Participants can continue to contact our Participant Services team at 866-451-3399 Monday through Friday from 6 a.m. to 9 p.m. Central time, or by emailing customerservice@wexhealth.com. Yes. As you will hear from Jagtar, we had terrific results in Benefits this quarter, and we're excited to share more about this sizable, fast-growing and profitable business with you on June 1. Any clarity on how that spread might behave here in the next couple of quarters? WEX Inc. (WEX Quick Quote WEX - Free Report) delivered better-than-expected first-quarter 2023 results. Your next question comes from the line of Nik Cremo with Credit Suisse. Our benefits administration solutions solve employers end-to-end benefits needs including HSA, FSA, and COBRA, help employees get the most value from their benefits, and power partners business growth. In January 2020, the company announced it would acquire travel payments companies eNett and Optal from Travelport for $577.5 million.[20]. We remain focused on enhancing the scalability of our platform and are on track to capture $100 million in run rate operating efficiencies by the end of 2024 with approximately half of these savings being reinvested in the business. Yes. Let me briefly address the increased credit losses, which were within our guidance range of 32 basis points of spend volume, including approximately 4 basis points from fraud losses. Incentivized. What's it like in April? What if additional documentation is required? So I think that provides evidence that our funding sources remain quite strong. . Non-GAAP adjusted net income was $145.8 million or $3.31 per diluted share. Username Forgot Username? I assume just the natural progression is not going to stay quite that strong. And you also asked about rate. Yes. The domestic fuel price in Q1 2023 was $3.86 versus $3.90 in 2022. I talked about some of the reasons for it in our prepared remarks. Yes. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Keep more of your money in your business, where it belongs.Apply for a fleet card today! So again, not necessarily because we're seeing that trend within our portfolio, but consistent with what we had said in the last quarter. No. Remember Me Next New User? Revenue: $1 to $5 billion (USD) Competitors: FLEETCOR, Comdata, U.S. Bank. Welcome to your single source for all you need to know about your benefit account (s). And we will evaluate whether or not we should continue to do that from a build perspective or if there are opportunities to buy. . New coupons will be mailed to you as needed. That was a place where we're seeing positive same-store sales during the bulk of the pandemic. So really, really strong still conversations within our customer base. Where do I log in to my online account? We saw solid mid-single-digit growth from our local customers in the U.S., while we had a small decline in over-the-road transactions due to freight market conditions. As I complete my prepared remarks, I would like to emphasize how pleased we were with our Q1 results. The Fleet Solutions segment Read More Contact Who is WEX Headquarters 1 Hancock St, Portland, Maine, 04101, United States Phone Number (888) 824-7378 Website www.wexinc.com Revenue $2.4B Stock Symbol WEX Industry So we -- this is something we watch closely, given the overall discussion about the macro economy. The Fleet Solutions segment will now be renamed to Mobility, the Travel and Corporate Solutions segment will now be renamed to Corporate Payments and the Health and Employee Benefit Solutions segment will now be renamed to Benefits. And as we -- it looks like that has largely run its course. But it doesn't sound like you have to go out, in your mind, and buy something to have success there? WexLocationCode.setTransientValue("wex02"); See the company profile for WEX Inc. (WEX) including business summary, industry/sector information, number of employees, business summary, corporate governance, key executives and their compensation. Using our definition, adjusted free cash flow was negative $61 million through Q1, which is $16 million better than 2022. We've looked at a range of metrics around the banks we look at -- we work with, from what's the ratio of insured to uninsured deposits, credit default swaps, things like that, just to make sure that we're prudently managing money and moving it around where appropriate to banks that we're more comfortable with. How does it work? Or do you need to invest at an elevated rate and/or go out and buy technology to really ramp up that direct -- I'm thinking about the AP automation and remittance piece specifically? WEX offers complete benefits administration, including benefits accounts such as HSAs, FSAs, HRAs, LSAs, COBRA, and more | Set your business free by . The elevated loss rate in the over-the-road trucking business that we have seen over the past 2 quarters are starting to abate. We believe these new agreements will be a win-win for WEX and our network partners given the significant relationships we have (inaudible) with the government and large fleet. . [6], In 2019, WEX opened a new 100,000-square-foot headquarters across from the Ocean Gateway International Marine Passenger Terminal in Portland, Maine. M&A Summary. It operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. www.discoverybenefits.com. And overall, as you can see from the chart in the appendix that we posted to our website, travel does have a lower take rate. PORTLAND, Maine-- (BUSINESS WIRE)-- WEX (NYSE: WEX), a leading financial technology service provider, today announced that it has completed the acquisition of benefitexpress, a leading provider of highly configurable, cloud-based benefits administration technologies and services. If you look across the business, I would agree, the over-the-road customers, we're hearing from them certainly continued weakness within their marketplace as spot rates are continuing to be lower. A reminder that we view this as an important metric since it represents the underlying growth in usage of the platform and drives other areas of the business, such as payment processing and HSA deposit growth. I just want to make sure I understood that no impact on deposit funding from a WEX Bank standpoint. We appreciate you joining us today. We saw higher rates earned from a number of merchants due to renewals at favorable terms, the impact of interest rate escalator clauses contained in various merchant contracts and the rate impact from a reduction in fuel prices versus Q4. As a reminder, we define recurring revenue as process -- payment processing and account servicing revenue, revenue from our factoring business, transaction processing fees and other smaller items. In Corporate Payments, we signed a part of one of the largest health care systems in the United States. So we do believe that not only do we have this opportunity nascent within the existing customer base, with the products they have but we're building in the future, both through digital capability and through this migration to a mixed fleet offering that's going to create opportunity for us. The revenue is highly accretive to earnings, enabling us to perform well across a range of interest rate environment and providing some stability to navigate economic cycle. Will employer services numbers stay the same? We'd expect kind of normal seasonality going into Q2 and Q3 on the travel side. They were not a party to our credit facility nor counterparties to our hedging relationships. Of our clients continue to partner with us during renewal because of the experience and support we provide them and their employees. All of WEX's fleet cards are truly universal - they can be used at 95% of the US's fuel stations, plus 45,000 service locations across the country, which is the main reason we selected WEX as our top provider. Net income attributable to shareholders on . We simplify benefits for everyone by delivering the broadest range of healthcare solutions (including HSA, FSA, HRA, Commuter, LSA, COBRA and more) built on modern, flexible, and reliable technology and supported by our accountable and empathetic service . Payment processing transactions were up 4% year-over-year. Revenue growth of 18% and adjusted earnings per share growth of 15% this quarter represents the eighth consecutive quarter these metrics each grew 15% or more. And you can see that in the growth of vehicles that we've had within our base, and so we start with that. Particularly, I think you mentioned some weakness in OTR. And I would say that travel will be the higher of that, and Corporate Payments would be on the lower side. We had record attendance at SPARK, which shows the importance of our solutions and how they resonate with customers. So those direct accounts would come in at a higher rate, which is one of the reasons we go direct there. WEX Inc. WEX delivered better-than-expected first-quarter . The majority pay is between $82,985 to $107,380 per year. PORTLAND, Maine--(BUSINESS WIRE)--WEX (NYSE: WEX), a leading financial technology service provider (the "Company"), today announced the signing of an agreement to acquire benefitexpress, a . And then maybe you could just remind us what you guys are incorporating into the guidance? But I wanted to understand how fast do these signings contribute to revenues? Our business model here is very strong and revenue drop-through for this segment is high given our relatively fixed cost base. View all pros & cons. Our next phase will turn to at-home reimbursement. And we're providing critical flexibility that allows them to choose from a suite of customized solutions that best set the unique needs of their business. WEX Virtual launched in 2000 [14] in support of customers including HitchHiker,[15] HotelTonight, Expedia, and Priceline. Will my recurring payment for premiums continue? Is it Corporate Payments? How do my employees reach you? Purchase volume issued by WEX was $18.6 billion, which was an increase of 58% versus last year. Do I need to create a new account? This furthers our goal of putting tools in the hands of drivers that simplify the process of determining where, when and how to charge. Yes. Manager in Human Resources. And just one follow-up question for Jagtar. Given this more challenging fundraising environment, are you seeing more interesting opportunities on the M&A side? When we've talked about the long-term growth rate of that being 15% to 20%, a piece of that comes from this continued shift to consumer-directed health care. While our name and branding will change, your service experience will not be impacted by these changes. We are positioned to create a community that sustains and supports us as individuals and leaders, while also helping us to drive positive impact to our business. Other than macro factors like fuel prices and interest rates, we are largely maintaining our previous guidance for everything else. We just held that same assumption. The WEX Health Card is a prepaid debit card that contains the value of your annual Health Care Flexible Spending Account (FSA) or Limited Health Care Flexible Spending Account elected amount. benefitexpress is based in Schaumburg, Illinois. Welcome to WEX! Participants Accounts HSA, FSA, HRA/Wellness & Commuter But when you look into the individual SIC code, like construction still grew same-store sales 2% year-over-year. Glassdoor has salaries, wages, tips, bonuses, and hourly pay based upon employee reports and estimates. WEX can help simplify these challenges today, and we are innovating to anticipate and address those of tomorrow. Obviously, travel has been strong, but moving beyond the travel side again in terms of what you're doing to really invest there to differentiate it, where we see that headed. The rating our clients gave our single-source employee benefits and COBRA administration hub. Sure. We signed one of the largest administrators of multiemployer benefit funds in the Midwest. There has been significant improvement in these margins as volume accelerates. These updated ranges represent an increase of $20 million in revenue and $0.25 of EPS compared to the midpoint of our previous guidance. I know there's seasonality to the yield likely, but maybe you could just help us think through that. And in Mobility, we recently signed a renewal with one of the most populous states in the country, [demonstrating] that our array of products continues to be a leading value proposition. Next, I would like to turn to cash flow. Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. The revenue increase in the quarter includes a $1.3 million favorable impact from fuel prices and spreads and a $4.3 million unfavorable impact from foreign exchange rates. We look at scale plays, so the assets that are larger in size, which are more just financially accretive, less about the product. This allows us to see the company through a different lens or perspective than we normally would. If you already use the app, just log in with your existing username and password. We are excited and proud to share that in 2021, Discovery Benefits, LLC, a WEX Company will be known as WEX. Thank you, Steve, and good morning, everyone. Get the latest Health Trends & Insights news in your inbox. Simply select your account type below and you'll be sent to the login page for your Benefits account. As we think even within the existing customer portfolio of products that we have, we will continue to take market share and build on that position. Should we think about that as being the predominant sequential change in that yield? Now let's move to segment results, starting with Mobility. We simplify benefits for everyone by delivering the broadest range of healthcare solutions (including HSA, FSA, HRA, Commuter, LSA, COBRA, and more) built on modern, flexible, and reliable technology and supported by our accountable and . There seems to be some ongoing spot rate stabilization in the freight industry, but we're expecting these kind of rates going forward. And so the people that were newer in business and smaller in size, we've had a very targeted issue within that part of the portfolio. Get special fuel discounts and save on products and services for your business. Flume is something that we think is really interesting in this space, and it's something we continue to build upon as well, with that being much more of a down market play within the marketplace. I want to make a difference and make people feel like they belong here and WEXPats empowers me to do that by giving me a community of people who have the shared experience of immigrating to a new country for work and the passion to make the transition easier for others. Discovery Benefits is now a part of WEXinc and you can log into your account using the links below. The Fleet Solutions segment . Based on 17 WEX Benefits reviews. WEX benefits account resources Participants HSA, FSA, HRA/Wellness & Commuter login Non-employer Individual HSA login COBRA, Retiree & Leave of Absence Member login Participant Knowledgebase Yes. With that, I'll turn the call over to Melissa. And we saw a negative 2% same-store sales within the over-the-road business. 1983. This administrator made the move to WEX in order to offer the benefits of our card programs in their long-time client for their health reimbursement arrangement plan. We will also notify participants when their new login page is live and include any other relevant changes to contact information. Military veterans possess invaluable leadership skills and business acumen. Your next question comes from the line of Andrew Jeffrey with Truist. It's also, if you look across the whole deposit portfolio, we have over 95% of our deposits are FDIC-insured. Is that a fair statement when we not only look across Mobility, but just across WEX? Yes. The Company's adjusted net income attributable to shareholders, which is a non-GAAP measure, was $145.8 million for the first quarter of 2023, or $3.31 per diluted share, up 15% per diluted share . Yes. As you may recall, we've added to our direct sales force in this business and are starting to see a positive return with more than 40 deals signed in the first quarter. Looking for your Discovery Benefits Login? With a female CEO, an executive team with 30% female leadership, and global workforce that is nearly half female, women are a key part of WEXs business at all levels. And one of the things that we find interesting about that part of the business is it's also really resilient. Registration for the webcast of the event will be available on the Investor Relations section of our website in the coming weeks. Year This is thanks, in part, to contractual limitations to early withdrawals, and it's also evidence that the market for these funding vehicles continues to remain strong. The company operates in three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. Can you discuss your 2023 growth expectations for travel-related revenue and Corporate Payments-related revenue separately to arrive at the 7% to 11% guide? WEX benefits and perks, including insurance benefits, retirement benefits, and vacation policy. Please go ahead. As part of this initiative, we've been looking closely at a number of areas of our company using improved processes, data and technology. The biggest piece of that is some of the larger customers. Total volume processed across the organization in the first quarter grew 17% year-over-year to $52.3 billion driven by strong performance in our Corporate Payments and Benefits segments. [8], WEX Fleet provides vehicle fleet customers with fuel cards and data and telematics offerings for drivers. On an organic basis, which excludes the impact of fluctuations in fuel prices and foreign exchange rates, revenue in the quarter grew 19% compared to the prior year's period, once again beating our long-term organic growth target of 8% to 12%. Military veterans possess invaluable leadership skills and business acumen. So we have ramped the investments that we've made in that part of the business over the last couple of years. The $43.8 million increase represents 36% over the prior year. So we are continuing to build the direct sales force. Okay. Inside of Mobility, I think you mentioned the slowdown in factoring revenue being a big driver of that finance and late fee yield. The fraud remediation activities that I've spoken about in prior quarters, which include working with the truck stop operators, continuing to enhance our fraud detection tools and releasing fraud-focused product enhancements appear to be delivering a fraud reduction impact as intended. Simplifying benefits for everyone. Fraud losses in the segment, which we've spoken about a bit in prior quarters, were down 39% from Q4 of last year and continued to improve. While we may update forward-looking statements in the future, we disclaim any obligations to do so. Inventory Information Approval System (IIAS). WEX Benefits Login Simply select your account type below and you'll be sent to the login page for your Benefits account. You will notice some changes to your online account like our updated logo and colors, but the functionality and ease of use of your account that youve come to love today is here to stay. You can view the status of your claims and upload documentation easily with our benefits mobile app or through your online account. More broadly, as we drive our strategy of simplification and convenience in the EV space, the first phase of our EV product rollout is focused on en route charging. And so we have a whole separate work stream that we've added over the last year. Most of these expanded relationships are Mobility customers to whom we were able to sell a Benefits solution. WEX Benefits | 15,040 followers on LinkedIn. The beginning of each year is typically a weak time for cash flow due to the timing of some payments. Yes. The domestic fuel price in Q1 2023 was $3.86 versus $3.95 in Q1 2022. The company is headquartered in Portland, Maine [2] [3] and provides services in the United States, Canada, South America, Europe, Asia, and Australia . Values of the benefits may change over time. This company is wonderful great pay great benefits and you are treated as a person as opposed to a number. WEX Inc. is a provider of payment processing and information management services to the United States commercial and government vehicle fleet industry. The net interchange rate in the segment was down 10 basis points sequentially, predominantly due to the timing of incentives for the networks in Q4 last year as well as travel customers contributing a larger percentage of total purchase volume in Q1. We've seen lots of opportunities behind that. We have hundreds of customers that are using the product. [Delinquencies here] also continued to improve. And so just to be specific, last quarter, we talked about weakness in the over-the-road customer segment, smaller. Our message to customers centered on WEX' unique ability to address the challenges they see in their businesses. Since 1987, WEX Benefits has been in the business of simplifying the administration of HSAs, FSAs, HRAs, Commuter Benefits, COBRA and more with innovative technology solutions.
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