WEX Inc. (NYSE: WEX), a leading provider of corporate payment
solutions, today reported financial results for the three months
ended March 31, 2017.
First Quarter 2017 Financial Results
Total revenue for the first quarter of 2017 increased 41% to
$291.4 million from $205.9 million for the first quarter of 2016.
During the quarter, higher fuel prices positively impacted revenue
by $15.4 million when compared to the prior year period. The impact
of foreign currency translation was not material.
Net earnings attributable to shareholders on a GAAP basis
increased $6.3 million to $29.4 million, or $0.68 per diluted
share, compared with $23.1 million, or $0.59 per diluted share, for
the first quarter of 2016. The Company's adjusted net income
attributable to shareholders, which is a non-GAAP measure, for the
first quarter of 2017 was $52.9 million, or $1.23 per diluted
share, up 26% from $0.98 per diluted share for the same period last
year. See Exhibit 1 for a full explanation and reconciliation of
adjusted net income attributable to shareholders and adjusted net
income attributable to shareholders per diluted share to the
comparable GAAP measures.
“I am pleased to report a strong start to the year, highlighted
by a top line beat and bottom line results at the upper end of our
guidance range,” said Melissa Smith, WEX’s president and chief
executive officer. “We have been executing against our strategic
priorities of driving growth, leading through technology, and
leveraging our investments. In particular, I am encouraged by the
trajectory of our organic growth, the success of the EFS
integration, the diversification that the health and travel
businesses add to our organization, and our international expansion
this quarter.”
Smith continued, “Overall, our performance this quarter is a
result of our leading customer service, strategic partnerships and
innovative product offerings. We look forward carrying this
momentum through 2017 as we open up additional market growth
opportunities, establish new client relationships, and solidify
existing ones."
First Quarter 2017 Performance Metrics
- Average number of vehicles serviced
worldwide was approximately 10.6 million, an increase of 11% from
the first quarter of 2016.
- Total fuel transactions processed
increased 24% from the first quarter 2016 to 123.9 million. Payment
processing transactions increased 15% to 102.8 million.
- Average expenditure per payment
processing transaction was $68.90, which represents an increase of
42% from the first quarter of 2016.
- U.S. retail fuel price increased 22% to
$2.40 per gallon from $1.97 per gallon in the first quarter of
2016.
- Total Travel and Corporate Solutions
card purchase volume grew 35% to $6.6 billion, from $4.9 billion in
the first quarter of 2016.
- Total Health and Benefits Solutions
purchase volume grew 23% to $1.3 billion, from $1.1 billion in the
first quarter of 2016.
Financial Guidance and Assumptions
The Company provides revenue guidance on a GAAP basis and
earnings guidance on a non-GAAP basis, due to the uncertainty and
indeterminate amount of certain elements that are included in
reported GAAP earnings.
- For the full year 2017, the Company
expects revenue in the range of $1.165 billion to $1.205 billion
and adjusted net income in the range of $221 million to $237
million, or $5.15 to $5.50 per diluted share.
- For the second quarter of 2017, WEX
expects revenue in the range of $286 million to $296 million and
adjusted net income in the range of $51 million to $54 million, or
$1.19 to $1.26 per diluted share.
"The entire organization performed well this past quarter, with
our net revenue growing in excess of 40%, in part due to the return
on the investments we made in 2016. As we continue our progress in
2017, we expect to further strengthen our financial position,
continue to drive organic growth, and further expand into
high-value, attractive markets," said Roberto Simon, WEX's chief
financial officer.
Second quarter 2017 guidance is based on an assumed average U.S.
retail fuel price of $2.45 per gallon. Full-year 2017 guidance is
based on an assumed average U.S. retail fuel price of $2.44 per
gallon. The fuel prices referenced above are based on the
applicable NYMEX futures price from last week. Our guidance assumes
approximately 43 million shares outstanding for the second quarter
and full year 2017.
The Company's guidance also assumes that second quarter 2017
fleet credit loss will range between 11 and 16 basis points, and
full year 2017 fleet credit loss will range between 10 and 15 basis
points.
The Company's adjusted net income guidance, which is a non-GAAP
measure, excludes unrealized gains and losses on derivative
instruments, net foreign currency remeasurement gains and losses,
acquisition and divestiture related items, stock-based
compensation, restructuring and other costs, debt issuance cost
amortization, similar adjustments attributed to our non-controlling
interest and certain tax related items.
Additional Information
Management uses the non-GAAP measures presented within this news
release to evaluate the Company's performance on a comparable
basis. Management believes that investors may find these measures
useful for the same purposes, but cautions that they should not be
considered a substitute for, or superior to, disclosure in
accordance with GAAP.
WEX historically used fuel-price derivative instruments to
mitigate financial risks associated with the variability in fuel
prices in North America. Starting with the second quarter of 2016,
there were no longer any fuel price related derivatives
outstanding.
To provide investors with additional insight into its
operational performance, WEX has included in this news release in
Exhibit 2, a table illustrating the impact of foreign currency
translations and fuel prices for each of our operating segments for
the three months ended March 31, 2017 and 2016, and in Exhibit 3, a
table of selected non-financial metrics for the five quarters ended
March 31, 2017. The Company is also providing selected segment
revenue information for the three months ended March 31, 2017 and
2016 in Exhibit 4.
Conference Call Details
In conjunction with this announcement, WEX will host a
conference call today, April 27, 2017, at 9:00 a.m. (ET). As
previously announced, the conference call will be webcast live on
the Internet, and can be accessed at the Investor Relations section
of the WEX website, http://www.wexinc.com. The live conference call
also can be accessed by dialing (866) 334-7066 or (973) 935-8463.
The Conference ID number is 3130644. A replay of the webcast will
be available on the Company's website.
About WEX Inc.
WEX Inc. (NYSE: WEX) is a leading provider of corporate payment
solutions. From its roots in fleet card payments beginning in 1983,
WEX has expanded the scope of its business into a multi-channel
provider of corporate payment solutions representing more than 10
million vehicles and offering exceptional payment security and
control across a wide spectrum of business sectors. WEX serves a
global set of customers and partners through its operations around
the world, with offices in the United States, Australia, New
Zealand, Brazil, the United Kingdom, Italy, France, Germany,
Norway, and Singapore. WEX and its subsidiaries employ more than
2,700 associates. The Company has been publicly traded since 2005,
and is listed on the New York Stock Exchange under the ticker
symbol “WEX.” For more information, visit www.wexinc.com and follow
WEX on Twitter at @WEXIncNews.
Forward-Looking Statements
This news release contains forward-looking statements, including
statements regarding: management’s expectations for future growth
opportunities; market growth opportunities; trajectory for future
growth; client expansion; business momentum; strengthening of
financial position; expansion into high-value markets; financial
guidance; and, assumptions underlying the Company's financial
guidance. Any statements that are not statements of historical
facts may be deemed to be forward-looking statements. When used in
this news release, the words "may," "could," "anticipate," "plan,"
"continue," "project," "intend," "estimate," "believe," "expect"
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 effects of general economic
conditions on fueling patterns as well as payment and transaction
processing activity; the impact of foreign currency exchange rates
on the Company’s operations, revenue and income; changes in
interest rates; the impact of fluctuations in fuel prices; the
effects of the Company’s business expansion and acquisition
efforts; 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 ability to successfully
integrate the Company's acquisitions, including Electronic Funds
Source LLC's operations and employees; the ability to realize
anticipated synergies and cost savings; unexpected costs, charges
or expenses resulting from an acquisition; the Company's failure to
successfully operate and expand ExxonMobil's European and Asian
commercial fuel card programs; the failure of corporate investments
to result in anticipated strategic value; the impact and size of
credit losses; the impact of changes to the Company's credit
standards; 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 Company’s failure to maintain or renew key
agreements; failure to expand the Company’s technological
capabilities and service offerings as rapidly as the Company’s
competitors; failure to successfully implement the Company’s
information technology strategies and capabilities in connection
with its outsourcing arrangement and any resulting cost associated
with that failure; 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 impact of the Company’s outstanding notes on its
operations; the impact of increased leverage on the Company's
operations, results or borrowing capacity generally, and as a
result of acquisitions specifically; 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 for the year ended December 31, 2016, filed on Form
10-K with the Securities and Exchange Commission on March 6, 2017.
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.
WEX INC.
CONDENSED CONSOLIDATED STATEMENTS OF
INCOME
(in thousands, except per share
data)
(unaudited)
Three months ended March 31, 2017
2016 Revenues Payment processing revenue
$ 136,378 $ 111,057 Account servicing revenue
61,539 44,522 Finance fee revenue
43,372 23,506 Other
revenue
50,068 26,843 Total revenues
291,357 205,928
Expenses Salary and other personnel
83,585
63,410 Restructuring
484
1,589 Service fees
36,750 36,759 Provision for credit losses
12,231 3,917 Technology leasing and support
12,516
11,076 Occupancy and equipment
6,367 5,712 Depreciation and
amortization
49,238 22,264 Operating interest expense
4,848 1,386 Cost of hardware and equipment sold
1,029
905 Other expenses
23,557 17,783 Total
operating expenses
230,605 164,801 Operating
income
60,752 41,127 Financing interest expense
(27,148 ) (21,558 ) Net foreign currency gain
8,442 16,124 Net unrealized gains on interest rate swap
agreements
1,565 — Net realized and unrealized gain on fuel
price derivatives
— 711 Income before income
taxes
43,611 36,404 Income taxes
14,535 13,183
Net income 29,076 23,221 Less: Net (loss) gain
from non-controlling interest
(325 ) 135
Net earnings attributable to shareholders $
29,401 $ 23,086
Net earnings attributable
to WEX Inc. per share: Basic
$ 0.69 $ 0.60
Diluted
$ 0.68 $ 0.59
Weighted average common
shares outstanding: Basic
42,871 38,756 Diluted
43,119 38,850
WEX INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands, except per share
data)
(unaudited)
March 31, 2017 December
31,2016
Assets Cash and cash equivalents
$
203,995 $ 190,930 Accounts receivable (less reserve for
credit losses of $23,566 in 2017 and $20,092 in 2016)
2,246,815 2,054,701 Securitized accounts receivable,
restricted
101,185 97,417 Income taxes receivable
9,792 10,765 Available-for-sale securities
23,413
23,525 Property, equipment and capitalized software (net of
accumulated depreciation of $240,160 in 2017 and $228,336 in 2016)
171,254 167,278 Deferred income taxes, net
7,042
6,934 Goodwill
1,840,844 1,838,441 Other intangible assets,
net
1,228,670 1,265,468 Other assets
342,752
341,638
Total assets $ 6,175,762
$ 5,997,097
Liabilities and Stockholders’ Equity
Accounts payable
$ 674,114 $ 617,118 Accrued expenses
290,808 331,579 Deposits
1,040,675 1,118,823
Securitized debt
92,676 84,323 Revolving line-of-credit
facilities and term loans, net
1,795,640 1,599,291 Deferred
income taxes, net
163,465 152,906 Notes outstanding, net
395,718 395,534 Other debt
107,699 125,755 Amounts
due under tax receivable agreement
47,302 47,302 Other
liabilities
18,447 18,719
Total
liabilities 4,626,544 4,491,350 Commitments and
contingencies
Stockholders’ Equity
Common stock $0.01 par value; 175,000
shares authorized; 47,327 shares issued in 2017 and 47,173 in 2016;
42,899 shares outstanding in 2017 and 42,841 in 2016
473 472 Additional paid-in capital
545,135 547,627
Non-controlling interest
8,275
8,558 Retained earnings
1,273,935
1,244,271 Accumulated other comprehensive loss
(106,258
) (122,839 ) Treasury stock at cost; 4,428 shares in 2017
and 2016
(172,342 ) (172,342 )
Total stockholders’
equity 1,549,218 1,505,747
Total
liabilities and stockholders’ equity $ 6,175,762
$ 5,997,097
Exhibit 1
Reconciliation of GAAP Net Earnings
Attributable to Shareholders to Adjusted Net Income Attributable to
Shareholders
(in thousands, excepts per share
data)(unaudited)
Three months ended March 31, 2017
2016
per dilutedshare
per dilutedshare
Net earnings attributable to shareholders $
29,401 $ 0.68 $ 23,086 $
0.59 Unrealized (gains) losses on derivative instruments
(1,565 ) (0.04 ) 5,007 0.13 Net foreign
currency remeasurement gain
(8,442 ) (0.20
) (16,124 ) (0.42 ) Acquisition and divestiture related
items
40,114 0.93 27,945 0.72 Stock-based
compensation
6,457 0.15 4,243 0.11 Restructuring and
other costs
1,747 0.04 1,589 0.04 Debt issuance cost
amortization
1,954 0.05 772 0.02 ANI adjustments
attributable to non-controlling interest
(799 )
(0.02 ) 69 — Tax related items
(15,979
) (0.37 ) (8,515 ) (0.22 )
Adjusted net income attributable to shareholders $
52,888 $ 1.23 $ 38,072 $ 0.98
The Company's non-GAAP adjusted net income excludes unrealized
gains and losses on derivatives, net foreign currency remeasurement
gains and losses, acquisition and divestiture related items,
stock-based compensation, restructuring and other costs, debt
issuance cost amortization, similar adjustments attributed to our
non-controlling interest and certain tax related items.
Although adjusted net income is not calculated in accordance
with generally accepted accounting principles (GAAP), this non-GAAP
measure is integral to the Company's reporting and planning
processes and the chief operating decision maker of the Company
uses pre-tax adjusted income to allocate resources. The Company
considers this measure integral because it excludes specified items
that the Company's management excludes in evaluating the Company's
performance. Specifically, in addition to evaluating the Company's
performance on a GAAP basis, management evaluates the Company's
performance on a basis that excludes the above items because:
- Exclusion of the non-cash,
mark-to-market adjustments on derivative instruments, including
fuel price related derivatives and interest rate swap agreements,
helps management identify and assess trends in the Company's
underlying business that might otherwise be obscured due to
quarterly non-cash earnings fluctuations associated with these
derivative contracts. The non-cash, mark-to-market adjustments on
derivative instruments are difficult to forecast accurately, making
comparisons across historical and future quarters difficult to
evaluate.
- Net foreign currency gains and losses
primarily result from the remeasurement to functional currency of
cash, receivable and payable balances, certain intercompany notes
denominated in foreign currencies and any gain or loss on foreign
currency hedges relating to these items. The exclusion of these
items helps management compare changes in operating results between
periods that might otherwise be obscured due to currency
fluctuations.
- The Company considers certain
acquisition-related costs, including certain financing costs,
ticking fees, investment banking fees, warranty and indemnity
insurance, certain integration related expenses and amortization of
acquired intangibles, as well as gains and losses from divestitures
to be unpredictable, dependent on factors that may be outside of
our control and unrelated to the continuing operations of the
acquired or divested business or the Company. In prior periods not
reflected above, the Company has adjusted for goodwill impairments
and acquisition related asset impairments. In addition, the size
and complexity of an acquisition, which often drives the magnitude
of acquisition-related costs, may not be indicative of such future
costs. The Company believes that excluding acquisition-related
costs and gains or losses of divestitures facilitates the
comparison of our financial results to the Company's historical
operating results and to other companies in our industry.
- Stock-based compensation is different
from other forms of compensation, as it is a non-cash expense. For
example, a cash salary generally has a fixed and unvarying cash
cost. In contrast, the expense associated with an equity-based
award is generally unrelated to the amount of cash ultimately
received by the employee, and the cost to the Company is based on a
stock-based compensation valuation methodology and underlying
assumptions that may vary over time.
- Restructuring costs are related to
employee termination benefits from certain identified initiatives
to further streamline the business, improve the Company's
efficiency, create synergies, and to globalize the Company's
operations, all with an objective to improve scale and increase
profitability going forward. We exclude these items when evaluating
our continuing business performance as such items are not
consistently occurring and do not reflect expected future operating
expense, nor provide insight into the fundamentals of current or
past operations of our business.
- Debt issuance cost amortization is a
non-cash item and is unrelated to the continuing operations of the
Company. Because these costs are dependent upon the financing
method which can vary widely company to company, we believe that
excluding these costs helps to facilitate comparison to historical
results as well as to other companies within our industry.
- The adjustments attributable to
non-controlling interests, including adjustments to the redemption
value of a non-controlling interest, and the non-cash adjustments
related to tax receivable agreement have no significant impact on
the ongoing operations of the business.
- The tax related items are the
difference between the Company’s U.S. GAAP tax provision and a pro
forma tax provision based upon the Company’s adjusted net income
before taxes as well as the impact from certain discrete tax items.
The methodology utilized for calculating the Company’s adjusted net
income tax provision is the same methodology utilized in
calculating the Company’s U.S. GAAP tax provision.
For the same reasons, WEX believes that adjusted net income may
also be useful to investors as one means of evaluating the
Company's performance. However, because adjusted net income is a
non-GAAP measure, it should not be considered as a substitute for,
or superior to, net income, operating income or cash flows from
operating activities as determined in accordance with GAAP. In
addition, adjusted net income as used by WEX may not be comparable
to similarly titled measures employed by other companies. The
Company is unable to reconcile our adjusted net income guidance to
the comparable GAAP measure because of the difficulty in predicting
the amounts to be adjusted.
The table below shows the impact of certain macro factors on
reported revenue:
Exhibit 2
Segment Revenue Results
(in
thousands)(unaudited)
Fleet Solutions
Travel and
CorporateSolutions
Health and EmployeeBenefit
Solutions
Total WEX Inc. Three months ended March 31,
2017 2016
2017 2016
2017 2016
2017 2016 Reported
revenue
$ 190,823 121,074
$
47,713 $ 45,142
$ 52,821 $
39,712
$ 291,357 $ 205,928 FX impact
(favorable) / unfavorable
81 —
915 —
(1,861
) —
(865 ) — PPG impact (favorable) /
unfavorable
(15,431 ) —
—
—
— —
(15,431 ) —
To determine the impact of foreign exchange translation (“FX”)
on revenue, revenue from entities whose functional currency is not
denominated in U.S. dollars, as well as revenue from purchase
volume transacted in non-U.S. denominated currencies, were
translated using the weighted average exchange rates for the same
period in the prior year.
To determine the impact of price per gallon of fuel (“PPG”) on
revenue, revenue variable to changes in fuel prices was calculated
based on the average retail price of fuel for the same period in
the prior year for the portion of our business that earns revenue
based on a percentage of fuel spend. For the portions of our
business that earns revenue based on margin spreads, revenue was
calculated utilizing the comparable margin from the prior year.
The table below shows the impact of certain macro factors on
Adjusted Net Income:
Segment Estimated Earnings Impact
(in thousands)
(unaudited)
Fleet Solutions
Travel and
CorporateSolutions
Health and EmployeeBenefit
Solutions
Three months ended March 31, 2017 2016
2017 2016
2017 2016 FX impact
(favorable) / unfavorable
$ 56 —
$
254 —
$ (307 ) — PPG
impact (favorable) / unfavorable
(8,875 ) —
—
—
— — Realized gain on hedge settlement
—
3,636
— —
—
—
To determine the estimated earnings impact of FX, revenue and
expenses from entities whose functional currency is not denominated
in U.S. dollars, as well as revenue and variable expenses from
purchase volume transacted in non-US denominated currencies, were
translated using the weighted average exchange rates for the same
period in the prior year, net of tax and non-controlling interest
where applicable.
To determine the estimated earnings impact of PPG, revenue and
certain variable expenses impacted by changes in fuel prices, were
adjusted based on the average retail price of fuel for the same
period in the prior year for the portion of our business that earns
revenue based on a percentage of fuel spend, net of applicable
taxes. For the portions of our business that earn revenue based on
margin spreads, revenue was adjusted to the comparable margin from
the prior year, net of non-controlling interest and applicable
taxes.
Exhibit 3Selected Non-Financial Metrics
(unaudited)
Q1 2017 Q4 2016 Q3 2016 Q2 2016
Q1 2016
Fleet Solutions – Payment Processing Revenue:
Payment processing transactions (000s)
102,765 99,662 102,947 94,155 89,097 Gallons per payment
processing transaction
27.0 27.4 27.0 22.6 22.7 Payment
processing gallons of fuel (000s)
2,775,590 2,731,994
2,776,622 2,126,372 2,018,310 Average US fuel price (US$ / gallon)
$ 2.40 $ 2.30 $ 2.24 $ 2.29 $ 1.97 Average Australian
fuel price (US$ / gallon)
$ 3.76 $ 3.50 $ 3.45 $ 3.29
$ 3.10 Payment processing $ of fuel (000s)
$
7,080,117 $ 6,672,281 $ 6,593,406 $ 5,236,151 $ 4,336,399
Net payment processing rate
1.22 % 1.23 % 1.26 % 1.35
% 1.44 % Payment processing revenue (000s)
$ 86,262 $
81,767 $ 83,132 $ 70,711 $ 62,290
Travel and Corporate Solutions
– Payment Processing Revenue: Purchase volume (000s)
$
6,599,797 $ 6,351,741 $ 7,138,956 $ 5,595,326 $ 4,879,001
Net interchange rate
0.53 % 0.71 % 0.74 % 0.77 % 0.71
% Payment processing revenue (000s)
$ 34,875 $ 45,390
$ 52,551 $ 43,194 $ 34,626
Health and Employee Benefit
Solutions: Purchase volume (000s)
$ 1,347,219 $
803,045 $ 875,598 $ 1,051,839 $ 1,092,552
Definitions and explanations:
Payment processing transactions represents the total number of
purchases made by fleets that have a payment processing
relationship with WEX.
Payment processing gallons of fuel represents the total number
of gallons of fuel purchased by fleets that have a payment
processing relationship with WEX.
Payment processing dollars of fuel represents the total dollar
value of the fuel purchased by fleets that have a payment
processing relationship with WEX.
Net payment processing rate represents the percentage of the
dollar value of each payment processing transaction that WEX
records as revenue from merchants less any discounts given to
fleets or strategic relationships.
Purchase volume in the Travel and Corporate Solutions segment
represents the total dollar value of all transactions that use WEX
corporate card products and virtual card products.
Net interchange rate represents the percentage of the dollar
value of each transaction that WEX records as revenue less any
discounts given to customers.
Purchase volume in the Health and Employee Benefit Solutions
segment represents the total US dollar value of all transactions
where interchange is earned by WEX.
Exhibit 4
Segment Revenue Information
(in thousands)
(unaudited)
Fleet Solutions
Three months endedMarch
31,
Increase (decrease) 2017
2016 Amount Percent
Revenues
Payment processing revenue
$ 86,262 $ 62,290 $
23,972 38.5 % Account servicing revenue
36,069 25,438 10,631
41.8 % Finance fee revenue
36,429 21,938 14,491 66.1 % Other
revenue
32,063 11,408
20,655 181.1 % Total revenues
$ 190,823
$ 121,074 $ 69,749 57.6 %
Travel and Corporate
Solutions
Three months endedMarch
31,
Increase (decrease) 2017
2016 Amount Percent
Revenues Payment
processing revenue
$ 34,875 $ 34,626 $ 249 0.7 %
Account servicing revenue
155 272 (117 ) (43.0 )% Finance
fee revenue
223 75 148 197.3 % Other revenue
12,460 10,169 2,291
22.5 % Total revenues
$ 47,713 $ 45,142 $
2,571 5.7 %
Health and Employee Benefit Solutions
Three months endedMarch
31,
Increase (decrease) 2017
2016 Amount Percent
Revenues Payment
processing revenue
$ 15,241 $ 14,141 $ 1,100 7.8 %
Account servicing revenue
25,315 18,812 6,503 34.6 % Finance
fee revenue
6,720 1,493 5,227 350.1 % Other revenue
5,545 5,266 279
5.3 % Total revenues
$ 52,821 $ 39,712 $ 13,109 33.0
%
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170427005315/en/
News media:WEX Inc.Jessica Roy, 207-523-6763Jessica.Roy@wexinc.comorInvestors:WEX
Inc.Steve Elder, 207-523-7769Steve.Elder@wexinc.com
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