WEX Inc. (WEX) Earnings Call Transcript & Summary

Hello, and welcome to the WEX Annual Meeting of Shareholders. Please note that today's meeting is being recorded. [Operator Instructions] It is now my pleasure to turn today's meeting over to Melissa Smith, Chair and CEO. The floor is yours.

Good morning. I'm Melissa Smith, Chair and CEO of WEX. It's my pleasure to welcome you to WEX's virtual annual meeting. I now call this meeting to order. I would first like to inform you that each of the directors of WEX Inc. is also participating virtually in the annual meeting. Our Board is now comprised of Jack VanWoerkom, Vice Chairman and Lead Director; Jeb Bachman; Don Callahan; Shikhar Ghosh; Jim Neary; Steve Smith; Susan Sobbott, Reggie Sommer; and lastly, Jim Groch, who is being voted onto the Board today. I'd like to take a moment to express gratitude on behalf of the company, Board and employees to Mike Dubyak and Row Moriarty. Row and Mike are stepping off the Board this year after serving since 2005. As you likely know, Row and Mike led WEX through the IPO as Chair and CEO, respectively. We've all benefited from their passion, insight and sense of humor and cannot thank both of them enough for all they have done to launch WEX. I'd also like to introduce the officers of WEX Inc. who are also participating in the meeting virtually: Hilary Rapkin, Chief Legal Officer and Corporate Secretary; Roberto Simon, CFO; David Cooper, CTO; Jay Dearborn, President, Corporate Payments; Robert Deshaies, President, Health; Ken Janosick, Chief Risk and Operations Officer; Nicola Morris, Chief Corporate Development Officer; Scott Phillips, President, Global Fleet; Melanie Tinto, Chief Human Resources Officer; and Steve Elder, SVP, Global Investor Relations. I'd also like to introduce Warren Suckerman, a representative from Deloitte & Touche, our independent registered public accounting firm. I'll now turn the meeting over to Hilary Rapkin, who will conduct the formal part of the meeting. Hilary?

Thank you, Melissa. We ask that if you are a registered holder or have a legal proxy and would like to vote, we ask that you please do so starting now in the vote your shares hyperlink so that we can total the shares by the end of the meeting. If you've already voted, there's no reason to do anything further. Furthermore, if any stockholder or guests have any questions or comments, please post them through the ask-a-question function on our webcast. On April 22, 2020, we mailed the notice of this meeting to our stockholders on record as of March 17, 2020, and posted our proxy statement and annual report at the link presented on the webcast. Greg Wiessner of WEX Inc., our Assistant Corporate Secretary, has been appointed to serve as the inspector of election for this meeting. Based on the inspector's preliminary report, there are represented at this meeting, in person or by proxy, holders of a majority of WEX Inc.'s issued and outstanding common stock entitled to vote, and therefore, a quorum is present. There are 3 proposals to be acted upon at this meeting. Proposal one is to elect 3 nominees as directors: Stephen Smith, Susan Sobbott and James Groch. Proposal 2 is a nonbinding advisory vote to approve our executive compensation. And proposal 3 seeks ratification of the selection of Deloitte & Touche as our independent registered public accounting firm for the fiscal year 2020. Each of these proposals is more fully described in the proxy statement, and each is recommended by the Board of Directors. If any stockholder has any questions or comments, specifically concerning any of the proposals, please ask them now. Okay. So I now declare the polls closed at 8:07 a.m. I have received a preliminary report from the inspector of election that each of proposals 1, 2 and 3 have been approved by the requisite vote of stockholders. This concludes the formal matters to be acted upon at this meeting.

Good morning. Yes, this is Greg Wiessner coming on. At the moment, we did not have any questions from any shareholders. So there's nothing further for us to act upon. I don't know if Melissa has any closing remarks.

No. I just want to say thank you to everybody. Have a great day. And I think Hilary is going to declare the meeting adjourned.

Yes, I will. Thank you. Thanks, Melissa, and thanks, Greg. I will now officially declare this meeting adjourned. Have a great day, everyone.

Thank you.

This concludes the meeting. You may now disconnect. Everyone, have a great day.