falsedesktopWEX2020-09-30000130910820000204{"tbl_sim": "https://q10k.com/tbl-sim", "search": "https://q10k.com/search"}{"q10k_tbl_0": "Large Accelerated Filer\t☒\tAccelerated Filer\t☐\nNon-accelerated Filer\t☐\tSmaller Reporting Company\t☐\n\t\tEmerging Growth Company\t☐\n", "q10k_tbl_1": "FORWARD-LOOKING STATEMENTS\t\t3\nACRONYMS AND ABBREVIATIONS\t\t4\nPART I-FINANCIAL INFORMATION\t\t\nItem 1.\tFinancial Statements\t5\nItem 2.\tManagement's Discussion and Analysis of Financial Condition and Results of Operations\t41\nItem 3.\tQuantitative and Qualitative Disclosures About Market Risk\t61\nItem 4.\tControls and Procedures\t61\nPART II-OTHER INFORMATION\t\t\nItem 1.\tLegal Proceedings\t62\nItem 1A.\tRisk Factors\t62\nItem 2.\tUnregistered Sales of Equity Securities and Use of Proceeds\t66\nItem 6.\tExhibits\t67\nSIGNATURE\t\t\n", "q10k_tbl_2": "2016 Credit Agreement\tCredit agreement entered into on July 1 2016 as amended from time to time by and among the Company and certain of its subsidiaries as borrowers WEX Card Holding Australia Pty Ltd. as designated borrower and Bank of America N.A. as administrative agent on behalf of the lenders.\nAdjusted net income or (\"ANI\")\tA non-GAAP measure that adjusts net income attributable to shareholders to exclude unrealized gains and losses on financial instruments net foreign currency remeasurement gains and losses acquisition-related intangible amortization other acquisition and divestiture related items loss on sale of subsidiary stock-based compensation other costs debt restructuring and debt issuance cost amortization adjustments attributed to our non-controlling interests and certain tax related items.\nASC\tAccounting Standards Codification\nASU 2016-13 or (\"Topic 326\")\tAccounting Standards Update No. 2016-13 Financial Instruments - Credit Losses (Topic 326)\nASU 2014-09 or (\"Topic 606\")\tAccounting Standards Update No. 2014-09 Revenue from Contracts with Customers (Topic 606)\nAustralian Securitization Subsidiary\tSouthern Cross WEX 2015-1 Trust a special purpose entity consolidated by the Company\nB2B\tBusiness-to-business\nCODM\tChief operating decision maker\nCompany\tWEX Inc. and all entities included in the unaudited condensed consolidated financial statements\nConvertible Notes\tConvertible senior unsecured notes due on July 15 2027 in an aggregate principal amount of $310 million with a 6.5 percent interest rate issued July 1 2020\nCOVID-19 or (\"coronavirus\")\tAn infectious disease caused by the SARS-CoV-2 virus. The World Health Organization declared the coronavirus outbreak a global pandemic on March 11 2020.\nDiscovery Benefits\tDiscovery Benefits Inc.\nEBITDA\tA non-GAAP measure that adjusts income before income taxes to exclude interest depreciation and amortization\neNett\teNett International (Jersey) Limited\nEuropean Securitization Subsidiary\tGorham Trade Finance B.V. a special purpose entity consolidated by the Company\nFASB\tFinancial Accounting Standards Board\nFDIC\tFederal Deposit Insurance Corporation\nGAAP\tGenerally Accepted Accounting Principles in the United States\nGo Fuel Card\tA European Fleet business acquired from EG Group on July 1 2019\nICS\tInsured Cash Sweep\nIndenture\tThe Notes were issued pursuant to an indenture dated as of January 30 2013 among the Company the guarantors listed therein and The Bank of New York Mellon Trust Company N.A. as trustee\nNAV\tNet asset value\nNet payment processing rate\tThe percentage of the dollar value of each payment processing transaction that the Company records as revenue from merchants less certain discounts given to customers and network fees\nNotes\t400 million notes with a 4.75 percent fixed rate issued on January 30 2013\nNoventis\tNoventis Inc.\nNYSE\tNew York Stock Exchange\nOptal\tOptal Limited\nPavestone Capital or (\"Pavestone\")\tPavestone Capital LLC\nPayment processing fuel spend\tTotal dollar value of the fuel purchased by fleets that have a payment processing relationship with the Company\nPayment processing transactions\tTotal number of purchases made by fleets that have a payment processing relationship with the Company where the Company maintains the receivable for total purchase\nPayment solutions purchase volume\tTotal dollar value of all WEX-issued transactions that use WEX corporate card products and virtual card products\nPurchase volume\tTotal dollar value of all transactions in the Health and Employee Benefit Solutions segment where interchange is earned by the Company\nRedeemable non-controlling interest\tThe portion of the U.S. Health business' net assets owned by a non-controlling interest subject to redemption rights held by the non-controlling interest\nSaaS\tSoftware-as-a-service\nSEC\tSecurities and Exchange Commission\nSegment adjusted operating income\tA non-GAAP measure that adjusts operating income to exclude specified items that the Company's management excludes in evaluating segment performance including unallocated corporate expenses acquisition and divestiture related expenses and adjustments including the amortization of purchased intangibles loss on sale of subsidiary debt restructuring costs the expense associated with stock-based compensation and other costs.\nU.S. Health business\tWEX Health and Discovery Benefits collectively\nWEX Latin America\tUNIK S.A. the Company's Brazilian subsidiary is branded WEX Latin America. This subsidiary was sold on September 30 2020\nWEX\tWEX Inc.\nWEX Europe Services\tA European Fleet business acquired by the Company from ExxonMobil on December 1 2014\nWEX Health\tLegacy healthcare operations prior to the acquisition of Discovery Benefits\n", "q10k_tbl_3": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nRevenues\t\t\t\t\nPayment processing revenue\t171077\t224756\t522575\t626380\nAccount servicing revenue\t112417\t109205\t335736\t303183\nFinance fee revenue\t46307\t66382\t144945\t175667\nOther revenue\t52315\t59620\t157623\t178416\nTotal revenues\t382116\t459963\t1160879\t1283646\nCost of services\t\t\t\t\nProcessing costs\t102244\t98296\t307152\t288896\nService fees\t10881\t14905\t34335\t43348\nProvision for credit losses\t12283\t14847\t66851\t47470\nOperating interest\t5262\t11508\t20151\t31765\nDepreciation and amortization\t26202\t26123\t76115\t68206\nTotal cost of services\t156872\t165679\t504604\t479685\nGeneral and administrative\t73131\t65423\t197432\t206075\nSales and marketing\t64592\t73689\t188118\t210639\nLoss on sale of subsidiary\t46362\t0\t46362\t0\nDepreciation and amortization\t39314\t36861\t118907\t105264\nOperating income\t1845\t118311\t105456\t281983\nFinancing interest expense\t(40950)\t(34549)\t(101813)\t(101299)\nNet foreign currency loss\t(784)\t(16528)\t(31973)\t(13748)\nNet unrealized gain (loss) on financial instruments\t3774\t(5650)\t(32115)\t(39078)\n(Loss) income before income taxes\t(36115)\t61584\t(60445)\t127858\nIncome tax provision (benefit)\t21602\t19137\t(3852)\t37352\nNet (loss) income\t(57717)\t42447\t(56593)\t90506\nLess: Net income (loss) from non-controlling interests\t1244\t(631)\t3282\t(233)\nNet (loss) income attributable to WEX Inc.\t(58961)\t43078\t(59875)\t90739\nChange in value of redeemable non-controlling interest\t(6879)\t(28459)\t50437\t(46179)\nNet (loss) income attributable to shareholders\t(65840)\t14619\t(9438)\t44560\nNet (loss) income attributable to shareholders per share:\t\t\t\t\nBasic\t(1.49)\t0.34\t(0.22)\t1.03\nDiluted\t(1.49)\t0.33\t(0.22)\t1.02\nWeighted average common shares outstanding:\t\t\t\t\nBasic\t44166\t43349\t43720\t43300\nDiluted\t44166\t43811\t43720\t43715\n", "q10k_tbl_4": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nNet (loss) income\t(57717)\t42447\t(56593)\t90506\nForeign currency translation\t15147\t(15333)\t(2913)\t(15317)\nComprehensive (loss) income\t(42570)\t27114\t(59506)\t75189\nLess: Comprehensive income (loss) attributable to non-controlling interests\t1676\t(1052)\t3466\t(681)\nComprehensive (loss) income attributable to WEX Inc.\t(44246)\t28166\t(62972)\t75870\n", "q10k_tbl_5": "\tSeptember 30 2020\tDecember 31 2019\nAssets\t\t\nCash and cash equivalents\t1521622\t810932\nRestricted cash\t193615\t170449\nAccounts receivable (net of allowances of $54265 in 2020 and $52274 in 2019)\t2151741\t2661108\nSecuritized accounts receivable restricted\t97522\t112192\nPrepaid expenses and other current assets\t66589\t87694\nTotal current assets\t4031089\t3842375\nProperty equipment and capitalized software (net of accumulated depreciation of $407081 in 2020 and $344212 in 2019)\t193165\t212475\nGoodwill\t2431147\t2441201\nOther intangible assets (net of accumulated amortization of $785162 in 2020 and $666793 in 2019)\t1444696\t1575050\nInvestment securities\t31259\t30460\nDeferred income taxes net\t8514\t12833\nOther assets\t174042\t184024\nTotal assets\t8313912\t8298418\nLiabilities and Stockholders' Equity\t\t\nAccounts payable\t893766\t969816\nAccrued expenses\t322388\t315642\nRestricted cash payable\t193615\t170449\nShort-term deposits\t1080136\t1310813\nShort-term debt net\t127084\t248531\nOther current liabilities\t55420\t34692\nTotal current liabilities\t2672409\t3049943\nLong-term debt net\t2879474\t2686513\nLong-term deposits\t211775\t143399\nDeferred income taxes net\t211555\t218740\nOther liabilities\t134476\t106422\nTotal liabilities\t6109689\t6205017\nCommitments and contingencies (Note 16)\t\t\nRedeemable non-controlling interest\t107220\t156879\nStockholders' Equity\t\t\nCommon stock $0.01 par value; 175000 shares authorized; 48550 shares issued in 2020 and 47749 in 2019; 44122 shares outstanding in 2020 and 43321 in 2019\t485\t477\nAdditional paid-in capital\t848684\t675060\nRetained earnings\t1521176\t1539201\nAccumulated other comprehensive loss\t(113073)\t(115449)\nTreasury stock at cost; 4428 shares in 2020 and 2019\t(172342)\t(172342)\nTotal WEX Inc. stockholders' equity\t2084930\t1926947\nNon-controlling interest\t12073\t9575\nTotal stockholders' equity\t2097003\t1936522\nTotal liabilities and stockholders' equity\t8313912\t8298418\n", "q10k_tbl_6": "\tCommon Stock Issued\t\tAdditional Paid-in Capital\tAccumulated Other Comprehensive Loss\tTreasury Stock\tRetained Earnings\tNon-Controlling Interest\tTotal Stockholders' Equity\n\tShares\tAmount\t\t\nBalance at December 31 2019\t47749\t477\t675060\t(115449)\t(172342)\t1539201\t9575\t1936522\nCumulative effect adjustment1\t0\t0\t0\t0\t0\t(8587)\t(190)\t(8777)\nBalance at January 1 2020\t47749\t477\t675060\t(115449)\t(172342)\t1530614\t9385\t1927745\nStock issued under share-based compensation plans\t189\t2\t1950\t0\t0\t0\t0\t1952\nShare repurchases for tax withholdings\t0\t0\t(8817)\t0\t0\t0\t0\t(8817)\nStock-based compensation expense\t0\t0\t12533\t0\t0\t0\t0\t12533\nChange in value of redeemable non-controlling interest\t0\t0\t0\t0\t0\t(2624)\t0\t(2624)\nForeign currency translation\t0\t0\t0\t(40935)\t0\t0\t(469)\t(41404)\nNet income (loss)\t0\t0\t0\t0\t0\t(13632)\t1221\t(12411)\nBalance at March 31 2020\t47938\t479\t680726\t(156384)\t(172342)\t1514358\t10137\t1876974\nStock issued under share-based compensation plans\t5\t0\t184\t0\t0\t0\t0\t184\nShare repurchases for tax withholdings\t0\t0\t(76)\t0\t0\t0\t0\t(76)\nStock-based compensation expense\t0\t0\t14219\t0\t0\t0\t0\t14219\nChange in value of redeemable non-controlling interest\t0\t0\t0\t0\t0\t59940\t0\t59940\nForeign currency translation\t0\t0\t0\t23123\t0\t0\t221\t23344\nNet income\t0\t0\t0\t0\t0\t12718\t576\t13294\nBalance at June 30 2020\t47943\t479\t695053\t(133261)\t(172342)\t1587016\t10934\t1987879\nStock issued under share-based compensation plans\t30\t0\t2091\t0\t0\t0\t0\t2091\nFair value of stock issued through private placement net of issuance costs of $968 (Note 10)\t577\t6\t92970\t0\t0\t0\t0\t92976\nShare repurchases for tax withholdings\t0\t0\t(378)\t0\t0\t0\t0\t(378)\nEquity component of the convertible notes net of allocated issuance costs of $570 and taxes of $13623 (Note 10)\t0\t0\t41066\t0\t0\t0\t0\t41066\nStock-based compensation expense\t0\t0\t17882\t0\t0\t0\t0\t17882\nChange in value of redeemable non-controlling interest\t0\t0\t0\t0\t0\t(6879)\t0\t(6879)\nTransfer of cumulative translation adjustment on the sale of subsidiary\t0\t0\t0\t5473\t0\t0\t0\t5473\nForeign currency translation\t0\t0\t0\t14715\t0\t0\t432\t15147\nNet (loss) income\t0\t0\t0\t0\t0\t(58961)\t707\t(58254)\nBalance at September 30 2020\t48550\t485\t848684\t(113073)\t(172342)\t1521176\t12073\t2097003\n", "q10k_tbl_7": "\tCommon Stock Issued\t\tAdditional Paid-in Capital\tAccumulated Other Comprehensive Loss\tTreasury Stock\tRetained Earnings\tNon-Controlling Interest\tTotal Stockholders' Equity\n\tShares\tAmount\t\t\nBalance at January 1 2019\t47557\t475\t593262\t(117291)\t(172342)\t1481593\t10227\t1795924\nStock issued\t117\t1\t404\t0\t0\t0\t0\t405\nShare repurchases for tax withholdings\t0\t0\t(9723)\t0\t0\t0\t0\t(9723)\nStock-based compensation expense\t0\t0\t9703\t0\t0\t0\t0\t9703\nAdjustment to redeemable non-controlling interest\t0\t0\t41400\t0\t0\t(41400)\t0\t0\nForeign currency translation\t0\t0\t0\t4409\t0\t0\t(38)\t4371\nNet income\t0\t0\t0\t0\t0\t16134\t74\t16208\nBalance at March 31 2019\t47674\t476\t635046\t(112882)\t(172342)\t1456327\t10263\t1816888\nStock issued\t27\t1\t1875\t0\t0\t0\t0\t1876\nShare repurchases for tax withholdings\t0\t0\t(135)\t0\t0\t0\t0\t(135)\nStock-based compensation expense\t0\t0\t15158\t0\t0\t0\t0\t15158\nChange in value of redeemable non-controlling interest\t0\t0\t0\t0\t0\t(17720)\t0\t(17720)\nForeign currency translation\t0\t0\t0\t(4366)\t0\t0\t11\t(4355)\nNet income\t0\t0\t0\t0\t0\t31527\t324\t31851\nBalance at June 30 2019\t47701\t477\t651944\t(117248)\t(172342)\t1470134\t10598\t1843563\nStock issued\t16\t0\t1198\t0\t0\t0\t0\t1198\nShare repurchases for tax withholdings\t0\t0\t(181)\t0\t0\t0\t0\t(181)\nStock-based compensation expense\t0\t0\t8735\t0\t0\t0\t0\t8735\nChange in value of redeemable non-controlling interest\t0\t0\t0\t0\t0\t(28459)\t0\t(28459)\nForeign currency translation\t0\t0\t0\t(14912)\t0\t0\t(421)\t(15333)\nNet income\t0\t0\t0\t0\t0\t43078\t(631)\t42447\nBalance at September 30 2019\t47717\t477\t661696\t(132160)\t(172342)\t1484753\t9546\t1851970\n", "q10k_tbl_8": "\tNine Months Ended September 30\t\n\t2020\t2019\nCash flows from operating activities\t\t\nNet (loss) income\t(56593)\t90506\nAdjustments to reconcile net income to net cash provided by (used for) operating activities:\t\t\nNet unrealized loss\t54661\t43618\nStock-based compensation\t44634\t33596\nDepreciation and amortization\t195022\t173470\nLoss on sale of subsidiary\t46362\t0\nDebt issuance cost amortization\t9464\t7561\n(Benefit) provision for deferred taxes\t(16514)\t5842\nProvision for credit losses\t66851\t47470\nChanges in operating assets and liabilities net of effects of acquisitions:\t\t\nAccounts receivable and securitized accounts receivable\t406095\t(589127)\nPrepaid expenses and other current and other long-term assets\t(892)\t30856\nAccounts payable\t(48528)\t412700\nAccrued expenses and restricted cash payable\t46367\t(15208)\nIncome taxes\t23697\t(15020)\nOther current and other long-term liabilities\t3830\t(14170)\nAmounts due under tax receivable agreement\t0\t(6859)\nNet cash provided by operating activities\t774456\t205235\nCash flows from investing activities\t\t\nPurchases of property equipment and capitalized software\t(59651)\t(79095)\nCash paid on sale of subsidiary\t(15957)\t0\nAcquisitions net of cash acquired\t0\t(838006)\nDistribution of equity investment\t837\t0\nPurchases of investment securities\t(356)\t(5430)\nMaturities of investment securities\t169\t219\nNet cash used for investing activities\t(74958)\t(922312)\nCash flows from financing activities\t\t\nRepurchase of share-based awards to satisfy tax withholdings\t(9271)\t(10039)\nProceeds from stock option exercises\t4227\t3479\nNet change in deposits\t(163036)\t297957\nNet activity on other debt\t(86916)\t(85750)\nBorrowings on revolving credit facility\t300000\t1267704\nRepayments on revolving credit facility\t(300000)\t(1265251)\nBorrowings on term loans\t0\t688991\nRepayments on term loans\t(48458)\t(48177)\nProceeds from issuance of convertible notes\t299150\t0\nProceeds from issuance of common stock\t90000\t0\nIssuance costs\t(11836)\t(3443)\nNet change in securitized debt\t(31594)\t(7766)\nNet cash provided by financing activities\t42266\t837705\nEffect of exchange rates on cash cash equivalents and restricted cash\t(7908)\t(4464)\nNet change in cash cash equivalents and restricted cash\t733856\t116164\nCash cash equivalents and restricted cash beginning of period(a)\t981381\t555031\nCash cash equivalents and restricted cash end of period(a)\t1715237\t671195\nSupplemental disclosure of non-cash investing and financing activities\t\t\nCapital expenditures incurred but not paid\t2087\t1602\nAmounts included in loss on sale of subsidiary but not paid\t6514\t0\n", "q10k_tbl_9": "\tNine Months Ended September 30\t\n\t2020\t2019\nCash and cash equivalents at beginning of period\t810932\t541498\nRestricted cash at beginning of period\t170449\t13533\nCash cash equivalents and restricted cash at beginning of period\t981381\t555031\nCash and cash equivalents at end of period\t1521622\t531410\nRestricted cash at end of period\t193615\t139785\nCash cash equivalents and restricted cash at end of period\t1715237\t671195\n", "q10k_tbl_10": "\tJanuary 1 2020\t\t\n(In thousands)\tPrior to Adoption\tImpact of Topic 326\tAs Reported\nAllowance for accounts receivable1\t52274\t11577\t63851\nDeferred income taxes net (within total assets)\t12833\t570\t13403\nDeferred income taxes net (within total liabilities)\t218740\t(2230)\t216510\nRetained earnings\t1539201\t(8587)\t1530614\nNon-controlling interest\t9575\t(190)\t9385\n", "q10k_tbl_11": "Standard\tDescription\tDate/Method of Adoption\tEffect on financial statements or other significant matters\nAdopted During the Nine Months Ended September 30 2020\t\t\t\nASU 2016-13\tThis standard amends the impairment model to utilize an expected loss methodology in place of the incurred loss methodology for financial instruments including trade receivables and off-balance sheet credit exposures. The standard requires entities to consider a broader range of information to estimate expected credit losses including historical experience current conditions and reasonable and supportable forecasts that impact the collectability of the reported amount.\tThe Company adopted ASU 2016-13 effective January 1 2020 using the modified-retrospective approach.\tThe amendments of this new standard were applied through a cumulative-effect adjustment to total stockholders' equity of $8.8 million net of a $2.8 million income tax benefit as of January 1 2020. This adjustment was driven by the incorporation of economic forecasts into the Company's expected credit loss reserve methodology. The unaudited condensed consolidated financial statements for the three and nine months ended September 30 2020 are presented under the new standard. Comparative periods presented have not been adjusted. Refer to Note 1 Basis of Presentation for discussion of the Company's credit loss methodology.\nNot Adopted as of September 30 2020\t\t\t\nASU 2020-04 Reference Rate Reform\tThis standard provides optional guidance for a limited period of time to ease the potential financial reporting burden in accounting for (or recognizing the effects of) the discontinuation of LIBOR resulting from reference rate reform. The amendments provide optional expedients and exceptions for applying GAAP to contracts and other transactions impacted by reference rate reform. If certain criteria are met an entity will not be required to remeasure or reassess contracts impacted by reference rate reform.\tElection is available through December 31 2022.\tThe Company is currently evaluating the implications of these amendments to its current efforts for reference rate reform implementation and any impact the adoption of this ASU would have on its financial condition and results of operations.\nASU 2020-06 Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging -Contracts in Entity's Own Equity (Subtopic 815-40)\tThis standard simplifies the accounting for certain financial instruments with characteristics of liabilities and equity including convertible instruments and contracts in an entity's own equity. Among other changes this standard removes from GAAP the liability and equity separation model for convertible instruments with a cash conversion feature. Instead entities will account for a convertible debt instrument wholly as debt unless (1) a convertible debt instrument contains features that require bifurcation as a derivative under ASC Topic 815 Derivatives and Hedging or (2) a convertible debt instrument was issued at a substantial premium. The standard also requires the application of the if-converted method to calculate the impact of convertible instruments on diluted earnings per share.\tEffective for fiscal years beginning after December 15 2021 and may be early adopted for the fiscal year beginning after December 15 2020 using a modified retrospective or fully retrospective method of transition.\tThe Company is considering early adoption of this ASU effective January 1 2021 and is currently evaluating the impact the adoption of this ASU would have on its financial condition and results of operations.\n", "q10k_tbl_12": "\tThree Months Ended September 30 2020\t\t\t\n(In thousands)\tFleet Solutions\tTravel and Corporate Solutions\tHealth and Employee Benefit Solutions\tTotal\nTopic 606 revenues\t\t\t\t\nPayment processing revenue\t102418\t53239\t15420\t171077\nAccount servicing revenue\t4436\t9964\t63103\t77503\nOther revenue\t20778\t529\t7655\t28962\nTotal Topic 606 revenues\t127632\t63732\t86178\t277542\nNon-Topic 606 revenues\t101072\t564\t2938\t104574\nTotal revenues\t228704\t64296\t89116\t382116\n", "q10k_tbl_13": "\tThree Months Ended September 30 2019\t\t\t\n(In thousands)\tFleet Solutions\tTravel and Corporate Solutions\tHealth and Employee Benefit Solutions\tTotal\nTopic 606 revenues\t\t\t\t\nPayment processing revenue\t125288\t85128\t14340\t224756\nAccount servicing revenue\t7165\t10717\t56451\t74333\nOther revenue\t19851\t690\t7243\t27784\nTotal Topic 606 revenues\t152304\t96535\t78034\t326873\nNon-Topic 606 revenues\t125222\t2593\t5275\t133090\nTotal revenues\t277526\t99128\t83309\t459963\n", "q10k_tbl_14": "\tNine Months Ended September 30 2020\t\t\t\n(In thousands)\tFleet Solutions\tTravel and Corporate Solutions\tHealth and Employee Benefit Solutions\tTotal\nTopic 606 revenues\t\t\t\t\nPayment processing revenue\t305888\t166768\t49919\t522575\nAccount servicing revenue\t13146\t31210\t189274\t233630\nOther revenue\t59797\t1645\t27143\t88585\nTotal Topic 606 revenues\t378831\t199623\t266336\t844790\nNon-Topic 606 revenues\t304100\t3527\t8462\t316089\nTotal revenues\t682931\t203150\t274798\t1160879\n", "q10k_tbl_15": "\tNine Months Ended September 30 2019\t\t\t\n(In thousands)\tFleet Solutions\tTravel and Corporate Solutions\tHealth and Employee Benefit Solutions\tTotal\nTopic 606 revenues\t\t\t\t\nPayment processing revenue\t353413\t222399\t50568\t626380\nAccount servicing revenue\t20601\t32019\t148382\t201002\nOther revenue\t56446\t2488\t21018\t79952\nTotal Topic 606 revenues\t430460\t256906\t219968\t907334\nNon-Topic 606 revenues\t347162\t15220\t13930\t376312\nTotal revenues\t777622\t272126\t233898\t1283646\n", "q10k_tbl_16": "(In thousands)\t\t\t\nContract balance\tLocation on the unaudited condensed consolidated balance sheets\tSeptember 30 2020\tDecember 31 2019\nReceivables1\tAccounts receivable net\t45853\t43092\nContract assets\tPrepaid expenses and other current assets\t5494\t4593\nContract assets\tOther assets\t20790\t20496\nContract liabilities\tOther current liabilities\t8021\t5171\nContract liabilities\tOther liabilities\t14535\t0\n", "q10k_tbl_17": "(In thousands)\tRemaining 2020\t2021\t2022\t2023\t2024\t2025\tThereafter\tTotal\nMinimum monthly fees1\t13421\t38772\t28942\t15933\t5837\t1591\t36\t104532\nProfessional services2\t2602\t2052\t0\t0\t0\t0\t0\t4654\nOther3\t2943\t2782\t3272\t3310\t3739\t3517\t0\t19563\nTotal remaining performance obligations\t18966\t43606\t32214\t19243\t9576\t5108\t36\t128749\n", "q10k_tbl_18": "(In thousands)\t\nTotal consideration net of $5589 in cash acquired\t260455\nLess:\t\nNetwork relationships(a) (d)\t112893\nCustomer relationships(b)(d)\t33963\nBrand name(c) (d)\t442\nDeposits\t(5169)\nAccrued expenses\t(420)\nRecorded goodwill\t118746\n", "q10k_tbl_19": "(In thousands)\t\nCash consideration net of $125865 in cash and restricted cash acquired\t300191\nFair value of redeemable non-controlling interest\t100000\nTotal consideration net of cash and restricted cash acquired\t400191\nLess:\t\nAccounts receivable\t10722\nProperty and equipment\t4904\nCustomer relationships(a)(d)\t213600\nDeveloped technologies(b)(d)\t38900\nTrademarks and trade names(c)(d)\t13800\nOther assets\t13601\nAccounts payable\t(3071)\nAccrued expenses\t(7563)\nRestricted cash payable\t(125346)\nDeferred income taxes\t(21941)\nOther liabilities\t(9814)\nRecorded goodwill\t272399\n", "q10k_tbl_20": "(In thousands)\t\nTotal consideration net of $44947 in cash acquired\t293767\nLess:\t\nAccounts receivable\t22134\nProperty and equipment\t549\nNetwork relationships(a) (c)\t100900\nDeveloped technologies(b) (c)\t15000\nOther assets\t2379\nAccounts payable\t(33521)\nDeferred income taxes\t(21194)\nOther liabilities\t(2367)\nRecorded goodwill\t209887\n", "q10k_tbl_21": "(In thousands except per share data)\tThree Months Ended September 30 2019\tNine Months Ended September 30 2019\nTotal revenues\t459963\t1302752\nNet income attributable to shareholders\t19178\t53213\nNet income attributable to shareholders per share:\t\t\nBasic\t0.44\t1.23\nDiluted\t0.44\t1.22\n", "q10k_tbl_22": "(In thousands)\t\nFair value of consideration transferred to the buyer\t7415\nPlus: expenses associated with the sale\t2806\nPlus: UNIK.S.A. net assets and liabilities including $12249 of cash and cash equivalents\t36141\nLoss on sale of subsidiary\t46362\n", "q10k_tbl_23": "\tThree Months Ended September 30 2020\t\t\t\tThree Months Ended September 30 2019\n(In thousands)\tFleet Solutions\tTravel and Corporate Solutions\tHealth and Employee Benefit Solutions\tTotal\tTotal\nBalance beginning of period\t47109\t16142\t592\t63843\t50575\nProvision for credit losses1\t8526\t3725\t32\t12283\t14847\nCharges to other accounts2\t3200\t0\t0\t3200\t4299\nCharge-offs3\t(18334)\t(10149)\t(63)\t(28546)\t(22018)\nRecoveries of amounts previously charged-off\t3213\t0\t0\t3213\t2521\nCurrency translation\t504\t31\t(263)\t272\t(959)\nBalance end of period\t44218\t9749\t298\t54265\t49265\n", "q10k_tbl_24": "\tNine Months Ended September 30 2020\t\t\t\tNine Months Ended September 30 2019\n(In thousands)\tFleet Solutions\tTravel and Corporate Solutions\tHealth and Employee Benefit Solutions\tTotal\tTotal\nBalance prior to Topic 326 adoption\t40620\t3578\t8076\t52274\t46948\nImpact of Topic 326 adoption1\t9390\t2187\t0\t11577\t0\nBalance beginning of period\t50010\t5765\t8076\t63851\t46948\nProvision for credit losses1\t47418\t19230\t203\t66851\t47470\nCharges to other accounts2\t13930\t0\t0\t13930\t18382\nCharge-offs3\t(75711)\t(15214)\t(5381)\t(96306)\t(69864)\nRecoveries of amounts previously charged-off\t8101\t28\t17\t8146\t7149\nCurrency translation\t470\t(60)\t(2617)\t(2207)\t(820)\nBalance end of period\t44218\t9749\t298\t54265\t49265\n", "q10k_tbl_25": "Delinquency Status\tSeptember 30 2020\tDecember 31 2019\n29 days or less past due\t97%\t96%\n59 days or less past due\t98%\t97%\n", "q10k_tbl_26": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n(In thousands)\t2020\t2019\t2020\t2019\nNet (loss) income attributable to shareholders\t(65840)\t14619\t(9438)\t44560\nWeighted average common shares outstanding - Basic\t44166\t43349\t43720\t43300\nDilutive impact of share-based compensation awards1\t0\t462\t0\t415\nWeighted average common shares outstanding - Diluted\t44166\t43811\t43720\t43715\n", "q10k_tbl_27": "\tTranche A\tTranche B\tTranche C (1)\tTranche D (1)\tTranche E\tTranche F (2)\nNotional amount at inception (in thousands)\t150000\t100000\t200000\t300000\t200000\t485000\nMaturity date\t3/13/2023\t3/12/2023\t3/12/2023\t12/30/2022\t12/30/2023\t12/31/2021\nFixed interest rate\t1.954%\t1.956%\t2.413%\t2.204%\t1.862%\t0.743%\n", "q10k_tbl_28": "(In thousands)\t\t\t\tThree Months Ended September 30\t\t\t\tNine Months Ended September 30\t\t\nDerivatives Not Designated as Hedging Instruments\tLocation of Gain (Loss) Recognized in the Statement of Operations\t\t2020\t\t2019\t\t2020\t\t2019\nInterest rate swap agreements - unrealized portion\t\tNet unrealized gain (loss) on financial instruments\t\t3774\t\t(5834)\t\t(32722)\t\t(39903)\nInterest rate swap agreements - realized portion\t\tFinancing interest expense\t\t(5438)\t\t1355\t\t(10336)\t\t5613\n", "q10k_tbl_29": "(In thousands)\tSeptember 30 2020\tDecember 31 2019\nInterest-bearing brokered money market deposits1\t407964\t362246\nCustomer deposits\t108102\t112571\nCertificates of deposit with maturities within 1 year12\t564070\t835996\nShort-term deposits\t1080136\t1310813\nCertificates of deposit with maturities greater than 1 year and less than 5 years12\t211775\t143399\nTotal deposits\t1291911\t1454212\nWeighted average cost of funds on certificates of deposit outstanding\t2.11%\t2.57%\nWeighted average cost of interest-bearing brokered money market deposits\t0.28%\t1.88%\n", "q10k_tbl_30": "(In thousands)\tSeptember 30 2020\tDecember 31 2019\nTranche A term loan\t886260\t923707\nTranche B term loan\t1446037\t1457048\nTerm loans under 2016 Credit Agreement1\t2332297\t2380755\nNotes outstanding1\t400000\t400000\nConvertible Notes1\t310000\t0\nSecuritized debt\t72521\t104261\nParticipation debt\t0\t50000\nBorrowed federal funds\t0\t34998\nWEX Latin America debt\t0\t2660\nTotal gross debt\t3114818\t2972674\n", "q10k_tbl_31": "(In thousands)\tSeptember 30 2020\tDecember 31 2019\nCurrent portion of gross debt\t137132\t256529\nLess: Unamortized debt issuance costs/debt discount\t(10048)\t(7998)\nShort-term debt net\t127084\t248531\nLong-term portion of gross debt\t2977686\t2716145\nLess: Unamortized debt issuance costs/debt discount\t(98212)\t(29632)\nLong-term debt net\t2879474\t2686513\nSupplemental information under 2016 Credit Agreement:\t\t\nLetters of credit(b)\t51627\t51314\nRemaining borrowing capacity on revolving credit facility(c)\t818373\t768686\n", "q10k_tbl_32": "(In thousands)\tSeptember 30 2020\nPrincipal\t310000\nLess: Unamortized discounts\t(68437)\nLess: Unamortized issuance cost\t(2417)\nNet carrying amount of Convertible Notes1\t239146\nEquity component2\t54689\n", "q10k_tbl_33": "(In thousands)\tThree and Nine Months Ended September 30 2020\nInterest on 6.5% coupon\t4982\nAmortization of debt discount and debt issuance costs\t1674\n\t6656\n", "q10k_tbl_34": "\tSeptember 30 2020\t\t\tDecember 31 2019\t\t\n(In thousands)\tAmounts Available(1)\tAmounts Outstanding\tRemaining Funding Capacity\tAmounts Available\tAmounts Outstanding\tRemaining Funding Capacity\nShort-term debt net\t\t0\t\t\t50000\t\nTotal(1)\t60000\t0\t60000\t80000\t50000\t30000\nAverage interest rate\t\tNot applicable\t\t\t4.17%\t\n", "q10k_tbl_35": "(In thousands)\tFair Value Hierarchy\tSeptember 30 2020\tDecember 31 2019\nFinancial Assets:\t\t\t\nMoney market mutual funds(a)\t1\t558919\t223217\nInvestment securities\t\t\t\nMunicipal bonds\t2\t197\t302\nAsset-backed securities\t2\t220\t247\nMortgage-backed securities\t2\t142\t174\nPooled investment fund measured at NAV\t(e)\t5000\t5000\nFixed-income mutual fund\t1\t25700\t24737\nTotal investment securities\t\t31259\t30460\nExecutive deferred compensation plan trust(b)\t1\t8858\t7965\nInterest rate swaps(c)\t2\t0\t2395\nLiabilities\t\t\t\nInterest rate swaps(d)\t2\t50091\t19764\n", "q10k_tbl_36": "(In thousands)\t2020\t2019\nBalance at December 31\t156879\t0\nAcquisition of Discovery Benefits at fair value\t0\t25757\nEstablishing redeemable non-controlling interest for WEX Health at carrying value\t0\t32843\nAdjustment to redeemable non-controlling interest to reflect WEX Health at fair value\t0\t41400\nNet income (loss) attributable to redeemable non-controlling interest\t142\t(7)\nChange in value of redeemable non-controlling interest\t2624\t0\nBalance at March 31\t159645\t99993\nNet income attributable to redeemable non-controlling interest\t99\t14\nChange in value of redeemable non-controlling interest\t(59940)\t17720\nBalance at June 30\t99804\t117727\nNet income attributable to redeemable non-controlling interest\t537\t32\nChange in value of redeemable non-controlling interest\t6879\t28459\nBalance at September 30\t107220\t146218\n", "q10k_tbl_37": "Grant date\t6/24/2020\t6/24/2020\t3/16/2020\t3/20/2019\nRecipient(s)\tNon-CEO\tCEO\tAll\tAll\nModification date\tN/A\tN/A\t6/23/2020\t6/23/2020\nRisk-free rate\t0.21%\t0.21%\t0.20%\t0.18%\nStock price1\t160.14\t160.14\t173.15\t173.15\nVolatility\t47.72%\t47.72%\t51.32%\t62.29%\nPerformance period\tJune 24 2020 - June 23 2023\tJune 24 2020 - June 23 2023\tJune 23 2020 - December 31 2022\tJune 23 2020 - December 31 2021\nShares at target\t110467\t28101\t199870\t86845\nFair value per share2\t264.17\t240.55\t280.93\t188.21\n", "q10k_tbl_38": "\tThree Months Ended September 30 2020\t\t\t\n(In thousands)\tFleet Solutions\tTravel and Corporate Solutions\tHealth and Employee Benefit Solutions\tTotal\nPayment processing revenue\t102418\t53239\t15420\t171077\nAccount servicing revenue\t39350\t9964\t63103\t112417\nFinance fee revenue\t46129\t145\t33\t46307\nOther revenue\t40807\t948\t10560\t52315\nTotal revenues\t228704\t64296\t89116\t382116\nInterest income\t1304\t12\t304\t1620\n", "q10k_tbl_39": "\tThree Months Ended September 30 2019\t\t\t\n(In thousands)\tFleet Solutions\tTravel and Corporate Solutions\tHealth and Employee Benefit Solutions\tTotal\nPayment processing revenue\t125288\t85128\t14340\t224756\nAccount servicing revenue\t42037\t10717\t56451\t109205\nFinance fee revenue\t65818\t645\t(81)\t66382\nOther revenue\t44383\t2638\t12599\t59620\nTotal revenues\t277526\t99128\t83309\t459963\nInterest income\t825\t402\t449\t1676\n", "q10k_tbl_40": "\tNine Months Ended September 30 2020\t\t\t\n(In thousands)\tFleet Solutions\tTravel and Corporate Solutions\tHealth and Employee Benefit Solutions\tTotal\nPayment processing revenue\t305888\t166768\t49919\t522575\nAccount servicing revenue\t115252\t31210\t189274\t335736\nFinance fee revenue\t143934\t900\t111\t144945\nOther revenue\t117857\t4272\t35494\t157623\nTotal revenues\t682931\t203150\t274798\t1160879\nInterest income\t3205\t265\t998\t4468\n", "q10k_tbl_41": "\tNine Months Ended September 30 2019\t\t\t\n(In thousands)\tFleet Solutions\tTravel and Corporate Solutions\tHealth and Employee Benefit Solutions\tTotal\nPayment processing revenue\t353413\t222399\t50568\t626380\nAccount servicing revenue\t122782\t32019\t148382\t303183\nFinance fee revenue\t174067\t1498\t102\t175667\nOther revenue\t127360\t16210\t34846\t178416\nTotal revenues\t777622\t272126\t233898\t1283646\nInterest income\t4844\t1209\t1036\t7089\n", "q10k_tbl_42": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n(In thousands)\t2020\t2019\t2020\t2019\nSegment adjusted operating income\t\t\t\t\nFleet Solutions\t102276\t133348\t284064\t348900\nTravel and Corporate Solutions\t14184\t47356\t47060\t122581\nHealth and Employee Benefit Solutions\t23800\t21427\t78525\t62353\nTotal segment adjusted operating income\t140260\t202131\t409649\t533834\nReconciliation:\t\t\t\t\nTotal segment adjusted operating income\t140260\t202131\t409649\t533834\nLess:\t\t\t\t\nUnallocated corporate expenses\t14817\t17016\t45313\t52135\nAcquisition-related intangible amortization\t42831\t42800\t127847\t116502\nOther acquisition and divestiture related items\t15430\t7907\t31107\t24704\nLoss on sale of subsidiary\t46362\t0\t46362\t0\nDebt restructuring costs\t(240)\t1162\t525\t10640\nStock-based compensation\t18170\t9522\t45059\t34956\nOther costs\t1045\t5413\t7980\t12914\nOperating income\t1845\t118311\t105456\t281983\nFinancing interest expense\t(40950)\t(34549)\t(101813)\t(101299)\nNet foreign currency loss\t(784)\t(16528)\t(31973)\t(13748)\nNet unrealized gain (loss) on financial instruments\t3774\t(5650)\t(32115)\t(39078)\n(Loss) Income before income taxes\t(36115)\t61584\t(60445)\t127858\n", "q10k_tbl_43": "(In thousands)\tActual Amount\tRatio\tMinimum for Capital Adequacy Purposes Amount\tRatio\tMinimum to Be Well Capitalized Under Prompt Corrective Action Provisions Amount\tRatio\nSeptember 30 2020\t\t\t\t\t\t\nTotal Capital to risk-weighted assets\t318656\t15.74%\t161982\t8.0%\t202477\t10.0%\nTier 1 Capital to average assets\t310979\t12.75%\t97568\t4.0%\t121959\t5.0%\nCommon equity to risk-weighted assets\t310979\t15.36%\t91115\t4.5%\t131610\t6.5%\nTier 1 Capital to risk-weighted assets\t310979\t15.36%\t121486\t6.0%\t161982\t8.0%\nDecember 31 2019\t\t\t\t\t\t\nTotal Capital to risk-weighted assets\t329276\t13.54%\t194566\t8.0%\t243208\t10.0%\nTier 1 Capital to average assets\t314466\t10.88%\t115583\t4.0%\t144479\t5.0%\nCommon equity to risk-weighted assets\t314466\t12.93%\t109443\t4.5%\t158085\t6.5%\nTier 1 Capital to risk-weighted assets\t314466\t12.93%\t145925\t6.0%\t194566\t8.0%\n", "q10k_tbl_44": "\t\t\tIncrease (Decrease)\t\n\tQ3 2020\tQ3 2019\tAmount\tPercent\nFleet Solutions\t\t\t\t\nFuel transactions processed (in millions)\t149.6\t162.2\t(12.6)\t(7.8)%\nPayment processing transactions (in millions)\t120.9\t135.2\t(14.3)\t(10.6)%\nAverage vehicles serviced (in millions)\t15.3\t14.3\t1.0\t7.0%\nAverage US fuel price (US$ / gallon)\t2.23\t2.80\t(0.57)\t(20.4)%\nTravel and Corporate Solutions\t\t\t\t\nPayment solutions purchase volume (in millions)\t4699.7\t11543.6\t(6843.9)\t(59.3)%\nHealth and Employee Benefit Solutions\t\t\t\t\nAverage number of U.S. SaaS accounts (in millions)\t14.6\t13.0\t1.6\t12.3%\n", "q10k_tbl_45": "\tThree Months Ended September 30\t\tIncrease (Decrease)\t\tNine Months Ended September 30\t\tIncrease (Decrease)\t\n(In thousands except per gallon data)\t2020\t2019\tAmount\tPercent\t2020\t2019\tAmount\tPercent\nRevenues(a)\t\t\t\t\t\t\t\t\nPayment processing revenue\t102418\t125288\t(22870)\t(18)%\t305888\t353413\t(47525)\t(13)%\nAccount servicing revenue\t39350\t42037\t(2687)\t(6)%\t115252\t122782\t(7530)\t(6)%\nFinance fee revenue\t46129\t65818\t(19689)\t(30)%\t143934\t174067\t(30133)\t(17)%\nOther revenue\t40807\t44383\t(3576)\t(8)%\t117857\t127360\t(9503)\t(7)%\nTotal revenues\t228704\t277526\t(48822)\t(18)%\t682931\t777622\t(94691)\t(12)%\nKey operating statistics\t\t\t\t\t\t\t\t\nPayment processing revenue:\t\t\t\t\t\t\t\t\nPayment processing transactions(1)\t120900\t135236\t(14336)\t(11)%\t345577\t378626\t(33049)\t(9)%\nPayment processing fuel spend(2)\t7609098\t9737591\t(2128493)\t(22)%\t22157005\t27955406\t(5798401)\t(21)%\nAverage price per gallon of fuel - Domestic - ($USD/gal)\t2.23\t2.80\t(0.57)\t(20)%\t2.29\t2.80\t(0.51)\t(18)%\nNet payment processing rate(3)\t1.35%\t1.29%\t0.06%\t5%\t1.38%\t1.26%\t0.12%\t10%\n", "q10k_tbl_46": "\tThree Months Ended September 30\t\tIncrease (Decrease)\t\tNine Months Ended September 30\t\tIncrease (Decrease)\t\n(In thousands)\t2020\t2019\tAmount\tPercent\t2020\t2019\tAmount\tPercent\nFinance income\t36232\t56690\t(20458)\t(36)%\t118043\t147325\t(29282)\t(20)%\nFactoring fee revenue\t9897\t9128\t769\t8%\t25891\t26742\t(851)\t(3)%\nFinance fee revenue\t46129\t65818\t(19689)\t(30)%\t143934\t174067\t(30133)\t(17)%\n", "q10k_tbl_47": "\tThree Months Ended September 30\t\tIncrease (Decrease)\t\tNine Months Ended September 30\t\tIncrease (Decrease)\t\n(In thousands)\t2020\t2019\tAmount\tPercent\t2020\t2019\tAmount\tPercent\nCost of services\t\t\t\t\t\t\t\t\nProcessing costs\t49924\t49193\t731\t1%\t146585\t151883\t(5298)\t(3)%\nService fees\t1755\t2093\t(338)\t(16)%\t5318\t5517\t(199)\t(4)%\nProvision for credit losses\t8529\t13458\t(4929)\t(37)%\t47421\t41860\t5561\t13%\nOperating interest\t4122\t6240\t(2118)\t(34)%\t15402\t16254\t(852)\t(5)%\nDepreciation and amortization\t12315\t11406\t909\t8%\t35973\t32053\t3920\t12%\nOther operating expenses\t\t\t\t\t\t\t\t\nGeneral and administrative\t23272\t21534\t1738\t8%\t67130\t58605\t8525\t15%\nSales and marketing\t34906\t48815\t(13909)\t(28)%\t107730\t141746\t(34016)\t(24)%\nDepreciation and amortization\t22531\t23725\t(1194)\t(5)%\t67412\t63770\t3642\t6%\nOperating income\t71350\t101062\t(29712)\t(29)%\t189960\t265934\t(75974)\t(29)%\n", "q10k_tbl_48": "\tThree Months Ended September 30\t\tIncrease (Decrease)\t\tNine Months Ended September 30\t\tIncrease (Decrease)\t\n(In thousands)\t2020\t2019\tAmount\tPercent\t2020\t2019\tAmount\tPercent\nRevenues(a)\t\t\t\t\t\t\t\t\nPayment processing revenue\t53239\t85128\t(31889)\t(37)%\t166768\t222399\t(55631)\t(25)%\nAccount servicing revenue\t9964\t10717\t(753)\t(7)%\t31210\t32019\t(809)\t(3)%\nFinance fee revenue\t145\t645\t(500)\t(78)%\t900\t1498\t(598)\t(40)%\nOther revenue\t948\t2638\t(1690)\t(64)%\t4272\t16210\t(11938)\t(74)%\nTotal revenues\t64296\t99128\t(34832)\t(35)%\t203150\t272126\t(68976)\t(25)%\nKey operating statistics\t\t\t\t\t\t\t\t\nPayment processing revenue:\t\t\t\t\t\t\t\t\nPayment solutions purchase volume(1)\t4699737\t11543605\t(6843868)\t(59)%\t15908913\t29997200\t(14088287)\t(47)%\n", "q10k_tbl_49": "\tThree Months Ended September 30\t\tIncrease (Decrease)\t\tNine Months Ended September 30\t\tIncrease (Decrease)\t\n(In thousands)\t2020\t2019\tAmount\tPercent\t2020\t2019\tAmount\tPercent\nCost of services\t\t\t\t\t\t\t\t\nProcessing costs\t12904\t13879\t(975)\t(7)%\t43356\t44461\t(1105)\t(2)%\nService fees\t3663\t7367\t(3704)\t(50)%\t12095\t20738\t(8643)\t(42)%\nProvision for credit losses\t3722\t1510\t2212\t146%\t19227\t5588\t13639\t244%\nOperating interest\t1117\t5042\t(3925)\t(78)%\t4630\t13469\t(8839)\t(66)%\nDepreciation and amortization\t4937\t4610\t327\t7%\t13704\t12346\t1358\t11%\nOther operating expenses\t\t\t\t\t\t\t\t\nGeneral and administrative\t6948\t7832\t(884)\t(11)%\t21290\t29129\t(7839)\t(27)%\nSales and marketing\t20971\t16428\t4543\t28%\t54027\t44016\t10011\t23%\nDepreciation and amortization\t5685\t4272\t1413\t33%\t18088\t13779\t4309\t31%\nOperating income\t4349\t38188\t(33839)\t(89)%\t16733\t88600\t(71867)\t(81)%\n", "q10k_tbl_50": "\tThree Months Ended September 30\t\tIncrease (Decrease)\t\tNine Months Ended September 30\t\tIncrease (Decrease)\t\n(In thousands)\t2020\t2019\tAmount\tPercent\t2020\t2019\tAmount\tPercent\nRevenues(1)\t\t\t\t\t\t\t\t\nPayment processing revenue\t15420\t14340\t1080\t8%\t49919\t50568\t(649)\t(1)%\nAccount servicing revenue\t63103\t56451\t6652\t12%\t189274\t148382\t40892\t28%\nFinance fee revenue\t33\t(81)\t114\t(141)%\t111\t102\t9\t9%\nOther revenue\t10560\t12599\t(2039)\t(16)%\t35494\t34846\t648\t2%\nTotal revenues\t89116\t83309\t5807\t7%\t274798\t233898\t40900\t17%\nKey operating statistics\t\t\t\t\t\t\t\t\nPayment processing revenue:\t\t\t\t\t\t\t\t\nPurchase volume(2)\t1120786\t1126156\t(5370)\t-%\t3730417\t4158336\t(427919)\t(10)%\nAccount servicing revenue:\t\t\t\t\t\t\t\t\nAverage number of SaaS accounts(3)\t14599\t13022\t1577\t12%\t14515\t12771\t1744\t14%\n", "q10k_tbl_51": "\tThree Months Ended September 30\t\tIncrease (Decrease)\t\tNine Months Ended September 30\t\tIncrease (Decrease)\t\n(In thousands)\t2020\t2019\tAmount\tPercent\t2020\t2019\tAmount\tPercent\nCost of services\t\t\t\t\t\t\t\t\nProcessing costs\t39340\t35224\t4116\t12%\t117135\t92552\t24583\t27%\nService fees\t5463\t5445\t18\t-%\t16922\t17093\t(171)\t(1)%\nProvision for credit losses\t32\t(121)\t153\t(126)%\t203\t22\t181\t823%\nOperating interest\t23\t226\t(203)\t(90)%\t119\t2042\t(1923)\t(94)%\nDepreciation and amortization\t8950\t10107\t(1157)\t(11)%\t26438\t23807\t2631\t11%\nOther operating expenses\t\t\t\t\t\t\t\t\nGeneral and administrative\t9041\t6855\t2186\t32%\t26322\t23601\t2721\t12%\nSales and marketing\t8715\t8446\t269\t3%\t26361\t24877\t1484\t6%\nDepreciation and amortization\t10536\t8252\t2284\t28%\t31634\t26080\t5554\t21%\nOperating income\t7016\t8875\t(1859)\t(21)%\t29664\t23824\t5840\t25%\n", "q10k_tbl_52": "\tThree Months Ended September 30\t\tIncrease (Decrease)\t\tNine Months Ended September 30\t\tIncrease (Decrease)\t\n(In thousands)\t2020\t2019\tAmount\tPercent\t2020\t2019\tAmount\tPercent\nOther operating expenses\t\t\t\t\t\t\t\t\nGeneral and administrative\t33870\t29202\t4668\t16%\t82690\t94740\t(12050)\t(13)%\nDepreciation and amortization\t562\t612\t(50)\t(8)%\t1773\t1635\t138\t8%\nLoss on sale of subsidiary\t46362\t0\t46362\tNM\t46362\t0\t46362\tNM\n", "q10k_tbl_53": "\tThree Months Ended September 30\t\tIncrease (Decrease)\t\tNine Months Ended September 30\t\tIncrease (Decrease)\t\n(In thousands)\t2020\t2019\tAmount\tPercent\t2020\t2019\tAmount\tPercent\nFinancing interest expense\t(40950)\t(34549)\t(6401)\t19%\t(101813)\t(101299)\t(514)\t1%\nNet foreign currency loss\t(784)\t(16528)\t15744\t(95)%\t(31973)\t(13748)\t(18225)\t133%\nNet unrealized gain (loss) on financial instruments\t3774\t(5650)\t9424\t(167)%\t(32115)\t(39078)\t6963\t(18)%\nIncome tax provision (benefit)\t21602\t19137\t2465\t13%\t(3852)\t37352\t(41204)\t(110)%\nNet income (loss) from non-controlling interests\t1244\t(631)\t1875\t(297)%\t3282\t(233)\t3515\tNM\nChange in value of redeemable non-controlling interest\t(6879)\t(28459)\t21580\t(76)%\t50437\t(46179)\t96616\t(209)%\n", "q10k_tbl_54": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n(In thousands)\t2020\t2019\t2020\t2019\nNet (loss) income attributable to shareholders\t(65840)\t14619\t(9438)\t44560\nUnrealized (gain) loss on financial instruments\t(3774)\t5650\t32115\t39078\nNet foreign currency remeasurement loss\t784\t16528\t31973\t13748\nAcquisition-related intangible amortization\t42831\t42800\t127847\t116502\nOther acquisition and divestiture related items\t20328\t7907\t36005\t24704\nLoss on sale of subsidiary\t46362\t0\t46362\t0\nStock-based compensation\t18170\t9522\t45059\t34956\nOther costs\t1045\t5413\t7980\t12914\nDebt restructuring and debt issuance cost amortization\t5329\t3251\t9989\t18200\nANI adjustments attributable to non-controlling interests\t6233\t27149\t(52101)\t43874\nTax related items\t(614)\t(19348)\t(72298)\t(60585)\nAdjusted net income attributable to shareholders\t70854\t113491\t203493\t287951\n", "q10k_tbl_55": "\tNine Months Ended September 30\t\n(In thousands)\t2020\t2019\nCash flows provided by operating activities\t774456\t205235\nCash flows used for investing activities\t(74958)\t(922312)\nCash flows provided by financing activities\t42266\t837705\n", "q10k_tbl_56": "\tSeptember 30 2020\t\t\tDecember 31 2019\t\t\n(In thousands)\tAmounts Available(1)\tAmounts Outstanding\tRemaining Funding Capacity\tAmounts Available\tAmounts Outstanding\tRemaining Funding Capacity\nShort-term debt net\t\t0\t\t\t50000\t\nTotal(1)\t60000\t0\t60000\t80000\t50000\t30000\nAverage interest rate\t\tNot applicable\t\t\t4.17%\t\n", "q10k_tbl_57": "\tExhibit No.\tDescription\n\t2.1\tShare Purchase Agreement dated January 24 2020 by and among WEX Inc. eNett International (Jersey) Limited a Jersey limited company Optal Limited a private company limited by shares incorporated in England and Wales Travelport Limited a Bermuda exempted company Toro Private Holdings I Ltd. a private company limited by shares incorporated in England and Wales Optal Limited in its capacity as trustee of the PSP Group DESOP Discretionary Trust established by way of discretionary trust deed dated 28 October 2008 as amended from time to time and the other shareholders of eNett and Optal set forth therein (incorporated herein by reference to Exhibit No. 2.1 to our Current Report on Form 8-K filed with the SEC on January 24 2020 File No. 001-32426)\n\t3.1\tCertificate of Incorporation (incorporated by reference to Exhibit No. 3.1 to our Current Report on Form 8-K filed with the SEC on March 1 2005 File No. 001-32426)\n\t3.2\tCertificate of Ownership and Merger merging WEX Transitory Corporation with and into Wright Express Corporation (incorporated by reference to Exhibit No. 3.1 to our Current Report on Form 8-K filed with the SEC on October 30 2012 File No. 001-32426)\n\t3.3\tAmended and Restated By-Laws of WEX Inc. as amended and restated as of April 16 2019 (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K filed with the SEC on April 22 2019 File No. 001-32426)\n\t4.1\tIndenture dated as of July 1 2020 by and between WEX Inc. and The Bank of New York Mellon Trust Company N.A. as trustee (incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K filed with the SEC on July 1 2020 File No. 001-32426)\n\t4.2\tForm of 6.50% Convertible Senior Notes due 2027 (included in Exhibit 4.1) (incorporated by reference to Exhibit 4.2 to our Current Report on Form 8-K filed with the SEC on July 1 2020 File No. 001-32426)\n\t10.1\tThird Amended and Restated Commitment Letter dated as of August 20 2020 by and among WEX Inc. Bank of America N.A. BofA Securities Inc. Citizens Bank N.A. MUFG Bank Ltd. Truist Securities Inc. Truist Bank Wells Fargo Securities LLC Wells Fargo Bank N.A. Bank of Montreal BMO Capital Markets Corp. Santander Bank N.A. KeyBank National Association KeyBanc Capital Markets Inc. Regions Capital Markets a division of Regions Bank Deutsche Bank AG Cayman Islands Branch Deutsche Bank AG New York Branch Deutsche Bank Securities Inc. and Fifth Third Bank National Association (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed with the SEC on August 21 2020 File No. 001-32426)\n\t10.2\tTenth Amendment to Credit Agreement dated as of July 29 2020 by and among WEX Inc. the subsidiaries of WEX Inc. Tenth Amendment to Credit Agreement dated as of July 29 2020 by and among WEX Inc. the subsidiaries of WEX Inc. identified therein Mizuho Bank Ltd. as the incremental revolving loan lender and Bank of America N.A. as administrative agent (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed with the SEC on August 3 2020 File No. 001-32426) therein Mizuho Bank Ltd. as the incremental revolving loan lender and Bank of America N.A. as administrative agent (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed with the SEC on August 3 2020 File No. 001-32426)\n\t10.3\tEleventh Amendment to Credit Agreement dated as of August 20 2020 by and among WEX Inc. the subsidiaries of WEX Inc. identified therein Bank of America N.A. as administrative agent and the lenders party thereto (incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K filed with the SEC on August 21 2020 File No. 001-32426)\n\t10.4\tWEX Inc. Common Stock and 6.50% Convertible Senior Notes Due 2027 Purchase Agreement dated as of June 29 2020 by and between WEX Inc. and WP Bronco Holdings LLC (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed with the SEC on July 1 2020 File No. 001-32426)\n\t10.5\tRegistration Rights Agreement dated as of July 1 2020 by and between WEX Inc. and WP Bronco Holdings LLC (incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K filed with the SEC on July 1 2020 File No. 001-32426)\n*\t31.1\tCertification of Chief Executive Officer of WEX INC. pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934 as amended\n*\t31.2\tCertification of Chief Financial Officer of WEX INC. pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934 as amended\n*\t32.1\tCertification of Chief Executive Officer of WEX INC. pursuant to Rule 13a-14(b) promulgated under the Securities Exchange Act of 1934 as amended and Section 1350 of Chapter 63 of Title 18 of the United States Code\n", "q10k_tbl_58": "*\t32.2\tCertification of Chief Financial Officer of WEX INC. pursuant to Rule 13a-14(b) promulgated under the Securities Certification of Chief Financial Officer of WEX INC. pursuant to Rule 13a-14(b) promulgated under the Securities Exchange Act of 1934 as amended and Section 1350 of Chapter 63 of Title 18 of the United States Code Act of 1934 as amended and Section 1350 of Chapter 63 of Title 18 of the United States Code\n*\t101.INS\tInline XBRL Instance Document\n*\t101.SCH\tInline XBRL Taxonomy Extension Schema Document\n*\t101.CAL\tInline XBRL Taxonomy Calculation Linkbase Document\n*\t101.LAB\tInline XBRL Taxonomy Label Linkbase Document\n*\t101.PRE\tInline XBRL Taxonomy Presentation Linkbase Document\n*\t101.DEF\tInline XBRL Taxonomy Extension Definition Linkbase Document\n*\t104\tCover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101)\n"}{"bs": "q10k_tbl_5", "is": "q10k_tbl_3", "cf": "q10k_tbl_8"}None
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number: 001-32426
WEX Inc.
(Exact name of registrant as specified in its charter)
Delaware
01-0526993
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
1 Hancock St.,
Portland,
ME
04101
(Address of principal executive offices)
(Zip Code)
(207) 773–8171
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.01 par value
WEX
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒Yes☐ No
Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S–T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒Yes☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b–2 of the Exchange Act.
Large Accelerated Filer
☒
Accelerated Filer
☐
Non-accelerated Filer
☐
Smaller Reporting Company
☐
Emerging Growth Company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b–2 of the Exchange Act).
☐Yes ☒ No
Number of shares of common stock outstanding as of October 29, 2020 was 44,130,035.
Unless otherwise indicated or required by the context, the terms “we,” “us,” “our,” “WEX,” or the “Company,” in this
Quarterly Report on Form 10–Q mean WEX Inc. and all of its subsidiaries that are consolidated under Generally Accepted Accounting Principles in the United States.
FORWARD–LOOKING STATEMENTS
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for statements that are forward-looking and are not statements of historical facts. This Quarterly Report includes forward-looking statements including, but not limited to, statements about management’s plan and goals. Any statements in this Quarterly Report that are not statements of historical facts are forward-looking statements. When used in this Quarterly Report, the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. Forward-looking statements relate to our future plans, objectives, expectations and intentions and are not historical facts and accordingly involve known and unknown risks and uncertainties and other factors that may cause the actual results or performance to be materially different from future results or performance expressed or implied by these forward-looking statements. The following factors, among others, could cause actual results to differ materially from those contained in forward-looking statements made in this Quarterly Report and in oral statements made by our authorized officers:
•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 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, including the impact of any continued reductions in fuel price and the resulting impact on our revenues and net income;
•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 failure to complete or successfully integrate the Company’s acquisitions;
•the ability to realize anticipated synergies and cost savings;
•unexpected costs, charges or expenses resulting from an acquisition;
•the Company’s failure to successfully acquire, integrate, operate and expand commercial fuel card programs;
•the 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 commercial 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 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’s industrial bank, the Company as the corporate parent or other subsidiaries or affiliates;
•legal, political and economic uncertainty surrounding the United Kingdom’s departure from the European Union;
•the impact of the transition from LIBOR as a global benchmark to a replacement rate;
•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 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;
•the incurrence of impairment charges if our assessment of the fair value of certain reporting units changes;
•the uncertainties of litigation, including the legal proceedings with respect to the purchase agreement relating to the proposed eNett and Optal acquisition; 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, 2019 and our Form 10-Qs for the quarters ended March 31, 2020 and June 30, 2020, filed respectively with the Securities and Exchange Commission on February 28, 2020, May 11, 2020, and August 5, 2020.
Our forward-looking statements and these factors 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 the initial filing of this Quarterly Report and undue reliance should not be placed on these statements. We disclaim any obligation to update any forward-looking statements as a result of new information, future events or otherwise.
The acronyms and abbreviations identified below are used in this Quarterly Report, including the unaudited condensed consolidated financial statements and the notes thereto. The following is provided to aid the reader and provide a reference point when reviewing this Quarterly Report.
2016 Credit Agreement
Credit agreement entered into on July 1, 2016, as amended from time to time, by and among the Company and certain of its subsidiaries, as borrowers, WEX Card Holding Australia Pty Ltd., as designated borrower, and Bank of America, N.A., as administrative agent on behalf of the lenders.
Adjusted net income or (“ANI”)
A non-GAAP measure that adjusts net income attributable to shareholders to exclude unrealized gains and losses on financial instruments, net foreign currency remeasurement gains and losses, acquisition-related intangible amortization, other acquisition and divestiture related items, loss on sale of subsidiary, stock-based compensation, other costs, debt restructuring and debt issuance cost amortization, adjustments attributed to our non-controlling interests and certain tax related items.
Accounting Standards Update No. 2014–09 Revenue from Contracts with Customers (Topic 606)
Australian Securitization Subsidiary
Southern Cross WEX 2015–1 Trust, a special purpose entity consolidated by the Company
B2B
Business-to-business
CODM
Chief operating decision maker
Company
WEX Inc. and all entities included in the unaudited condensed consolidated financial statements
Convertible Notes
Convertible senior unsecured notes due on July 15, 2027 in an aggregate principal amount of $310 million with a 6.5 percent interest rate, issued July 1, 2020
COVID-19 or (“coronavirus”)
An infectious disease caused by the SARS-CoV-2 virus. The World Health Organization declared the coronavirus outbreak a global pandemic on March 11, 2020.
Discovery Benefits
Discovery Benefits, Inc.
EBITDA
A non-GAAP measure that adjusts income before income taxes to exclude interest, depreciation and amortization
eNett
eNett International (Jersey) Limited
European Securitization Subsidiary
Gorham Trade Finance B.V., a special purpose entity consolidated by the Company
FASB
Financial Accounting Standards Board
FDIC
Federal Deposit Insurance Corporation
GAAP
Generally Accepted Accounting Principles in the United States
Go Fuel Card
A European Fleet business acquired from EG Group on July 1, 2019
ICS
Insured Cash Sweep
Indenture
The Notes were issued pursuant to an indenture dated as of January 30, 2013 among the Company, the guarantors listed therein, and The Bank of New York Mellon Trust Company, N.A., as trustee
NAV
Net asset value
Net payment processing rate
The percentage of the dollar value of each payment processing transaction that the Company records as revenue from merchants less certain discounts given to customers and network fees
Notes
$400 million notes with a 4.75 percent fixed rate, issued on January 30, 2013
Noventis
Noventis, Inc.
NYSE
New York Stock Exchange
Optal
Optal Limited
Pavestone Capital or (“Pavestone”)
Pavestone Capital, LLC
Payment processing fuel spend
Total dollar value of the fuel purchased by fleets that have a payment processing relationship with the Company
Payment processing transactions
Total number of purchases made by fleets that have a payment processing relationship with the Company, where the Company maintains the receivable for total purchase
Payment solutions purchase volume
Total dollar value of all WEX-issued transactions that use WEX corporate card products and virtual card products
Purchase volume
Total dollar value of all transactions in the Health and Employee Benefit Solutions segment where interchange is earned by the Company
Redeemable non-controlling interest
The portion of the U.S. Health business’ net assets owned by a non-controlling interest subject to redemption rights held by the non-controlling interest
SaaS
Software-as-a-service
SEC
Securities and Exchange Commission
Segment adjusted operating income
A non-GAAP measure that adjusts operating income to exclude specified items that the Company’s management excludes in evaluating segment performance, including unallocated corporate expenses, acquisition and divestiture related expenses and adjustments including the amortization of purchased intangibles, loss on sale of subsidiary, debt restructuring costs, the expense associated with stock-based compensation and other costs.
U.S. Health business
WEX Health and Discovery Benefits, collectively
WEX Latin America
UNIK S.A., the Company’s Brazilian subsidiary is branded WEX Latin America. This subsidiary was sold on September 30, 2020
WEX
WEX Inc.
WEX Europe Services
A European Fleet business acquired by the Company from ExxonMobil on December 1, 2014
WEX Health
Legacy healthcare operations prior to the acquisition of Discovery Benefits
Accounts receivable (net of allowances of $54,265 in 2020 and $52,274 in 2019)
2,151,741
2,661,108
Securitized accounts receivable, restricted
97,522
112,192
Prepaid expenses and other current assets
66,589
87,694
Total current assets
4,031,089
3,842,375
Property, equipment and capitalized software (net of accumulated depreciation of $407,081 in 2020 and $344,212 in 2019)
193,165
212,475
Goodwill
2,431,147
2,441,201
Other intangible assets (net of accumulated amortization of $785,162 in 2020 and $666,793 in 2019)
1,444,696
1,575,050
Investment securities
31,259
30,460
Deferred income taxes, net
8,514
12,833
Other assets
174,042
184,024
Total assets
$
8,313,912
$
8,298,418
Liabilities and Stockholders’ Equity
Accounts payable
$
893,766
$
969,816
Accrued expenses
322,388
315,642
Restricted cash payable
193,615
170,449
Short-term deposits
1,080,136
1,310,813
Short-term debt, net
127,084
248,531
Other current liabilities
55,420
34,692
Total current liabilities
2,672,409
3,049,943
Long-term debt, net
2,879,474
2,686,513
Long-term deposits
211,775
143,399
Deferred income taxes, net
211,555
218,740
Other liabilities
134,476
106,422
Total liabilities
6,109,689
6,205,017
Commitments and contingencies (Note 16)
Redeemable non-controlling interest
107,220
156,879
Stockholders’ Equity
Common stock $0.01 par value; 175,000 shares authorized; 48,550 shares issued in 2020 and 47,749 in 2019; 44,122 shares outstanding in 2020 and 43,321 in 2019
485
477
Additional paid-in capital
848,684
675,060
Retained earnings
1,521,176
1,539,201
Accumulated other comprehensive loss
(113,073)
(115,449)
Treasury stock at cost; 4,428 shares in 2020 and 2019
(172,342)
(172,342)
Total WEX Inc. stockholders’ equity
2,084,930
1,926,947
Non-controlling interest
12,073
9,575
Total stockholders’ equity
2,097,003
1,936,522
Total liabilities and stockholders’ equity
$
8,313,912
$
8,298,418
See notes to unaudited condensed consolidated financial statements.