WEX — Apr 30, 2025 release

• Total segment revenue for the quarter decreased 15.5% to $103.5 million. The revenue decline was driven primarily by the change in revenue model for a major online travel agency (OTA) customer, which we have discussed previously. Our relationship with this customer is strong and we expect to lap the impact of this change starting in Q3 2025. Foreign exchange rates were also unfavorable, reducing revenue by $1.3 million compared to the prior year. • Total purchase volumes issued by WEX declined 27.8% compared to last year. This was largely due to the OTA revenue model transition mentioned above. • The net interchange rate decreased 2 basis points sequentially driven primarily by customer volume mix. • Direct Accounts Payable purchase volume for WEX increased by approximately 25%. While the Direct component of the segment is currently a small portion of volume, it is rapidly growing and its higher revenue yield leads to a relatively outsized revenue impact to the segment. Direct also provides lower quarterly volume volatility due to our direct interaction with the end customer. This book of business currently generates approximately 20% of annual segment revenue. • Because of the strong potential growth opportunity in our Direct Accounts Payable business, we intend to continue to invest in new product capabilities and additional sales and marketing resources in 2025. • GAAP operating income margin for the segment was 26.3% compared to 41.7% in the comparable prior year quarter. The non-GAAP adjusted operating income ma