WEX Board of Directors Authorizes New Share Repurchase Program

Rhea-AI Summary

WEX has authorized a new share repurchase program for up to $150 million of its common stock, replacing a prior plan completed in August 2022. This new program allows for a flexible approach to stock buybacks until August 23, 2026. The timing and amount of repurchases will depend on market conditions and the company's financial performance. Previously, WEX repurchased 954,378 shares at an average price of $156.76. The program aims to provide shareholder value but does not obligate any specific number of shares to be bought back.

Positive

• Authorized a new buyback program worth up to $150 million.
• Repurchased 954,378 shares previously, signaling confidence in stock value.

Negative

• None.

Program Authorizes up to $150 Million Worth of Company Stock To Be Repurchased

PORTLAND, Maine--(BUSINESS WIRE)-- WEX (NYSE: WEX), the global commerce platform that simplifies the business of running a business, announced that its board of directors has today authorized a new share repurchase program under which up to $150 million worth of WEX’s common stock may be repurchased.

Immediately prior to authorizing the new plan, the board of directors terminated the previously authorized share repurchase plan, which WEX had substantially completed in August 2022. Under this program, in total, WEX repurchased 954,378 shares at an average price paid per share of $156.76.

Under the new program, repurchases may be made on a discretionary basis from time to time until August 23, 2026 through open market purchases, privately negotiated transactions, block trades or otherwise. The timing and amount of any transactions will be subject to the discretion of WEX based upon, among other things, market conditions and other opportunities that the Company may have for the use or investment of its cash balances. In addition, repurchases are subject to the availability of shares of stock for purchase, prevailing market conditions, the trading price of the Company’s stock and the Company's financial performance. The repurchase program does not obligate WEX to acquire any specific number of shares and may be modified, discontinued or suspended at any time. WEX intends that all instructions for the repurchase of shares under this program shall be in compliance with Rule 10b-18 and the covenants or provisions of any debt or other obligations then outstanding. Purchases may be executed through the use of Rule 10b5-1 trading plans or other techniques.

About WEX

WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. WEX has created a powerful ecosystem that offers seamlessly embedded, personalized solutions for its customers around the world. Through its rich data and specialized expertise in simplifying benefits, reimagining mobility and paying and getting paid, WEX aims to make it easy for companies to overcome complexity and reach their full potential. For more information, please visit www.wexinc.com.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the federal securities laws, including statements regarding: the Company’s intention to engage in repurchases of its common stock; the conditions and methods under which such repurchases may occur; the amount and/or prices of any such repurchases; and, the time frame during which such repurchases may occur. Any statements that are not statements of historical facts may be deemed to be forward-looking statements. When used in this news release, the words "may," "could," "anticipate," "plan," "continue," "project," "intend," "estimate," "believe," "expect," “will” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. There can be no guarantee that any expected benefits from the share repurchase program will be achieved in the expected time frame, or at all. In particular, our expectations regarding the share repurchase program could be affected by, among other things, the strength of the Company’s balance sheet, the availability of the Company’s stock for repurchase, any limitations imposed by the Company’s debt or other obligations then outstanding, and the Company’s strategy, business, financial position and operations, as well as other risks and uncertainties identified in Item 1A of the Company’s annual report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission (the “SEC”) on March 1, 2022, and any similar disclosures made in subsequent reports filed with the SEC. The Company’s forward-looking statements do not reflect the potential future impact of any alliance, merger, acquisition, or disposition. The forward-looking statements speak only as of the date of this release and undue reliance should not be placed on these statements. The Company disclaims any obligation to update any forward-looking statements as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220823005792/en/

News media:

WEX

Rob Gould, 207-329-1520

Robert.Gould@wexinc.com

Investor:

WEX

Steve Elder, 207-523-7769

Steve.Elder@wexinc.com

Source: WEX

FAQ

What is the amount authorized for WEX's new share repurchase program?

WEX has authorized up to $150 million for its new share repurchase program.

When does the new WEX share repurchase program expire?

The new share repurchase program is set to continue until August 23, 2026.

What was the average price paid per share in WEX's previous buyback?

WEX repurchased shares at an average price of $156.76 during the previous buyback program.

How many shares did WEX repurchase under the previous plan?

WEX repurchased a total of 954,378 shares under the previous buyback plan.

What factors will influence WEX's stock repurchases?

Repurchases will be influenced by market conditions and the company's financial performance.