WEX (WEX) The 44th Annual William Blair Growth Stock Conference summary

Business strategy and market focus

• Aims to simplify business operations by removing complexity for clients of all sizes.

• Operates a scalable global commerce platform, offering personalized solutions and seamless integration.

• Leverages data and insights to create unique products and enable intelligent customer decisions.

• Distributes products through direct sales and diverse partner channels across multiple verticals.

• Focuses on recurring revenue streams and network effects to drive predictability and innovation.

Financial performance and growth targets

• Achieved 8% revenue growth and 9% adjusted net income growth in 2023, demonstrating resilience.

• Excluding fuel and FX, revenue grew 13% in 2023 and 10% in Q1, despite challenging macro conditions.

• Long-term targets: 8%-12% organic growth, 10%-15% total growth, and 15%-20% earnings growth.

• Mobility, Corporate Payments, and Benefits segments have shown strong historical growth rates.

• Over 50% of leads now come through digital channels, supporting scalable growth.

Product innovation and customer solutions

• Expanded product offerings to allow purchases beyond fuel, integrating with Mastercard's network.

• Launched new products for EV and ICE vehicle integration, at-home reimbursement, and depot charging.

• Subscription-based models and data integration enhance customer value and operational efficiency.

• Focused on solving customer problems in mobility, payments, and benefits with tailored solutions.

• Early adoption trends seen in government and large fleets for new mobility products.