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WEX, Inc. (NYSE:WEX)

JPMorgan Global Technology, Media and Telecom Conference Call

May 14, 2013, 09:20 am ET

Executives

Mike Dubyak - Chairman & CEO

Melissa Smith - President

Steve Elder - CFO

Analysts

Tien-tsin Huang - JPMorgan

Tien-tsin Huang - JPMorgan

Thanks everybody for joining us. My name is Tien-tsin Huang; I cover Computer Services and IT Consulting; very excited to have with WEX with the (inaudible) guys. I’ll try real hard to not call this Wright Express with the name change, but from WEX we've got the whole crew here actually. We’ve got Mike Dubyak, who is the Chairman and CEO; Melissa Smith, have also Melissa Smith here. She is the President and I guess CEO in waiting. We can call it that and of course Steve Elder as well from the CFO; Mickey Thomas here as well from the Investor Relations.

So like the other sections we're going to do fireside chat, I'll leave that with definitely sometime for questions. We also have this ask a question portal, I wanted to advertise to you guys, so that you can ping us on the iPad app and I'll do my best to figure out how to work it.

So with that, maybe, we can just start, obviously no slides here. Mike and team, maybe just give us a quick commercial of the company, your target markets, how big the markets are, you share your customers anything critical from Q1 and then we can go into more specific questions after that.

Mike Dubyak

As you know, WEX is in corporate payment solutions, physical and virtual cards that we supply for different types of verticals; a leader in North American fleet, also a leader in the Australian market and fleet. We also have a virtual product where we are a leader in the OTA, the online travel programs with hotel opportunities with a number of different people. We’ve entered with that virtual card into other verticals, education, insurance and last year in to healthcare. Our revenues over the last five years, if you look at our CAGR is 13%, has been our growth rates on revenues 17% on our adjusted net income. We will talk more about our different pieces of business, but today its 70s, or I should say last year 76% of our business was fleet related in terms of revenue, 24% was other corporate payment solutions which we will talk about.

Target markets, in the U.S. we have approximately 14% market share, there is about 41 million commercial vehicles, so we are little over 5.5 million of those vehicles. We service the entire segments of the markets small, medium and large fleets. On the large side, if you looked at over 500 vehicle fleets, we have 60% of the market, either through our direct sales, we are up on our direct program or through our partnerships within agent leasing companies, but we also cover the small end of the market primarily through our private label programs with some of the oil companies as well as our own inside sales organization. That piece of the market is well under-penetrated, so I would say that our competition there is mostly general purpose cards and cash not necessarily other fleet card providers.

Our key customers, people like the GSAs, our largest customer on the commercial side, AT&T is our largest customer; I talked about leasing companies, we have six of the largest leasing companies that partner with us to basically use the fleet card and provide that as a service to their lease customers. We also have 20 private label relationships, these are with oil companies that basically go after small businesses around their service stations and we lock them in with our program.

In Australia, we have about 10% market share; Australia is about 10% of the U.S. market, so about 4 million vehicles to the 41 million vehicles in the U.S. and we get about 10% market share in terms of vehicles. The program down there, when we bought it was primarily focused on small businesses, so it's a distributed kind of customer base, three to five vehicles on average, we have been moving up market working with larger customers, bringing some of our expertise from the U.S. to that market and now working even with some of the leasing companies down there.

And then if we look at our virtual program, our virtual program today covers the U.S., but about a third of our spend on the virtual card travel business is outside of the U.S. If we look at the total market that we are looking at it in terms of the addressable market, it is about $72 billion of spend across the areas that we are focusing on. If you look at what we did last year about $8.5 billion on just the online travel virtual program that gives us about a 12% market share in that business and we will talk more about the investments we are making there.

We are also entering the healthcare market, so if you look at healthcare overall there is about $2.8 trillion spend, but if we look at the market that we are more focused on and we are still refining, it’s about $800 billion that we believe our virtual card has an opportunity to play into and we have two customers today in that space. So that is kind of the overview of the company and kind of where we are focused, some of the key customers.

Tien-tsin Huang - JPMorgan

That is great, overview Mike. So maybe just if I can dig a little bit more here, again a pretty solid view of the economy maybe you can just give us a quick look on what you are seeing on the ground, if you could separate it between United States and the rest of the world?

Mike Dubyak

Yeah, in U.S. we look at our same store sales, our existing customers since we have over 500,000 fleet customers that we service, so we have a good view of SiC codes across a number of those. We saw for the first time in two years in the first quarter that same-store sales actually increased very slightly two-tenths of a percent, but it was an increase over the last quarter and we actually saw strong growth in construction and business services, so that was the two biggest increases even though business services were still down year-over-year they had a significant increase from the fourth quarter where they were down pretty significantly. So in the U.S. it’s not robust, but we are at least seeing positive trends and we saw April pretty much holding up again with positive volumes and transactions against the previous year.

In Australia, the market has been pretty strong down there, but lately it’s been softening a little bit, still a good economy. Actually last year our transactions growth down there on our fleet card was 6.4% indicative of the fact that it was higher than our US transaction growth showing a stronger market in Australia. And when you talk about virtual travel that's such an emerging market it’s really hard to talk about trends on that, but we are still seeing people adopting virtual travel. We are seeing countries now starting to have different players get into the online travel business.

Tien-tsin Huang - JPMorgan

So maybe let's just dig into the business a little bit. You know part of the question I get the most is you've cut guidance of both quarters now in a row, can you just walk us through the big factors that drove those cuts and maybe you can just walk through those whether in terms of size or what have you and drill down a little bit further from there?

Mike Dubyak

Sure. And I will let Steve sign in if you like as well. First of all, the fundamentals of the business are very strong so we had a good first quarter. We actually beat our expectations in guidance. We beat the Street consensus so we thought good about the first quarter. If you look at our pipeline across our business, they are extremely strong. We have three acquisitions last year so we are seeing the benefits of that payoff as well and so both organically and inorganically seeing strength in the business. Street and WEX were pretty much aligned except for some of the things that happened so far during this year. We did a bond placement in January, $400 million at 4.75% so that had a $0.25 impact on EPS, but we think we timed it right. We also look at that as giving us more dry powder for M&A opportunities in the future. And that's a 10-year bond placement.

We also had the acquisition of Fleet One so we talked about $0.09 in terms of Fleet One integration costs that were something we talked about when we bought the company so it wasn't news just we quantified that as well in the first quarter and that will be throughout the year. And then this last earnings call we talked about two other factors that affected us; price of gas which we always adjust up or down based on what their futures curve looks like and that was a $0.07 to $0.08 impact in terms of earnings per share and then the merchant settlement in terms of the lawsuit that's out there with Visa and MasterCard everybody has known about that and it looks like that's imminent which will start in August so that took another $0.07 or $0.08 out of our earnings. So those were the different changes.

The other change we had we talked about an investment in our virtual card. So as we have done research across the globe we said we really want to be aggressive. We look at acquisitions, but in some cases we are going to be building our way into these countries; Brazil’s been one. We can talk more about that. The European, Western European markets; Australia and then parts of Southeast Asia as well have been markets we've been focusing on through the research we've done and now trying to get into those countries with online travel for both our current customers and our international as well as starting to service new customers in those markets.

Tien-tsin Huang - JPMorgan

Yes; it sounds like sticking with the virtual card investment you know we like the organic investment there, but what's been the feedback so far from people on the ground, how quickly can that grow; obviously I know there's a new market, so does it sound like there's a lot to buy and correct me if I'm wrong so what's the plan sort of to grow on the ground there?

Mike Dubyak

Yeah, so in the European market we did buy a small asset in the UK that had a prepaid virtual product; so we are leveraging both credit and prepaid in the European market, because there are some odd, there are some airline carriers that were on prepaid. So we now have online travel companies that we signed in the UK. We talked on our last call about signing two in Spain. We now can issue our virtual card in Spain, France and the UK, Grupo and Globalia with the two companies we announced in Spain. That will be online travel companies within company.

We also announced recently that in Brazil, if you know last year we announced a joint venture with the [Unique]. We owned 51% of the company. Unique is now going to be an issuer of MasterCard’s in the marketplace in Brazil. So we now can leverage that issuing capability to provide online travel again to current customers that are in Brazil as well as now looking at expanding with online travel companies within country. Company called right Focus Research Group is saying Brazil is one of the strongest growth markets for online travel in the future. So we think we're well positioned there.

And then in Australia, we talked about some wins there with people like Webjet, either between signings or in our pipeline that we believe we're going to sign in the next six months. We got four out of the top five travel companies in Australia. So based on that success, that's when we said we're going to continue to make investments and now we're looking at Asia Pac. So we've a virtual office there basically and we're looking at Singapore, Hong Kong and Thailand as other countries to expand in Asia Pac with our online travel company, looking for the same benefits of serving our international customers but also then looking at online travel companies within country that we can sign over time.

Tien-tsin Huang

Okay. And to be clear, the 72 billion that you threw out earlier, that’s the market size that you’re going after for this?

Mike Dubyak

That's right, the markets that we're looking at.

Tien-tsin Huang

Just a follow-up on the bond deal, I get this question a lot. I know obviously the lock in rates there, are there some chunky acquisitions out there that you are looking at potentially doing, what's the thinking in [molding] up now?

Mike Dubyak

Yes, there is no doubt that with the capability between the bond and our other facility, we have got $1.4 billion, so our pipelines are strong, we are looking at some opportunities which can’t see anymore than we’re aggressive and looking at those in marketplace.

Tien-tsin Huang

Okay. I guess, I ask because your rival FleetCor has been enjoying some pretty fast growth and they are getting a premium valuation now, they have been talking about doing a lot of acquisitions growing inorganically. What are you doing differently from FleetCor and I am curious does it in any way change your thinking on growth and your strategy and how you approach the business?

Mike Dubyak

Well, we did three acquisitions last year, we are saying our pipelines are strong, so we feel good about what we are doing to really look at our strategy lens and say what do we want to do to really grow on the fleet side and the virtual side. So we think we have opportunities in Asia Pac and Europe o the fleet side. We have pulling out as many opportunities on the virtual side, but there are some when we did the joint venture with [Unique], which gets us into some of those markets. So I think it's going to be a combination of still looking at our marketplaces some organics, some de novo builds and some through acquisitions to really accelerate or allow us to enter some of these other markets. Our focus has been to build long-term relationship with partnerships. So we treat the customer in the partner at I think with high levels of customer satisfaction and that’s why I think we get a lot of partners on the fleet side, even on the online travel side that like to be partners of WEX.

Tien-tsin Huang

So let’s talk about pipeline a little bit more and I know your second half guidance sort of implies bigger than usual ramp up versus the first half of year at least looking to back in history, how much visibility do you have in that second half revenue ramp and what sort of known and large that you can maybe remind us of that will feed into that build up?

Mike Dubyak

I will give an overview of kind of what that means to us and let Melissa talk a little bit more about the specifics. In the last four years, 54% of our earnings came in the second half of the year, so this year it is about 55%, so it is not unusual to say that we are always looking more ramp in the second half of the year versus the first half of the year. So it is through some of the new customers. What's in the pipeline, we had a very strong year last year. In the U.S. alone, we brought in 600,000 new vehicles. In Australia we brought in 50,000 new vehicles. So we are starting to see that help us repeat partners we signed as well, but it’s all of that kind of coming to fruition in the second half of 2013. Now let Melissa give you some more flavor.

Melissa Smith

Yeah, just to give you some of the specific samples of that. If you look at some of the portfolios that we added and Mike said we had 600,000 vehicles added last year and then what happens with our business as you see very little ramp when you sign the piece of business and you see the impact of that largely six months later or a little bit later on. And so what we are really seeing is the impact of signing the USDA which we did earlier this year. Marathon, you can kind of run through the list of pretty large accounts that are depending in our pipelines that we just closed relatively recently.

Tien-tsin Huang

Like I said, I know that fundamentally we guys have done a good job on the guidance so if you could just question that out. I want to open it up to the audience, but let me just ask couple other questions before we do that. Just Mike with you stepping out obviously the stock has done great since the IPO, I am curious how active you plan to be as Executive Chairman when you step into that role when we turned the calendar year?

Mike Dubyak

So I’ll say first of all this has been in my mind a well planned transition, so it’s been going on with the board for a number of years, and you want the business to be in the good place, you want someone who can step into the position of taking over and some of the reins over time. I think the business fundamentally is in a great place. Melissa has taken on progressively more responsibility over time and keeps distinguishing herself, so I think from that perspective it all feels really good.

Fundamentally as she takes over now as President and CEO, she will be running the business. I think where she needs me in terms of major partners and customers to help in any of those relationships, if it’s key investors, if it’s working with piece of our strategy, M&A opportunities, I will make myself available, anyway I can, I will be working with the board on some ideas of with our emerging big trends that could be also affecting us long term and trying to help between some of the research and what we can look at and who we can talk to in those markets to see what impact it might have on WEX. So some of that will still be defined, but I think fundamentally you have to say she is going to be really driving the company and I will be there for anything that she needs and what the company needs to make sure we have a smooth transition and helping anyway I can.

Tien-tsin Huang

And Melissa I guess just to bring you in on that, we know, we know each other for long time with you as a CFO previously, what do you think you will do differently, can you give us a little bit of a preview of how you might approach the business differently from Mike?

Melissa Smith

Yeah, I would start with echoing what Mike said, it’s a great time in the company. We think about all of the opportunities that we have. In most places our market share is 12% -- 10%, 12%, 13% so a lot of tremendous opportunities for growth. And I've been highly integrated in coming up with the strategic plans that we've done over the last several years. And we are talking about the areas we wanted to invest or places that we wanted to stay focused, that's something we've been working on collectively.

So I think now is the time to just really make sure that we are maximizing the investments that we've made and that we are seeking the benefit of that and we are starting to see that with virtual cards with some of these new countries that we are in and we are starting to see pipeline selling, sales opportunities selling. So that's really giving us a global platform where we can move into different marketplace, have physical presence through the virtual card and then be able to expand out in some of our other product offerings. So I think that it’s really more making sure that we are realizing the foundation that we've set in place than really large changes.

Mike Dubyak

So let's open it up to the audience. If there are any questions, please you don't mind stepping up to the mic or we are going to repeat the question.

Question-and-Answer Session

Unidentified Analyst

I'm near to the story, so it'd be great if you could just help me think about the core fleet business in the US and in particular probably not best to look at it now. So if you looked at the large fleets, medium fleets and small fleets you can talk about the growth opportunities in each or the growth characteristics of each and then relative market share, is it a very competitive market, is it you know not so competitive, etcetera?

Mike Dubyak

So if you look at the total market it’s $41 million commercial vehicles. And if you picture a pyramid, in the top of the pyramid it would be large fleets and then midsized fleets and small fleets, of the 41 million, over 30 million are small fleets, less than 50 vehicles, so that's the underpenetrated piece where we don't really running and bumping to a lot of our competitors. We bump into some of the oil companies but it’s mostly as I said cash and general purpose car. So there what is your acquisition model to get to that effectively and productively.

As you move to the mid part of the market, we start to see more of the oil companies and core a little bit in that marketplace. So there you are taking market share typically from other fleet car providers which we've done successfully, 600,000 vehicles in the US last year. And then on top of the pyramid the large fleets, again it’s combat voyager or primarily voyager owned by US bank is in that space. So again it’s market share that we are taking from others and again we've done that successfully over the last couple of years consistently.

And then there is the over the road, so we entered the over the road, kind of a separate market because it's really kind of different products, but that marketplace really the over the road long haul truckers, and we entered that, we were trying to build our way in but we bought a company last year called Fleet One. There was a scarcity of assets. So we decided to buy this asset. So that gives us now the presence in that market. It also gives us the ability to service mixed fleet. So if the fleets have vans and automobiles that they you use in their business and they have heavy trucks, we now have that ability to service those mixed fleets.

Our leasing partners are leasing more and more to heavy truck over the road customers. So now we can service that piece of the business with, the GEs of the world and the leased plants, and the enterprises and the ARIs. So it just also gives us the ability to be a one-stop shop regardless of the size of the vehicle.

Tien-tsin Huang - JPMorgan

(Inaudible)

Mike Dubyak

Yeah, the best that I can say is the whole industry is growing in low single digit numbers and that's taking it all together.

Unidentified Analyst

(Inaudible)

Mike Dubyak

Not necessarily, but I'd say the large fleets possibly could be growing slower only because they're going to be adopting new efficient vehicles sooner than if you will a small business will.

Tien-tsin Huang - JPMorgan

Any other questions? I have one in the -- oh, go ahead.

Unidentified Analyst

Talking about the healthcare segment, [virtual cards] through -- what are the prudence of the if you look at that -- going, you've made an acquisition (Inaudible) in terms of investment in (Inaudible)

Mike Dubyak

Again, for the audience, question was on healthcare, what do you need to do grow that faster, what's the growth plan there et cetera?

Melissa Smith

So one of the ways that the virtual card really plays, well is when you're in a highly fragmented marketplace where there is already adoption of a credit card and for us, part of what we were interested in healthcare, you would get just the market size right to 0.8 trillion as Mike said before. But beyond that you've got a lot of change in that part of the marketplace right now with all the regulations that are moving down. And so there is much more interest in attaching information associated with the payment, things like being able to track what's the effectiveness of the actual result of a procedure, being able to compare where you have to people performing similar type of procedures within a geographic region at different price points.

So the lot of information that's really becoming more and more relevant. So what we decided to do initially is to start with clearing houses and we have a relationship with a company called (Inaudible) so it wasn't an acquisition they're standalone company, but it operates in a partnerships similar to like Mike was talking about the leasing companies we've seen on the fleet part of our business, where they are actually -- have relationships already with healthcare providers, and insurance companies and they are using our payment in order to help eliminate some of the costs that they have in making a payment on behalf of their customers. And so they're in the marketplace they're selling our joint product to their customer base and that's actually been working, we've got business that we've rolled over into our portfolio as a result.

We've also looked at other clearing houses other [TPAs] other people that are included in the market, that are interested in electronic payments. And so those are the type of businesses that are in our pipelines now. So we intend to add business through lease partners and then organically, on our own.

And then stepping back more broadly looking at the market, initially it's going through when making a payment and really just showing the cost savings especially with that and longer term that we're working with these partners on how do you collect, some of that information and make that payment even more meaningful over time. And that piece I'd say is more in the research stage for us. So the business has kicked off, it's going slow, I think that some of these companies are slow adaptors into the marketplace, but we are seeing business convert and we see a huge a market opportunity overtime.

Tien-tsin Huang - JPMorgan

Alright we have a question from the portal, maybe for Steve Elder, how do you fund your receivables?

Steve Elder

Oh, great question, we years ago, probably 13-14 years ago, we set up a bank subsidiary and they are the primary issuer in the U.S., and they have probably about $1.5 billion worth the receivables at the end of the quarter this year. We use certificates of deposits as a primary means, so as bank they're able to take in deposits and use brokers to gather those deposits.

We also about a year ago now entered into relationship with Higher One, company who may or may not be here probably are, but they are a prepaid program for college students, students get their aid in they will take the proceeds that have put on a prepaid card for them. So we're the issuer of that card as well. So we're taking in those deposits, as a prepaid issuer now that's a very low cost source of funds for us and those are the two primary methods. So the bank also has lines of credit with other banks to borrow one on a Fed funds basis for any overnight swings, but at this point, it's basically the Higher One program and certificates of deposit.

Tien-tsin Huang - JPMorgan

Okay, great. Any others, yeah please.

Unidentified Analyst

That's actually a perfect introduction to my question which was, how are you thinking about [debt] financing vehicles, some of your big competitors do it differently and right now obviously interest rates are really low so that's a great financing situation for you. But everybody keeps watching the Fed and wondering when those rates will move up, some think it's going to be a long time, some think sooner, but how do you think about that, how could that move things for you cost wise? And what would potentially drive you to think differently about using the bank and perhaps going into the securitization market?

Steve Elder

The bank is actually an excellent vehicle for financing receivables. When you look at and we compare securitization facilities probably every 18 months or so to make sure that it is the right method for us to be using because we have a portfolio of receivables that people would love to securitize. It's very diverse, it's small balances, low loss rates, all kinds of great characteristics for the securitization marketplace.

And when you look at it on a drawn basis the actual interest rates you're paying the securitization market would be about equivalent to a CD. Right so it's not a lot different, with a real magic if the bank happen is in two places, one is the Higher One program that we just brought on is the issuer of these cards and taking on those deposits that's a almost no cost source of funds for us right now, it could go, it could have some in the future as interest rates rise, but at this point essentially no cost to us.

So no securitization facility is ever going to beat that. The other -- and we can expand that to other relationships too if we so choose. The other thing that the bank brings you is a tremendous amount of flexibility. So if you go back to 2008, we had a balance sheet that went from $1.5 billion of receivables down to probably half of that amount in six months.

If you're in a securitization facility you have to plan for some of those swings, and you have to have a significant amount of excess capacity and it's the cost of that excess capacity that is what makes the securitization facility not as attractive to us. Our bank is able to flex up and down with their earnings. So yes they need to keep more capital it comes through earnings but you don't need to pay the unused fee or that excess fees in securitization so that that's what makes the difference.

Tien-tsin Huang - JPMorgan

Rates rise. Please refresh me on what that means relative to your cost of funds and how you recover that and why we don't expect that to create margin compression when it does happen.

Mike Dubyak

Well interest rates today are all in probably less than 40 basis points so yes it is very low cost. At this point certificates of deposit have a duration to them so the first thing you can do is extend out that duration. We're probably, right now weighted average above six months remaining. We can make that longer, CDs have a term to them. So if we see interest rates rising, we can begin to walk in longer terms.

The second thing is and those rates will eventually, we can walk in longer terms but if it's three years, five years, eight years, those will eventually, those higher rates will catch up with our CD portfolio. But on the higher one program again that's essentially no cost to that program. So you can take in more programs like that and essentially eliminate almost the interest costs associated with that. It comes with lots of other issues in terms of the issuing and the work you have to do there, but you can remove the interest risk that way.

Steve Elder

We are also having embedded in some of the oils that have interest rates get to a certain point then it also affects the rate. It has to get at a higher level but at least with some of those oils, you know we have that ability.

Tien-tsin Huang - JPMorgan

We have time for one more question, maybe I get you -- oh, go ahead, I'm sorry.

Unidentified Analyst

I was wondering if you could just explain the relationship (Inaudible) of your business, as it kind of a (Inaudible) with certain names (Inaudible).

Tien-tsin Huang - JPMorgan

Yeah, question was on, I guess fuel price volatility.

Mike Dubyak

Yeah, so our volatility comes because we earn percentage based fees on transactions from the oil merchants. So it's the retail price of fuel in terms of percentage based fees how we earn our revenue. So as fuel prices go up and down, our revenues are going to go up and down. The sensitivity is for a $0.10 change in fuel prices for a full-year. That's about $7.8 million impact to revenue.

We do have a couple of costs that will vary. So the operating interest costs to fund the transaction, product losses associated with people that don't pay us. You know, rule of the thumb is about 90% of that will follow then operating income. It's probably a little bit higher than that right now with the low loss rates, and the low interest rate environment but a lot of that does fall through to operating income. We hedged that exposure for 60% of our earnings exposure related to fuel prices. So there's an offset that way as well.

Tien-tsin Huang - JPMorgan

Right, terrific. I guess we'll stop there. Appreciate you guys being here. Thanks again for making the trip.

Mike Dubyak

Okay, thank you.

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