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Segment Information | 12 Months Ended
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Dec. 31, 2021
Segment Reporting [Abstract] |
Segment Information |
24. | Segment Information
The Company determines its operating segments and reports segment information in accordance with how the Company’s CODM allocates resources and assesses performance. The Company’s CODM is its Chief Executive Officer. The operating segments are aggregated into the three reportable segments described below. •Fleet Solutions provides payment processing, transaction processing, and information management services specifically designed for the needs of fleets of all sizes from small businesses to federal and state government fleets and over-the-road carriers. •Travel and Corporate Solutions focuses on the complex payment environment of global B2B payments, enabling customers to utilize our payments solutions to integrate into their own workflows and manage their accounts payable automation and spend management functions. •Health and Employee Benefit Solutions provides a SaaS platform for consumer directed healthcare benefits and a full-service benefit enrollment solution, bringing together benefits administration, certain compliance services and consumer-directed and benefits accounts. Additionally, the Company serves as the non-bank custodian to certain HSA assets. Prior to the sale of WEX Latin America, this operating segment additionally provided payroll-related benefits to customers. The following tables present the Company’s reportable segment revenues:
| Year Ended December 31, 2021
(In thousands) | Fleet Solutions |  | Travel and Corporate Solutions |  | Health and Employee Benefit Solutions |  | Total
Payment processing revenue | $ | 513,365 |  |  | $ | 274,092 |  |  | $ | 71,533 |  |  | $ | 858,990 |
Account servicing revenue | 168,350 |  |  | 44,157 |  |  | 314,351 |  |  | 526,858 |
Finance fee revenue | 254,306 |  |  | 873 |  |  | 144 |  |  | 255,323 |
Other revenue | 175,394 |  |  | 5,796 |  |  | 28,181 |  |  | 209,371 |
Total revenues | $ | 1,111,415 |  |  | $ | 324,918 |  |  | $ | 414,209 |  |  | $ | 1,850,542 |
Interest income | $ | 1,813 |  |  | $ | 14 |  |  | $ | 2,659 |  |  | $ | 4,486 |
| Year Ended December 31, 2020
(In thousands) | Fleet Solutions |  | Travel and Corporate Solutions |  | Health and Employee Benefit Solutions |  | Total
Payment processing revenue | $ | 404,843 |  |  | $ | 229,144 |  |  | $ | 64,904 |  |  | $ | 698,891 |
Account servicing revenue | 153,823 |  |  | 41,927 |  |  | 253,706 |  |  | 449,456 |
Finance fee revenue | 197,307 |  |  | 1,079 |  |  | 137 |  |  | 198,523 |
Other revenue | 162,337 |  |  | 5,690 |  |  | 44,972 |  |  | 212,999 |
Total revenues | $ | 918,310 |  |  | $ | 277,840 |  |  | $ | 363,719 |  |  | $ | 1,559,869 |
Interest income | $ | 4,326 |  |  | $ | 272 |  |  | $ | 1,252 |  |  | $ | 5,850 |
| Year Ended December 31, 2019
(In thousands) | Fleet Solutions |  | Travel and Corporate Solutions |  | Health and Employee Benefit Solutions |  | Total
Payment processing revenue | $ | 457,244 |  |  | $ | 303,385 |  |  | $ | 64,963 |  |  | $ | 825,592 |
Account servicing revenue | 164,735 |  |  | 43,293 |  |  | 205,524 |  |  | 413,552 |
Finance fee revenue | 245,082 |  |  | 2,086 |  |  | 150 |  |  | 247,318 |
Other revenue | 171,334 |  |  | 19,062 |  |  | 46,833 |  |  | 237,229 |
Total revenues | $ | 1,038,395 |  |  | $ | 367,826 |  |  | $ | 317,470 |  |  | $ | 1,723,691 |
Interest income | $ | 6,249 |  |  | $ | 1,521 |  |  | $ | 1,534 |  |  | $ | 9,304 |
No one customer accounted for more than 10 percent of the total consolidated revenue in 2021, 2020 or 2019. The CODM evaluates the financial performance of each segment using segment adjusted operating income, which excludes: (i) unallocated corporate expenses; (ii) acquisition-related intangible amortization and other acquisition and divestiture related items; (iii) legal settlement; (iv) impairment charges; (v) loss on sale of subsidiary; (vi) debt restructuring costs; (vii) stock-based compensation; and (viii) other costs. Additionally, we do not allocate financing interest expense, foreign currency gains and losses, other income, change in fair value of contingent consideration, unrealized and realized gains and losses on financial instruments, income taxes and adjustments attributable to non-controlling interests to our operating segments. The following table reconciles total segment adjusted operating income to income (loss) before income taxes:
| Year ended December 31,
(In thousands) | 2021 |  | 2020 |  | 2019
Segment adjusted operating income |  |  |  |  |
Fleet Solutions | $ | 557,083 |  |  | $ | 383,502 |  |  | $ | 485,539 |
Travel and Corporate Solutions | 86,860 |  |  | 62,096 |  |  | 168,786 |
Health and Employee Benefit Solutions | 104,408 |  |  | 96,769 |  |  | 80,283 |
Total segment adjusted operating income | $ | 748,351 |  |  | $ | 542,367 |  |  | $ | 734,608 |
Reconciliation: |  |  |  |  |
Total segment adjusted operating income | $ | 748,351 |  |  | $ | 542,367 |  |  | $ | 734,608 |
Less: |  |  |  |  |
Unallocated corporate expenses | 78,218 |  |  | 62,938 |  |  | 67,982 |
Acquisition-related intangible amortization | 181,694 |  |  | 171,144 |  |  | 159,431 |
Other acquisition and divestiture related items | 40,533 |  |  | 57,787 |  |  | 37,675 |
Legal settlement | — |  |  | 162,500 |  |  | — |
Impairment charges | — |  |  | 53,378 |  |  | — |
Loss on sale of subsidiary | — |  |  | 46,362 |  |  | — |
Debt restructuring costs | 6,185 |  |  | 535 |  |  | 11,062 |
Stock-based compensation | 76,550 |  |  | 65,841 |  |  | 47,511 |
Other costs | 23,171 |  |  | 13,555 |  |  | 25,106 |
Operating income (loss) | $ | 342,000 |  |  | $ | (91,673) |  |  | $ | 385,841 |
Financing interest expense | (128,422) |  |  | (157,080) |  |  | (134,677) |
Net foreign currency loss | (12,339) |  |  | (25,783) |  |  | (926) |
Other income | 3,617 |  |  | 491 |  |  | 932 |
Change in fair value of contingent consideration | (40,100) |  |  | — |  |  | — |
Net unrealized gain (loss) on financial instruments | 39,190 |  |  | (27,036) |  |  | (34,654) |
Income (loss) before income taxes | $ | 203,946 |  |  | $ | (301,081) |  |  | $ | 216,516 |
Assets are not allocated to the segments for internal reporting purposes. Geographic Data Revenue by principal geographic area, based on the country in which the sale originated, was as follows:
| Year ended December 31,
(In thousands) | 2021 |  | 2020 |  | 2019
United States | $ | 1,642,747 |  |  | $ | 1,401,144 |  |  | $ | 1,535,985 |
Other international 1 | 207,795 |  |  | 158,725 |  |  | 187,706 |
Total revenues | $ | 1,850,542 |  |  | $ | 1,559,869 |  |  | $ | 1,723,691 |
1 No single country within made up more than 5 percent of total revenues for any of the years presented. Net property, equipment and capitalized software is subject to geographic risks because it is generally difficult to move and relatively illiquid. Net property, equipment and capitalized software by principal geographic area was as follows:
| Year ended December 31,
(In thousands) | 2021 |  | 2020 |  | 2019
United States | $ | 170,626 |  |  | $ | 176,348 |  |  | $ | 200,101 |
Other international 1 | 8,905 |  |  | 11,992 |  |  | 12,374 |
Net property, equipment and capitalized software | $ | 179,531 |  |  | $ | 188,340 |  |  | $ | 212,475 |
1 No single country within made up more than 5 percent of total net property, equipment and capitalized software for any of the years presented.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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