WEX benefits and perks, including insurance benefits, retirement benefits, and vacation policy. When we look at our deposit base and a lot of the banking turmoil that we've seen has been basically people worried about non-FDIC-insured deposits. We appreciate you joining us today. It was maybe 70%, 80% or whatever it looked like. I wanted to ask about the Corporate Payments segment. We are aware in monitoring what's happening within the marketplace. And how should we think about the rebound in terms of this factoring revenue on a go-forward basis? And so I wouldn't describe it as weakness, I would say, more slowing of the growth instead. But as Melissa just mentioned, we also expect the other segments to continue to grow as well. 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. I would also like to remind you that we will discuss forward-looking statements under the Private Securities Litigation Reform Act of 1995. So we expect some volume impacts from that as we go through the next couple of quarters. There's a significant pipeline in development beyond that with an overall vision of enabling managers to grow their fleet and have a unified experience using our products no matter how their vehicles are powered. 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. Now I'd like to recap our business highlights in the quarter. . The company is headquartered in Portland, Maine [2] [3] and provides services in the United States, Canada, South America, Europe, Asia, and Australia . Payment processing & information management service company, Ocean Gateway International Marine Passenger Terminal, "Why Wright Express Changed Its Name to WEX", "Wright Express Corporation Announces Pricing of Initial Public Offering", "WEX Opens Global Headquarters In Portland", "Roux Institute partners with WEX on a new facility in Portland", "WEX Partnering with Gas Buddy on Fuel Data Pact", "BRIEF-Wex and OnDeck announce strategic partnership", "WEX launches ClearView Advanced platform for fuel savings", "Jim Pratt: How WEX Ignited B2B Travel Payments", "SnapShot marketplace, TravelClick gets chatty, and more", "Eureka Innovation Award Winner Wex Health", "#WorkTrends Recap: Building Successful Business Partnerships", "Travelport Agrees to Sell Enett to Wex at a Bargain Price", https://en.wikipedia.org/w/index.php?title=WEX_Inc.&oldid=1129342157, Companies listed on the New York Stock Exchange, Companies based in Cumberland County, Maine, Short description is different from Wikidata, Wikipedia indefinitely semi-protected pages, Official website different in Wikidata and Wikipedia, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 24 December 2022, at 20:47. Payment processing transactions were up 4% year-over-year. We will continue to manage capital allocation between organic investment, M&A and returning capital to shareholders. WEX - Overview, News & Competitors | ZoomInfo.com And then it seems like you also talked about the late fee impacts and then maybe a little bit of just macro on the fleet business. 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. During the event, our leaders shared some of these pain points to our audience of about 1,200 attendees gathered in San . Spot rates went down. Okay. Purchase volume issued by WEX was $18.6 billion, which was an increase of 58% versus last year. I guess, is probably the way I'd say it as opposed to -- I don't think you can feel like we're done. 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. WEX (NYSE: WEX) is a leading financial technology service provider. Looking for your Discovery Benefits Login? And so it's been negative for a few quarters now. Will you be providing new service contracts? So we are continuing to build the direct sales force. . 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%. (866) 451-3399. srehr@discoverybenefits.com. 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. Login 1700 E. Golf Road, Suite 1000, Schaumburg . Yes. With that, operator, please open the line for questions. WEX Benefits Reviews & Ratings 2023 - trustradius.com We had record attendance at SPARK, which shows the importance of our solutions and how they resonate with customers. WEX to Benefit from benefitexpress Acquisition: Here's How WEX Benefits Login Simply select your account type below and you'll be sent to the login page for your Benefits account. We are looking at where do you want to continue to build, and we've had a bias of buildings just again because of what's happening with multiples. SOUTH PORTLAND, Maine-- ( BUSINESS WIRE )-- WEX Inc. (NYSE: WEX), a leading financial technology service provider, announced today that it has . 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. And we've talked about 25% to 30% growth for the year for the Benefits segment. We have a product road map of what we intend to deliver into the marketplace. Okay. 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. Yes. Welcome to benefitexpress, a WEX Company's Plan Document System So I think that provides evidence that our funding sources remain quite strong. During the quarter, we repurchased approximately 525,000 shares of WEX stock for roughly $93 million, resulting in a small EPS benefit in the quarter. And then a follow-up for me is, could you provide just an update on the broader market opportunity in the Mobility segment? We have about [$4.5 million] worth of deposits that sit on our balance sheet. And you can see that in the growth of vehicles that we've had within our base, and so we start with that. WEX | UKG Marketplace 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. A copy of the release has also been included in an 8-K we filed with the SEC earlier this morning. Sales Based on 148 salaries Account Manager 22 salaries Regional Sales Manager And so I think we're continuing to get a little bit of benefit of that. Got it. Fitness Subsidies. Track fuel expenses automatically. 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! And one of the things that we find interesting about that part of the business is it's also really resilient. 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. At the end of the quarter, the total outstanding balance on our revolving line of credit, term loans and convertible notes was $2.7 billion. 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. And so we have a whole separate work stream that we've added over the last year. Your benefit plans set up in WEX automatically feed over to ADP, preventing duplicate setups. Most Common Benefits for Wex Bank. Thanks, Melissa, and good morning, everyone. How do I submit claims for reimbursement? Year 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. So it's really indicative of how we're running the business, where we think it's going strategically. On the Benefits front, we completed a very positive open enrollment season. WEX Inc. Reports Fourth Quarter and Full Year 2021 Financial Results I also want to mention that we are renaming our existing segments in connection with the rebranding initiatives. Our commitment to providing excellent customer service to both you and your employees is unwavering. Incorporated, Research Division, Mihir Bhatia; VP in Equity Research & Research Analyst; BofA Securities, Research Division, Nikolai Chrin Cremo; Research Analyst; Crdit Suisse AG, Research Division, Ramsey Clark El-Assal; Research Analyst; Barclays Bank PLC, Research Division, Robert Paul Napoli; Partner and Co-Group Head of Financial Services & Technology; William Blair & Company L.L.C., Research Division, Sanjay Harkishin Sakhrani; MD; Keefe, Bruyette, & Woods, Inc., Research Division, Tien-Tsin Huang; Senior Analyst; JPMorgan Chase & Co, Research Division. Registration for the webcast of the event will be available on the Investor Relations section of our website in the coming weeks. Create Comparison. And then on the Corporate Payments space, we are anticipating continuing at that single-digit growth rate in the course of this year, which is a combination of where we are with ramping up customers and starting this process of adding new customers with the ramp of our direct sales force. Good results here. Youll continue to leverage the same online account, mobile app, and debit card (if applicable) you use today. We estimate the year-over-year impact of fuel prices increased segment revenue by approximately $1 million, including a benefit . And kind of how do you think that is going to go through the year? WEX Health Inc., a WEX Company is one of Maxwell Health's chosen providers for COBRA administration services. What if additional documentation is required? Based on 17 WEX Benefits reviews. The majority pay is between $82,985 to $107,380 per year. Our next phase will turn to at-home reimbursement. And M&A is something, obviously, we're always active. 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. New User. benefitexpress is based in Schaumburg, Illinois. (formerly known as Wright Express Corporation) is a provider of financial technology solutions. 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. Let me add a couple of comments there. Well, when we talk about the segment internally in the businesses, we think of it as more mobility plays, and as we continue to expand what we're doing, even with our traditional fleet customers as we're moving into this mixed fleet environment, it migrates you into new offerings in that space. WEX announces company-wide layoffs; West Fargo employees impacted In total, adjusted operating income margin for the company was 37.6%, which is down from 39.2% last year, largely driven by much higher margins in both the Corporate Payments and Benefits segments . And as we -- it looks like that has largely run its course. 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. Our payments platform technologies give you everything you need to run an advanced payments program in one place, including the expertise to make payments smarter, faster, and more profitable. WEX Inc. WEX yesterday announced that it has inked a deal to purchase benefitexpress for a sum total of nearly $275 million. Turning now to Corporate Payments. Neither of these banks were customers or partners of WEX, and we had minimal deposit exposure. But I wanted to understand how fast do these signings contribute to revenues? Focusing on diversity also means focusing on inclusion. 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. Discovery Benefits, A WEX Company Business Data. 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. I know the net interchange piece was down a little bit from incentives. Melissa, I like the color on the direct Corporate Payments offerings. Prev Next And then maybe you could just remind us what you guys are incorporating into the guidance? Before jumping into our performance for the quarter, I'd like to quickly address the recent disruption in the banking industry. And so I think we're getting some of the benefit of those earlier moves that we've made and what we're seeing in the portfolio right now. Get the latest Health Trends & Insights news in your inbox. Is it finding some kind of adjacency expansion capabilities? We brought in our Chief Digital Officer, first time we've had one, a little over a year ago. Official list of employee benefits from WEX Inc.. Health insurance benefits, vacation policy, retirement benefits and more. They want all that data so that they can really understand the total ownership -- cost of ownership for their fleet. I think that was about $5 million. And just one follow-up question for Jagtar. Working at WEX Inc.: 52 Reviews about Pay & Benefits - Indeed 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 . These updated ranges represent an increase of $20 million in revenue and $0.25 of EPS compared to the midpoint of our previous guidance. And so working through those, looking at assets we want to invest in. And I would say that's true across every part of the business, so that's the [vetting] process. And then we look at geographic expansion capabilities, and so there's an active mix across those categories. And then, I guess, secondly, travel volume, per your charts, look like -- whatever it was, it was big. New users can create a new account to get started. Your next question comes from the line of Darrin Peller with Wolfe Research. And we talked about AvidXchange from the customers that we had added more recently. Women play an important role at WEX. So for example, the Benefits contract that you mentioned, I mean, we've talked about the 25% to 30% growth in our guidance. 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. We have also been very focused around EV innovation. And we'll continue to look at where should we build, where should we partner, where should we buy. Youll continue to use the same online account and mobile app you use today. What's it like in April? 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. The other question I had was, Melissa, you mentioned a couple of big customer signings in your remarks. Next, let me turn to our operational improvement. How does it work? Discovery Benefits is now WEX - WEX Benefits You And so those things, combined, have been a really great contribution to the overall business. Our card works at a variety of merchants. Username Forgot Username? It can be easy to get caught up in a routine or a silo at WEX, but NexGen has given me the opportunity to connect with people in other functional areas that I otherwise would have never met.. 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. Can you elaborate a little bit -- I guess, it's also on lines of M&A. And so an area that we will continue to invest and evolve. So we want to make sure that we are continuing to invest in that space. The beginning of each year is typically a weak time for cash flow due to the timing of some payments. WEX Inc. - WEX Completes Acquisition of benefitexpress We feel good about considering the amount of capital that we're deploying into that sales force results that we've seen so far, and it's an area that we expect we'll continue to ramp. Our investments in data and advanced analytics, for example, are benefiting customers across our platform. Retirement and Stock Option Benefits. There's many different use cases that are emerging even now in this early part of this process that we think that we can help facilitate. Just listening to you and Jagtar talk about the business generally in the first quarter trends, it seems like you're not really seeing any appreciable signs of slowing outside of the over-the-road sort of freight area. Will my recurring payment for premiums continue? Login. We have the ability to settle throughout the world in a number of different -- over 20 currencies. The biggest piece of that is some of the larger customers. Fill up company vehicles anywhere. Your next question comes from the line of Andrew Jeffrey with Truist. . And so the growth with movement to HSAs has slowed, but it is still a strong grower. And she's doing some amazing work with our technology and commercial teams and really looking at how we can, from an end-to-end perspective, look at that customer experience and even greater digitize that experience, which has a super benefit. You will not need to make any changes to your recurring ACH schedule. I talked about some of the reasons for it in our prepared remarks. That we expect. The employee's options to upload receipts seem difficult for some. Remember Me Next. We're also encouraged by early cross-sell conversations as we begin the new year. 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. Can you just talk a little bit about where you are focusing on the M&A side right now? So again, not necessarily because we're seeing that trend within our portfolio, but consistent with what we had said in the last quarter. Within that segment, what we'd expect is the normal puts and takes between travel and our nontravel business. Will employer services numbers stay the same? [9] WEX Fleet also partners with GasBuddy,[10] OnDeck Capital,[11] and Chevron,[12] among other companies, to provide services to customers. I'm just trying to understand the onboarding process, the ramp when you do some of these big customer signings in different businesses. While we may update forward-looking statements in the future, we disclaim any obligations to do so. WexBocaLink.setUrl("locations-flyout", "WEXFleetUniversal", "cc1"); Save money and manage fleet operations with our modern business mobility solutions, including a broad array of fuel cards for any size fleet. It's a better customer experience. One of the areas I am excited about is the planned improvement in the customer experience by creating a more seamless digital journey, which has the added benefit of saving costs. . We're excited to do that highlight. Specifically, you can use it anywhere with an Inventory Information Approval System (IIAS) or at merchants that meet the IRS 90 percent rule (where 90% of gross sales meet eligibility requirements). 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. These challenges are experienced across many industry verticals and include personalizing employee benefits, navigating the complexity of mixed fleet [interests] and removing the friction caused by inefficient payment processes and systems. We have allowed these results to flow through to our guidance increase for the year while largely maintaining our previous guidance for the remainder of the year. WEX Benefits Login | WEX customer login | WEX Inc. AllBiz Business Profile Search Background Check. This furthers our goal of putting tools in the hands of drivers that simplify the process of determining where, when and how to charge.
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