Page 1

EX - 99.1 2 a52420176ex99_1.htm EXHIBIT 99.1 Exhibit 99.1 WEX Inc. Reports First Quarter 2021 Financial Results PORTLAND , Maine -- ( BUSINESS WIRE ) -- April 29 , 2021 -- WEX Inc. ( NYSE : WEX ) , a leading financial technology service provider , today reported financial results for the three months ended March 31 , 2021 . “ In 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 . " said Melissa Smith , WEX's Chair and Chief Executive Officer . Ms. Smith added , “ In 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's next chapter of growth . I'm pleased with the impressive accomplishments made this quarter , which I expect to be just the start of another exciting and pivotal year for WEX . " First Quarter 2021 Financial Results Total 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 . Net 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 . First Quarter 2021 Performance Metrics • Average number of vehicles serviced was approximately 15.8 million , an increase of 4 % from the first quarter of 2020 . • • • Total fuel transactions processed decreased 3 % from the first quarter of 2020 to 146.4 million . Payment processing transactions decreased 3 % to 118.4 million . Travel and Corporate Solutions ' purchase volume decreased 24 % to $ 6.1 billion from $ 8.0 billion in the first quarter of 2020 . Health and Employee Benefit Solutions ' average number of Software - as - a - Service ( SaaS ) accounts in the U.S. grew 7 % to 15.5 million from 14.5 million in the first quarter of 2020 . " We 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's end markets combined with underlying strength across the business , drove WEX to see sequential improvements and exceed our revenue expectations this quarter , " said Roberto Simon , WEX's Chief Financial Officer . " Additionally , 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 . "