Niche position in the fleet card market Strong growth and high margins across business segments Increasing product diversity More diverse funding profile compared with other finance companies Operates with aggressive leverage (including bank deposits), which we expect to decline over the next 12 months Reliance on dividends and other contractual payments from WEX Bank as part of the business model High sensitivity to fuel prices, albeit declining exposure S&P Global Ratings' stable outlook on WEX Inc. reflects our expectation of meaningful organic growth in revenues and EBITDA. We expect that net debt to EBITDA to be between 5.0x and 6.0x, funds from operations (FFO) to debt to be between 12% and 20%, and interest coverage to be between 3.0x and
