Group 1 - Wex's shares are experiencing pressure due to lower fuel prices and weak spending on commercial travel by enterprise customers [1] - The macroeconomic backdrop is challenging, impacting earnings growth outlook for Wex [1] Group 2 - The analyst has a focus on undercovered companies, with a watchlist of over 50 companies in sectors like technology, software, electronics, and energy transition [1] - The analyst has over 7 years of personal investment experience and aims to identify asymmetric investment opportunities for market-beating returns [1]

Core Viewpoint - WEX Inc. reported disappointing third-quarter 2024 results, with earnings and revenues falling short of Zacks Consensus Estimates, leading to a decline in stock price and lowered guidance for future quarters [1][2]. Financial Performance - For Q4 2024, WEX revised its revenue guidance down to $630-$640 million from the previous $688-$698 million, with the midpoint of $635 million slightly above the Zacks Consensus Estimate of $633.8 million [2]. - The adjusted diluted earnings per share (EPS) guidance was lowered to $3.51-$3.61 from $4.42-$4.52, which is below the consensus estimate of $3.66 per share [3]. - For the full year 2024, revenue guidance was also reduced to $2.62-$2.63 billion from $2.68-$2.72 billion, again below the Zacks Consensus Estimate of $2.64 billion [3]. Quarterly Results - WEX's adjusted diluted EPS for the quarter was reported at $4.4, missing the Zacks Consensus Estimate by 1.6%, but showing a year-over-year increase of 7.4% [4]. - Revenues for the quarter were $665.5 million, which missed the consensus estimate by 3.3%, but increased by 2.2% compared to the same quarter last year [4]. Segment Performance - The Mobility segment's revenues grew by 2% year-over-year to $357.2 million, exceeding estimates, driven by investments in digital marketing [6]. - The Corporate Payments segment reported revenues of $126.9 million, down 6.1% from the previous year and missing estimates [6]. - The Benefits segment saw a 9.3% year-over-year revenue increase to $181.5 million, although it also fell short of projections [7]. Operating Results - Adjusted operating income rose 12.3% to $196.4 million year-over-year, but missed estimates significantly [8]. - The adjusted operating income margin improved to 47.6%, which was above projections [8]. Balance Sheet and Cash Flow - At the end of Q3 2024, WEX had cash and cash equivalents of $682.6 million, a significant increase from $7 million in the previous quarter [9]. - Long-term debt decreased to $3 billion from $3.1 billion [9]. - The company reported a cash utilization of $7 million from operating activities and an adjusted free cash flow utilization of $161.1 million [9]. Stock Performance - WEX's stock has declined by 18.1% over the past six months, contrasting with a 14.4% rise in its industry and a 15.4% increase in the Zacks S&P 500 Composite [5].

Core Insights - Wex's stock price dropped significantly after reporting Q3 2024 financial results that were below management's expectations [1][2] - The company's revenue for Q3 reached a record $665 million, but this was only a 2% increase year-over-year and fell short of the projected $688 million to $698 million [2] - A decline in fuel prices negatively impacted Wex's revenue, leading to a $21 million headwind and prompting a reduction in full-year revenue guidance from $2.68 billion to $2.63 billion [2] Financial Performance - Wex generated a record revenue of $665 million in Q3 2024, representing a 2% year-over-year growth [2] - The company's operating margin for Q3 was 30%, indicating strong profit margins despite lower revenue [3] - Management has reduced its full-year revenue guidance to a best-case scenario of $2.63 billion, down from the previous expectation of at least $2.68 billion [2] Shareholder Impact - The decline in stock price may provide an opportunity for long-term shareholders, as Wex continues to generate cash even in challenging quarters [3] - Wex's management is actively repurchasing shares, with the share count reduced by 12% over the last two years [3] - A lower stock price allows for more effective share repurchases under the recently increased $1 billion authorization plan, potentially enhancing shareholder returns when revenue growth resumes [3]

Financial Data and Key Metrics Changes - For Q3 2024, total revenue was $665 million, a 2% increase compared to the same period last year, and adjusted net income per diluted share was $4.35, a 7% increase year-over-year [6][27] - Adjusted operating income margin for the company was 44%, up from 41.8% last year [27] - The company achieved record high Q3 revenue and continued strong growth in adjusted EPS despite falling short of prior guidance [26] Business Line Data and Key Metrics Changes - Mobility segment revenue was $357.2 million, a 2% increase from the prior year, with underlying revenue growth of 8% when excluding fuel price impacts [28][8] - Corporate Payments segment revenue decreased 6% to $126.9 million, primarily due to a model change for a large online travel agency customer [33] - Benefits segment revenue was $181.5 million, a 9% increase over the prior year, with strong contributions from custodial HSA cash deposits [34] Market Data and Key Metrics Changes - Fuel prices declined 13% compared to last year, impacting revenue by approximately $8 million [28] - Payment processing transactions in the Mobility segment increased 1.3% year-over-year, with local customers in the U.S. increasing by 1.6% [29] - The average interest rate earned on custodial HSA cash deposits increased from 4.4% last year to 5% this year [35] Company Strategy and Development Direction - The company is focused on new business sales, customer retention, and cost management to drive growth [9] - Investments in digital marketing and enhanced analytics are aimed at improving sales and marketing effectiveness in the Mobility segment [10] - The company is expanding its offerings to include EV and hybrid solutions, anticipating significant growth opportunities in this area [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macro-related challenges, including lower fuel prices and softness in same-store sales, leading to a reduction in the outlook for the remainder of 2024 [7][8] - Despite short-term headwinds, management remains confident in long-term growth initiatives and the strength of the company's balance sheet [25] - The company expects to report Q4 revenue in the range of $630 million to $640 million, reflecting ongoing trends from Q3 [41] Other Important Information - The company has realized approximately $110 million in annual run rate cost savings, with half reinvested into growth initiatives [20] - A $1 billion increase in the share repurchase program authorization was announced, reflecting a commitment to enhancing shareholder value [24] - The company is actively involved in AI initiatives to improve operational efficiency and customer experience [22][23] Q&A Session Summary Question: On the Mobility segment, is the interchange rate sustainable? - Management indicated that the interchange rate is expected to remain stable if fuel prices stay consistent, with a $10 million impact from finance fee reversals [46][48] Question: What is the impact of the large OTA customer transition on Corporate Payments? - The transition is expected to continue impacting revenue, with a 1% revenue headwind anticipated for 2025 [66] Question: How is the pipeline looking for the Benefits segment heading into open enrollment? - Management expressed confidence in the open enrollment season, with higher year-over-year bookings despite some delays in expected revenue [52][53] Question: What are the expectations for Mobility in 2025 regarding excess capacity? - Management noted that the over-the-road marketplace has been in a freight recession, with expectations for stabilization not anticipated in the near term [59] Question: What is the impact of pricing in Mobility? - Pricing optimization has had a significant impact, with expectations for continued benefits in the future [62]

Table of Contents 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 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, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period fro ...

Core Insights - WEX Inc. reported a total revenue of $665.5 million for Q3 2024, reflecting a 2% increase from $651.4 million in Q3 2023, driven by strong customer retention and expansion despite macroeconomic challenges [2][3] - The company is focusing on long-term growth through investments in artificial intelligence (AI) and product development, aiming to enhance customer experiences and differentiate its offerings [2][4] - WEX's benefits business showed continued growth, with the average number of software-as-a-service (SaaS) accounts increasing by 2% to 20.3 million year-over-year, and health savings account (HSA) custodial cash assets growing to $4.3 billion, a 10% increase from Q3 2023 [3] Financial Performance - The Mobility segment faced challenges, with a guidance shortfall attributed to declining fuel prices and same-store sales, despite showing healthy underlying growth [3] - The corporate payments segment experienced a 16% decrease in purchase volume to $23.4 billion from $27.9 billion a year ago, while total volume processed increased by 6.2% to $39.1 billion, indicating mixed results [4] AI and Innovation - WEX is leveraging AI to enhance user experience and drive future product development, with a focus on addressing customer pain points [5] - The implementation of AI-driven fraud prevention systems resulted in a 41% reduction in fraud instances within three months, showcasing the effectiveness of AI in improving operational efficiency [5]

Wex (WEX) reported $665.5 million in revenue for the quarter ended September 2024, representing a year-over-year increase of 2.2%. EPS of $4.35 for the same period compares to $4.05 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $688.5 million, representing a surprise of -3.34%. The company delivered an EPS surprise of -1.58%, with the consensus EPS estimate being $4.42.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street e ...

Financial Performance - Revenue reached $665.5 million, a 2% increase compared to the prior year quarter[10, 14] - Adjusted net income per diluted share was $4.35, a 7% increase year-over-year[10, 14] - GAAP net income was $102.9 million, compared to $18.4 million in the same quarter last year[14] - Adjusted free cash flow year-to-date was $393 million, with Q3 standalone at $190 million[19] Segment Performance - Mobility segment revenue grew by 2% year-over-year, impacted by a 5.9% headwind from lower fuel prices[12, 16] - Corporate Payments segment total volume grew by 6%[12] - Benefits segment average HSA custodial cash assets increased by 10% year-over-year[12, 30] - Corporate Payments segment adjusted operating income margin decreased to 56.4% from 61.3% in the prior year[33] Capital Allocation - The company spent approximately $370 million on repurchasing WEX shares in Q3, including $300 million under its Accelerated Share Repurchase (ASR) program[10, 12] - Share repurchase authorization was increased by $1 billion[12, 22] - $544 million was spent repurchasing shares during the first nine months of 2024[10, 22] Outlook - The company expects revenue between $630 million and $640 million for Q4 2024, a decrease of 4% to 5% year-over-year[22] - Adjusted net income per diluted share is projected to be between $3.51 and $3.61 for Q4 2024, a decrease of 5% to 8% year-over-year[22] - The company estimates domestic fuel prices at $3.28 per gallon for Q4 2024[23, 25]

Wex (WEX) came out with quarterly earnings of $4.35 per share, missing the Zacks Consensus Estimate of $4.42 per share. This compares to earnings of $4.05 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -1.58%. A quarter ago, it was expected that this provider of fuel payment processing for fleet vehicles would post earnings of $3.80 per share when it actually produced earnings of $3.91, delivering a surprise of 2.89%.Over the ...

[I. Executive Summary](index=1&type=section&id=I.%20Executive%20Summary) WEX reported record Q3 revenue of **$665.5 million** with strong adjusted net income growth, despite macroeconomic headwinds in Mobility, and increased its share repurchase authorization to **$1 billion** [1.1 Q3 2024 Financial Highlights](index=1&type=section&id=1.1%20Q3%202024%20Financial%20Highlights) WEX achieved record Q3 revenue of **$665.5 million**, a 2% increase, with adjusted net income per share rising 7% to **$4.35**, alongside **$370 million** in share repurchases Q3 2024 Key Financial Metrics | Metric | Q3 2024 | Q3 2023 | Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | $665.5M | $651.4M | +2% | | **GAAP Net Income per Diluted Share** | $2.52 | $0.42 | +500% | | **Adjusted Net Income per Diluted Share** | $4.35 | $4.05 | +7% | | **GAAP Operating Income Margin** | 29.5% | 26.8% | +2.7 p.p. | | **Adjusted Operating Income Margin** | 44.0% | 41.8% | +2.2 p.p. | - The company spent **$370 million** on share repurchases in Q3, which included a **$300 million** accelerated share repurchase (ASR) agreement[1](index=1&type=chunk) - Revenue growth was negatively impacted by **$21.2 million** from fuel prices and spreads, but positively impacted by **$2.2 million** from foreign exchange rates[2](index=2&type=chunk) [1.2 Management Commentary](index=1&type=section&id=1.2%20Management%20Commentary) Management noted Q3 performance fell short of expectations due to macroeconomic challenges in Mobility, but expressed confidence in long-term initiatives and a **$1 billion** share repurchase authorization - CEO Melissa Smith stated that Q3 performance fell short of expectations despite growth, attributing challenges to the macro environment[2](index=2&type=chunk) - CFO Jagtar Narula identified the guidance shortfall as primarily within the Mobility business, affected by declining fuel prices, same-store sales softness, and an unplanned charge to finance fee revenue[6](index=6&type=chunk) - The Board of Directors increased the share repurchase program authorization by **$1 billion**. Since 2022, the company has reduced its outstanding shares by **12%**, reaching the lowest level in nearly a decade[6](index=6&type=chunk) [1.3 Q3 2024 Key Performance Metrics](index=1&type=section&id=1.3%20Q3%202024%20Key%20Performance%20Metrics) Total volume grew 1% to **$62.3 billion**, with Mobility transactions up 1% and Benefits SaaS accounts up 2%, while Corporate Payments purchase volume declined **16%** Q3 2024 Operational Metrics vs. Q3 2023 | Metric | Segment | Q3 2024 | Change (YoY) | | :--- | :--- | :--- | :--- | | **Total Volume** | All | $62.3B | +1% | | **Payment Processing Transactions** | Mobility | 146.5M | +1% | | **Average Vehicles Serviced** | Mobility | 19.7M | +3% | | **Average SaaS Accounts** | Benefits | 20.3M | +2% | | **Average HSA Custodial Cash Assets** | Benefits | $4.3B | +10% | | **Purchase Volume** | Corporate Payments | $23.4B | -16% | - Adjusted free cash flow for Q3 2024 was **$189.5 million**, while cash flow from operating activities was **$3.3 million**[5](index=5&type=chunk) [II. Financial Guidance and Assumptions](index=2&type=section&id=II.%20Financial%20Guidance%20and%20Assumptions) WEX revised its full-year 2024 financial outlook downwards, projecting revenue between **$2.62 billion** and **$2.63 billion**, based on specific fuel price and tax rate assumptions [2.1 Q4 and Full-Year 2024 Outlook](index=2&type=section&id=2.1%20Q4%20and%20Full-Year%202024%20Outlook) WEX reduced its full-year 2024 outlook, now projecting revenue between **$2.62 billion** and **$2.63 billion** and adjusted net income per share between **$15.21** and **$15.31** Financial Guidance for 2024 | Period | Metric | Guidance Range | | :--- | :--- | :--- | | **Q4 2024** | Revenue | $630M - $640M | | **Q4 2024** | Adjusted Net Income per Diluted Share | $3.51 - $3.61 | | **Full Year 2024** | Revenue | $2.62B - $2.63B | | **Full Year 2024** | Adjusted Net Income per Diluted Share | $15.21 - $15.31 | [2.2 Guidance Assumptions](index=2&type=section&id=2.2%20Guidance%20Assumptions) Guidance assumes average U.S. retail fuel prices of **$3.28/gallon** for Q4 and **$3.48/gallon** for the full year, with a **25.0%** adjusted net income effective tax rate - Guidance is based on assumed average U.S. retail fuel prices of **$3.28 per gallon** for Q4 and **$3.48** for the full year 2024[8](index=8&type=chunk) - An adjusted net income effective tax rate of **25.0%** is assumed[8](index=8&type=chunk) - Assumed fully diluted shares outstanding are approximately **40.5 million** for Q4 and **41.4 million** for the full year, excluding further share repurchases[8](index=8&type=chunk) [III. Segment Performance Analysis](index=13&type=section&id=III.%20Segment%20Performance%20Analysis) The Mobility segment saw revenue growth, Benefits showed strong performance, while Corporate Payments experienced a revenue decline, reflecting varied segment-level dynamics [3.1 Mobility Segment](index=15&type=section&id=3.1%20Mobility%20Segment) Mobility segment revenue grew 2% to **$357.2 million**, driven by a **15%** rise in account servicing, with adjusted operating income reaching **$167.1 million** and a **46.8%** margin Mobility Segment Revenue (Q3 2024 vs Q3 2023) | Revenue Line | Q3 2024 | Q3 2023 | Change | | :--- | :--- | :--- | :--- | | **Payment processing** | $183.2M | $176.9M | +4% | | **Account servicing** | $49.0M | $42.5M | +15% | | **Finance fee** | $70.2M | $76.8M | -9% | | **Other** | $54.7M | $53.9M | +2% | | **Total Revenues** | **$357.2M** | **$350.1M** | **+2%** | Mobility Segment Adjusted Operating Income | Metric | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | **Adjusted Operating Income** | $167.1M | $159.6M | | **Adjusted Operating Income Margin** | 46.8% | 45.6% | [3.2 Corporate Payments Segment](index=15&type=section&id=3.2%20Corporate%20Payments%20Segment) Corporate Payments revenue declined 6% to **$126.9 million**, mainly due to a **10%** drop in payment processing, with adjusted operating income at **$71.5 million** and a **56.4%** margin Corporate Payments Segment Revenue (Q3 2024 vs Q3 2023) | Revenue Line | Q3 2024 | Q3 2023 | Change | | :--- | :--- | :--- | :--- | | **Payment processing** | $104.8M | $115.8M | -10% | | **Account servicing** | $15.5M | $10.5M | +48% | | **Other** | $6.4M | $8.7M | -27% | | **Total Revenues** | **$126.9M** | **$135.2M** | **-6%** | Corporate Payments Segment Adjusted Operating Income | Metric | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | **Adjusted Operating Income** | $71.5M | $82.9M | | **Adjusted Operating Income Margin** | 56.4% | 61.3% | [3.3 Benefits Segment](index=15&type=section&id=3.3%20Benefits%20Segment) Benefits segment revenue grew 9% to **$181.5 million**, driven by a **34%** increase in 'Other revenue', with adjusted operating income rising to **$78.4 million** and a **43.2%** margin Benefits Segment Revenue (Q3 2024 vs Q3 2023) | Revenue Line | Q3 2024 | Q3 2023 | Change | | :--- | :--- | :--- | :--- | | **Payment processing** | $21.9M | $20.6M | +6% | | **Account servicing** | $110.0M | $108.5M | +1% | | **Other** | $49.4M | $36.9M | +34% | | **Total Revenues** | **$181.5M** | **$166.1M** | **+9%** | Benefits Segment Adjusted Operating Income | Metric | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | **Adjusted Operating Income** | $78.4M | $58.8M | | **Adjusted Operating Income Margin** | 43.2% | 35.4% | [IV. Consolidated Financial Statements](index=7&type=section&id=IV.%20Consolidated%20Financial%20Statements) Q3 2024 saw a 2% revenue increase to **$665.5 million** and a significant rise in GAAP net income, while cash flow from operations shifted to a net use of **$157.0 million** for the nine months [4.1 Condensed Consolidated Statements of Operations](index=7&type=section&id=4.1%20Condensed%20Consolidated%20Statements%20of%20Operations) Q3 2024 total revenues increased 2% to **$665.5 million**, with operating income growing to **$196.4 million** and GAAP net income significantly rising to **$102.9 million** Q3 2024 Statement of Operations Highlights (in millions) | Line Item | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | **Total Revenues** | $665.5 | $651.4 | | **Total Cost of Services** | $249.2 | $235.1 | | **Operating Income** | $196.4 | $174.9 | | **Income Before Income Taxes** | $141.1 | $44.4 | | **Net Income** | $102.9 | $18.4 | | **Diluted EPS** | $2.52 | $0.42 | [4.2 Condensed Consolidated Balance Sheets](index=8&type=section&id=4.2%20Condensed%20Consolidated%20Balance%20Sheets) As of September 30, 2024, total assets were **$13.96 billion**, total liabilities **$12.28 billion**, and stockholders' equity decreased to **$1.68 billion** due to share repurchases Balance Sheet Highlights (in millions) | Line Item | Sept 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Total Current Assets** | $9,109.4 | $8,935.3 | | **Total Assets** | $13,961.4 | $13,882.1 | | **Total Current Liabilities** | $8,718.1 | $8,519.2 | | **Total Liabilities** | $12,284.0 | $12,061.5 | | **Total Stockholders' Equity** | $1,677.5 | $1,820.6 | [4.3 Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=4.3%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2024, operating activities used **$157.0 million** cash, investing activities used **$724.0 million**, and financing activities used **$41.1 million**, including **$543.6 million** in share repurchases Nine Months Ended Sept 30 Cash Flow Highlights (in millions) | Line Item | 2024 | 2023 | | :--- | :--- | :--- | | **Cash flows from operating activities** | $(157.0) | $146.0 | | **Net cash used for investing activities** | $(724.0) | $(1,571.4) | | **Net cash (used for) provided by financing activities** | $(41.1) | $1,705.3 | | **Repurchases of common stock** | $(543.6) | $(152.6) | | **Net change in cash, cash equivalents and restricted cash** | $(918.2) | $257.1 | [V. Non-GAAP Financial Measures & Reconciliations](index=9&type=section&id=V.%20Non-GAAP%20Financial%20Measures%20%26%20Reconciliations) WEX provided reconciliations from GAAP to Non-GAAP measures, including adjusted net income, adjusted operating income, and adjusted free cash flow, with a revised cash flow methodology [5.1 Reconciliation of Net Income to Adjusted Net Income](index=9&type=section&id=5.1%20Reconciliation%20of%20Net%20Income%20to%20Adjusted%20Net%20Income) WEX reconciled Q3 2024 GAAP Net Income of **$102.9 million** to Adjusted Net Income of **$177.5 million**, with key adjustments for intangible amortization and stock-based compensation Q3 2024 GAAP to Non-GAAP Net Income Reconciliation (in millions) | Description | Amount | | :--- | :--- | | **GAAP Net Income** | **$102.9** | | Acquisition-related intangible amortization | +$50.4 | | Stock-based compensation | +$29.8 | | Other costs | +$12.6 | | Tax related items | -$20.9 | | Other adjustments | +$3.9 | | **Adjusted Net Income** | **$177.5** | [5.2 Reconciliation of Operating Income to Adjusted Operating Income](index=10&type=section&id=5.2%20Reconciliation%20of%20Operating%20Income%20to%20Adjusted%20Operating%20Income) The company reconciled Q3 2024 GAAP Operating Income of **$196.4 million** to Adjusted Operating Income of **$293.0 million**, primarily adjusting for intangible amortization and stock-based compensation Q3 2024 GAAP to Non-GAAP Operating Income Reconciliation (in millions) | Description | Amount | | :--- | :--- | | **GAAP Operating Income** | **$196.4** | | Acquisition-related intangible amortization | +$50.4 | | Stock-based compensation | +$29.8 | | Other costs | +$14.8 | | Unallocated corporate expenses | +$24.1 | | Other acquisition and divestiture related items | +$1.6 | | **Total Segment Adjusted Operating Income** | **$317.1** | | Less: Unallocated corporate expenses | -$24.1 | | **Adjusted Operating Income** | **$293.0** | [5.3 Reconciliation of Operating Cash Flow to Adjusted Free Cash Flow](index=12&type=section&id=5.3%20Reconciliation%20of%20Operating%20Cash%20Flow%20to%20Adjusted%20Free%20Cash%20Flow) WEX reported Q3 2024 adjusted free cash flow of **$189.5 million**, reconciled from GAAP operating cash flow of **$3.3 million**, with a new methodology including WEX Bank cash balances - Beginning in Q3 2024, the definition of adjusted free cash flow was updated to include an adjustment for the change in WEX Bank cash balances[24](index=24&type=chunk) Q3 2024 Operating Cash Flow to Adjusted Free Cash Flow (in millions) | Description | Amount | | :--- | :--- | | **Operating cash flow** | **$3.3** | | Change in WEX Bank cash balances | +$125.3 | | Net Funding Activity | +$372.2 | | Less: Net purchases of current investment securities | -$276.3 | | Less: Capital expenditures | -$35.0 | | **Adjusted free cash flow** | **$189.5** | [VI. Supplemental Information](index=13&type=section&id=VI.%20Supplemental%20Information) Macroeconomic factors, particularly fuel prices, negatively impacted Q3 revenue and adjusted net income, while key operational metrics showed mixed trends across segments [6.1 Impact of Macroeconomic Factors](index=13&type=section&id=6.1%20Impact%20of%20Macroeconomic%20Factors) Macroeconomic factors had a mixed Q3 impact, with unfavorable fuel prices negatively affecting revenue by **$21.2 million** and adjusted net income by **$13.5 million**, while FX rates were favorable Q3 2024 Macro Factor Impact on Revenue (in millions) | Factor | Mobility | Corporate Payments | Total WEX Inc. | | :--- | :--- | :--- | :--- | | **FX Impact** | $(0.5) | $(1.7) | $(2.2) | | **PPG Impact** | $21.2 | $0.0 | $21.2 | Q3 2024 Macro Factor Impact on Adjusted Net Income (in millions) | Factor | Mobility | Corporate Payments | Benefits | | :--- | :--- | :--- | :--- | | **FX Impact** | $(0.6) | $(1.2) | $(0.1) | | **PPG Impact** | $13.5 | $0.0 | $0.0 | [6.2 Selected Quarterly Metrics](index=14&type=section&id=6.2%20Selected%20Quarterly%20Metrics) Q3 2024 Mobility payment processing transactions increased to **146.5 million**, while Corporate Payments purchase volume declined to **$23.4 billion**, and Benefits SaaS accounts remained stable at **20.3 million** Key Metrics Trend (Q3 2023 - Q3 2024) | Metric (in millions, except rates) | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Mobility: Payment processing transactions** | 146.5 | 144.9 | 136.9 | 138.1 | 144.6 | | **Corporate Payments: Purchase volume ($)** | 23,394.4 | 25,756.2 | 23,947.9 | 22,800.8 | 27,860.1 | | **Benefits: Average number of SaaS accounts** | 20.3 | 20.0 | 20.3 | 19.9 | 19.9 |