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Segment Information | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Segment Information |
17. | Segment Information
The Company determines its operating segments and reports segment information in accordance with how our Chief Executive Officer, the Company’s CODM, allocates resources and assesses performance. The Company has both three operating segments and three reportable segments, as described below. •Mobility 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. •Corporate Payments 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. •Benefits 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, WEX Inc. serves as the non-bank custodian to certain HSA assets. The following tables present the Company’s reportable segment revenues:
| Three Months Ended June 30, 2024
(in millions) | Mobility |  | Corporate Payments |  | Benefits |  | Total
Payment processing revenue | $ | 177.2 |  |  | $ | 116.2 |  |  | $ | 24.9 |  |  | $ | 318.4 |
Account servicing revenue | 49.8 |  |  | 10.3 |  |  | 108.4 |  |  | 168.6 |
Finance fee revenue | 77.7 |  |  | (0.1) |  |  | 0.1 |  |  | 77.8 |
Other revenue | 54.8 |  |  | 7.6 |  |  | 46.3 |  |  | 108.7 |
Total revenues | $ | 359.6 |  |  | $ | 134.1 |  |  | $ | 179.8 |  |  | $ | 673.5 |
| Three Months Ended June 30, 2023
(in millions) | Mobility |  | Corporate Payments |  | Benefits |  | Total
Payment processing revenue | $ | 172.2 |  |  | $ | 104.7 |  |  | $ | 23.6 |  |  | $ | 300.5 |
Account servicing revenue | 40.8 |  |  | 10.6 |  |  | 101.5 |  |  | 152.9 |
Finance fee revenue | 76.3 |  |  | 0.1 |  |  | — |  |  | 76.4 |
Other revenue | 50.9 |  |  | 6.5 |  |  | 34.1 |  |  | 91.5 |
Total revenues | $ | 340.2 |  |  | $ | 121.9 |  |  | $ | 159.2 |  |  | $ | 621.3 |
| Six Months Ended June 30, 2024
(In millions) | Mobility |  | Corporate Payments |  | Benefits |  | Total
Payment processing revenue | $ | 347.9 |  |  | $ | 219.4 |  |  | $ | 53.1 |  |  | $ | 620.4 |
Account servicing revenue | 96.2 |  |  | 20.3 |  |  | 225.4 |  |  | 341.9 |
Finance fee revenue | 147.7 |  |  | 0.2 |  |  | 0.2 |  |  | 148.1 |
Other revenue | 106.7 |  |  | 16.7 |  |  | 92.3 |  |  | 215.8 |
Total revenues | $ | 698.5 |  |  | $ | 256.6 |  |  | $ | 371.0 |  |  | $ | 1,326.1 |
| Six Months Ended June 30, 2023
(In millions) | Mobility |  | Corporate Payments |  | Benefits |  | Total
Payment processing revenue | $ | 343.7 |  |  | $ | 194.8 |  |  | $ | 50.1 |  |  | $ | 588.6 |
Account servicing revenue | 81.1 |  |  | 21.2 |  |  | 211.3 |  |  | 313.6 |
Finance fee revenue | 156.7 |  |  | 0.3 |  |  | 0.1 |  |  | 157.1 |
Other revenue | 101.0 |  |  | 10.4 |  |  | 62.6 |  |  | 174.0 |
Total revenues | $ | 682.5 |  |  | $ | 226.7 |  |  | $ | 324.1 |  |  | $ | 1,233.3 |
The CODM evaluates the financial performance of each segment using segment adjusted operating income, which excludes unallocated corporate expenses, acquisition-related intangible amortization, other acquisition and divestiture related items, debt restructuring costs, stock-based compensation, other costs and certain non-recurring or non-cash operating charges that are not core to our operations, as applicable depending on the period presented. The following table reconciles total segment adjusted operating income to income before income taxes:
| Three Months Ended June 30, |  |  |  | Six Months Ended June 30,
(in millions) | 2024 |  | 2023 |  |  |  | 2024 |  | 2023
Segment adjusted operating income |  |  |  |  |  |  |  |  |  |  |
Mobility | $ | 154.3 |  |  |  |  | $ | 150.3 |  |  |  |  | $ | 285.4 |  |  | $ | 289.1 |
Corporate Payments | 74.4 |  |  |  |  | 66.3 |  |  |  |  | 139.0 |  |  | 115.5 |
Benefits | 71.1 |  |  |  |  | 59.3 |  |  |  |  | 150.5 |  |  | 123.8 |
Total segment adjusted operating income | $ | 299.9 |  |  |  |  | $ | 275.9 |  |  |  |  | $ | 574.9 |  |  | $ | 528.4 |
Reconciliation: |  |  |  |  |  |  |  |  |  |  |
Total segment adjusted operating income | $ | 299.9 |  |  |  |  | $ | 275.9 |  |  |  |  | $ | 574.9 |  |  | $ | 528.4 |
Less: |  |  |  |  |  |  |  |  |  |  |
Unallocated corporate expenses | 26.1 |  |  |  |  | 25.3 |  |  |  |  | 49.7 |  |  | 47.7 |
Acquisition-related intangible amortization | 50.5 |  |  |  |  | 44.3 |  |  |  |  | 101.5 |  |  | 88.4 |
Other acquisition and divestiture related items | 1.4 |  |  |  |  | 1.4 |  |  |  |  | 3.8 |  |  | 2.5 |
Stock-based compensation | 33.3 |  |  |  |  | 36.5 |  |  |  |  | 60.0 |  |  | 62.6 |
Other costs | 20.6 |  |  |  |  | 9.0 |  |  |  |  | 27.3 |  |  | 13.5 |
Operating income | 168.1 |  |  |  |  | 159.4 |  |  |  |  | 332.6 |  |  | 313.7 |
Financing interest expense, net of financial instruments | (59.9) |  |  |  |  | (40.2) |  |  |  |  | (120.2) |  |  | (93.1) |
Net foreign currency loss | (0.4) |  |  |  |  | (0.2) |  |  |  |  | (13.0) |  |  | (1.6) |
Change in fair value of contingent consideration | (1.7) |  |  |  |  | (1.2) |  |  |  |  | (3.4) |  |  | (3.0) |
Income before income taxes | $ | 106.1 |  |  |  |  | $ | 117.8 |  |  |  |  | $ | 196.1 |  |  | $ | 216.0 |

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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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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