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. Our platforms areSee this and similar jobs on LinkedIn. [17] Some partners include Fifth Third Bancorp,[18] Paychex,[19] HSA Bank, and Discovery Benefits. And in terms of what we're assuming from a volume perspective, we are assuming that idea of having a slow growth environment. WEX Overview 753 Reviews 213 Jobs 1.3K Salaries 109 Interviews 315 Benefits 4 Photos 305 Diversity Follow + Add a Salary WEX Salaries How much do WEX employees make? Ashley Seitz - Discovery Benefits, A WEX Company, Fargo, North Dakota But as Melissa just mentioned, we also expect the other segments to continue to grow as well. Skip to content. Get special fuel discounts and save on products and services for your business. (866) 451-3399. srehr@discoverybenefits.com. You can also log in and pay your COBRA/Retiree premiums directly from your online account with a recurring ACH payment or from your COBRA mobile app. Now let's move to segment results, starting with Mobility. 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! 1700 E. Golf Road, Suite 1000, Schaumburg . . And that's really -- what we're working towards is we're architecting both the way that we're thinking about go-to-market but also the products stuff. And then we look at geographic expansion capabilities, and so there's an active mix across those categories. The rest of the portfolio, some of the growth rates are slowing within same-store sales, and I talked about the fact that a lot of the benefit that we received in the quarter came from some of the larger customers. And we've had good success in selling that into the fintech community, ultimately in the United States. We'll build on this launch by focusing on learnings and rapidly innovating our offering for U.S.-based customers. WEX SPARK 2023 is our annual learning and networking event that focuses on new technologies and emerging industry trends meant to simplify payments, fleet management, and benefits administration and help fuel business growth. Job Training & Conferences. So there's a couple of things that are happening within that segment. Historically, we've sold that product through a partner channel. You can continue to contact our Client Services team at 877-765-8810 Mondays through Fridays from 7 a.m. to 7 p.m. Central time, by emailing employerservices@wexhealth.com or by submitting a case anytime from your LEAP account. How do my employees reach you? 3 reasons we see people flipping to a fuel card: Apply Now The $43.8 million increase represents 36% over the prior year. When we plan the year, we look at what do we have for existing customers to the kind of the run rate of revenue that come into the year. AllBiz Business Profile Search Background Check. So to the extent that, that becomes a larger mix of the total, you would expect that to be a positive benefit to the rate. Youll continue to use the same online account and mobile app you use today. Welcome to WEX! We have also been very focused around EV innovation. Your next question comes from the line of Ramsey El-Assal with Barclays. Welcome to your single source for all you need to know about your benefit account (s). WEX announces the acquisition of Discovery Benefits, Discovery Benefits Facebook and Twitter accounts merge with WEX, Participants start getting notifications about upcoming brand changes, DiscoveryBenefits.com content moves to wexinc.com, New WEX-branded participant/employer login pages, Consumer benefits and COBRA online accounts, mobile apps, and benefits platform-generated emails updated to WEX branding. The employee's options to upload receipts seem difficult for some. Fleet fuel cards have many impactful benefits like data-tracking capabilities and more. And we've talked about 25% to 30% growth for the year for the Benefits segment. WEX Inc. Reports Fourth Quarter and Full Year 2021 Financial Results One, is the embedded payments product, which is what is used within our travel customer base. You should not place undue reliance on these forward-looking statements, all of which speak only as of today. On top of that, within the Mobility space, this conversion to EV, increasingly, we see this as an opportunity. Finally, before turning the call over to Jagtar, I want to highlight that we will host an investor event to provide an in-depth understanding of our Benefits segment, including the product set, opportunities and financial profile. We have the ability to settle throughout the world in a number of different -- over 20 currencies. I mean I know that this has been asked a bit, but I just want to understand a little bit more on the strategy of the business outside of the OTAs. WEX Benefits Platform | West Fargo ND 211 reviews from WEX Inc. employees about WEX Inc. culture, salaries, benefits, work-life balance, management, job security, and more. When you put all that together, can you still get the low end of the 4% to 8% that you're kind of talking about for the full year? 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. 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? 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? SOUTH PORTLAND, Maine-- ( BUSINESS WIRE )-- WEX Inc. (NYSE: WEX), a leading financial technology service provider, announced today that it has . Our message to customers centered on WEX' unique ability to address the challenges they see in their businesses. Can you elaborate a little bit -- I guess, it's also on lines of M&A. We started off the year with a solid first quarter, achieving strong top line growth while delivering with the dependable execution that our employees, partners, customers and shareholders have come to expect. What if additional documentation is required? Revenue for the first quarter came in at $7 million, above the midpoint of our guidance, and adjusted net income per share beat the midpoint of our guidance by $0.11. So we do have some escalator clauses that are built into our contracts. First Republic in limbo as US regulators juggle bank's fate, Sony shares tumble on weaker-than-expected annual outlook, 'Waste of time': Community college transfers derail students, Asia Stocks Rise, Treasuries Dip in Cautious Trade: Markets Wrap, Poll: Americans fault news media for dividing country. Just within the -- changing the name to Mobility Solutions at this point, Melissa, just is there a deeper strategic meaning behind that? I'm asking because I'm just always trying to learn the difference between the volume growth and the revenue growth. Total net revenue for the first quarter of 2023 increased 18% to $612.0 million from $517.5 million for the first quarter of 2022. Yes. WEX Benefits Reviews & Ratings 2023 - trustradius.com 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. WEX Signs Definitive Agreement to Acquire benefitexpress The company traces its origins to A.R. (Operator Instructions) Your first question comes from the line of Sanjay Sakhrani with KBW. And so an area that we will continue to invest and evolve. 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. And so those things, combined, have been a really great contribution to the overall business. We have a solution that is live in Europe and United States. Strong quarterly revenue, paired with the scalability of our business model and a superior funding model, resulted in adjusted net income per diluted share of $3.31, an increase of 15% compared to the same quarter last year. One connector exchanges demographic, enrollment and contribution data. So Flume is still -- I'd say, still early days, and we've had -- we started this about 15 months ago. Please login again. Discovery Benefits, A WEX Company Business Data. And how should we think about the rebound in terms of this factoring revenue on a go-forward basis? We also realized approximately $37 million in revenue from the custodial HSA cash deposits that were invested by WEX Bank and funds held at third-party banks compared to $9.5 million last year. We've definitely looked at this business similar to the way that we look at everything else. Tuition Reimbursement. 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 . The average annual salary of Wex Bank is estimated to be approximate $94,668 per year. While we may update forward-looking statements in the future, we disclaim any obligations to do so. Think of that as a customer, typically someone who is highly sophisticated, is embedding an API payment stream within their workflow, and they are taking advantage of either our virtual card technology or other payment modalities. Next, I would like to turn to cash flow. Participants Accounts HSA, FSA, HRA/Wellness & Commuter So our interchange rate was up nicely this quarter. WEX Health Cloud helps to administer HSAs, HRAs, FSAs, VEBAs, COBRA, defined-contribution, wellness plans, and transit plans. WEX Virtual launched in 2000 [14] in support of customers including HitchHiker,[15] HotelTonight, Expedia, and Priceline. And that's split roughly evenly between HSA deposits and non-HSA deposits. There seems to be some ongoing spot rate stabilization in the freight industry, but we're expecting these kind of rates going forward. We have 2 primary products that we have within the Corporate Payments space. WEX Inc. - WEX Signs Agreement to Acquire Discovery Benefits And as a result, I am pleased to share that we are raising our guidance for 2023 to reflect those results as well as the benefit of share repurchases completed to date. Your next question comes from the line of Nik Cremo with Credit Suisse. Powered by WEX Health. The freight market is an area we continue to watch closely. WEX - Overview, News & Competitors | ZoomInfo.com Discovery Benefits is now a part of WEXinc and you can log into your account using the links below. 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. Yes. If used elsewhere, you may need to upload supporting documentation (depending on your benefits plan). We also saw volume growth in our direct channel, and we are pleased to sign more than 40 new direct Corporate Payment customers in the quarter. So I think that gives a lot of comfort to depositors with us. And if I could just ask one follow-up to that. benefitexpress is based in Schaumburg, Illinois. The leverage ratio, as defined in the credit agreement, stands at 2.5x, which is at the bottom end of our long-term target of 2.5 to 3.5x. Inside of Mobility, I think you mentioned the slowdown in factoring revenue being a big driver of that finance and late fee yield. Where do I log in to my online account? Melissa, I like the color on the direct Corporate Payments offerings. benefitexpress is a leader in cloud-based solutions for benefits administration. WEX to Benefit from benefitexpress Acquisition: Here's How It operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. We will continue to manage capital allocation between organic investment, M&A and returning capital to shareholders. Username Forgot Username? We have hundreds of customers that are using the product. We have pipelines that are continuing to fill and feel good about the close rates we have this year, which will more largely impact revenue next year. We also had a period of time where people were less likely to make changes because of what was happening -- a bit of an overhang from the pandemic. So yes, you're correct. WEX generates a significant amount of cash each year with Q1 typically being the lowest due to seasonality. Got you. We had anticipated the trend of higher late fee rates that we saw at the end of last year to continue in Q1. WEX Overview Industry Business Services Revenue $2.4B Headquarters South Portland, ME Employees 3,500 Founded In 1983 Website www.wexinc.com Organization Type Public WEX Inc. gives you precise financial and information management solutions to help your company strengthen its balance sheet and achieve unparalleled control and security. And so just to be specific, last quarter, we talked about weakness in the over-the-road customer segment, smaller. Now I'd like to recap our business highlights in the quarter. File a claim, view account balance and summary information, sign up for FREE direct deposit, get email notifications, and more! [We lose] less customers coming through but also at a lower cost. Benefits are decent, schedule flexibility, some good managers Cons Draining, don't pay their reps enough, not much room for growth, very hard to move up or laterally. In 2017, WEX Fleet launched a new telematics platform, ClearView Advanced.[13]. The Corporate Payments segment delivered an adjusted operating income margin of 46.9%, up from 36.7% in Q1 last year. And then my last question, just on capital allocation. Overall travel-related purchase volumes pro forma for the eNett acquisition was up 29% versus 2019 with approximately half of the growth due to the number of transactions and half due to the value of each transaction. Yes. Yes. They're not talking about driver shortages in the way that they have in the past [inferring], but there's a slowdown within that customer base. First, it's worth noting that failures of Silicon Valley Bank and Signature Bank had very minimal impact to our business. Thank you, Steve, and good morning, everyone. And so the growth with movement to HSAs has slowed, but it is still a strong grower. We can help your team save time and money and eliminate stress. With that, I'll turn the call over to Melissa. Finally, let's take a look at the Benefits segment. I guess in the Mobility segment, the payment processing rate was really high. So really, really strong still conversations within our customer base. Yes. benefitexpress Benefit Express Services LLC. And so I'd say, so far so good in what we're seeing with that business, and it's something we're going to continue to learn and evolve. So there's a number of things that are really important to that customer base. The biggest piece of that is some of the larger customers. I just want to make sure I understood that no impact on deposit funding from a WEX Bank standpoint. Will you be communicating these changes to participants? It went public in 2005. WEX Q1 Earnings and Revenues Beat Estimates, Increase Y/Y Is there an ex EV opportunity, I don't know, internationally, and even in the U.S. ex EV, where are there still compelling opportunities in the market? WEX Health Inc., a WEX Company is one of Maxwell Health's chosen providers for COBRA administration services. Again, this is consistent with our strategy of ensuring electric vehicles can be charged conveniently while simplifying payments and reimbursement for organizations. 78%. No action is needed by you and you can keep the notice for your records. We're excited to be able to really go a bit deeper in that business, make sure that people have the visibility and can really understand the products we have in the marketplace, how we compete. If used at an IIAS merchant, simply swipe your card and it will automatically approve anything thats an eligible expense. Should we expect the Corporate Payments to kind of trend in the 4% range and, I guess, travel to decelerate materially just from where it's at relative to the guide? The domestic fuel price in Q1 2023 was $3.86 versus $3.95 in Q1 2022. WEX benefits and perks, including insurance benefits, retirement benefits, and vacation policy. And we've seen, as Melissa has mentioned, pretty robust demand for funding sources. But I wanted to understand how fast do these signings contribute to revenues? Simply select your account type below and you'll be sent to the login page for your Benefits account. Given this more challenging fundraising environment, are you seeing more interesting opportunities on the M&A side? The rating our clients gave our single-source employee benefits and COBRA administration hub. So still decent growth we have in our underlying assumption because we know that there's still pent-up demand, but coming off the highs that we're seeing in first and second quarters. You can also access your account from the COBRA mobile app. If we could touch on the Benefits segment for a minute, the account growth there obviously has been, strong mid-teens-type growth, and now you're adding the Midwest manager as well. 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 is here to stay. Congrats on the strong results. Official list of employee benefits from WEX Inc.. Health insurance benefits, vacation policy, retirement benefits and more. Mihir, I would just add, like I said, the travel trend into April continues as expected, and we've seen the same thing with fleet gallons as well has continued into April, in line with our expectations. 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 Like are we thinking that's like second quarter or back half of 2023 thing? Jagtar talked about the fact we've seen that stabilize within our portfolio. (formerly known as Wright Express Corporation) is a provider of financial technology solutions. I just wanted to thank everyone again for hanging with us as we go a couple of minutes long here, and we look forward to speaking with you again in about 3 months. WEX can help simplify these challenges today, and we are innovating to anticipate and address those of tomorrow. For the full year, we expect to report revenue in the range of $2.45 billion to $2.49 billion. Each account that is available on the debit card is referred to as a "purse". So I think that provides evidence that our funding sources remain quite strong. Thanks, Melissa, and good morning, everyone. Breaking down the segment further, travel-related customer volume represented approximately 71% of the total spend and grew 84% compared to last year. WEX (NYSE: WEX) is a leading financial technology service provider. These updated ranges represent an increase of $20 million in revenue and $0.25 of EPS compared to the midpoint of our previous guidance. So that's an area where we look at product or product adjacencies across really in any part of the business. We estimate the year-over-year impact of fuel prices increase segment revenue by approximately $1 million, including a benefit of approximately $6 million for European fuel price spreads. 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. I know you mentioned a few times building out the direct sales force, inking 40 new deals. We are aware in monitoring what's happening within the marketplace. We do feel good about the products that we have. 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. Fill up company vehicles anywhere. COBRA, Retiree & Leave of Absence Member login, Learn more about the Discovery Benefits transition to WEX, Inventory Information Approval System (IIAS). Your next question comes from the line of Mihir Bhatia of Bank of America. Is that where you see the largest future growth opportunity? Looking for your Discovery Benefits Login? Please see Exhibit 1 of the press release for an explanation and reconciliation of these non-GAAP measures. WEX Inc. - WEX Completes Acquisition of benefitexpress WEX Salaries | Comparably We are also continuing to work with the customers that we have on board to make sure that we are continuing to meet the needs that they have in the marketplace and to look for areas that we can further ramp that customer segment. WEX Benefits hiring Client Support Specialist in Schaumburg, Illinois And then what do we need to go get in the course of the year?
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