7TM Q1 2023 Earnings April 27, 2023 Forward Looking Statements 1Q23 2 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 earnings release that are not statements of historical facts are forward-looking statements. When used in this earnings release, the words "anticipate," "believe," "continue," "could," "estimate," "expec ...

[Forward-Looking Statements](index=4&type=section&id=Forward%E2%80%93Looking%20Statements) The report contains forward-looking statements, including management's plans and goals, identified by specific terminology, which are subject to known and unknown risks and uncertainties that could cause actual results to differ materially - The report contains forward-looking statements, including management's plans and goals, identified by words like "anticipate," "believe," "expect," and "will." These statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially[10](index=10&type=chunk)[11](index=11&type=chunk) - Key risk factors that could cause actual results to differ include fluctuations in fuel demand and prices, general economic conditions, credit and fraud losses, failure to implement new technology, breaches of technology systems, regulatory actions, and the impact of foreign currency exchange rates[11](index=11&type=chunk)[12](index=12&type=chunk) [Acronyms and Abbreviations](index=5&type=section&id=ACRONYMS%20AND%20ABBREVIATIONS) This section provides a comprehensive list of acronyms and abbreviations used throughout the Annual Report, including definitions for financial terms, regulatory bodies, and company-specific business units or products - This section provides a comprehensive list of acronyms and abbreviations used throughout the Annual Report, including definitions for financial terms (e.g., Adjusted free cash flow, ANI, EBITDA), regulatory bodies (e.g., CFPB, FDIC, SEC), and company-specific business units or products (e.g., benefitexpress, CDH, EFS, eNett, HSA, SaaS, VCN, WEX Bank)[14](index=14&type=chunk)[15](index=15&type=chunk)[18](index=18&type=chunk) [Part I](index=7&type=section&id=Part%20I) This part covers the company's business operations, risk factors, properties, legal proceedings, and other fundamental information [Item 1. Business](index=7&type=section&id=Item%201.%20Business) WEX Inc. operates a B2B ecosystem providing payment processing, data analytics, and financial solutions across three segments: Fleet Solutions, Health and Employee Benefit Solutions, and Travel and Corporate Solutions [Our Company](index=7&type=section&id=Our%20Company) WEX Inc. operates a B2B ecosystem focused on simplifying business operations through a global commerce platform, personalized solutions, and data-driven insights - WEX Inc. operates a B2B ecosystem focused on simplifying business operations through a global commerce platform, personalized solutions, and data-driven insights[20](index=20&type=chunk)[21](index=21&type=chunk) - The company's solutions are provided across three business segments: Fleet Solutions (**600,000+ fleet customers**, **9 of top 10 U.S. fuel retailers**), Health and Employee Benefit Solutions (serves **over half of Fortune 1000 companies**), and Travel and Corporate Solutions (one of the **largest commercial payment companies globally**)[21](index=21&type=chunk)[22](index=22&type=chunk) - WEX Bank, a wholly-owned subsidiary, funds the majority of Fleet and Travel & Corporate Solutions, provides credit adjudication, and acts as a depository for HSA cash assets, offering a competitive advantage through low-cost capital[22](index=22&type=chunk) [Seasonality](index=8&type=section&id=Seasonality) Certain business segments are affected by seasonal variations, such as higher fuel prices in summer, increased online travel sales in Q3, and higher consumer spend in Health and Employee Benefit Solutions early in the year due to insurance deductibles - Certain business segments are affected by seasonal variations, such as higher fuel prices in summer, increased online travel sales in Q3, and higher consumer spend in Health and Employee Benefit Solutions early in the year due to insurance deductibles[24](index=24&type=chunk) [Our Business Segments](index=8&type=section&id=Our%20Business%20Segments) This section provides an overview of Our Business Segments [Fleet Solutions Segment](index=8&type=section&id=FLEET%20SOLUTIONS%20SEGMENT) WEX is a leader in fleet vehicle payment solutions, transaction processing, and information management, serving over 18 million vehicles globally as of December 31, 2022 - WEX is a leader in fleet vehicle payment solutions, transaction processing, and information management, serving **over 18 million vehicles globally** as of December 31, 2022[26](index=26&type=chunk)[28](index=28&type=chunk) - The segment's key differentiation is its proprietary closed-loop payments network, which provides enhanced data and controls for fleet operators, enabling spend control, fraud limitation, and optimized operations[29](index=29&type=chunk) - Revenue is primarily from payment processing transactions (percentage of purchase, fixed per transaction, or a combination), account servicing fees, and finance fees on overdue accounts. The company is also developing solutions for Electric Vehicles (EVs) to ease their integration into mixed fleets[30](index=30&type=chunk)[31](index=31&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk) [Health and Employee Benefit Solutions Segment](index=10&type=section&id=HEALTH%20AND%20EMPLOYEE%20BENEFIT%20SOLUTIONS%20SEGMENT) This segment provides SaaS software with embedded payment solutions and plan administration for consumer-directed health benefits, COBRA, and benefit enrollment, along with custodial and depository services for Health Savings Accounts (HSAs) - This segment provides SaaS software with embedded payment solutions and plan administration for consumer-directed health benefits, COBRA, and benefit enrollment, along with custodial and depository services for Health Savings Accounts (HSAs)[40](index=40&type=chunk) - As of December 31, 2022, WEX was custodian to **$4.5 billion in HSA assets, with $2.1 billion deposited** with WEX Bank and reflected on its balance sheet[41](index=41&type=chunk)[42](index=42&type=chunk) - Revenues are primarily from per participant per month fees for software and administrative services, interchange on debit cards, and interest on deposits and fees related to HSA cash balances[48](index=48&type=chunk) [Travel and Corporate Solutions Segment](index=12&type=section&id=TRAVEL%20AND%20CORPORATE%20SOLUTIONS%20SEGMENT) The segment focuses on global B2B payments, offering embedded payments (via APIs for virtual credit cards) and Accounts Payable (AP) Automation and Spend Management solutions - The segment focuses on global B2B payments, offering embedded payments (via APIs for virtual credit cards) and Accounts Payable (AP) Automation and Spend Management solutions[51](index=51&type=chunk)[53](index=53&type=chunk) - A core product is the virtual card (VCN) on Mastercard or Visa networks, offering customized spend limits, expiration dates, and fraud controls, with global currency capabilities and WEX as the issuer/processor[52](index=52&type=chunk) - The vast majority of revenue is derived from net interchange revenue (gross interchange less rebates), with a portion from licensing fees charged to partner financial institutions[54](index=54&type=chunk) [Our Strategy](index=13&type=section&id=Our%20Strategy) WEX's strategy focuses on growing its business through five key drivers: winning new customers, growing share of wallet with existing customers, expanding and diversifying offerings, deepening global presence, and strategic mergers and acquisitions (M&A) - WEX's strategy focuses on growing its business through five key drivers: winning new customers, growing share of wallet with existing customers, expanding and diversifying offerings, deepening global presence, and strategic mergers and acquisitions (M&A)[58](index=58&type=chunk)[64](index=64&type=chunk) - The strategy is underpinned by a focus on a global commerce platform, personalized and seamlessly embedded solutions, and insights powered by extensive data, including expanding the use of AI and machine learning[59](index=59&type=chunk) [Our Technology and Resources](index=14&type=section&id=Our%20Technology%20and%20Resources) WEX is shifting to platforms and data for greater efficiency, faster innovation, and better customer experiences, with significant investment in technology and a Cloud First strategy - WEX is shifting to platforms and data for greater efficiency, faster innovation, and better customer experiences, with significant investment in technology and a Cloud First strategy[60](index=60&type=chunk) - The company protects its proprietary information and technology through patents, copyrights, trade secrets, trademarks, confidentiality agreements, and operational safeguards[62](index=62&type=chunk) [Regulation](index=14&type=section&id=Regulation) This section provides an overview of Regulation [Regulation - United States](index=15&type=section&id=Regulation%20-%20United%20States) WEX Bank, an industrial bank in Utah, is subject to examination and supervision by the FDIC and UDFI, and is exempt from the Bank Holding Company Act - WEX Bank, an industrial bank in Utah, is subject to examination and supervision by the FDIC and UDFI, and is exempt from the Bank Holding Company Act[66](index=66&type=chunk) - Intercompany transactions with WEX Bank are limited by Sections 23A and 23B of the Federal Reserve Act, requiring them to be on market terms and secured by collateral[67](index=67&type=chunk) - The company is subject to various U.S. laws including the Dodd-Frank Act (impacting debit card interchange fees via the Durbin Amendment), anti-money laundering (AML) and counter-terrorist financing (CTF) regulations, healthcare regulations (ACA, HIPAA), privacy and information security laws (GLBA, CCPA, GDPR), and money transmission licensing[71](index=71&type=chunk)[73](index=73&type=chunk)[76](index=76&type=chunk)[80](index=80&type=chunk)[83](index=83&type=chunk)[85](index=85&type=chunk)[89](index=89&type=chunk)[93](index=93&type=chunk) [Regulation - Foreign Jurisdictions](index=20&type=section&id=Regulation%20-%20Foreign%20Jurisdictions) WEX's international operations are subject to local laws and regulations in Canada, the European Union, the United Kingdom, Australia, and East/South East Asia - WEX's international operations are subject to local laws and regulations in Canada, the European Union, the United Kingdom, Australia, and East/South East Asia[106](index=106&type=chunk)[110](index=110&type=chunk)[114](index=114&type=chunk)[118](index=118&type=chunk)[121

WEX Inc. (NYSE:WEX) Q4 2022 Earnings Conference Call February 9, 2023 10:00 AM ET Company Participants Steve Elder - SVP, Global IR Melissa Smith - Chairman and CEO Jagtar Narula - CFO Conference Call Participants Mihir Bhatia - Bank of America Merrill Lynch Nik Cremo - Credit Suisse Ramsey El-Assal - Barclays Trevor Williams - Jefferies Bob Napoli - William Blair David Koning - Baird Andrew Jeffrey - Truist Securities Ken Suchoski - Autonomous Research James Faucette - Morgan Stanley Darrin Peller - Wolfe ...

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, 2022 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 ...

Financial Data and Key Metrics Changes - WEX reported record quarterly revenue of $616 million, a year-over-year increase of 28%, driven by volume growth, higher fuel prices, and normalization of late fees [10][27] - Adjusted net income for diluted share was $3.51, representing a 43% increase compared to the same quarter last year [11][29] - Total volume processed grew 41% year-over-year to $57.5 billion [11] Business Line Data and Key Metrics Changes - Fleet revenue increased by 32% to $378.1 million, supported by strong volumes and higher fuel prices [30] - Travel and Corporate Solutions segment revenue rose 25% to $114 million, with purchase volume increasing by 61% [38] - Health segment revenue reached $124.1 million, an 18% increase, with SaaS account growth of 8% [42] Market Data and Key Metrics Changes - Domestic fuel prices averaged $4.54 in Q3 2022, compared to $3.23 in Q3 2021, contributing approximately $56 million to fleet revenue growth [31] - Travel-related customer volume grew 70% year-over-year, reflecting strong consumer travel demand [40] Company Strategy and Development Direction - WEX aims to deepen wallet share among existing customers by enabling them to use a full suite of products [16] - The company is focused on internal investments for organic growth, strategic M&A, and returning capital to shareholders while maintaining a flexible balance sheet [24] - WEX plans to achieve $100 million in run rate operating improvements by the end of 2024, reinvesting half of those savings into growth opportunities [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to generate strong cash flows and invest in growth despite macroeconomic challenges [23][54] - The company noted that inflation has positively impacted purchase volumes across its segments [21][90] - Management highlighted the importance of labor access as a key concern for customers across different segments [92] Other Important Information - WEX announced an amended share repurchase program allowing for the repurchase of up to $650 million worth of common stock [25] - The company ended the quarter with $759 million in cash and $811 million in available borrowing capacity [44] Q&A Session Summary Question: Are there macro stresses in the portfolio? - Management noted that credit losses were primarily due to delayed payments in the over-the-road segment, but overall portfolio quality remains good [58] Question: Can you provide details on the $100 million efficiency improvements? - Management expects to realize half to two-thirds of the $100 million in savings by the end of 2023, with ongoing investments in technology for automation [66] Question: What are the expectations for corporate payments yield? - Management indicated that the yield may decline slightly due to a mix shift towards embedded payment products, but overall profitability remains strong [72] Question: How is travel volume performing? - Travel volumes in Q3 were about 107% of pre-pandemic levels, with significant price increases contributing to higher spend volumes [77] Question: What is the outlook for M&A activity? - Management remains active in the M&A market but has not executed recent acquisitions due to high valuations and strategic distractions [96]

7 TM Q3 2022 Earnings October 27, 2022 Forward Looking Statements 3Q22 2 These materials include forward-looking statements including, but not limited to, statements about management's plan and goals. Any statements in these materials that are not statements of historical facts are forward-looking statements. When used in these materials, the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "project", "will" and similar expressions are intended to identify f ...

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 June 30, 2022 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 incorpor ...

WEX, Inc. (NYSE:WEX) Q2 2022 Earnings Conference Call July 28, 2022 10:00 AM ET Company Participants Steven Elder - SVP, Global IR Melissa Smith - Chairman, President & CEO Jagtar Narula - CFO Conference Call Participants Sanjay Sakhrani - KBW Ramsey El-Assal - Barclays Bank Darrin Peller - Wolfe Research Sheriq Sumar - Evercore ISI James Faucette - Morgan Stanley Nikolai Cremo - Crédit Suisse Jeffrey Cantwell - Wells Fargo Securities Mihir Bhatia - Bank of America Merrill Lynch Operator Thank you for stand ...

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 1 Hancock St., Portland, ME 04101 (Address of principal executive offices) (Zip Code) For the quarterly period ended March 31, 2022 OR Delaware 01-0526993 (I.R.S. Employer Identification No.) ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period fr ...

7TM Q1 2022 Earnings April 28, 2022 Forward Looking Statements 2 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; expectations for the macro environment; assumptions regarding future fuel prices; assumptions regarding the number of fully diluted shares outstanding; and expectations for volumes. Any s ...