 $ 49,881 Adjusted operating income $ 15,036 $ 7,015 $ 17,157 $ 31,057 $ 31,631 % margin** 25.7 % 13.4 % 28.1 % 40.0 % 38.8 % Accounting presentation changed in Q4 2021 from gross revenue recognition to net, with a corresponding change in sales and marketing costs for one significant customer. This table reflects the contract calculated under both accounting presentations. To make such calculation, the following numbers were subtracted from both the Revenue and Adjusted operating expenses line items in the Reported table to arrive at the numbers in the same line items on the Adjusted table: $16,145 in Q4 2020, $18,256 in Q1 2021, $20,629 in Q2 2021, and $13,289 in Q3 2021.
Non-GAAP Reconciliation
Non-GAAP Reconciliation
Non-GAAP Reconciliation Year-End Leverage Ratio is calculated in accordance with the consolidated leverage ratio in our credit agreement, which reflects the ratio of (a) consolidated funded indebtedness less (i) an amount up to $400.0 million of consolidated funded indebtedness due to permitted securitization transactions, (ii) the amount of consolidated funded indebtedness constituting the non-recourse portion of permitted factoring transactions, and (iii) an amount up to $400.0 million of unrestricted cash and cash equivalents denominated in U.S. dollars or other lawful currencies (provided that such other currencies are readily convertible to, and deliverable in, U.S. dollars) held by the Company and its subsidiaries) to (b) Bank Covenant EBITDA.
Non-GAAP Reconciliation The Company's non-GAAP adjusted net income excludes unrealized gains and losses on financial instruments, net foreign currency gains and losses, change in fair value of contingent consideration, acquisition-related intangible amortization, other acquisition and divestiture related items, legal settlement, stock-based compensation, other costs, loss on sale of subsidiary, impairment charges, debt restructuring and debt issuance cost amortization, similar adjustments attributable to our non-controlling interests and certain tax related items. The Company's non-GAAP adjusted operating income excludes acquisition-related intangible amortization, other acquisition and divestiture related items, legal settlement, loss on sale of subsidiary, stock-based compensation, other costs, debt restructuring costs and impairment charges. Total segment adjusted operating income incorporates these same adjustments and further excludes unallocated corporate expenses.Although adjusted net income, adjusted operating income and total segment adjusted operating income are not calculated in accordance with GAAP, these non-GAAP measures are integral to the Company's reporting and planning processes and the chief operating decision maker of the Company uses segment adjusted operating income to allocate resources among our operating segments. The Company considers these measures integral because they exclude the above specified items that the Company's management excludes in evaluating the Company's performance. Specifically, in addition to evaluating the Company's performance on a GAAP basis, management evaluates the Company's performance on a basis that excludes the above items because: Exclusion of the non-cash, mark-to-market adjustments on financial instruments, including interest rate swap agreements and investment securities, helps management identify and assess trends in the Company’s underlying business that might otherwise be obscured due to quarterly non-cash earnings fluctuations associated with these financial instruments. Additionally, the non-cash, mark-to-market adjustments on financial instruments are difficult to forecast accurately, making comparisons across historical and future quarters difficult to evaluate; Net foreign currency gains and losses primarily result from the remeasurement to functional currency of cash, accounts receivable and accounts payable balances, certain intercompany notes denominated in foreign currencies and any gain or loss on foreign currency hedges relating to these items. The exclusion of these items helps management compare changes in operating results between periods that might otherwise be obscured due to currency fluctuations; The change in fair value of contingent consideration, which is related to the acquisition of certain contractual rights to serve as custodian or sub-custodian to Health Savings Accounts, is dependent upon changes in future interest rate assumptions and has no significant impact on the ongoing operations of the Company. Additionally, the non-cash, mark-to-market adjustments on financial instruments are difficult to forecast accurately, making comparisons across historical and future quarters difficult to evaluate; The Company considers certain acquisition-related costs, including certain financing costs, investment banking fees, warranty and indemnity insurance, certain integration related expenses and amortization of acquired intangibles, as well as gains and losses from divestitures to be unpredictable, dependent on factors that may be outside of our control and unrelated to the continuing operations of the acquired or divested business or the Company. In addition, the size and complexity of an acquisition, which often drives the magnitude of acquisition-related costs, may not be indicative of such future costs. The Company believes that excluding acquisition-related costs and gains or losses on divestitures facilitates the comparison of our financial results to the Company’s historical operating results and to other companies in our industry; Legal settlement represents the consideration paid to the sellers of eNett and Optal in excess of the businesses' fair values, which is nonrecurring and does not reflect future operating expenses resulting from this acquisition; The loss on sale of subsidiary relates to the divestiture of the Company's former Brazilian subsidiary as of the date of sale, September 30, 2020, and the associated write-off of its assets and liabilities. As previously discussed, gains and losses from divestitures are considered by the Company to be unpredictable and dependent on factors that may be outside of our control. The exclusion of these gains and losses are consistent with the Company's practice of excluding other non-recurring items associated with strategic transactions;Stock-based compensation is different from other forms of compensation, as it is a non-cash expense. For example, a cash salary generally has a fixed and unvarying cash cost. In contrast, the expense associated with an equity-based award is generally unrelated to the amount of cash ultimately received by the employee, and the cost to the Company is based on a stock-based compensation valuation methodology and underlying assumptions that may vary over time; Certain other costs are not consistently occurring and do not reflect expected future operating expense, nor do they provide insight into the fundamentals of current or past operations of our business. This also includes costs related to certain identified initiatives, including technology initiatives, to further streamline the business, improve the Company’s efficiency, create synergies and globalize the Company’s operations and remediate material weaknesses such as the one identified during the 2018 fiscal year, all with an objective to improve scale and efficiency and increase profitability going forward. For the year ended December 31, 2020, other costs include certain costs incurred in association with the COVID-19 pandemic, including the cost of providing additional health, welfare and technological support to our employees as they work remotely;Impairment charges represent non-cash asset write-offs, which do not reflect recurring costs that would be relevant to the Company’s continuing operations. The Company believes that excluding these nonrecurring expenses facilitates the comparison of our financial results to the Company’s historical operating results and to other companies in its industry;Debt restructuring and debt issuance cost amortization are unrelated to the continuing operations of the Company. Debt restructuring costs are not consistently occurring and do not reflect expected future operating expense, nor do they provide insight into the fundamentals of current or past operations of our business. In addition, since debt issuance cost amortization is dependent upon the financing method, which can vary widely company to company, we believe that excluding these costs helps to facilitate comparison to historical results as well as to other companies within our industry;The adjustments attributable to non-controlling interests, including adjustments to the redemption value of a non-controlling interest, have no significant impact on the ongoing operations of the business; The tax related items are the difference between the Company’s GAAP tax provision and a pro forma tax provision based upon the Company’s adjusted net income before taxes as well as the impact from certain discrete tax items. The methodology utilized for calculating the Company’s adjusted net income tax provision is the same methodology utilized in calculating the Company’s GAAP tax provision. The Company does not allocate certain corporate expenses to our operating segments, as these items are centrally controlled and are not directly attributable to any reportable segment.For the same reasons, WEX believes that adjusted net income, adjusted operating income and total segment adjusted operating income may also be useful to investors when evaluating the Company's performance. However, because adjusted net income, adjusted operating income and total segment adjusted operating income are non-GAAP measures, they should not be considered as a substitute for, or superior to, net income, operating income or cash flows from operating activities as determined in accordance with GAAP. In addition, adjusted net income, adjusted operating income and total segment adjusted operating income as used by WEX may not be comparable to similarly titled measures employed by other companies.
Definitions Organic revenue growth: Organic revenue includes all sources of revenue growth in a given year, except for all revenue associated with companies acquired for a period of one year following the date of the acquisition.Cash generation: Due to the complexity created by owning a bank, the company views bank covenant EBITDA as defined in the 2016 amended and restated credit agreement less capital expenditures from the cash flow statement as a proxy for cash generation. Recurring revenue: Recurring revenue is the portion of a company's revenue that is expected to continue in the future that is predictable and relatively stable. It excludes professional services revenue, penalty fees, one time sales and other similar items. The primary sources of recurring revenue as defined by WEX include: payment processing revenue, account servicing revenue, factoring revenue, transaction processing fees (included in “Other Revenue”) and other smaller items.
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WEX Hosts 2022 Virtual Investor Day and Outlines Strategy for Growth
PORTLAND, Maine--(BUSINESS WIRE)--March 23, 2022--WEX Inc. (NYSE: WEX), the global commerce platform that simplifies the business of running a business, will host its virtual Investor Day today beginning at 9:00 a.m. ET.
Melissa Smith, WEX’s Chair and Chief Executive Officer, and other members of the executive leadership team will provide an update on the Company’s strategy to drive long-term growth and create value for shareholders.
“I am pleased to announce today that we are reaffirming our ambitious and achievable growth targets over the next five years,” said Smith. “Today, WEX is better positioned than ever before as a market leader in each of our businesses, with proven product differentiation, deep expertise, data driven insights, and a platform that is both reliable and scalable. Leveraging strong secular tailwinds, we will continue to expand our addressable revenue opportunity by introducing new products, entering new customer segments and extending our geographic reach. Our commitment to our shareholders remains to deliver strong shareholder value by harnessing our leading technology, cultivating customer relationships and people, and continuing to help our customers simplify the business of running a business.”
Five-Year Growth Targets
In conjunction with today’s event, WEX reaffirmed its long-range financial targets. Assuming stable foreign exchange rates and fuel prices, over the next five years the Company expects to achieve:
- Compounded annual organic revenue growth in the range of 8% to 12%
- Compounded annual total revenue growth in the range of 10% to 15%
- Compounded annual adjusted net income growth in the range of 15% to 20%
Webcast Details
The Investor Day will be held virtually via webcast. The webcast and accompanying slide presentation will be available on the Investor Relations section of the WEX website at http://ir.wexinc.com, or through the following address: https://event.on24.com/wcc/r/3656265/57BD9C6D4E1EFED4E800FF9C45674673. A replay will also be available online for one year following the event.
About WEX
WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. WEX has created a powerful ecosystem that offers seamlessly embedded, personalized solutions for its customers around the world. Through its rich data and specialized expertise in simplifying benefits, reimagining mobility and paying and getting paid, WEX aims to make it easy for companies to overcome complexity and reach their full potential. For more information, please visit www.wexinc.com.
Non-GAAP Metrics
Organic revenue includes all sources of revenue growth in a given year, except for all revenue associated with companies acquired for a period of one year following the date of the acquisition. The Company's adjusted net income, which is a non-GAAP measure, excludes unrealized gains and losses on financial instruments, net foreign currency gains and losses, changes in fair value of contingent consideration, acquisition-related intangible amortization, other acquisition and divestiture related items, legal settlement, stock based compensation, other costs, gains and losses on divestitures, impairment charges, debt restructuring and debt issuance cost amortization, similar adjustments attributable to our non-controlling interests and certain tax related items. We are unable to reconcile our adjusted net income long range target to the comparable GAAP measure without unreasonable effort because of the difficulty in predicting the amounts to be adjusted, including, but not limited to, foreign currency exchange rates, unrealized gains and losses on financial instruments, acquisition and divestiture related items and adjustments to the redemption value of a non-controlling interest, which may have a significant impact on our financial results. For 2021, the reconciliation of this non-GAAP financial measure to the most directly comparable GAAP measure is included in our latest earnings press release dated February 10, 2022 available on our website.
Forward Looking Statements
This release contains forward-looking statements, including statements regarding: assumptions underlying the Company's future financial performance, future operations; future growth opportunities and expectations; expectations for future revenue performance, future impacts from areas of investment, expectations for the macro environment; and, expectations for volumes. Any statements that are not statements of historical facts may be deemed to be forward-looking statements. When used in this release, the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” "will" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially, including: the extent to which the coronavirus (COVID-19) pandemic and measures taken in response thereto impact the Company’s employees, business, results of operations and financial condition in excess of current expectations, particularly with respect to demand for worldwide travel; the impact of fluctuations in fuel prices, and fuel spreads in the Company’s international markets, including the resulting impact on the Company’s revenues and net income; any impacts on our business from the conflict between Russia and Ukraine, including the rapid increase in the price of fuel among other things; the failure to maintain or renew key customer and partner agreements and relationships, or to maintain volumes under such agreements; breaches of, or other issues with, the Company’s technology systems or those of its third-party service providers and any resulting negative impact on its reputation, liabilities or relationships with customers or merchants; the actions of regulatory bodies, including banking and securities regulators, or possible changes in banking or financial regulations impacting the Company’s industrial bank, the Company as the corporate parent or other subsidiaries or affiliates; the failure to comply with the applicable requirements of Mastercard or Visa contracts and rules; the effects of general economic conditions, including a decline in demand for fuel, travel related services, or healthcare services, and payment and transaction processing activity; failure to expand the Company’s technological capabilities and service offerings as rapidly as the Company’s competitors; changes in interest rates and the rate of inflation; the ability to attract and retain employees; limitations on or compression of interchange fees; the impact and size of credit losses; the success of the Company’s recently announced Executive Leadership Team and strategic reorganization; the effects of the Company’s business expansion and acquisition efforts; the failure of corporate investments to result in anticipated strategic value; the failure to comply with the Treasury Regulations applicable to non-bank custodians; potential adverse changes to business or employee relationships, including those resulting from the completion of an acquisition; competitive responses to any acquisitions; uncertainty of the expected financial performance of the combined operations following completion of an acquisition; the failure to complete or successfully integrate the Company’s acquisitions or to realize anticipated synergies and cost savings from such acquisitions; unexpected costs, charges, or expenses resulting from an acquired company or business; the impact of changes to the Company’s credit standards; the impact of foreign currency exchange rates on the Company’s operations, revenue and income; the impact of the future transition from LIBOR as a global benchmark to a replacement rate; the impact of the Company’s debt instruments on the Company’s operations; the impact of leverage on the Company’s operations, results or borrowing capacity generally, and as a result of acquisitions specifically; the impact of sales or dispositions of significant amounts of the Company’s outstanding common stock into the public market, or the perception that such sales or dispositions could occur; the possible dilution to the Company’s stockholders caused by the issuance of additional shares of common stock or equity-linked securities, whether as result of the Company’s convertible notes or otherwise; the incurrence of impairment charges if the Company’s assessment of the fair value of certain of its reporting units changes; the uncertainties of litigation; as well as other risks and uncertainties identified in Item 1A of our annual report for the year ended December 31, 2021, filed on Form 10-K with the Securities and Exchange Commission on March 1, 2022. The Company's forward-looking statements do not reflect the potential future impact of any alliance, merger, acquisition, disposition or stock repurchases. The forward-looking statements speak only as of the date of this release and undue reliance should not be placed on these statements. The Company disclaims any obligation to update any forward-looking statements as a result of new information, future events or otherwise.
Contacts
News media:
WEX Inc.
Jessica Roy, 207-523-6763
Jessica.Roy@wexinc.com
Investors:
WEX Inc.
Steve Elder, 207-523-7769
Steve.Elder@wexinc.com