Slide 1: Q4 2024 Earnings
Q4 2024 Earnings February 6, 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements These materials include 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 this presentation that ar
Slide 3: Quarter Highlights
Quarter Highlights $637M $3.57 (4)% (7)% 1 Revenue Adjusted Net Income Per Diluted Share Percent change from prior year quarter Percent change from prior year quarter • Fuel prices and foreign exchange rates depressed revenue and adjusted EPS by 4% and 12% respectively 1 • Q4 revenue and adjusted ne
Slide 4: Annual Highlights
Annual Highlights $2.6B $15.28 +3% +3% 1 Revenue Adjusted Net Income Per Diluted Share Percent change from prior year Percent change from prior year • Delivered record full year revenue despite decline in fuel prices causing a headwind of 3% 2 • Strong adjusted free cash flow generation of $562 mill
Slide 5: Key Takeaways
Key Takeaways Our foundational strengths Our roadmap for growth Operate in robust sectors with strong Increasing Sales & Marketing spend to advantages, benefiting from economic capitalize on market opportunities and tailwinds that drive growth maximize strong sales team returns Strong moats paired w
Slide 6: Q4 2024 Financial Results
Q4 2024 Financial Results wex
Slide 7: Company Results | Q4 2024
Company Results | Q4 2024 (In millions except per share data) Q4 2023 Q4 2024 $ ∆ Yr/Yr % ∆ Yr/Yr Total Revenue $663.3 $636.5 $(26.8) (4)% GAAP Net Income $84.9 $63.9 $(21.0) (25) % GAAP Net Income per Diluted Share $1.98 $1.60 $(0.38) (19) % 1 Adjusted Net Income $163.9 $142.9 $(21.0) (13) % 1 Adju
Slide 8: Company Results | Full Year 2024
Company Results | Full Year 2024 (In millions except per share data) 2023 2024 $ ∆ Yr/Yr % ∆ Yr/Yr Total Revenue $2,548.0 $2,628.1 $80.1 3% GAAP Net Income $266.6 $309.6 $43.0 16 % GAAP Net Income per Diluted Share $6.16 $7.50 $1.34 22 % 1 Adjusted Net Income $645.8 $631.0 $(14.8) (2) % 1 Adjusted N
Slide 9: Revenue and Adjusted Operating Income Margin by Segment | Q4 2024
Revenue and Adjusted Operating Income Margin by Segment | Q4 2024 1 Mobility Corporate Payments Benefits WEX $663.3 (4.1)% $636.5 (1.4)% $350.1 $345.2 4.9% $186.9 $178.2 $135.0 (22.8 )% $104.3 43.0% 42.3% 58.4% 43.9% 33.2% 41.7% 39.6% 37.9% Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4
Slide 10: Revenue and Adjusted Operating Income Margin by Segment | Full Year 2024
Revenue and Adjusted Operating Income Margin by Segment | Full Year 2024 1 Mobility Corporate Payments Benefits WEX $1,382.7 1.3% $1,400.8 3.1% $2,628.1 $2,548.0 % 10.6 $739.5 $668.4 (1.8)% $496.9 $487.8 43.3% 42.7% 55.8% 52.5% 26.5% 41.5% 39.9% 40.3% 2023 2024 2023 2024 2023 2024 2023 2024 Revenue
Slide 11: Cash Flow & Balance Sheet
Cash Flow & Balance Sheet 1 ◦ Adjusted free cash flow , a non-GAAP Adjusted Free $511 $562 measure, is defined as GAAP operating ($ Millions) Cash Flow cash flow adjusted for changes in deposits and investments at WEX Bank (operational in nature), capex, and other items 2023 2024 $976 2 ◦ Corporate
Slide 12: Capital Allocation
Capital Allocation Capital Deployed Key Takeaways ◦ WEX allocates capital through a rigorous 2023 2024 analytical process focused on long-term IRR ◦ Have returned $1.2B to shareholders via 16% 16% share repurchases since 2022, including $650M during 2024 33% ◦ Board of Directors increased share 11%
Slide 13: Guidance
Guidance Q1 2025 % Change at FY 2025 Outlook Midpoint Outlook Revenue (in millions) $625 - $640 (3)% $2,600 - $2,660 1 $3.35 - $3.50 (1)% $14.65 - $15.25 Adjusted Net Income per Diluted Share Assumed Average Domestic Fuel Price ($/ $3.26 $3.25 Gallon) Mobility Credit Loss (Basis Points) 11 - 16 12 -
Slide 14: Guidance Assumptions
Guidance Assumptions Guidance also includes the following assumptions: • Mobility segment revenue growth, excluding fuel price changes and FX rate changes, of 1%-3% for the year • Corporate Payments segment revenue growth slightly negative on a full-year basis due to OTA customer transition; acceler
Slide 15: 10-Year Revenue Growth
10-Year Revenue Growth $2,628 $2,548 $2,351 % 12.4 e C AGR Rev enu $1,851 $1,724 $1,560 $1,492 $1,249 $1,012 $818 $854 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Mobility Corporate Payments Benefits Reported revenue is in millions of dollars (USD). 4Q24 15
Slide 16: Appendix
Appendix wex
Slide 17: Key Performance Indicators
Key Performance Indicators (In millions unless otherwise noted) 4Q23 4Q24 $ ∆ Yr/Yr % ∆ Yr/Yr Mobility Segment Total Volume ($)* 21,872 18,610 (3,262) (15)% Payment Processing Transactions 138.1 138.5 0.4 —% Payment Processing $ of Fuel 13,814 12,003 (1,811) (13)% Net Payment Processing Rate (%) 1.2
Slide 18: Corporate Payments Segment Revenue, Margin, Volume, and Net Interchange Rate
Corporate Payments Segment Revenue, Margin, Volume, and Net Interchange Rate Corporate Payments Revenue and Adjusted Operating Income Margin $135.0 $134.1 $126.9 80.0% Key Takeaways $122.5 Adjusted Operating Revenue, Net Basis for All Periods ($M) $104.3 $100.0 ◦ Statistics reflect migration of larg
Slide 19: Non-GAAP Reconciliation
Non-GAAP Reconciliation Reconciliation of GAAP Operating Income to Total Segment Adjusted Operating Income and Adjusted Operating Income Three Months Ended December 31, Year Ended December 31, (in millions) 2023 2024 2023 2024 Operating income $ 158.5 $ 157.3 $ 647.1 $ 686.3 Unallocated corporate ex
Slide 20: Non-GAAP Reconciliation
Non-GAAP Reconciliation Reconciliation of GAAP net income attributable to shareholders to adjusted net income attributable to shareholders Three Months Ended December 31, Year Ended December 31, 2023 2024 2023 2024 per diluted per diluted per diluted per diluted (in millions except per share data) s
Slide 21: Non-GAAP Reconciliation
Non-GAAP Reconciliation The Company's non-GAAP adjusted operating income excludes acquisition-related intangible amortization, other acquisition and divestiture related items, debt restructuring costs, stock-based compensation, other costs and certain non-recurring or non-cash operating charges that
Slide 22: Non-GAAP Reconciliation
Non-GAAP Reconciliation Reconciliation of GAAP Operating Cash Flow to Adjusted Free Cash Flow The Company’s non-GAAP adjusted free cash flow is calculated as cash flows from operating activities, adjusted for net purchases of current investment securities, capital expenditures, net funding activity