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Executives

Mike Dubyak - Chairman, President and CEO

Steve Elder - SVP and CFO

Micky Thomas - IR

Analysts

[Unidentified Analyst]

Wright Express Corporation (WXS) 40th Annual J.P. Morgan Global Technology, Media and Telecom Conference May 16, 2012 4:10 PM ET

Unidentified Analyst

All right thanks. It’s our last presentation of the day. A fun one. Wright Express, leading fleet fuel card company that’s got a lot of non-fuel business has been growing very, very rapidly. So hoping to pick the company’s brain on that. So from the company we’ve got Mike Dubyak who is the CEO, Chairman and President of the company. We’ve got Steve Elder as well, CFO. We’ve got Micky Thomas in the room as well, investor relations. So just want to make sure we acknowledge everyone. And we’re just going to be fireside chat again if that’s okay.

Mike Dubyak

Fine.

Unidentified Analyst

And maybe just start out with the same question I ask you every year, which what’s going on with the Mcgraw (ph), what’s happening on the ground, maybe if you can just update everyone on what you are seeing.

Mike Dubyak

As you know we have our fleet business which gives us a lot of insight to over 285,000 accounts in the U.S. On that side of the business, we’re seeing just kind of stable growth from the existing customers which we call same-store sales as well. I think we’ve been saying it’s flat to slightly down, so a little bit below the GDP, seeing some strength in, if there are some SICs that are expanding a little bit, it’s in the construction area, manufacturing and transportation. But the rest of the SICs are down.

On a regional basis, we see strength in the southwest, probably not surprising with oil and gas, and everything else is down. The northeast is probably doing the best of the other sectors but again slightly down. On the growth side, we still see, we’re taking market share and we are growing that side of the business. So we still see growth in our fleet card business both in the U.S. and Australia. On the kind of other payment solutions, we are very large with online travel, the Expedias, Pricelines and the Orbitzs. And we’ve seen good growth there. We talked about over 50% spend growth in the first quarter. We upped our trends of the rest of the year from 20% to 30% growth on spend to 25% to 35% growth just because we are seeing better trends in the first quarter.

And then we are expanding internationally. In the call, we couldn’t talk about it. We said we saw some opportunities with acquisitions. We’ve been aggressive trying to move our online travel vertical product to both the UK where we have signed two people and we feel very comfortable that we’re going to see some traction in Australia as well. And we then bought a company in the UK that allows us to get into the virtual card program but even with a prepaid product, not just our credit product. So seeing the growth in fleet, seeing the growth in other payments and seeing now further opportunities on the international side.

Unidentified Analyst

Good. That’s good to hear. So maybe just to a level set now versus where you typically see growth at mid-cycle for both the online travel business as well as your traditional fleet business. What sort of the normal growth for both that we’re looking at it at mid-cycle same store?

Mike Dubyak

Yeah, I think in the past, I mean, we don’t have great trends against previous recessions only because we were probably growing through it at that time. I think what we are seeing this time around, we would typically say that our same-store sales would pretty much track with GDP which didn’t happen in the first quarter. So I think we’re seeing some efficiencies played out in terms of fleet being smarter using GPS to try to be little bit more efficient in terms of their vehicle use. As they turn over vehicles, they’re probably buying more efficient vehicles, getting higher MPGs than the vehicles they turned in. So that’s probably why we are seeing kind of a flat versus the 2.2 GDP in the first quarter.

On the online travel, that one is hard to peg. Now I think if you look at the growth projections for people like Priceline or Expedia, it’s typically in the 10% range but with our program with hotels, there are still hotels not using cards today that are probably converting over and we’re getting some of that growth. There is also the fact that they continue to expand internationally and we are also getting some of that. So last year, I think there was $7.5 billion of spend with the online travel program, $2.5 billion of that was international and we’d like to believe that’s going to continue to expand.

Unidentified Analyst

I am asking because I am to trying to build back up to what your long term growth rates have been. Can you just remind us of your sort of long term revenue and –

Mike Dubyak

I think we can see existing customers start to grow again, we would say mid-single digit growth on the fleet side, so 5%, 6%, 7%, but we talked about the OTA being very different. So we still try to say overall that our business model should be about a 10% revenue grower and then more in the bottom line. If you look at the last five years, we’ve actually grown 14% in the revenue in terms of our five year CAGR, and 21% in terms of EPS growth.

Unidentified Analyst

I know your business model has changed a lot both through your diversification strategy as well as through some changes in your pricing. So how much of your business now is tied to fuel?

Steve Elder

It’s actually just – it’s probably less than most people think. It’s about half of the revenue overall is tied to fuel prices. Just a little bit less. And that’s really a reflection of the growth that we’ve had in the other payment solutions, the online travel vertical being the primary driver of that. But also some of the steps we’ve taken with merchants to move away from a purely percentage based fee to a more of a mixture of a percentage based fee plus transaction fees. So some changes in pricing there as well.

So if you actually go back and look, when we first came public seven years ago, our exposure is not really a lot different even though the company’s essentially doubled the size.

Unidentified Analyst

Right. So obviously you have the hedging strategy which gives you a lot of visibility into that, that piece of the business. I think you’ve said in the past that you got about $0.25 worth of earnings growth just from the change in the fuel spread.

Steve Elder

In this year, yeah, and that’s just really a function of we were able to lock in higher prices compared to last year. Absolutely. But the strategy around the hedging program is still the same. We’ve got a rolling strategy in place and our objective is to give some predictability and some visibility into what we are going to realize for fuel prices in what is otherwise a very predictable business. So we cover 80% of our earnings exposure domestically which will translate into about 65% to 70% of our worldwide fuel price exposure.

Unidentified Analyst

I guess the other piece – I guess the other variable to consider is the discount rate which I believe has some volatility with fuel prices. What’s the rule of thumb on that?

Steve Elder

Yeah with those changes in the merchant mix and how we charge the merchant, it’s put a little volatility into the rate that we report because we turn everything back into a percentage when we report it back out. So what you see is as fuel prices rise, the overall purchase volume on those transactions would go up all else being equal. And so those transaction fees remain stable. And so that makes the rate go down as fuel prices go up and it makes the rate go up as fuel prices go down. Sensitivity is about for every $0.10 change in fuel prices, you get just about a basis point change in our discount rate.

Unidentified Analyst

Okay. Just sticking with the discount rate, obviously we’ve gone through a lot of change with interchange unrelated to your business, with debit cards getting basically cut in half with interchange. Curious if there has been, Mike or Steve, any indirect impact or potential pricing pressure as you talk to merchants that are looking for better economics given what they are seeing with the debit cards and also understanding that your product is obviously very different?

Mike Dubyak

There is really no direct link but having said that, we also don’t see any pressure on the rates. There is – I think the oil companies up to the last price escalation in ’08, and we put in some of the hybrid structures, I think it’s very quiet on that front. It’s really consumer base and as you know we negotiate every rate with every one of the oil separately, it’s not like we’re setting a merchant category rate and it’s automatically changing us over time, right away negotiate eventually but there is nothing – there is no (indiscernible) going on with the merchants at this point.

Unidentified Analyst

So maybe talk about the deal pipeline, I know that’s been a big source of earnings accretion and upside for the company. How does fuel volatility, macro uncertainty, these kinds of things, does that increase the opportunity set for outsourcing deals that you can pursue and also M&A?

Mike Dubyak

I’d say on the outsourcing side, there is opportunities, they really are coming around more based on when their contracts are coming up for bid. So we are looking at those. There is a few in the pipeline, nothing that’s that large but still can move the needle a little bit. I’d say on the M&A side, we are trying to be very strategic in what our focus is to look at the deals that make sense against kind of the three areas we want to focus on at this fleet. That could be both domestic and international. If it would be in the kind of the virtual card space where we are doing very well, that’s why corporate pay made sense for us in the UK.

And then also looking at prepaid beyond virtual, we like what we are seeing in the prepaid with payroll in the U.S. and we think there’s other markets around the globe where that could make sense for us. So all three of those are what we are focusing. We try to do work on what markets in particular will we be looking at. The good news is some of that feedback at least on the OTA side has been the UK and Australia should be two markets we are focusing on, we are and that’s why I think we are seeing the traction in those markets in particular.

Unidentified Analyst

Do you prioritize any of those three, or rank them in any order –

Mike Dubyak

No, I think that we are looking at all three. We feel we have the capacity to be acquisitive. If we can find the right deals, we’ve got to get it over to the finish line, but I think we are staying pretty much strategic with those three opportunities because we think all three are good platforms for growth. they are proving out. Now it’s a matter of can we do some things to accelerate that growth which I think corporate pay provides for us in the European market, hopefully and beyond the UK market where they are today.

Unidentified Analyst

So let’s talk about corporate pay. That is obviously a new transaction, maybe just give us a feel for what attracted you to that as that what you’re doing (ph).

Mike Dubyak

Yeah, we have been doing a lot of work on the markets. We clearly are trying to move our intellectual property if you will into the markets like the UK and Australia, and we’ve been very clear on that. As we have been doing our work with people on the ground, we have found that in the UK market in particular, there is a prepaid virtual card market where the airlines for fee bases prefer to use a prepaid virtual card versus a credit virtual card, which is really what we do with Orbitzs and Pricelines with hotels. So the hotels probably still want to use a credit virtual product, where we can see airlines wanting to use a prepaid virtual card. We also see that their prepaid virtual product has moved them if you will down market into travel agencies and tour operators. So they have relationships with people like Thomas Cook that we don’t have in the U.S.

So we think it increases the addressable market both with now adding airlines into the mix and moving down market. And prepaid is much easier to stand up in other markets in Europe than say credit where there is more compliance requirements. So strategically from all the work we’ve done embedding this, we think it just gives us a platform to open the market up, really go in with both products, credit or prepaid virtual product and just have more of the market available to us in the UK and hopefully beyond the UK.

Unidentified Analyst

You gave a little bit of color on revenue earnings accretion. Can you just quickly go through that again?

Steve Elder

Yeah, it’s a relatively small company and you can infer that from the purchase price of just under $30 million. So just in general terms, I put in a $5 million to $10 million range last year. The company on a standalone basis is profitable. We gave guidance that the deal would be slightly dilutive. That’s really a reflection of the integration costs and the interest on the debt that we’re going to be incurring. So it’s actually a very well-run company in that they just started up three, four years ago and are turning a profit in a pretty competitive space. So to get reflection on the management team, we expect that will get some great things done in the future.

Unidentified Analyst

Just in general as we think about M&A and just organic deal wins, who do you – is the competitive landscape changing at all in terms of who else is bidding? Are you seeing more activity with private equity or non-traditional providers?

Mike Dubyak

I’d say it depends. So we’ve done six deals in five years, only one was a true process. I’d say we have in front of us a couple of processes that we may participate in and then there is a lot of things we are digging out based on again focus in the strategies of what we are looking to do. I think private equity is still involved but I think we should have an advantage if there is the right synergies as a strategic buyer against financial buyers like private equity.

Unidentified Analyst

So just remind us sort of the, from a size, your leverage, earnings accretion dilution, that kind of criteria, what are you looking for? Because it seems like there is some room to potentially do a larger deal to the extent that it comes through.

Mike Dubyak

Yeah, we’re clearly not just looking at small deals. So I think some of the things in the pipeline are larger. Today we are at about one time on our debt facility, our ratio today. We know we can probably absorb up to about three times, maybe a little over that if we can pay down pretty quickly to stay around the three times. So with the $900 million facility, we’ve got plenty of capacity to look at the number of deals.

Unidentified Analyst

How about just sticking with the capital, to the extent that some of these deals don’t come through, sort of buybacks et cetera, what’s the priority there?

Mike Dubyak

It still would be to pay down because we do think – still we’d say we’re optimistic about looking at some other opportunities that hopefully will materialize for sure.

Unidentified Analyst

Maybe I’ll stop there. We are halfway through. I have some other questions. But give the audience a chance to ask some questions if there are any.

Question-and-Answer Session

Unidentified Analyst

Just had a question about the acquisitions that you guys have completed and as you look at them prospectively, how long does it typically take to integrate some of these acquisitions? And given that you guys have been so acquisitive as you look at the five or six acquisitions you have done over the past few years, how confident are you that everything is actually fully integrated and everybody feels like they are part of the Wright Express team as opposed to just being individual parts, still separate companies which is under the Wright Express banner, how do you – what is the strategy for an integration I guess?

Mike Dubyak

Yeah and I think integration is both, as you’re kind of saying culturally as well as from a technical standpoint of either platforms or products. It’s a little easier if it’s kind of MasterCard or Visa product where you’re really riding their rails where versus the fleet program which is more problematic where if you’re really going into a close network, I think in a lot of cases, those technically are going to be tougher to integrate. We worked very hard on making sure we can put some expats into some of these operations to try to bring our culture. We think our culture defines and gives us an advantage in the marketplace with high levels of customer experience. We’d like to believe that’s working very well in the Australian acquisition in terms of putting some people there but also bringing best practices to them. They have been very small fleet focused, they are now moving up market, working with some of the leasing companies as we have done in the U.S. They’ve also put a sales force in place to be more aggressive and larger fleet.

So again learning from us and in that case of how do they take what we have been successful on in the U.S. and start to do that in their marketplace. The other acquisition we had was in New Zealand which was a platform. So again we put some expats down there that really kind of were the key drivers in the BP relationship which was the first customer base that we had, and we actually are doing development work both in New Zealand and in the U.S. kind of together so that we can have that redundancy built in. So that’s already in place today.

Unidentified Analyst

What about acquisitions was, when you look at the companies that you have acquired, what improvement in their financials have you have been able to drive above and beyond the natural growth that would have taken place in those businesses just by bringing your best practices and everything else into the fold?

Mike Dubyak

You have to look at them individually. I think the Australian business was already a pretty high margin business. I am not sure we’re going to necessarily improve the margins that much on that particular business, because again they have had their own closed network. And we haven’t done a lot to change that in effect.

On the payroll card business we bought in the U.S., they use a third party processor. So that’s a business we don’t process in-house today. So we will assess over time what’s the best way to attack that but it’s still kind of a standalone on a third party processor.

Unidentified Analyst

So maybe I will just continue on, just thinking about your deal proceeds, I think fleet course (ph) talked about a couple of partner RFPs that are out there. I am just curious given your reach, are there certain areas where you can’t actually bid on certain pieces of property or I am just trying to understand where your limitations are from a geographic standpoint in some of these regions?

Mike Dubyak

Well, I think the RFPs are primarily in the European market. We are there and we are talking and working with oils on a regular basis. Clearly if we start talking about Asia Pac, I think we are still in the early stage of what are the market entry strategies and that’s little bit more problematic. But quite frankly if an oil company said to us as BP did in Australia and New Zealand, we want you to process and do services for us in Asia Pac, we have a system we can do it. We’ve proven we can do it. We do some work for Caltex as well on a number of different countries down there. So we could leverage that capability.

So we have the opportunity, it’s just a matter of the oil companies on – they are on their own timelines of when they make decisions and when they decide to really go to market with RFPs.

Unidentified Analyst

Are there any natural geographies that you really feel like you need to be in either organically or inorganically?

Mike Dubyak

I think we feel very strongly still about the European market, now it’s a matter of looking at what products first and I think they’re all going to have their own timelines. We clearly want to over time build our way into the Asia Pac market but it’s not going to be every one of the markets. We know that for example, on the fleet card side, Japan has really penetrated all the oil companies that have fleet card programs, that probably wouldn’t be the first place we would go. But there are one or two other markets in Asia Pac we want to look at. And then we have been down and looking at South American and Central America. So we think those are the three areas. We’re going to be acquisitive in plus looking for partnerships or commercial relationships.

Unidentified Analyst

So maybe just on the online travel side, that’s obviously been a great contributor to growth. Just I think in the U.S. you have most of the strong – the best in class online travel, at this point you talked about in the U.S. looking into other areas, whether it be healthcare insurance, warranty. So how hard is it to enter some of these markets and take share versus the incumbents?

Mike Dubyak

It depends. So I think if you are going into – we’ve gone into the insurance and the warranty market. We felt that was a market that we penetrated that we weren’t really taking market share. We were providing a product that was differentiating from their old purchase order product. But if you start to move into our virtual card with, as we call it the AP direct market where you’re going in and allowing the purchase of the payments department in the company decide when they want to make payments on a virtual basis to their vendors. The banks are in there, they are very much ingrained in there to some extent. So there we’ve got to find a way to win market share against them and that’s probably a tougher market.

I’d say the good news is that we have been targeting these markets and even though they are not explosive growth, like we have seen in OTAs. Even last year it was greater than a 20% growth rate in those kind of core markets for us.

Unidentified Analyst

Is there a way to size, like insurance, warranty, the relative size of that versus the OTA market, just to give us some scaling?

Mike Dubyak

Yeah, there is – at least the market we have today, they aren’t the big players, there are some of the larger insurance companies we are talking to. I think on the medical side, that could be some bigger opportunities. I think we are still scratching the surface of understanding that market but slowly trying to make some inroads into that market. But the three OTAs we have in the U.S. are so large it’s hard to compare anything to those sizes.

Unidentified Analyst

So how about OTAs in Europe, haven’t been caught up on how fragmented or concentrated that market is, how do you go after that market, can you do it organically for one? And then the second thing is, is what you have in U.S. portable?

Mike Dubyak

It is portable. I mean that’s why we won the business, we did win in the UK just with our current credit program. But for example, corporate pay has 30 OTAs today but they are smaller. I think it’s going to be more of a coverage model. So I think we already have some sales people on the street in the UK, and I think it’s going to take more of that to say more blocking and tackling of going after some of these mid-sized and smaller OTAs which is okay, because the concentration risk won’t be as great. But I don’t think you are going to see some of those large Expedia and Pricelines, they’re just not available that we have seen so far at least in the UK market.

Unidentified Analyst

Okay, that’s good to know. So who the incumbents – who is actually providing service for them today?

Mike Dubyak

It’s mostly smaller players. Some of the banks are there and some of the banks are trying to get more aggressive. But I think at this point, it’s mostly smaller players in that marketplace providing the tour operators and some of the travel agencies products.

Unidentified Analyst

So just not to jump around and jump back to the U.S., but obviously it’s been growing very rapidly and it’s been great natural growth. So when do some of these contracts come up for renewal and how do you expect the economics to potentially change as they re-up their relationships?

Mike Dubyak

They are up for renewal somewhat regular basis, typically we have longer term contracts that are turning over every three years or so, sometimes five years. But we have been able to maintain those relationships. I think that the pricing is pretty much there today, I don’t think it has changed that much over time. But I don’t see a lot of change in the pricing over time.

Unidentified Analyst

So you recently launch an over-the-road product, remind us of how that business differs and a lot of entrenched incumbents there obviously. So how big could this be for Wright Express?

Mike Dubyak

I will start, in terms of size this is a longer term strategy. It’s a contiguous market that we have not played in. This is really talking more heavy truck. That marketplace has different needs. You have more driver needs, and you have different products that have to play to help the fleet manage their loads. There are drivers differently, so when a driver goes into a truck stop, there has to be a lot of driver needs that are supplied by the card provider, even payroll and things like that we haven’t done typically on a retail customer. So it just has different functionality that has to cover the driver and not just vehicle tracking.

So we have built the functionality, we stood that up. It’s now a matter of getting site acceptance and that’s kind of the critical steps that we have to get to. And we feel comfortable that we are going to be able to get the critical mass. We have a lot of that acceptance today on our, if you will, existing card. We are trying to transfer that over which means update to the point of sale devices, things like that, that will just take some time to get that converted. And then we see an opportunity to grow. It allows us to do two things. If we have mixed fleets today that have heavy trucks and lighter trucks, we might be servicing the lighter trucks, we may not be servicing the heavy trucks. So now we can be a one-stop shop for those mixed fleets but would also allow us to go into certain segments in the heavy truck program that we can’t serve today without having some of those driver services and that functionality.

Unidentified Analyst

Is this something that has been demanded by some of those mixed fleets that you just mentioned?

Mike Dubyak

No, I think it’s just something that we think is a contiguous market that can just open up more space for us over time, and that was our primary driver.

Unidentified Analyst

Can you organically grow the site acceptance quickly – fast enough or is there a way to potentially acquire your way or partner your way to take it there?

Mike Dubyak

I think you could do it either way. And we will look at both. But I think we know that we have acceptance today. We just have acceptance under our existing functionality, we need to increase that functionality which we built and we just, as I said, have to get the devices and the change in some of the others just to accept that functionality. So we are working that aggressively and that will happen over time.

Unidentified Analyst

So last one on this one, so what’s the ideal customer here that you are going after, just so we can assess size or even fraud risk and other things aside to that – related to that fleet?

Mike Dubyak

We’ll start probably more down market because as site acceptance plays out, we will be able to satisfy smaller fleets initially but as we grow site acceptance we think the functionality of the product will allow us also to play in the mid-sized market and potentially move up market. And they also would be some of our leasing partners that have provide opportunities for us as well over time.

Unidentified Analyst

I have two more, so feel free to chime in. Just payroll, you mentioned payroll debit, obviously prepaid, is there a lot of synergy – obviously you’re going after this new market, it seems like there would be some natural synergies with payroll and then of course with your core business. I am curious what’s sort of the long term thinking in the synergy with going after there?

Mike Dubyak

We clearly like what we see. So when we did the work we looked at the SIC codes that we have today, that meshed up very nicely with the under bank contract workers, seasonal workers. We are seeing the sales cycles being condensed as we penetrate our customer base. So there is a lot of cross-selling back and forth. It is a space that we like to get more aggressive in. Today as I said, they don’t process their own programs so that may be something that we would look at over time. But I think it’s a matter of right now of saying how can we get more aggressive. We added more sales reps but we may also look at inorganic opportunities.

Unidentified Analyst

Just quick things maybe to bring Steve back into the conversation, your 2Q guidance implies a little bit of a step-up in expenses. I am curious how much of that is conservatism versus some real things that are kicking in, I guess that’s somewhat entail with my other question which is, you’ve taken over a portfolio with Higher One and I am curious if there is any correlation between the two?

Steve Elder

I don’t think there is any correlation between the two, to kind of start off with. I think when we gave our guidance, we as always give it our best shot to come up with the number we think is going to be. We tried to articulate on the call some of the areas where we saw differences from some of the expectations that were out there. It’s primarily around the service fees. Part of that was we knew we were in the middle of an acquisition or nearing the finish line of an acquisition and that cost come money in terms of diligence kind of expenses. Whether we close it or not, we knew those expenses are going to be there. So that’s part of it.

I also think that the growth that we have seen in the -- essentially the online vertical of our single use or virtual card product has been so great and explosive over the last year or so that, the models got a little bit behind. Part of that is cross-border fees which are in there. There is some revenue and expense that essentially nets out to zero for us but on a gross basis, for each of those lines, it made a difference.

In terms of the Higher One deal, when we said in our earnings call is we expect it to start in a couple of days. It went very smoothly. We got in about $300 million worth of deposits that are again a very low cost source for us. And that’s really the play here. We are essentially – have been a sponsor for Higher One. We are the official issuer of those cards now for the students. We don’t retain any of those transaction kind of fees, all the interchange, all the fees that the students pay, that all is essentially pass through to Higher One. And we get the core deposits. So there is a minimum of the couple of hundred million dollars and you will see – over time you will probably see spikes in our balance sheet in terms of our cash balances and the size of those deposits because they are a little bit seasonal.

But for now we have been able to use those funds and really offset to a very large degree some of the CD portfolio that we had in place and that will bring our cost of capital there, that operating interest costs way down.

Unidentified Analyst

So give us a rough sense of what sort of the net economic impacted would be?

Steve Elder

The net economic impact that you are going to see is essentially a lower funding cost – for us a lower operating interest cost. So we’ve got a couple of hundred million dollars out of $700 million, so you’re going to see it commensurate a drop in that rate.

Unidentified Analyst

I have one more question, anything else? Just regulation, another big theme, so just anything we should be paying attention to across all of your business lines, including the bank that, that might be a swing factor for the short term or longer term?

Mike Dubyak

Yeah, there is nothing that we are worried about today or seeing today that’s impacting us from a regulatory or compliance. For us it’s more about getting into some of these new countries with our products and just standing up with those products, that there is no more compliance regulations to be able to do a credit OTA product in some of the new countries we are entering. Nothing on the bank front, and –

Steve Elder

No, it’s been very quiet. Any of the legislation that’s popular topics of these conference, it’s all been consumer focused and it’s largely other round. Interchange and debit focused and those are areas that we’ve really no play into that. The rapid payroll card does have some debit functionality but it’s a small bank. So largely we are not impacted. But in our portfolio with the commercial products, largely a credit product, no real impacts at all.

Unidentified Analyst

All right. Good stuff. I really appreciate your time. Thank you so much for being here.

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