WEX Third Quarter 2021 Earnings Presentation

WEX Third Quarter 2021 Earnings

October 28, 2021

WEX Forward-Looking Statements

These earnings 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 impacts from areas of investment, expectations for the macro environment; and, expectations for volumes. Any statements that are not statements of historical facts may be deemed to be forward-looking statements. When used in this earnings release, the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "project" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially, including: the demand for worldwide travel as a result of COVID-19 and the length of time it may take for the travel industry to rebound to and grow beyond pre-pandemic levels; the extent to which the coronavirus (COVID-19) pandemic and measures taken in response thereto impact our business, results of operations and financial condition in excess of current expectations; the impact of fluctuations in fuel prices and fuel spreads in our international markets, including the resulting impact on our revenues and net income; the effects of general economic conditions, including those caused by the effects of COVID-19, on overall employment, travel and fueling patterns as well as payment and transaction processing activity; failure to expand the Company's technological capabilities and service offerings as rapidly as the Company's competitors; limitations on interchange fees; failure to comply with the applicable requirements of MasterCard or Visa contracts and rules; the Company's failure to maintain or renew key commercial agreements or to maintain volumes under such agreements; breaches of the Company's technology systems or those of our third-party service providers and any resulting negative impact on our reputation, liabilities or relationships with customers or merchants; the actions of regulatory bodies, including banking and securities regulators, or possible changes in banking or financial regulations impacting the Company's industrial bank, the Company as the corporate parent or other subsidiaries or affiliates; the Company's ability to successfully finalize the recently announced Executive Leadership Team transition plan and to appoint additional officers; the success of the Company's recently announced Executive Leadership Team and strategic reorganization; the effects of the Company's business expansion and acquisition efforts; the failure of corporate investments to result in anticipated strategic value; the Company's failure to comply with the Treasury Regulations applicable to non-bank custodians; potential adverse changes to business or employee relationships, including those resulting from the completion of an acquisition; competitive responses to any acquisitions; uncertainty of the expected financial performance of the combined operations following completion of an acquisition; the failure to complete or successfully integrate the Company's acquisitions or the ability to realize anticipated synergies and cost savings from such transactions; unexpected costs, charges, or expenses resulting from an acquisition; the Company's failure to successfully acquire, integrate, operate and expand commercial fuel card programs; the impact and size of credit losses; the impact of changes to the Company's credit standards; failure to successfully implement the Company's information technology strategies and capabilities in connection with its technology outsourcing and insourcing arrangements and any resulting cost associated with that failure; legal, regulatory, political and economic uncertainty surrounding the United Kingdom's departure from the European Union and the resulting trade agreement; the impact of foreign currency exchange rates on the Company's operations, revenue and income; changes in interest rates; the impact of the future transition from LIBOR as a global benchmark to a replacement rate; the impact of the Company's debt instruments on the Company's operations; the impact of increased leverage on the Company's operations, results or borrowing capacity generally, and as a result of acquisitions specifically; the impact of sales or dispositions of significant amounts of our outstanding common stock into the public market, or the perception that such sales or dispositions could occur; the possible dilution to our stockholders caused by the issuance of additional shares of common stock or equity-linked securities, whether as result of our convertible notes or otherwise; the incurrence of impairment charges if our assessment of the fair value of certain of our reporting units changes; the uncertainties of litigation; as well as other risks and uncertainties identified in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2020 filed with the Securities and Exchange Commission on March 1, 2021 and in Item 1A of our quarterly report on Form 10-Q for the quarter ended June 30, 2021, filed with the Securities and Exchange Commission on August 4, 2021. The Company's forward-looking statements do not reflect the potential future impact of any alliance, merger, acquisition, disposition or stock repurchases. The forward-looking statements speak only as of the date of this earnings release and undue reliance should not be placed on these statements. The Company disclaims any obligation to update any forward-looking statements as a result of new information, future events or otherwise.

Non-GAAP Information:

For additional important information and disclosure regarding our use of non-GAAP metrics, specifically adjusted net income attributable to shareholders and adjusted operating income, please see our most recent earnings release, issued on October 28, 2021. See the Appendix to this presentation for an explanation and reconciliation of (i) non-GAAP adjusted net income attributable to shareholders (or "adjusted net income" or "ANI") to GAAP net income (loss) attributable to shareholders, (ii) ANI per diluted share to GAAP net income (loss) per diluted share, and (iii) non-GAAP adjusted operating income to GAAP operating income.

Note:The Company rounds amounts in the consolidated financial statements to thousands and calculates all percentages and per-share data from underlying whole-dollar amounts. Thus, certain amounts may not foot, crossfoot, or recalculate exactly based on reported numbers due to rounding.

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Highlights For The Quarter

				3Q 2021 Segment Revenue
					Growth Vs. 3Q 2020
(1)	(1)
(1)				+25%			+42%			+18%

Fleet	Travel & Corporate	Health & Employee Benefits
(1)Health and Employee Benefit Solutions segment purchase volume	3
represents US Healthcare purchase volume only

Executing on our Commitments

ACHIEVEMENTS THIS QUARTER

• Exceeded high end of revenue and adjusted earnings expectations with growth rates of 26% and 54%
• Purchase volume processed at $26 billion across the organization during Q3, an increase of 93%
• Significantly expanded margins in Fleet and Travel & Corporate Solutions segments, with strong momentum in organic growth and continued progress integrating acquired businesses
• Migration of corporate payments card issuing platform to the cloud nearly complete
• Short term EV focus is on supporting customer needs; longer term looking at additional opportunities
• Hosted the 3rd annual HSA day to promote awareness of the benefits of HSA's
• Robert Deshaies named Chief Operating Officer, Americas, effective Jan 1, 2022

STRATEGIC PILLARS & CORE VALUES

INNOVATION /EXECUTION /INTEGRITY /RELATIONSHIPS /COMMUNITY

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Electric Vehicle (EV) Vision

As customers transition to the "new" mixed-fleet, WEX can help manage end-to-end reporting and

payment needs with a full-suite of integrated solutions

• WEX EV Offering:
• • On-route,depot and at-home charging solutions
  • Streamlined program enrollment
  • Centralized reporting and billing
  • Real-timedata on energy use to support driver reimbursement for commercial electric charging and installation services
• Element Fleet, the largestpure-play automotive fleet manager in the world, announced it will use the combined offering from WEX and Chargepoint
• Plan to develop additional products and related services over time as the market is further defined

On-Route:	At-Home:
Universal EV and	Home Charging and
Fuel Payment	Employee
Solution	Reimbursement

At-Work:	Mixed-Fleet UX:
Depot/Workplace	Integrated Fleet
Charging	Management, Billing and
	Reporting

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