WEX Inc. (WEX) Earnings Call Transcript & Summary

Hello, and welcome to the 2022 WEX Inc. Annual Meeting of Shareholders. Please note that this meeting is being recorded. [Operator Instructions] It is my pleasure to now turn the meeting over to Melissa Smith, Chair and CEO of WEX Inc. Melissa, the floor is yours.

Good morning. This is Melissa Smith, Chair and CEO of WEX Inc. speaking. It's my pleasure to welcome you to WEX's Virtual Annual Meeting. I now call this meeting to order. I'd first like to inform you that each of the directors of WEX Inc. is also participating in the annual meeting. Our Board is now comprised of Jack VanWoerkom, Vice Chairman and Lead Director; Don Callahan; Shikhar Ghosh; Jim Groch; Jim Neary, Steve Smith; Susan Sobbott; Reggie Sommer; Nancy Altobello; Bhavana Bartholf; Derrick Roman. And I'd also like to introduce the officers of WEX Inc. Hilary Rapkin, Chief Legal Officer and Corporate Secretary; Jen Kimble, Interim Chief Financial Officer and Chief Accounting Officer; David Cooper, Chief Technology Officer; Annie Drew, Chief Risk and Compliance Officer; Jay Dearborn, President of Corporate Payments; Anth Hynes, Executive Advisor; Melanie Tinto, Chief Human Resources Officer; Robert Deshaies, Chief Operating Officer of the Americas; Karen Stroup, Chief Digital Officer; Carlos Carriedo, Chief Operating Officer, International; Steve Elder, Senior Vice President, Global Investor Relations. I'd also like to introduce Tom McCrorie, 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, and good morning. 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 proxy voting site hyperlink on the left side of your screen so that we can share preliminary totals of the votes by the end of the meeting. If you've already voted, there's no reason to do anything further. In addition, should shareholders wish to submit a question during the meeting, please click on the messaging icon at the top of the left side of your screen, type your question into the text box then click the Send icon at the right of that text box. Please note that in the interest of all shareholders, we will only address those questions that are pertinent to the business of the meeting. On April 19, 2022, we mailed a notice of this meeting to our stockholders on record as of March 31, 2022, and posted our proxy statement and annual report at the link presented on the webcast. Tim Bergeron of WEX Inc., our Associate General Counsel, 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 1 is to elect 4 nominees as directors. Don Callahan; Shikhar Ghosh, Jim Neary and Melissa Smith. 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 2022. 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. So I am now declaring the polls closed at 8:05 a.m. Eastern Time. And 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. I will now declare this meeting adjourned.