by Nori Gale
WEX has much to celebrate as we mark our 15th year being publicly traded on the New York Stock Exchange (NYSE). Our Chair and CEO, Melissa Smith, rang the closing bell on Wall Street at 4:00 PM today surrounded by her executive leadership team as well as four board members: Jack VanWoerkom, Jim Neary, Mike Dubyak and Susan Sobbott. It was a thrilling moment as Smith rang the bell for 15 seconds according to custom, followed by a resounding, powerful strike of the gavel. This is a return engagement for Smith who has represented WEX during each of the company’s visits to the NYSE.
The last few days have been a flurry of activity for Smith and WEX’s leaders as they look back on the remarkable success we have experienced since our IPO in 2005.
WEX executives, board members and former WEX CEO and Chairman of the Board, Michael E. Dubyak, met in the illustrious Board Room at the NYSE following the closing bell, where Smith said to the crowd gathered, “If you look at the photo of us at our IPO, you see a whole group of people who worked really hard to get this company to become a public company…I feel like we grew up together. And we learned how to be a public company, how to grow up and it’s been a remarkable journey for us. And look what we did together. It’s pretty amazing the amount of shareholder value we’ve created.”
Below are charts Smith shared which illustrate (1) 2005 to 2019 revenue and stock performance, and (2) total return performance vs. key indices. The numbers reflect tremendous growth for WEX since we first went public. According to our latest financial reports issued on February 13, the total revenue for the fourth quarter of 2019 increased 15% to $440.0 million from $381.2 million for the fourth quarter of 2018. For the full year 2019, revenue increased 15% to $1.72 billion from $1.49 billion in 2018.
As CEO of WEX, Smith ensures that the company is powered by and focused on our values as we move forward as a high growth company, developing new technologies, products, and services. During the presentation, she spoke to this: “I feel like part of what has made us unique is this concept that we do things based on not just getting the results in the moment, but on the values of the company…That will be part of the future and why we stay resilient over time. It’s been a really great journey so far and I have enjoyed doing it with the people that I’m surrounded with. The work is only fulfilling if you’re doing it with people that you feel stimulated by, that you you’re learning from and that you’re having fun with. Fun in undervalued in our world and it’s really, really important.”
Powered by the belief that complex payment systems can be made simple, WEX is a leading financial technology service provider across a wide spectrum of sectors, including fleet, travel, and healthcare. WEX operates in more than 10 countries and in more than 20 currencies through more than 5,000 associates around the world. WEX fleet cards offer 14.9 million vehicles exceptional payment security and control; purchase volume in travel and corporate solutions grew to $39.6 billion in 2019, and the WEX Health financial technology platform helps 390,000 employers and 31.8 million consumers better manage healthcare expenses.