v3.24.2
Segment Information
 6 Months Ended
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)MobilityCorporate PaymentsBenefitsTotal
Payment processing revenue$177.2 $116.2 $24.9 $318.4 
Account servicing revenue49.8 10.3 108.4 168.6 
Finance fee revenue77.7 (0.1)0.1 77.8 
Other revenue54.8 7.6 46.3 108.7 
Total revenues$359.6 $134.1 $179.8 $673.5 
Three Months Ended June 30, 2023
(in millions)MobilityCorporate PaymentsBenefitsTotal
Payment processing revenue$172.2 $104.7 $23.6 $300.5 
Account servicing revenue40.8 10.6 101.5 152.9 
Finance fee revenue76.3 0.1 — 76.4 
Other revenue50.9 6.5 34.1 91.5 
Total revenues$340.2 $121.9 $159.2 $621.3 
Six Months Ended June 30, 2024
(In millions)MobilityCorporate PaymentsBenefitsTotal
Payment processing revenue$347.9 $219.4 $53.1 $620.4 
Account servicing revenue96.2 20.3 225.4 341.9 
Finance fee revenue147.7 0.2 0.2 148.1 
Other revenue106.7 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)MobilityCorporate PaymentsBenefitsTotal
Payment processing revenue$343.7 $194.8 $50.1 $588.6 
Account servicing revenue81.1 21.2 211.3 313.6 
Finance fee revenue156.7 0.3 0.1 157.1 
Other revenue101.0 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)2024202320242023
Segment adjusted operating income
Mobility$154.3 $150.3 $285.4 $289.1 
Corporate Payments74.4 66.3 139.0 115.5 
Benefits71.1 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 expenses26.1 25.3 49.7 47.7 
Acquisition-related intangible amortization50.5 44.3 101.5 88.4 
Other acquisition and divestiture related items1.4 1.4 3.8 2.5 
Stock-based compensation33.3 36.5 60.0 62.6 
Other costs20.6 9.0 27.3 13.5 
Operating income168.1 159.4 332.6 313.7 
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