Acquisition of Electronic Funds Source LLC (EFS) that has strengthened WEX's fleet card market position and provides for cost synergies Organic growth and high margins across its business segments Increasing product diversity, which enhances earnings stability, but offset by economic sensitivity of the businesses More diverse funding profile compared with other finance companies Pro forma leverage of more than 5x (including bank deposits), which we expect the company will reduce over the next 12-24 months Reliance on dividends and other contractual payments from WEX Bank (as a business model) Continued EFS integration risk Exposure to volatility in fuel prices The negative outlook on WEX Inc. reflects its aggressive debt-financed growth strategy and S&P Global Ratings' expectation for its weighted average
