Acquisition of Electronic Funds Source LLC (EFS), which could further strengthen market position in the fleet cards market High margins across multiple businesses Product diversity, which helps ensure relatively stable earnings despite the economically sensitive nature of business segments More diverse funding profile compared with other finance companies Leverage of more than 6x (including bank deposits), which we expect the company will reduce over the next 12 to 24 months Reliance on dividends and other contractual payments from WEX Bank Moderate integration risk associated with the new business (though we expect the acquisition to support adjusted earnings) Exposure to volatility in fuel prices Our ratings on WEX reflect risks associated with the company's aggressive growth strategy, reliance on dividends and
