Q1 2024 Earnings April 25, 2024 Forward-Looking Statements 2 These materials include forward-looking statements including, but not limited to, statements about management's plans, goals, expectations, and guidance and assumptions with respect to future financial performance of the Company. Any statements in this presentation that are not statements of historical facts are forward-looking statements. When used in this presentation, the words "anticipate," "believe," "continue," "could," "estimate," "expect," ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-32426 WEX Inc. (Exact name of registrant as specified in its charter) Delaware 01-0526993 (State or other jur ...

Revenue Performance - Q1 2024 revenue increased 7% year-over-year to a record $652.7 million, driven by 16% growth in the Benefits segment and 17% in the Corporate Payments segment[2]. - Total volume across all segments reached $56.8 billion, an increase of 8.6% from Q1 2023[7]. - Corporate Payments segment revenue increased by 17% to $122.5 million in Q1 2024, up from $104.8 million in Q1 2023[43]. - Benefits segment revenue rose by 16% to $191.2 million in Q1 2024, compared to $164.9 million in Q1 2023[43]. - Total reported revenue for Q1 2024 was $652.7 million, up from $612.0 million in Q1 2023, reflecting a year-over-year increase of approximately 6%[35]. Income and Earnings - Q1 GAAP net income was $65.8 million, or $1.55 per diluted share, a decrease from $68.0 million, or $1.56 per diluted share in Q1 2023[6]. - Adjusted net income for Q1 2024 was $146.7 million, or $3.46 per diluted share, up 5% from $145.8 million, or $3.31 per diluted share in the same period last year[6]. - Adjusted net income for Q1 2024 was $146.7 million, or $3.46 per diluted share, compared to $145.8 million, or $3.31 per diluted share in Q1 2023, marking a 1.2% increase in adjusted net income[26]. - Operating income for Q1 2024 was $164.5 million, maintaining a margin of 25.2%, consistent with the margin from Q1 2023[27]. - Total segment adjusted operating income reached $274.9 million, with a margin of 42.1%, compared to $252.5 million and a margin of 41.3% in the prior year[27]. Cash Flow and Assets - Cash and cash equivalents decreased to $779.6 million from $975.8 million, a decline of 20.1%[22]. - Net cash used in operating activities was $(153.3) million for the three months ended March 31, 2024, compared to $27.1 million in the same period of 2023[24]. - The company reported a net change in cash, cash equivalents, and restricted cash of $(148.3) million for the quarter, down from an increase of $20.6 million in the same quarter last year[24]. - Adjusted free cash flow for Q1 2024 was $(204.5) million, compared to $(61.4) million in Q1 2023, indicating a significant decline[34]. - Total assets increased to $14,421.8 million as of March 31, 2024, up from $13,882.1 million at the end of 2023, representing a growth of 3.9%[22]. Future Guidance - For Q2 2024, the company expects revenue in the range of $675 million to $685 million and adjusted net income between $3.75 and $3.85 per diluted share[15]. - Full-year 2024 revenue guidance raised to a range of $2.73 billion to $2.77 billion, up from the previous range of $2.70 billion to $2.74 billion[15]. Segment Performance - Corporate Payments' purchase volume grew 29% to $23.9 billion from $18.6 billion in Q1 2023[7]. - The Mobility segment reported an adjusted operating income of $131.0 million, down from $138.8 million year-over-year, with a margin decrease from 40.5% to 38.6%[44]. - The Corporate Payments segment saw an increase in adjusted operating income to $64.6 million, up from $49.2 million, with a margin increase from 46.9% to 52.7%[44]. - The Benefits segment's adjusted operating income rose to $79.4 million from $64.5 million, with an improved margin of 41.5% compared to 39.1%[44]. Market and Operational Insights - The average US fuel price per gallon decreased to $3.56 in Q1 2024 from $3.76 in Q4 2023[39]. - The number of payment processing transactions in Q1 2024 was 136.9 million, slightly down from 138.1 million in Q4 2023[39]. - The net payment processing rate increased to 1.31% in Q1 2024 from 1.26% in Q4 2023[39]. - The company is focused on leveraging technology and AI to improve efficiency and enhance offerings, alongside integrating recent acquisitions[4]. - The company purchased treasury shares amounting to $73.6 million during the quarter, compared to $100.9 million in the same period of 2023[24].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission file number 001-32426 WEX INC. (Exact name of registrant as specified in its charter) Delaware 01-0526993 (State or other jurisdi ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-32426 WEX Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of inc ...

WEX, Inc. (NYSE:WEX) Q3 2023 Earnings Conference Call October 26, 2023 10:00 AM ET Company Participants Melissa Smith - Chairman, President & CEO Steven Elder - SVP, Global IR Jagtar Narula - CFO Conference Call Participants Darrin Peller - Wolfe Research Robert Napoli - William Blair & Company Ramsey El-Assal - Barclays Bank Andrew Jeffrey - Truist Securities Sanjay Sakhrani - KBW Sheriq Sumar - Evercore ISI Mihir Bhatia - Bank of America Merrill Lynch Operator Thank you for standing by. My name is Bailey, ...

7TM Q3 2023 Earnings October 26, 2023 Forward Looking Statements These materials include forward-looking statements including, but not limited to, statements about management's plans, goals, and guidance and assumptions with respect to future financial performance of the Company. Any statements in this presentation that are not statements of historical facts are forward-looking statements. When used in this presentation, the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," ...

WEX, Inc. (NYSE:WEX) Q2 2023 Earnings Conference Call July 27, 2023 10:00 AM ET Company Participants Steven Elder - SVP, Global IR Melissa Smith - Chairman, President & CEO Jagtar Narula - CFO Conference Call Participants Mihir Bhatia - Bank of America Merrill Lynch Darrin Peller - Wolfe Research Nikolai Cremo - Crédit Suisse Tien-Tsin Huang - JPMorgan Chase & Co. Sanjay Sakhrani - KBW Trevor Williams - Jefferies Christopher Svensson - Deutsche Bank David Koning - Robert W. Baird & Co. Dan Dolev - Mizuho Se ...

Financial Performance - Total revenues for Q2 2023 were $621.3 million, a 3% increase from $598.2 million in Q2 2022[140] - Net income attributable to shareholders for Q2 2023 was $95.3 million, compared to $34.1 million in Q2 2022, representing a 179% increase[140] - Adjusted net income attributable to shareholders for Q2 2023 was $159.3 million, slightly down from $169.4 million in Q2 2022, a decrease of 6%[140] - Operating income for Q2 2023 was $29.5 million, a substantial increase of $25.6 million (657%) compared to $3.9 million in Q2 2022[160] - Operating income for Corporate Payments increased by $15.4 million (42%) for Q2 2023 and $39.7 million (81%) for the first half of 2023 compared to the prior year[156] - Total segment adjusted operating income for the three months ended June 30, 2023, was $275.9 million, compared to $272.3 million for the same period in 2022[179] Revenue Breakdown - Mobility segment revenues decreased by $39.0 million in Q2 2023, primarily due to lower average fuel prices[143] - Payment processing revenue in the Mobility segment fell by 15% to $172.2 million in Q2 2023 from $202.4 million in Q2 2022[142] - Total Corporate Payments revenue increased by $21.5 million (21%) for Q2 2023 and $49.0 million (28%) for the first half of 2023, driven by strong consumer travel demand[153] - Payment processing revenue grew by $16.1 million (18%) for Q2 2023 and $41.1 million (27%) for the first half of 2023 compared to the prior year[153] - Other revenue surged by $20.2 million (146%) to $34.1 million in Q2 2023, contributing significantly to the overall revenue growth[159] Costs and Expenses - Processing costs increased by $7.6 million (12%) and $13.8 million (11%) for the three and six months ended June 30, 2023, respectively, driven by higher technology and employee-related costs[148] - General and administrative expenses rose by $6.8 million (26%) and $11.2 million (23%) for the three and six months ended June 30, 2023, respectively, due to increased professional services and employee compensation[152] - General and administrative expenses rose by $3.4 million (29%) in Q2 2023, attributed to increased professional services and operational efficiencies[162] Cash Flow and Liquidity - Cash provided by operating activities for the six months ended June 30, 2023, was $99.5 million, an increase of $420.9 million compared to the same period in 2022[3][4] - Cash used for investing activities increased by $711.7 million for the six months ended June 30, 2023, primarily due to higher investments in available-for-sale debt securities[5][6] - Cash provided by financing activities increased by $491.8 million, mainly due to $500.0 million in borrowings under the Bank Term Funding Program (BTFP)[7][8] - Adjusted free cash flow increased by $265.0 million during the six months ended June 30, 2023, reflecting higher borrowings under the BTFP and increased cash from operating activities[9][10] - The company's adjusted free cash flow for the six months ended June 30, 2023, was $130.9 million, a significant improvement from a negative $134.1 million in the same period of 2022[181] Debt and Financing - As of June 30, 2023, the company had outstanding term loan principal borrowings of $2,277.9 million and total deposits of $4,321.9 million[1][2] - The company had no borrowings outstanding on the Federal Reserve Bank Discount Window as of June 30, 2023, with a maximum borrowing limit of $182.2 million[15][16] - The company repurchased approximately 0.5 million shares of common stock for $104.0 million during the first half of 2023, with $413.5 million remaining under the share buyback authorization[17][18] - The company is in compliance with the financial covenants of its Amended and Restated Credit Agreement as of June 30, 2023[19][20] Market and Segment Insights - Average price per gallon of fuel decreased by 26% to $3.68 in Q2 2023 from $4.98 in Q2 2022[143] - The company experienced a decrease in shipping demand, leading to a decline in the size and volume of factored invoices in the first half of 2023[146] - The net interchange rate decreased by 0.06% (12%) for Q2 2023 compared to the prior year, attributed to changes in customer and product mix[153] - Average number of SaaS accounts increased by 2.0 million (11%) to 19.5 million in Q2 2023, reflecting growth in Consumer-Directed Health and COBRA accounts[159] - Average HSA custodial cash assets grew by $768.3 million (25%) to $3,878.1 million compared to $3,109.8 million in the same period last year[159] Tax and Other Financial Metrics - The effective tax rate decreased to 19.1% in Q2 2023 from 29.8% in Q2 2022, primarily due to a valuation allowance release[170] - Provision for credit losses decreased by $20.9 million (49%) for Q2 2023 compared to the same period in the prior year, primarily due to a decrease in fraud losses[149] - Provision for credit losses as a percentage of fuel expenditures was 15.4 and 23.6 basis points for the three and six months ended June 30, 2023, respectively, down from 23.6 and 19.9 basis points in the prior year[150] - The company reported an increase in stock-based compensation to $62.6 million for the six months ended June 30, 2023, up from $50.5 million in the same period of 2022[179] - Unrealized losses on financial instruments for the six months ended June 30, 2023, were $12.3 million, compared to unrealized gains of $66.7 million in the same period of 2022[179] - The company experienced a net foreign currency loss of $1.6 million for the six months ended June 30, 2023, compared to a gain of $14.4 million in the same period of 2022[179] - Acquisition-related intangible amortization for the six months ended June 30, 2023, was $88.4 million, slightly up from $85.3 million in the same period of 2022[179]

Table of Contents For the transition period from to Commission file number: 001-32426 WEX Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) 1 Hancock St., Portland, ME 04101 (Address of principal executive offices) (Zip Code) UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended ...