Slide 1: WEX First Quarter 2021 Earnings
WEX First Quarter 2021 Earnings April 29, 2021
Slide 2: WEX Forward-Looking Statements
WEX 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, future i
Slide 3: Highlights For The Quarter
Highlights For The Quarter 1Q 2021 Segment Revenue Growth Vs. 1Q 2020 (1) (1) -2% -16% -1% Fleet Travel & Corporate Health & Employee Benefits (1) Represents US Healthcare purchase volume only 3
Slide 4: Executing on our Commitments
Executing on our Commitments ACHIEVEMENTS THIS QUARTER • Exceeded our revenue expectations and adjusted earnings grew 25% sequentially • In aggregate, Fleet, Corporate Payments and Health are above pre-pandemic revenue levels • Strong volumes across the business, including $16.8 billion of purchase
Slide 5: Quarterly Highlights and Accomplishments
Quarterly Highlights and Accomplishments NEW WAYS OF ACCELERATING INNOVATION DELIVERING // THROUGH TECH // • Continued to win in the marketplace • Extending capabilities by weaving together the products and data we have spanning all across WEX • Benefiting from cloud first approach enabling modular
Slide 6: Weekly Volume Metrics
Weekly Volume Metrics Fleet Payment Processing Gallon Volume & Travel and Corporate Payments Purchase Volume Key Updates • April month-to-date domestic fuel price is $2.91 • Weekly purchase volume changes for March and April, 2021 have been benchmarked to 2019 to provide a more meaningful comparison
Slide 7: Weekly Volume Metrics
Weekly Volume Metrics Fleet Payment Processing Gallon Volume & Travel and Corporate Payments Purchase Volume Key Updates: • For weeks beginning in April 2021, growth rates for travel related customers were between 200% and 1800% - Not shown due to scale • Includes purchase volume for eNett and Optal
Slide 8: Weekly Volume Metrics
Weekly Volume Metrics SaaS Account Growth and Health Purchase Volume Key Updates • SaaS account growth - driver of 2/3 of revenue, remains strong • Weekly purchase volume changes for March and April, 2021 have been benchmarked to both 2019 and 2020 to provide a more meaningful comparison US Healthca
Slide 9: WEX First Quarter 2021 Financial Results
WEX First Quarter 2021 Financial Results
Slide 10: Company Results - Q1 2021
Company Results - Q1 2021 Results Reflect Continued Sequential Improvement Despite Impact of COVID-19 1Q21 1Q20 $ ∆ Yr/Yr % ∆ Yr/Yr Total Revenue $ 410,757 $ 431,679 $ (20,922) (5)% Net loss attributable to shareholders $ (2,565) $ (16,256) $ 13,691 (84)% Net loss attributable to WEX Inc. per $ (0.0
Slide 11: Revenue Breakdown - Q1 2021
Revenue Breakdown - Q1 2021 Sequential Improvement in Revenue Growth for Each Segment 1Q21 1Q20 $ ∆ Yr/Yr % ∆ Yr/Yr Total Revenue $410,757 $431,679 ($20,922) (5)% Segment Revenue: Fleet Solutions $243,837 $249,847 ($6,010) (2)% Travel and Corporate Solutions $70,642 $84,359 ($13,717) (16)% Health an
Slide 12: Fleet Solutions
Fleet Solutions Over The Road Growth Powered by New Wins 1Q21 1Q20 $ ∆ Yr/Yr % ∆ Yr/Yr Total Segment Revenue ($) 243,837 249,847 (6,010) (2)% Payment Processing Revenue ($) 110,576 113,323 (2,747) (2)% Finance Fee Revenue ($) 51,840 55,342 (3,502) (6)% All Other Revenue ($) 81,421 81,182 239 —% Paym
Slide 13: Travel and Corporate Solutions
Travel and Corporate Solutions Corporate Payment Customers Continue Solid Growth 1Q21 1Q20 $ ∆ Yr/Yr % ∆ Yr/Yr Total Segment Revenue ($) 70,642 84,359 (13,717) (16)% Payment Processing Revenue ($) 57,248 70,268 (13,020) (19)% All Other Revenue ($) 13,394 14,091 (697) (5)% Purchase Volume ($) 6,107,6
Slide 14: Health and Employee Benefit Solutions
Health and Employee Benefit Solutions Continued Strong SaaS Account Growth 1Q21 1Q20 $ ∆ Yr/Yr % ∆ Yr/Yr Total Segment Revenue ($) 96,278 97,473 (1,195) (1)% Payment Processing Revenue ($) 20,565 20,446 119 1% Account Servicing Revenue ($) 67,945 63,569 4,376 7% All Other Revenue ($) 7,768 13,458 (5
Slide 15: Selected Operating Expenses
Selected Operating Expenses Selected Operating Expenses (GAAP) (In thousands) 1Q21 1Q20 $ ∆ Yr/Yr % ∆ Yr/Yr Processing costs $ 109,762 $ 104,917 $ 4,845 5% Service fees $ 11,146 $ 13,754 $ (2,608) (19)% Provision for credit losses $ 5,059 $ 33,987 $ (28,928) (85)% Operating interest $ 2,624 $ 8,385
Slide 16: Tax Rate
Tax Rate Key Updates • ANI tax rate consistent with the prior year quarter • GAAP tax rate benefit primarily from stock based compensation windfall deduction ◦ Benefit of the stock based compensation windfall deduction not included in ANI tax rate 16
Slide 17: Additional Balance Sheet Items
Additional Balance Sheet Items Key Updates • Corporate cash1 balance was $218.5 million • Redemption of $400 million 4.75% notes occurred during March 2021 • As of March 31, 2021, available borrowing capacity of $818 million on revolving credit facility. Additional $60 million added in April • Amend
Slide 18: Appendix
Appendix
Slide 19: WEX Non-GAAP Reconciliation
WEX Non-GAAP Reconciliation Three Months Ended March 31, 2021 2020 per diluted share per diluted share Net loss attributable to shareholders $ (2,565) $ (0.06) $ (16,256) $ (0.37) Unrealized (gain) loss on financial instruments (7,033) (0.16) 32,047 0.74 Net foreign currency remeasurement loss 2,755
Slide 20: WEX Non-GAAP Reconciliation
WEX Non-GAAP Reconciliation The Company's non-GAAP adjusted net income excludes unrealized gains and losses on financial instruments, net foreign currency gains and losses, acquisition-related intangible amortization, other acquisition and divestiture related items, stock-based compensation, other c