Exhibit 99.2 ____ These earnings supplemental materials contain 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 these supplemental materials that are not statements of historical facts are forward- looking statements. When used in these supplemental materials, the words "anticipate," "believe," "continue," "could," "estimate," "expect ...

Revenue Performance - Total revenue for Q1 2025 decreased by $16.1 million compared to Q1 2024, driven by an unfavorable impact of $8.5 million from fuel prices and spreads, and $2.5 million from foreign exchange rates[12] - For the twelve months ended December 31, 2024, total revenue was $2,628.1 million, reflecting an 8.4% year-over-year increase[11] - The company’s underlying revenue growth during Q1 2025 was down 0.8% when adjusted for fuel prices and foreign exchange impacts[12] - Mobility segment revenue for Q1 2025 decreased by 1.5% year-over-year, impacted by a 2.9% drag from lower fuel prices, with total revenue at $333.8 million[6] - Total revenues for the twelve months ended December 31, 2024, increased by 10.6% to $739.5 million compared to $668.4 million for the previous year[22] Income and Profitability - Adjusted net income per diluted share for Q1 2025 was $3.51, a 1.4% increase compared to the prior year[11] - The company’s GAAP income per diluted share for Q1 2025 was $1.81, reflecting a 16.8% year-over-year increase[11] - The adjusted operating income margin for the Mobility segment was 39.4% for Q1 2025, compared to 42.7% for the twelve months ended December 31, 2024[14] - GAAP operating income margin for the Mobility segment was 29.8%, up from 29.3% in the prior year, with non-GAAP adjusted operating income margin at 39.4%, an increase of 0.7%[6] - GAAP operating income margin for the Corporate Payments segment was 26.3%, down from 41.7% in the comparable prior year quarter[27] - Adjusted operating income margin for the Corporate Payments segment decreased to 39.1% from 52.7% in the same quarter last year[27] Segment Performance - The Mobility segment generated $333.8 million in revenue for Q1 2025, accounting for 52% of total revenue[14] - The company’s total segment adjusted operating income for the twelve months ended December 31, 2024, was $1,059.7 million[14] - Benefits revenue in Q1 2025 was $199.3 million, reflecting a 4.2% increase year-over-year, driven by strong growth in the HSA business[21] - Average SaaS accounts increased by 6.1% year-over-year to 21.5 million, with HSA account growth at 7% compared to a market growth of 5%[21] - Total purchase volume for the Corporate Payments segment decreased by 27.8% year-over-year to $17.285 million for the three months ended March 31, 2025[28] Cash Flow and Capital Expenditures - For Q1 2025, the company reported an adjusted free cash flow of $16.2 million, with trailing twelve months adjusted free cash flows totaling $587 million[33] - Capital expenditures for Q1 2025 were $32.6 million, while total capital deployed in the same quarter reached $913.8 million[35] - The adjusted free cash flow for the twelve months ended December 31, 2024, is projected to be $562.0 million[60] Financial Guidance and Market Outlook - The financial guidance for Q2 2025 projects net revenue between $640 million and $660 million, with a full-year revenue expectation of $2.568 billion to $2.628 billion[38] - The adjusted net income per diluted share guidance for Q2 2025 is between $3.60 and $3.80, with full-year guidance ranging from $14.72 to $15.32[38] - The company anticipates U.S. GDP growth of approximately 2% in 2025, without accounting for potential economic slowdowns[38] Liquidity and Debt Management - The company ended the quarter with $770 million of available liquidity, including corporate cash and borrowing capacity under its revolving credit agreement[29] - As of March 31, 2025, the leverage ratio increased to 3.5 times, remaining within the long-term target range of 2.5 to 3.5 times[29] - The company has maintained ample access to debt markets, with a three-year runway before the next debt maturity, allowing for opportunistic market positioning[31] Shareholder Returns - The company repurchased approximately 4.9 million shares at a price of $154 per share, totaling $750 million in cash for the tender offer completed on March 31, 2025[36] Non-GAAP Measures and Adjustments - The company's adjusted net income and adjusted operating income are non-GAAP measures and should not be considered superior to GAAP measures[56] - The company has begun utilizing a fixed annual projected long-term non-GAAP tax rate starting in fiscal year 2024 for better consistency across reporting periods[58] - Stock-based compensation is treated as a non-cash expense, differing from other forms of compensation[58] - Impairment charges represent non-cash asset write-offs and do not reflect recurring costs relevant to the company's continuing operations[58]

Core Viewpoint - WEX is currently identified as a strong value stock, exhibiting favorable valuation metrics compared to its industry averages, indicating potential undervaluation and a positive earnings outlook [4][8]. Valuation Metrics - WEX has a Forward P/E ratio of 8.44, significantly lower than the industry average of 22.36, with historical fluctuations between 7.27 and 12.93 over the past 12 months [4]. - The stock's P/B ratio stands at 3.40, compared to the industry's average of 8.27, with a 52-week range of 2.96 to 5.15 [5]. - WEX's P/S ratio is 1.72, which is lower than the industry average of 2.31, indicating a more favorable valuation based on sales [6]. - The P/CF ratio for WEX is 8.27, well below the industry's average of 17.50, with a historical range of 7.19 to 16.79 [7]. Investment Outlook - Given the combination of WEX's strong earnings outlook and its undervalued status based on various financial metrics, it is positioned as an attractive investment opportunity for value investors [8].

Core Insights - WEX has introduced a feature allowing fleets with electric vehicles (EVs) to utilize the WEX Fleet Card at private chargers, enhancing their EV charging and payment solutions [1] - The WEX EV Depot provides a comprehensive solution for fleet managers transitioning from internal combustion engines to EVs, facilitating data consolidation across various charging infrastructures [2] - The new feature enables EV drivers to access preferred charging locations and schedule overnight charging, streamlining the payment process [3] Company Developments - WEX EV Depot is integrated with a reporting system that allows fleets to manage EV charges from any source using their WEX fleet credit line, minimizing the number of cards required [2] - The company is exploring various payment options, including tokenized virtual cards and mobile wallets, to enhance operational efficiency [4] - WEX has partnered with Engine to offer Over The Road Fuel Cards as a payment option for eligible customers, indicating a strategic move to expand payment solutions [5]

Core Investment Thesis - WEX Inc. is identified as a compelling long-term investment opportunity due to its strong market leadership, diversified revenue streams, and global growth potential, with a long-term expected earnings growth rate of 5% [1] Group 1: Growth Drivers - WEX's top-line growth is driven organically through an expansive network of fuel and service providers, product innovation, and effective marketing strategies, leading to solid revenue and earnings growth [2] - Strategic acquisitions have reinforced WEX's growth momentum by adding to its revenue base, introducing new capabilities, and creating synergies for long-term expansion [3] Group 2: Market Position - WEX has established itself as a leader in the fleet payments industry, providing integrated payment solutions that optimize fuel efficiency and reduce operational costs for fleet operators, fostering long-term client relationships [4] - The company operates through three primary segments: Mobility, Corporate Payments, and Benefits, which broadens its customer base and protects against downturns in any single sector [5] Group 3: Innovation and Technology - WEX consistently invests in technology-driven innovation, enhancing customer experience through mobile platforms, real-time analytics, and seamless digital payment options, which strengthens client retention [6] Group 4: Challenges - WEX does not distribute cash dividends, which may deter income-focused investors, as shareholder returns rely solely on stock price appreciation [7] - The company faces intense competition from established financial service providers and emerging fintech startups, necessitating continuous innovation and investment in advanced technologies [8]

Core Insights - The integration between Reclaim Health and WEX aims to transform the health and benefits landscape for employers and employees through AI-powered claims data and analytics [1][2] - This collaboration is designed to empower employees in managing healthcare costs and optimizing health coverage, while also helping employers control rising healthcare expenses [2][3] Company Overview - Reclaim Health is an AI-powered, claims-driven healthcare financial advocacy platform that assists families in managing healthcare expenses and optimizing health coverage [4] - The platform focuses on proactive management of healthcare spending, optimization of benefit offerings, and maximizing employee benefits [4] Integration Details - The integration combines Reclaim's innovative platform with WEX's benefits administration technology, creating a fully integrated solution that provides real dollar savings for employees and helps employers manage costs [2][3] - The partnership is expected to deliver enhanced claims analysis, proactive cost-saving recommendations, streamlined benefits selection, and personalized support for employees throughout the year [5]

Core Viewpoint - WEX reported strong fourth-quarter 2024 results, with earnings and revenues exceeding estimates, but both metrics showed a year-over-year decline [2][5]. Financial Performance - Adjusted earnings for Q4 2024 were $3.57 per share, beating the Zacks Consensus Estimate by 0.9%, but down 6.5% from the previous year [2]. - Revenues reached $636.5 million, surpassing estimates by 0.7%, yet declined 4% year-over-year [2]. Segment Performance - The Mobility segment generated revenues of $345.2 million, a decrease of 1.4% from the previous year, but exceeded estimates of $334.5 million due to increased investments in digital marketing [3]. - The Corporate Payments segment saw revenues drop 22.7% to $104.3 million, missing estimates of $122.8 million [3]. - The Benefits segment's revenues increased by 4.9% year-over-year to $186.9 million, surpassing estimates of $175.8 million, driven by strong SaaS account growth [4]. Operating Results - Adjusted operating income fell 6.5% to $269.8 million, exceeding estimates of $246.1 million, with an adjusted operating income margin of 42.4%, down 110 basis points year-over-year [5]. Balance Sheet & Cash Flow - WEX ended the quarter with cash and cash equivalents of $595.8 million, down from $682.6 million in the previous quarter, while long-term debt remained at $3.1 billion [6]. - The company generated $638.4 million in cash from operating activities, with adjusted free cash flow of $169.5 million and capital expenditures totaling $38.7 million [6]. Future Outlook - For Q1 2025, WEX expects revenues between $625 million and $640 million, with adjusted net income projected between $3.35 and $3.50 per share [7]. - For the full year 2025, revenues are anticipated to be between $2.60 billion and $2.66 billion, with adjusted net income expected between $14.65 and $15.25 per share [7]. Estimate Trends - There has been a downward trend in estimates, with a consensus estimate shift of -9.1% over the past month [8]. Investment Scores - WEX holds a Growth Score of B, a Momentum Score of F, and a Value Score of A, resulting in an aggregate VGM Score of B [10].

Regulatory Compliance - WEX Bank is subject to the Durbin Amendment, which regulates interchange fees for debit transactions, with minimal applicability to prepaid or debit card products as of the filing date[99]. - Compliance with the Dodd-Frank Act has added costs to the business, particularly in the over-the-counter derivatives market, which may require changes in hedging practices[100]. - WEX Bank's acceptance of brokered deposits is restricted unless it is "well capitalized," impacting funding strategies[101]. - The company is subject to significant anti-money laundering compliance obligations, including monitoring and reporting unusual account activity[122]. - WEX's European operations must comply with the Payment Services Directive (PSD2) and the Electronic Money Directive (EMD2), with specific regulatory requirements in Ireland[124]. - In the UK, WEX's operations are governed by the Electronic Money Regulations 2011 and the Payment Services Regulations 2017, requiring safeguarding of customer funds[126]. - The company has established anti-money laundering compliance programs, including internal policies, employee training, and independent review functions[122]. - WEX Bank must provide initial and annual privacy notices to customers under the Gramm-Leach-Bliley Act, ensuring transparency in information sharing practices[111]. - The company is subject to various international privacy and data protection laws, including the GDPR, which imposes stringent privacy protections for EU residents[115]. - WEX's operations are impacted by economic sanctions imposed by the U.S. government, affecting transactions with designated foreign countries and nationals[102]. Market and Financial Risks - The company is exposed to market risks including interest rates, foreign currency exchange rates, and commodity prices, with ongoing management of these risks through derivative instruments[407]. - As of December 31, 2024, the company had $3.8 billion invested in current available-for-sale debt securities at fair value, with a potential decrease in fair value of less than 2% from a hypothetical increase in interest rates of 25 basis points[413]. - A 1% hypothetical increase in interest rates could result in an estimated impact of $31.4 million on interest expense related to the company's Credit Agreement[418]. - The company expects to incur a full contingent consideration liability of $225.0 million based on increases in the Federal Funds rate from the date of acquisition, extending through December 31, 2030[419]. - The company estimates that each one cent decline in average domestic fuel prices would result in a $2.0 million decline in revenue for 2025[408]. - If all currencies in which the company earned revenue weakened or strengthened by 10% against the U.S. dollar, revenues and operating income would each change by approximately 2% or less[410]. - The company is not currently hedged for changes in fuel prices, but management continually monitors the market for alternatives[408]. - The company does not utilize hedging instruments to mitigate foreign currency risks but may initiate strategies in the future as international operations grow[410]. Financial Performance - Total revenues for WEX Inc. in 2024 were $2,628.1 million, an increase of 3.1% from $2,548.0 million in 2023[434]. - Payment processing revenue decreased to $1,200.5 million in 2024 from $1,213.7 million in 2023, a decline of 1.3%[434]. - Account servicing revenue increased by 6.8% to $690.6 million in 2024, up from $646.4 million in 2023[434]. - Net income attributable to WEX Inc. rose to $309.6 million in 2024, compared to $266.6 million in 2023, reflecting a growth of 16.1%[434]. - The company's cash and cash equivalents decreased to $595.8 million in 2024 from $975.8 million in 2023, a decline of 38.9%[438]. - Total assets decreased to $13,321.6 million in 2024 from $13,882.1 million in 2023, a reduction of 4.0%[438]. - Total liabilities decreased to $11,832.8 million in 2024 from $12,061.5 million in 2023, a decline of 1.9%[438]. - The company reported a comprehensive income of $226.5 million in 2024, down from $343.7 million in 2023[436]. - Basic earnings per share increased to $7.59 in 2024 from $6.23 in 2023, a rise of 21.7%[434]. - The provision for credit losses decreased to $68.2 million in 2024 from $89.8 million in 2023, a reduction of 24.0%[434]. - Total cash flows from operating activities decreased to $481.4 million in 2024 from $907.9 million in 2023, reflecting a decline of 46.9%[441]. - The company reported a net cash used for investing activities of $960.6 million in 2024, compared to $2,138.3 million in 2023, indicating a reduction of 55.1%[441]. - Cash, cash equivalents, and restricted cash at the end of 2024 totaled $1,437.0 million, down from $2,230.0 million at the end of 2023, a decrease of 35.5%[442]. - Stock-based compensation expense increased to $112.2 million in 2024 from $127.0 million in 2023, a decrease of 11.3%[441]. - The company repurchased common stock totaling $655.1 million in 2024, compared to $297.6 million in 2023, an increase of 120.4%[441]. - Accounts receivable increased by $325.2 million in 2024, contrasting with a decrease of $195.1 million in 2023[441]. - The company experienced a foreign currency translation loss of $50.8 million in 2024, compared to a gain of $15.6 million in 2023[441]. - The total stockholders' equity at the end of 2024 was $1,488.8 million, a decrease from $1,820.6 million at the end of 2023, reflecting a decline of 18.2%[439]. - The company reported a provision for credit losses of $68.2 million in 2024, down from $89.8 million in 2023, a decrease of 24.1%[441]. Investments and Acquisitions - The company completed the acquisition of Payzer Holdings for approximately $250.0 million, contributing $4.3 million to Mobility segment revenues from acquisition date to December 31, 2023[534][537]. - The Ascensus acquisition was completed for approximately $185.5 million, contributing $14.0 million to Benefits segment revenues from acquisition date to December 31, 2023[538][542]. - The company entered into an ASR agreement to repurchase $300.0 million of common stock, receiving approximately 1.3 million shares initially[545]. - The weighted average useful life of amortizable intangible assets acquired in the Payzer acquisition is 3.9 years[536]. Asset Management - The total investment securities as of December 31, 2024, amounted to $3,845.2 million, an increase from $3,088.9 million in 2023, representing a growth of approximately 24.6%[551]. - The fair value of U.S. treasury notes decreased from $378.6 million in 2023 to $353.5 million in 2024, a decline of about 6.6%[551]. - The total unrealized losses on investment securities increased from $107.9 million in 2023 to $131.6 million in 2024, reflecting a rise of approximately 22.0%[553]. - The company has pledged debt securities with a fair value of $1,206.5 million as collateral for FHLB advances as of December 31, 2024[551]. - The total amortized cost of debt securities due after 10 years was $1,960.3 million, with a fair value of $1,903.3 million as of December 31, 2024[558]. - The company reported no expected credit losses recorded against its investment securities for both 2024 and 2023[551]. - The receivables portfolio showed no individual customer with a balance representing 10% or more of the outstanding receivables at the end of 2024 or 2023[550]. Goodwill and Intangible Assets - Goodwill is reviewed for impairment at least annually, with the last review conducted on October 1[477]. - Net goodwill decreased from $3,015.7 million at the beginning of 2024 to $2,983.4 million by December 31, 2024, a reduction of 1.1%[561]. - Gross goodwill for the Mobility segment decreased from $1,556.6 million to $1,545.2 million, a decline of 0.7%[561]. - Accumulated impairment losses remained stable at $200.6 million for both 2024 and 2023[561]. - The total value of computer software, including internal-use software, increased from $714.4 million in 2023 to $823.5 million in 2024, a growth of 15.3%[560]. - The gross amounts capitalized for internal-use computer software were $143.0 million in 2024, up from $136.4 million in 2023 and $107.7 million in 2022[472]. - The amounts expensed for amortization of internal-use computer software were $109.7 million in 2024, compared to $78.7 million in 2023 and $78.0 million in 2022[472]. Depreciation and Capital Expenditures - Total property, equipment, and capitalized software, net increased from $242.9 million in 2023 to $261.2 million in 2024, reflecting a growth of 7.9%[560]. - Depreciation expense rose to $119.5 million in 2024 from $92.2 million in 2023, indicating a year-over-year increase of 29.7%[560]. - Leasehold improvements decreased from $20.8 million in 2023 to $18.6 million in 2024, a decline of 10.6%[560].

Core Insights - WEX Inc. reported strong fourth-quarter 2024 results, with earnings and revenues exceeding the Zacks Consensus Estimate, leading to a 17% stock price increase since the results were released on February 5 [1] Financial Performance - Adjusted earnings per share were $3.57, surpassing the Zacks Consensus Estimate by 0.9%, but down 6.5% year-over-year [2] - Revenues reached $636.5 million, beating the consensus estimate by 0.7%, but declined 4% compared to the previous year [2] Segment Performance - The Mobility segment's revenues decreased 1.4% year-over-year to $345.2 million, exceeding the estimate of $334.5 million due to investments in digital marketing [3] - The Corporate Payments segment's revenues were $104.3 million, down 22.7% from the fourth quarter of 2023, missing the estimate of $122.8 million [3] - The Benefits segment's revenues increased 4.9% year-over-year to $186.9 million, beating the estimate of $175.8 million, driven by strong SaaS account growth [4] Operating Results - Adjusted operating income declined 6.5% to $269.8 million from the year-ago quarter, surpassing the estimate of $246.1 million [5] - The adjusted operating income margin was 42.4%, down 110 basis points year-over-year, but better than the projected 38.9% [5] Balance Sheet & Cash Flow - WEX ended the quarter with cash and cash equivalents of $595.8 million, down from $682.6 million in the previous quarter [6] - Long-term debt remained flat at $3.1 billion [6] - The company generated $638.4 million in cash from operating activities, with adjusted free cash flow of $169.5 million and capital expenditures totaling $38.7 million [6] Guidance - For Q1 2025, WEX expects revenues between $625 million and $640 million, with the midpoint above the current Zacks Consensus Estimate of $628.4 million [7] - Adjusted net income is anticipated to be between $3.35 and $3.50 per share, below the Zacks Consensus estimate of $3.72 [7] - For 2025, revenues are projected to be between $2.60 billion and $2.66 billion, with the midpoint above the current Zacks Consensus Estimate of $2.61 billion [8] - Adjusted net income for 2025 is expected to be between $14.65 and $15.25 per share, below the Zacks Consensus estimate of $16.49 [8]

WEX Inc. (NYSE:WEX) Q4 2024 Earnings Conference Call February 6, 2025 10:00 AM ET Company Participants Steve Elder - Senior Vice President, Investor Relations Melissa Smith - Chair & Chief Executive Officer Jagtar Narula - Chief Financial Officer Conference Call Participants Sanjay Sakhrani - KBW Dan Dolev - Mizuho Dave Koning - Baird Andrew Jeffrey - William Blair John Davis - Raymond James Ramsey El-Assal - Barclays Tien-Tsin Huang - JPMorgan Andrew Bauch - Wells Fargo Daniel Krebs - Wolfe Research Operat ...