XML 51 R33.htm IDEA: XBRL DOCUMENT v3.22.0.1
Segment Information
 12 Months Ended
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 SolutionsTravel and Corporate SolutionsHealth and Employee Benefit SolutionsTotal
Payment processing revenue$513,365 $274,092 $71,533 $858,990 
Account servicing revenue168,350 44,157 314,351 526,858 
Finance fee revenue254,306 873 144 255,323 
Other revenue175,394 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 SolutionsTravel and
Corporate Solutions		Health and
Employee Benefit Solutions		Total
Payment processing revenue$404,843 $229,144 $64,904 $698,891 
Account servicing revenue153,823 41,927 253,706 449,456 
Finance fee revenue197,307 1,079 137 198,523 
Other revenue162,337 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 SolutionsTravel and
Corporate Solutions		Health and
Employee Benefit Solutions		Total
Payment processing revenue$457,244 $303,385 $64,963 $825,592 
Account servicing revenue164,735 43,293 205,524 413,552 
Finance fee revenue245,082 2,086 150 247,318 
Other revenue171,334 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)202120202019
Segment adjusted operating income
Fleet Solutions$557,083 $383,502 $485,539 
Travel and Corporate Solutions86,860 62,096 168,786 
Health and Employee Benefit Solutions104,408 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 expenses78,218 62,938 67,982 
Acquisition-related intangible amortization181,694 171,144 159,431 
Other acquisition and divestiture related items40,533 57,787 37,675 
Legal settlement— 162,500 — 
Impairment charges— 53,378 — 
Loss on sale of subsidiary— 46,362 — 
Debt restructuring costs6,185 535 11,062 
Stock-based compensation76,550 65,841 47,511 
Other costs23,171 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 income3,617 491 932 
Change in fair value of contingent consideration(40,100)— — 
Net unrealized gain (loss) on financial instruments39,190 (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)202120202019
United States$1,642,747 $1,401,144 $1,535,985 
Other international1
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)202120202019
United States$170,626 $176,348 $200,101 
Other international1
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.