\nWEX Inc. (NYSE: WEX), a leading financial technology service provider, today reported financial results for the three months ended March 31, 2021.\n<\/p>\n
\n\u201cIn the first quarter, we delivered strong momentum sequentially, exceeded our revenue expectations and achieved $16.8 billion of total purchase volume, driven by meaningful contributions in all segments. In aggregate, Fleet, Corporate Payments and Health are above pre-pandemic revenue levels. These solid results reflect a number of exciting new wins and renewals as well as a robust pipeline of opportunities that give me confidence in our ability to drive market share gains through the remainder of the year.\u201d said Melissa Smith, WEX\u2019s Chair and Chief Executive Officer.\n<\/p>\n
\nMs. Smith added, \u201cIn the first quarter, we built upon our strong technology foundation and are accelerating our innovation by integrating our product capabilities across the entire WEX platform and exposing these capabilities through APIs. We continue to find new ways to deliver value to customers and prospects, creating strong new sales momentum which will be coupled with the continued recovery of purchase volume as mobility increases. Importantly, we focused on empowering our employees to grow and thrive in a values-based environment. These efforts, guided by our refreshed strategic pillars, will serve as the foundation of WEX\u2019s next chapter of growth. I\u2019m pleased with the impressive accomplishments made this quarter, which I expect to be just the start of another exciting and pivotal year for WEX.\u201d\n<\/p>\n
First Quarter 2021 Financial Results<\/b><\/p>\n
\nTotal revenue for the first quarter of 2021 decreased 5% to $410.8 million from $431.7 million for the first quarter of 2020. This revenue decrease in the quarter includes a $1.0 million unfavorable impact from fuel prices and spreads and $3.9 million positive impact from foreign exchange rates.\n<\/p>\n
\nNet loss attributable to shareholders on a GAAP basis decreased by $13.7 million to a net loss of $2.6 million, or $(0.06) per diluted share, compared with a net loss of $16.3 million, or $(0.37) per diluted share, for the first quarter of 2020. The Company’s adjusted net income attributable to shareholders, which is a non-GAAP measure, was $81.3 million for the first quarter of 2021, or $1.79 per diluted share, down 1% per diluted share from $79.7 million or $1.81 per diluted share for the same period last year. See Exhibit 1 for a full explanation and reconciliation of adjusted net (loss) income attributable to shareholders and adjusted net income attributable to shareholders per diluted share to the comparable GAAP measures.\n<\/p>\n
First Quarter 2021 Performance Metrics<\/b><\/p>\n \n\u201cWe carried the strong momentum exiting 2020 through the first quarter as we continued to successfully execute against our refined strategic pillars and position WEX for long-term sustainable growth. Improvements in macro-economic factors, the faster pace of vaccinations and increasing re-openings across WEX\u2019s end markets combined with underlying strength across the business, drove WEX to see sequential improvements and exceed our revenue expectations this quarter,\u201d said Roberto Simon, WEX\u2019s Chief Financial Officer. \u201cAdditionally, our balance sheet and liquidity remain healthy with the amended credit facility that closed in April as we prepare to make the strategic acquisitions we have announced. I am encouraged by this strong start to the year and expect these trends to continue.\u201d\n<\/p>\n Additional Information<\/b><\/p>\n \nManagement 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.\n<\/p>\n \nTo provide investors with additional insight into its operational performance, WEX has included in this news release in Exhibit 1, reconciliations of non-GAAP measures referenced in this news release, in Exhibit 2, tables illustrating the impact of foreign currency rates and fuel prices for each of our reportable segments for the three months ended March 31, 2021, and in Exhibit 3, a table of selected non-financial metrics for the quarter ended March 31, 2021 and four preceding quarters. The Company is also providing segment revenue for the three months ended March 31, 2021 and 2020 in Exhibit 4 and information regarding segment adjusted operating income margin and adjusted operating income margin in Exhibit 5.\n<\/p>\n Conference Call Details<\/b><\/p>\n \nIn conjunction with this announcement, WEX will host a conference call today, April 29, 2021, at 10:00 a.m. (EDT). As previously announced, the conference call will be webcast live on the Internet, and can be accessed along with the accompanying slides at the Investor Relations section of the WEX website, www.wexinc.com<\/a>. The live conference call also can be accessed by dialing (866) 324-3683 or (509) 844-0959. The Conference ID number is 2378288. A replay of the webcast and the accompanying slides will be available on the Company’s website.\n<\/p>\n About WEX<\/b><\/p>\n \nPowered by the belief that complex payment systems can be made simple, WEX (NYSE: WEX) is a leading financial technology service provider across a wide spectrum of sectors, including fleet, travel and healthcare. WEX operates in more than 10 countries and in more than 20 currencies through more than 5,200 associates around the world. WEX fleet cards offer approximately 16 million vehicles exceptional payment security and control; purchase volume in travel and corporate solutions was $20.9 billion in 2020; and the WEX Health financial technology platform helps more than 33 million consumers better manage healthcare expenses. For more information, visit www.wexinc.com<\/a>.\n<\/p>\n Forward-Looking Statements<\/b><\/p>\n \nThis earnings release contains 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 \u201canticipate,\u201d \u201cbelieve,\u201d \u201ccontinue,\u201d \u201ccould,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cmay,\u201d \u201cplan,\u201d \u201cproject\u201d 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 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 effects of general economic conditions, including those caused by the effects of COVID-19, on fueling patterns as well as payment and transaction processing activity; the impact of foreign currency exchange rates on the Company\u2019s operations, revenue and income; changes in interest rates; the impact of fluctuations in fuel prices, including the impact of any reductions in fuel prices and the resulting impact on our revenues and net income; changes or limitations on interchange fees; failure to comply with the applicable requirements of MasterCard or Visa contracts and rules; the effects of the Company\u2019s 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 failure to complete or successfully integrate the Company\u2019s acquisitions or the ability to realize anticipated synergies and cost savings from such transactions; unexpected costs, charges or expenses resulting from an acquisition, specifically including the recent eNett and Optal acquisitions; the Company\u2019s failure to successfully acquire, integrate, operate and expand 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\u2019s credit standards; breaches of the Company\u2019s 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\u2019s failure to maintain or renew key commercial agreements; failure to expand the Company\u2019s technological capabilities and service offerings as rapidly as the Company\u2019s competitors; failure to successfully implement the Company\u2019s information technology strategies and capabilities in connection with its technology outsourcing and insourcing arrangements 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\u2019s industrial bank, the Company as the corporate parent or other subsidiaries or affiliates; legal, regulatory, political and economic uncertainty surrounding the United Kingdom\u2019s departure from the European Union and the resulting trade agreement; the impact of the future transition from LIBOR as a global benchmark to a replacement rate; the impact of the Company\u2019s recently amended and restated credit agreement and its presently outstanding notes on our operations; the impact of increased leverage on the Company\u2019s 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. 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.\n<\/p>\n WEX INC.<\/b><\/p>\n CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS<\/b><\/p>\n (in thousands, except per share data)<\/b><\/p>\n (unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n Three months ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2020\n<\/p>\n<\/td>\n<\/tr>\n \nRevenues\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nPayment processing revenue\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 188,389<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n204,037\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAccount servicing revenue\n<\/p>\n<\/td>\n 118,623<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n113,840\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nFinance fee revenue\n<\/p>\n<\/td>\n 52,153<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n55,927\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther revenue\n<\/p>\n<\/td>\n 51,592<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n57,875\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal revenues\n<\/p>\n<\/td>\n 410,757<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n431,679\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCost of services\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nProcessing costs\n<\/p>\n<\/td>\n 109,762<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n104,917\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nService fees\n<\/p>\n<\/td>\n 11,146<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n13,754\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nProvision for credit losses\n<\/p>\n<\/td>\n 5,059<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n33,987\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOperating interest\n<\/p>\n<\/td>\n 2,624<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8,385\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDepreciation and amortization\n<\/p>\n<\/td>\n 29,194<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n24,789\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal cost of services\n<\/p>\n<\/td>\n 157,785<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n185,832\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nGeneral and administrative\n<\/p>\n<\/td>\n 86,431<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n62,036\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nSales and marketing\n<\/p>\n<\/td>\n 78,347<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n68,782\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDepreciation and amortization\n<\/p>\n<\/td>\n 37,653<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n40,200\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOperating income\n<\/p>\n<\/td>\n 50,541<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n74,829\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nFinancing interest expense\n<\/p>\n<\/td>\n (33,284<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(32,031\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nNet foreign currency loss\n<\/p>\n<\/td>\n (2,755<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(28,727\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nNet unrealized gain (loss) on financial instruments\n<\/p>\n<\/td>\n 7,033<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(32,047\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nIncome (loss) before income taxes\n<\/p>\n<\/td>\n 21,535<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(17,976\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nIncome tax benefit\n<\/p>\n<\/td>\n (1,670<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(5,707\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nNet income (loss)\n<\/p>\n<\/td>\n 23,205<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(12,269\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nLess: Net income from non-controlling interests\n<\/p>\n<\/td>\n 726<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,363\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Net income (loss) attributable to WEX Inc.<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 22,479<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(13,632\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nChange in value of redeemable non-controlling interest\n<\/p>\n<\/td>\n (25,044<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(2,624\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n Net loss attributable to shareholders<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n (2,565<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(16,256\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet loss attributable to shareholders per share:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nBasic\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n (0.06<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(0.37\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nDiluted\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n (0.06<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(0.37\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nWeighted average common shares outstanding:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nBasic\n<\/p>\n<\/td>\n 44,343<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n43,416\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDiluted\n<\/p>\n<\/td>\n 44,343<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n43,416\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n CONDENSED CONSOLIDATED BALANCE SHEETS<\/b><\/p>\n (in thousands)<\/b><\/p>\n (unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n March 31, \n\u00a0\n<\/p>\n<\/td>\n \nDecember 31, Assets<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCash and cash equivalents\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 561,199 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n852,033\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nRestricted cash\n<\/p>\n<\/td>\n 412,451 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n477,620\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAccounts receivable\n<\/p>\n<\/td>\n 2,506,479 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,993,329\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nSecuritized accounts receivable, restricted\n<\/p>\n<\/td>\n 133,280 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n93,236\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nPrepaid expenses and other current assets\n<\/p>\n<\/td>\n 95,002 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n86,629\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Total current assets<\/b><\/p>\n<\/td>\n 3,708,411 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,502,847\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nProperty, equipment and capitalized software\n<\/p>\n<\/td>\n 182,911 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n188,340\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nGoodwill and other intangible assets\n<\/p>\n<\/td>\n 4,172,402 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,240,150\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nInvestment securities\n<\/p>\n<\/td>\n 36,832 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n37,273\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDeferred income taxes, net\n<\/p>\n<\/td>\n 21,050 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n17,524\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther assets\n<\/p>\n<\/td>\n 195,127 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n197,227\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Total assets<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 8,316,733 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n8,183,361\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Liabilities and Stockholders\u2019 Equity<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAccounts payable\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 1,123,018 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n778,207\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAccrued expenses\n<\/p>\n<\/td>\n 321,081 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n362,472\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nRestricted cash payable\n<\/p>\n<\/td>\n 412,451 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n477,620\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nShort-term deposits\n<\/p>\n<\/td>\n 1,043,457 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n911,395\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nShort-term debt, net\n<\/p>\n<\/td>\n 354,298 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n152,730\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther current liabilities\n<\/p>\n<\/td>\n 53,440 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n58,429\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal current liabilities\n<\/p>\n<\/td>\n 3,307,745 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,740,853\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nLong-term debt, net\n<\/p>\n<\/td>\n 2,508,311 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,874,113\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nLong-term deposits\n<\/p>\n<\/td>\n 118,591 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n148,591\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDeferred income taxes, net\n<\/p>\n<\/td>\n 198,790 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n220,122\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther liabilities\n<\/p>\n<\/td>\n 152,454 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n164,546\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Total liabilities<\/b><\/p>\n<\/td>\n 6,285,891 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,148,225\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Commitments and contingencies<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Redeemable non-controlling interest<\/b><\/p>\n<\/td>\n 142,616 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n117,219\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Stockholders\u2019 Equity<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal WEX Inc. stockholders\u2019 equity\n<\/p>\n<\/td>\n 1,875,149 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,904,895\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNon-controlling interest\n<\/p>\n<\/td>\n 13,077 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n13,022\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal stockholders\u2019 equity\n<\/p>\n<\/td>\n 1,888,226 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,917,917\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Total liabilities and stockholders\u2019 equity<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 8,316,733 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n8,183,361\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Reconciliation of Non-GAAP Measures<\/b><\/p>\n (in thousands, except per share data)<\/b><\/p>\n (unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n Reconciliation of GAAP Net (Loss) Income Attributable to Shareholders to Adjusted Net Income Attributable to Shareholders<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n Three Months Ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2020\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n per diluted share<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nper diluted share\n<\/p>\n<\/td>\n<\/tr>\n Net loss attributable to shareholders<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n (2,565<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n (0.06<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(16,256\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(0.37\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nUnrealized (gain) loss on financial instruments\n<\/p>\n<\/td>\n (7,033<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (0.16<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n32,047\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.74\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet foreign currency remeasurement loss\n<\/p>\n<\/td>\n 2,755<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 0.06<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n28,727\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.66\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAcquisition\u2013related intangible amortization\n<\/p>\n<\/td>\n 42,454<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 0.96<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n42,538\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.98\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther acquisition and divestiture related items\n<\/p>\n<\/td>\n 14,796<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 0.33<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7,942\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.18\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nStock\u2013based compensation\n<\/p>\n<\/td>\n 18,943<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 0.43<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n11,820\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.27\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther costs\n<\/p>\n<\/td>\n 12,237<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 0.28<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,240\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.05\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDebt restructuring and debt issuance cost amortization\n<\/p>\n<\/td>\n 5,092<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 0.11<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,082\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.05\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nANI adjustments attributable to non\u2013controlling interests\n<\/p>\n<\/td>\n 23,800<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 0.54<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,224\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.05\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTax related items\n<\/p>\n<\/td>\n (29,205<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (0.66<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(33,680\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(0.78\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nDilutive impact of stock awards1<\/sup><\/p>\n<\/td>\n \u2014<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (0.04<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(0.02\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n Adjusted net income attributable to shareholders<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 81,274<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 1.79<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n79,684\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1.81\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n 1 <\/sup>As the Company reported a net loss for the three months ended March 31, 2021 and 2020 under U.S. Generally Accepted Accounting Principles (\u201cGAAP\u201d), the diluted weighted average shares outstanding equals the basic weighted average shares outstanding for those periods. The non-GAAP adjustments described above resulted in adjusted net income attributable to shareholders (versus a loss on a GAAP basis) for the first quarters of 2021 and 2020. Therefore, dilutive common stock equivalents have been included in the calculation of adjusted diluted weighted average shares outstanding to arrive at adjusted per share data.\n<\/p>\n Reconciliation of GAAP Operating Income to Total Segment Adjusted Operating Income and Adjusted Operating Income<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n Three Months Ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2020\n<\/p>\n<\/td>\n<\/tr>\n Operating income<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 50,541<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n74,829\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nUnallocated corporate expenses\n<\/p>\n<\/td>\n 16,209<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n16,543\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAcquisition-related intangible amortization\n<\/p>\n<\/td>\n 42,454<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n42,538\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther acquisition and divestiture related items\n<\/p>\n<\/td>\n 14,796<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7,942\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nStock-based compensation\n<\/p>\n<\/td>\n 18,943<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n11,820\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther costs\n<\/p>\n<\/td>\n 12,237<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,240\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDebt restructuring costs\n<\/p>\n<\/td>\n 637<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n78\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Total segment adjusted operating income<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 155,817<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n155,990\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nUnallocated corporate expenses\n<\/p>\n<\/td>\n (16,209<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(16,543\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n Adjusted operating income<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 139,608<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n139,447\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThe 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 costs, debt restructuring and debt issuance cost amortization, adjustments attributable to our non-controlling interests and certain tax related items.\n<\/p>\n \nThe Company’s non-GAAP adjusted operating income excludes acquisition-related intangible amortization, other acquisition and divestiture related items, stock-based compensation, other costs, and debt restructuring costs. Total segment adjusted operating income incorporates these same adjustments and further excludes unallocated corporate expenses.\n<\/p>\n \nAlthough adjusted net income, adjusted operating income and total segment adjusted operating income are not calculated in accordance with GAAP, these non-GAAP measures are integral to the Company’s reporting and planning processes and the chief operating decision maker of the Company uses segment adjusted operating income to allocate resources among our operating segments. The Company considers these measures integral because they exclude the above 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:\n<\/p>\n \nFor the same reasons, WEX believes that adjusted net income, adjusted operating income and total segment adjusted operating income may also be useful to investors when evaluating the Company’s performance. However, because adjusted net income, adjusted operating income and total segment adjusted operating income are non-GAAP measures, they 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, adjusted operating income and total segment adjusted operating income as used by WEX may not be comparable to similarly titled measures employed by other companies.\n<\/p>\n Exhibit 2<\/b><\/p>\n Impact of Certain Macro Factors on Reported Revenue and Adjusted Net Income<\/b><\/p>\n (in thousands, except per share data) <\/b><\/p>\n (unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n \nThe table below shows the impact of certain macro factors on reported revenue:\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n Segment Revenue Results<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n Fleet Solutions<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Travel and Corporate \n\u00a0\n<\/p>\n<\/td>\n Health and Employee \n\u00a0\n<\/p>\n<\/td>\n Total WEX Inc.<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n Three months ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2020\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2020\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2020\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2020\n<\/p>\n<\/td>\n<\/tr>\n \nReported revenue\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 243,837<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n249,847\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 70,642<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n84,359\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 96,278 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n97,473\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 410,757<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n431,679\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nFX impact (favorable) \/ unfavorable\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n (3,626<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n (305<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n \u2014 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n (3,931<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nPPG impact (favorable) \/ unfavorable\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 966<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n \u2014<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n \u2014 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 966<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nTo determine the impact of foreign exchange translation (\u201cFX\u201d) 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, exclusive of revenue derived from 2020 acquisitions for one year following the acquisition dates.\n<\/p>\n \nTo determine the impact of price per gallon of fuel (\u201cPPG\u201d) on revenue, revenue subject 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, exclusive of revenue derived from 2020 acquisitions for one year following the acquisition dates. For the portions of our business that earn revenue based on margin spreads, revenue was calculated utilizing the comparable margin from the prior year.\n<\/p>\n \nThe table below shows the impact of certain macro factors on Adjusted Net Income:\n<\/p>\n \n\u00a0\n<\/p>\n<\/td>\n Segment Estimated Earnings Impact<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n Fleet Solutions<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Travel and Corporate \n\u00a0\n<\/p>\n<\/td>\n Health and Employee \n\u00a0\n<\/p>\n<\/td>\n Three months ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2020\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2020\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2020\n<\/p>\n<\/td>\n<\/tr>\n \nFX impact (favorable) \/ unfavorable\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n (1,689<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n (136<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n \u2014 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nPPG impact (favorable) \/ unfavorable\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 486<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n \u2014<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n \u2014 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nTo determine the estimated earnings impact of FX on 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-U.S. denominated currencies, amounts were translated using the weighted average exchange rates for the same period in the prior year, net of tax, exclusive of revenue and expenses derived from 2020 acquisitions for one year following the acquisition dates.\n<\/p>\n \nTo 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, exclusive of revenue and expenses derived from 2020 acquisitions for one year following the acquisition dates. 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 interests and applicable taxes.\n<\/p>\n Exhibit 3 <\/b><\/p>\n Selected Non-Financial Metrics <\/b><\/p>\n (unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n Q1 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nQ4 2020\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nQ3 2020\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nQ2 2020\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nQ1 2020\n<\/p>\n<\/td>\n<\/tr>\n Fleet Solutions:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nPayment processing transactions (000s) (1)<\/sup><\/p>\n<\/td>\n 118,389 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n118,287\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n120,900\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n103,086\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n121,591\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nPayment processing gallons of fuel (000s) (2)<\/sup><\/p>\n<\/td>\n 3,233,943 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,265,927\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,247,507\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,830,265\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,123,066\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAverage US fuel price (US$ \/ gallon)\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 2.72 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2.26\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2.23\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2.07\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2.57\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nPayment processing $ of fuel (000s) (3)<\/sup><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 9,176,960 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n7,767,530\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n7,609,098\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n6,135,265\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n8,412,642\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet payment processing rate (4)<\/sup><\/p>\n<\/td>\n 1.20 <\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1.27\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1.35\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1.47\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1.35\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nPayment processing revenue (000s)\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 110,577 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n98,954\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n102,419\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n90,147\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n113,323\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet late fee rate (5)<\/sup><\/p>\n<\/td>\n 0.45 <\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.54\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.48\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.57\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.56\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nLate fee revenue (000s) (6)<\/sup><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 41,150 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n41,901\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n36,232\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n35,071\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n46,740\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Travel and Corporate Solutions:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nPurchase volume (000s) (7)<\/sup><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 6,107,675 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n4,968,321\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n4,699,737\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n3,168,064\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n8,041,112\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet interchange rate (8)<\/sup><\/p>\n<\/td>\n 0.94 <\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1.26\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1.13\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1.37\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.87\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nPayment solutions processing revenue (000s)\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 57,248 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n62,376\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n53,239\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n43,261\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n70,268\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Health and Employee Benefit Solutions:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nPurchase volume (000s) (9)<\/sup><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 1,484,226 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,074,977\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,120,786\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,017,318\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,592,313\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAverage number of SaaS accounts (000s) (10)<\/sup><\/p>\n<\/td>\n 15,513 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n14,502\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n14,599\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n14,487\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n14,458\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Definitions and explanations:<\/b><\/p>\n (1) <\/sup>Payment processing transactions represents the total number of purchases made by fleets that have a payment processing relationship with WEX.\n<\/p>\n (2) <\/sup>Payment processing gallons of fuel represents the total number of gallons of fuel purchased by fleets that have a payment processing relationship with WEX.\n<\/p>\n (3) <\/sup>Payment processing dollars of fuel represents the total dollar value of the fuel purchased by fleets that have a payment processing relationship with WEX.\n<\/p>\n (4) <\/sup>Net payment processing rate represents the percentage of the dollar value of each payment processing transaction that WEX records as revenue from merchants, less certain discounts given to customers and network fees.\n<\/p>\n (5) <\/sup>Net late fee rate represents late fee revenue as a percentage of fuel purchased by fleets that have a payment processing relationship with WEX.\n<\/p>\n (6) <\/sup>Late fee revenue represents fees charged for payments not made within the terms of the customer agreement based upon the outstanding customer receivable balance.\n<\/p>\n (7) <\/sup>Purchase volume represents the total dollar value of all WEX issued transactions that use WEX corporate card products and virtual card products.\n<\/p>\n (8) <\/sup>Net interchange rate represents the percentage of the dollar value of each payment processing transaction that WEX records as revenue from merchants, less certain discounts given to customers and network fees.\n<\/p>\n (9) <\/sup>Purchase volume represents the total US dollar value of all transactions where interchange is earned by WEX.\n<\/p>\n (10) <\/sup>Average number of Health and Employee Benefit Solutions accounts represents the number of active Consumer Directed Health, COBRA, and billing accounts on our SaaS platforms in the United States.\n<\/p>\n\n Exhibit 4<\/b><\/p>\n Segment Revenue Information<\/b><\/p>\n (in thousands)<\/b><\/p>\n (unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n Three months ended Increase (decrease)<\/b><\/p>\n<\/td>\n<\/tr>\n Fleet Solutions<\/b><\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n \n2020\n<\/p>\n<\/td>\n \nAmount\n<\/p>\n<\/td>\n \nPercent\n<\/p>\n<\/td>\n<\/tr>\n \nRevenues\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nPayment processing revenue\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 110,576 <\/b><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n113,323\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(2,747\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(2\n<\/p>\n<\/td>\n \n)%\n<\/p>\n<\/td>\n<\/tr>\n \nAccount servicing revenue\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 39,991 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n39,208\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n783\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nFinance fee revenue\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 51,840 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n55,342\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(3,502\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(6\n<\/p>\n<\/td>\n \n)%\n<\/p>\n<\/td>\n<\/tr>\n \nOther revenue\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 41,430 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n41,974\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(544\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(1\n<\/p>\n<\/td>\n \n)%\n<\/p>\n<\/td>\n<\/tr>\n \nTotal revenues\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 243,837 <\/b><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n249,847\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(6,010\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(2\n<\/p>\n<\/td>\n \n)%\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n Three months ended Increase (decrease)<\/b><\/p>\n<\/td>\n<\/tr>\n Travel and Corporate Solutions<\/b><\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n \n2020\n<\/p>\n<\/td>\n \nAmount\n<\/p>\n<\/td>\n \nPercent\n<\/p>\n<\/td>\n<\/tr>\n \nRevenues\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nPayment processing revenue\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 57,248 <\/b><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n70,268\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(13,020\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(19\n<\/p>\n<\/td>\n \n)%\n<\/p>\n<\/td>\n<\/tr>\n \nAccount servicing revenue\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 10,687 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n11,063\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(376\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(3\n<\/p>\n<\/td>\n \n)%\n<\/p>\n<\/td>\n<\/tr>\n \nFinance fee revenue\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 294 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n535\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(241\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(45\n<\/p>\n<\/td>\n \n)%\n<\/p>\n<\/td>\n<\/tr>\n \nOther revenue\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2,413 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,493\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(80\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(3\n<\/p>\n<\/td>\n \n)%\n<\/p>\n<\/td>\n<\/tr>\n \nTotal revenues\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 70,642 <\/b><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n84,359\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(13,717\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(16\n<\/p>\n<\/td>\n \n)%\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n Three months ended Increase (decrease)<\/b><\/p>\n<\/td>\n<\/tr>\n Health and Employee Benefit Solutions<\/b><\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n \n2020\n<\/p>\n<\/td>\n \nAmount\n<\/p>\n<\/td>\n \nPercent\n<\/p>\n<\/td>\n<\/tr>\n \nRevenues\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nPayment processing revenue\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 20,565 <\/b><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n20,446\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n119\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nAccount servicing revenue\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 67,945 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n63,569\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,376\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nFinance fee revenue\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 19 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n50\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(31\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(62\n<\/p>\n<\/td>\n \n)%\n<\/p>\n<\/td>\n<\/tr>\n \nOther revenue\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 7,749 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n13,408\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(5,659\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(42\n<\/p>\n<\/td>\n \n)%\n<\/p>\n<\/td>\n<\/tr>\n \nTotal revenues\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 96,278 <\/b><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n97,473\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(1,195\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(1\n<\/p>\n<\/td>\n \n)%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n
\n
\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n WEX INC.<\/b><\/p>\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n
\n<\/b>
2021<\/b><\/p>\n<\/td>\n\n \n
\n
2020\n<\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n Exhibit 1<\/b><\/p>\n \n \n <\/tr>\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n
\n
Solutions<\/b><\/p>\n<\/td>\n\n \n
\n
Benefit Solutions<\/b><\/p>\n<\/td>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n
\n
Solutions<\/b><\/p>\n<\/td>\n\n \n
\n
Benefit Solutions<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n
\n
March 31,<\/b><\/p>\n<\/td>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n
\n
March 31,<\/b><\/p>\n<\/td>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n
\n
March 31,<\/b><\/p>\n<\/td>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n