Slide 1: Q1 2022 Earnings
Q1 2022 Earnings April 28, 2022
Slide 2: Forward Looking Statements
Forward Looking Statements 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
Slide 3: Q1 2022 Highlights
Q1 2022 Highlights Quarterly Highlights • Record revenue - more than $20M above previous record high - and record high adjusted net income per diluted share $517.5M +26% Q1 2022 Revenue vs. Q1 2021 • Strong new customer signings in each line of business • Revenue and adjusted net income growth above
Slide 4: Q1 2022 Revenue and Adjusted Operating Income Margin by Segment
Q1 2022 Revenue and Adjusted Operating Income Margin by Segment Fleet Travel & Corporate Health & Employee Solutions Solutions Benefits Solutions WEX $517,535 $319,139 % % 26 31 $410,757 $243,837 On a comparable basis, revenue growth in Q1 was 47% * 26% $121,145 $96,278 9% $77,251 $70,642 48.5% 50.2
Slide 5: Q1 2022 Financial Results
Q1 2022 Financial Results 5
Slide 6: Company Results Q1 2022
Company Results Q1 2022 (In thousands except per share data) 1Q22 1Q21 $ ∆ Yr/Yr % ∆ Yr/Yr Total Revenue $517,535 $410,757 $106,778 26 % Net income (loss) attributable to $122,763 $(2,565) $125,328 NM shareholders Net income (loss) attributable to $2.71 $(0.06) $2.77 NM shareholders per diluted shar
Slide 7: Revenue Breakdown Q1 2022
Revenue Breakdown Q1 2022 1Q22 1Q21 $ ∆ Yr/Yr % ∆ Yr/Yr Total Revenue $517,535 $410,757 $106,778 26 % Segment Revenue: Fleet Solutions $319,139 $243,837 $75,302 31 % Travel and Corporate Solutions $77,251 $70,642 $6,609 9 % Health and Employee Benefit $121,145 $96,278 $24,867 26 % Solutions More tha
Slide 8: Fleet Solutions
Fleet Solutions 1Q22 1Q21 $ ∆ Yr/Yr % ∆ Yr/Yr Total Segment Revenue ($) 319,139 243,837 75,302 31 % Payment Processing Revenue ($) 151,906 110,576 41,330 37 % Finance Fee Revenue ($) 78,405 51,840 26,565 51 % All Other Revenue ($) 88,828 81,421 7,407 9 % Total Volume ($)* 21,704,292 13,677,421 8,026
Slide 9: Travel and Corporate Solutions
Travel and Corporate Solutions 1Q22 1Q21 $ ∆ Yr/Yr % ∆ Yr/Yr Total Segment Revenue ($) 77,251 70,642 6,609 9% Payment Processing Revenue ($) 65,075 57,248 7,827 14 % All Other Revenue ($) 12,176 13,394 (1,218) (9) % Total Volume ($)* 20,064,856 13,339,335 6,725,521 50 % Purchase Volume ($) 11,809,45
Slide 10: Health and Employee Benefit Solutions
Health and Employee Benefit Solutions 1Q22 1Q21 $ ∆ Yr/Yr % ∆ Yr/Yr Total Segment Revenue ($) 121,145 96,278 24,867 26 % Payment Processing Revenue ($) 22,497 20,565 1,932 9 % Account Servicing Revenue ($) 86,740 67,945 18,795 28 % All Other Revenue ($) 11,908 7,768 4,140 53 % Total Volume ($)* 3,06
Slide 11: Selected Operating Expenses
Selected Operating Expenses Operating Expenses (GAAP) Key Takeaways ◦ Increase in Fleet Solutions segment adjusted operating income margin reflects revenue growth, higher fuel prices and operating leverage in $ (Millions) 193.1 202.4 expense base ◦ Increase in Travel and Corporate Solutions 202.2 15
Slide 12: Additional Balance Sheet Items
Additional Balance Sheet Items Total Cash ($ Millions) Leverage Ratio $ millions 578 589 3.3 3.4 03/31/22 12/31/21 03/31/22 12/31/21 Total Financing Debt ($ Millions) 2 Key Takeaways ◦ Corporate cash1 balance was approximately $156 million $ millions 2,847 2,803 ◦ Remaining borrowing capacity of $69
Slide 13: Updated Guidance
Updated Guidance Q2 2022 % Change FY 2022 % Change Outlook Year over Year Outlook Year over Year Revenue (in millions) $555 - $565 21% - 23% $2,155 - $2,195 16% - 19% Adjusted Net Income (in millions) 1 $154 - $159 89% - 96% $569 - $588 37% - 42% Adjusted Net Income per Diluted Share 1 $3.35- $3.45
Slide 14: Appendix
Appendix 14
Slide 15: Net Interchange
Travel and Corporate Solutions Segment Revenue, Margin, Volume and Net Interchange Rate - Adjusted Travel and Corporate Solutions Adjusted Revenue and Operating Income Margin Key Takeaways $100,000 $77,713 $81,512 ◦ For comparative purposes, graphs show for all periods ($M) Revenue, net basis $77,25
Slide 16: Impacts of Amended Contract on Travel and Corporate Solutions Segment
Impacts of Amended Contract on Travel and Corporate Solutions Segment Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Key Takeaways Reported: Volume $ 6,107,675 $ 8,736,019 $ 12,799,555 $ 10,916,015 $ 11,809,450 ▪ Accounting presentation changed in Q4 2021 from Net interchange rate** 0.94 % 0.78 % 0.62 % 0.
Slide 17: Non-GAAP Reconciliation
Non-GAAP Reconciliation Reconciliation of GAAP Operating Income to Total Segment Adjusted Operating Income and Adjusted Operating Income Three months ended March 31, In thousands 2022 2021 Operating income $ 122,274 $ 50,541 Unallocated corporate expenses 21,011 16,209 Acquisition-related intangible
Slide 18: Non-GAAP Reconciliation
Non-GAAP Reconciliation Three Months Ended March 31, 2022 2021 In thousands except per diluted share data per diluted share per diluted share Net income (loss) attributable to shareholders $ 122,763 $ 2.71 $ (2,565) $ (0.06) Unrealized gain on financial instruments (49,827) (1.10) (7,033) (0.16) Net
Slide 19: Non-GAAP Reconciliation
Non-GAAP Reconciliation The Company's non-GAAP adjusted net income excludes acquisition-related intangible amortization, other acquisition and divestiture related items, debt restructuring costs, stock-based compensation, other costs, unrealized gains and losses on financial instruments, net foreign