While we may update forward-looking statements in the future, we disclaim any obligations to do so. 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. Prev Next Yes. 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? And we work across a number of different partners supporting them and growing their business and then also directly, and you can see the benefit of that coming through. So we're continuing to sell in the marketplace. 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 currently have approximately 85% of our cloud migration completed. Fleet fuel cards have many impactful benefits like data-tracking capabilities and more. Skip to content. We've been listening closely to the evolving needs of our commercial customers. 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. If you have a spending or savings account, you can also initiate a chat session directly from your online account. Benefits revenues of $164.9 million registered 36% year-over-year growth. Yes, thanks, Sanjay. Discovery Benefits is now a part of WEXinc and you can log into your account using the links below. So I think that provides evidence that our funding sources remain quite strong. Melissa D. Smith; Chairman of the Board, President & CEO; WEX Inc. Steven Alan Elder; SVP of Global IR; WEX Inc. Andrew William Jeffrey; Director; Truist Securities, Inc., Research Division, Darrin David Peller; MD & Senior Analyst; Wolfe Research, LLC, David John Koning; Associate Director of Research & Senior Research Analyst; Robert W. Baird & Co. We provide payment solutions to businesses of all sizes across a wide spectrum of sectors, including fleet, corporate payments, travel and health. Will customer service numbers stay the same? Login. Aside from the base salary, Wex Bank offers its employees a list of benefits. 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 . Professional Development Benefits. 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. 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. 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. Track fuel expenses automatically. This concludes the question-and-answer session. Our mission is to help our clients and their businesses flourish both financially and personally by becoming trusted advisors that care about them as people first, and then by providing accurate and reliable financial reporting and read more in Accountants, Tax Services, Bookkeepers Location & Hours 4321 20th Ave S Fargo, ND 58103 Get directions I wanted to ask about the Corporate Payments segment. So yes, you're correct. The net interchange rate in the Mobility segment was 1.21%, which is up 10 basis points from Q4 of last year. Username Forgot Username? Wright began allowing trucks to fuel up without having to pay an attendant by using a post-paid fuel card, leading to the creation of Wright Express Corporation in 1983. 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. Most Common Benefits for Wex Bank. It's also, if you look across the whole deposit portfolio, we have over 95% of our deposits are FDIC-insured. So I think that gives a lot of comfort to depositors with us. Thanks, Tien-Tsin, for the question. We just held that same assumption. In terms of what we're seeing from a multiple perspective, there still is a disconnect between what we're seeing in private multiples and public multiples. And we've had good success in selling that into the fintech community, ultimately in the United States. Our platforms areSee this and similar jobs on LinkedIn. Turning now to Corporate Payments. New users can create a new account to get started. But so far, in April, things are trending well for us. Now I'd like to recap our business highlights in the quarter. 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. 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. Your benefit plans set up in WEX automatically feed over to ADP, preventing duplicate setups. We will also notify participants when their new login page is live and include any other relevant changes to contact information. The freight market is an area we continue to watch closely. This income makes us less sensitive to interest rates of the company as the revenue offsets higher interest expense in other parts of the business and serves as a natural hedge. 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. A piece of that is also coming from this anticipation that we'll continue to benefit from the custodial deposits that we have. So we start with that because I think that there's still meaningful opportunity there, both in the United States and outside the United States. Welcome to your single source for all you need to know about your benefit account (s). Melissa, I like the color on the direct Corporate Payments offerings. No. Just within the -- changing the name to Mobility Solutions at this point, Melissa, just is there a deeper strategic meaning behind that? The beginning of each year is typically a weak time for cash flow due to the timing of some payments. . 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. The products in the marketplace right now, I talked about in the prepared remarks, or the ability to move our customers letting them by as they are on the go, having this charging network, reimbursement capability and then eventually depot capability, those are really, for us, the starting points because we know, from talking to our customers, they want one integrated bill, one system of record. I'm asking because I'm just always trying to learn the difference between the volume growth and the revenue growth. Will you be communicating these changes to participants? benefitexpress, a WEX Company 1700 E Golf Rd. Your next question comes from the line of Nik Cremo with Credit Suisse. Any callouts with respect to volume and -- as well as yield? 4321 20th Ave S, Fargo, ND 58103. In January 2020, the company announced it would acquire travel payments companies eNett and Optal from Travelport for $577.5 million.[20]. [8], WEX Fleet provides vehicle fleet customers with fuel cards and data and telematics offerings for drivers. benefitexpress is based in Schaumburg, Illinois. And so when we think about growth within that part of the business, it's a combination of growth from the existing customer base that we already have, ramping on the direct side and then continued benefit from the existing partners that we have in the marketplace. Yes. The domestic fuel price in Q1 2023 was $3.86 versus $3.90 in 2022. . (Operator Instructions) Your first question comes from the line of Sanjay Sakhrani with KBW. WEX Benefits | 15,040 followers on LinkedIn. 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. WEX Engaged Employer Overview 750 Reviews 214 Jobs 1.3K Salaries 109 Interviews 315 Benefits 4 Photos 305 Diversity + Add a Review WEX Employee Reviews about "benefit" Updated Apr 24, 2023 Search Reviews Clear All Full-time, Part-time English Filter Found 157 of over 751 reviews Sort Popular Popular COVID-19 Related Highest Rating Lowest Rating Where do I log in to my account? 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. Finally, let's move to revenue and earnings guidance for the second quarter and the full year. Do I need to create a new account? WEX generates a significant amount of cash each year with Q1 typically being the lowest due to seasonality. The travel segment, WEX Virtual, helps online travel agencies facilitate cross-border payments through virtual cards, allowing online travel agencies to automate back-end accounting practices. And that's split roughly evenly between HSA deposits and non-HSA deposits. And we have made changes with our credit approval processes, both for the over-the-road business and our traditional retail business, to tighten credit standards in keeping with this idea that we're anticipating or planning for a slow-growth environment in the second half of the year. The domestic fuel price in Q1 2023 was $3.86 versus $3.95 in Q1 2022. 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. And I would say that travel will be the higher of that, and Corporate Payments would be on the lower side. Sure. Higher credit losses versus the prior year were the primary reasons for the lower margin. History Welcome to your single source for all you need to know about your benefit account(s). The average salary for WEX is $121k per year, which includes an average base salary of $106k and an average bonus of $14k. Just my quick follow-up. 3 reasons we see people flipping to a fuel card: Apply Now The company traces its origins to A.R. 3 reasons we see people flipping to a fuel card: Apply Now How do I submit claims for reimbursement? Revenue: $1 to $5 billion (USD) Competitors: FLEETCOR, Comdata, U.S. Bank. Our objective is to create a universal network of EV charging stations similar to our fuel acceptance network. WEX Inc. (WEX Quick Quote WEX - Free Report) delivered better-than-expected first-quarter 2023 results. 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. The rating our clients gave our single-source employee benefits and COBRA administration hub. Our investments in data and advanced analytics, for example, are benefiting customers across our platform. [5] In 2012, it adopted the name WEX, signaling a shift away from focusing on fuel cards and expanding into other payment solutions. And we keep that in mind as we're working through all of this. That was a place where we're seeing positive same-store sales during the bulk of the pandemic. And also from a risk management standpoint, any change in operations, either on the benefit side or the corporate payment side, given all the cash flow activity that happens naturally there? Starting in January, participants will receive a message after they log into their online account letting them know Discovery Benefits will be known as WEX. Benefits Total WEX Inc. Three months ended March 31, 2023 2022 2023 . Our business model here is very strong and revenue drop-through for this segment is high given our relatively fixed cost base. Simply select your account type below and you'll be sent to the login page for your Benefits account. Adjusted earnings of $3.31 per share surpassed the Zacks Consensus Estimate by 3.4% and our . Our passion for continuous innovation and our unparalleled level of service were further fueled when Discovery Benefits who we partnered with for more than 15 years joined WEX in 2019. 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%. 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. About 150. And in each of our areas of our business, we're really focused on each of those things, making sure that we retain our existing customers and are maximizing from that, implementing and then signing new customers. 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. In Benefits, primarily, the conversation is around still employee retention and how we're making sure we're offering benefits within the marketplace that are attractive and continue to evolve in the way that the marketplace expects. Get the latest Health Trends & Insights news in your inbox. 211 reviews from WEX Inc. employees about WEX Inc. culture, salaries, benefits, work-life balance, management, job security, and more. The company continues to have a significant presence in South Portland. Let me add a couple of comments there. Will you be providing new service contracts? And kind of how do you think that is going to go through the year? Username Forgot Username? That's brought the whole sort of factoring item down, and we're expecting that to continue at least for the next couple of quarters. Yes. We'll be piloting an at-home reimbursement product this quarter and expect to have a broader rollout in the second half of this year. 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. Simplifying benefits for everyone. 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. And the -- when we think about opportunities, what we're looking at is either product extensions that we go through an analysis of do we want to build, partner or buy as we're doing our product evaluation. Year New users can create a new account to get started. 1 Debit card for multiple accounts (HSA and commuter benefits accounts) HSA financial accounting features. We're also encouraged by early cross-sell conversations as we begin the new year. 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. And so I think we're continuing to get a little bit of benefit of that. Sure. [We lose] less customers coming through but also at a lower cost. There's been the ongoing slowdown in the freight industry with spot rates declining. 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. Thank you, Steve, and good morning, everyone. We had record attendance at SPARK, which shows the importance of our solutions and how they resonate with customers. Your session has been timed out due to inactivity. If used elsewhere, you may need to upload supporting documentation (depending on your benefits plan). WEX salary ranges from $47k to $284k. Please go ahead. Powered by WEX Health. Particularly, I think you mentioned some weakness in OTR. It was maybe 70%, 80% or whatever it looked like. 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. Login. WexLocationCode.setTransientValue("wex02"); This represents a 15% increase over the prior year. Mihir, I would say that the contracts that Melissa talked about are factored into the guidance we've given out. Yes. We'd expect kind of normal seasonality going into Q2 and Q3 on the travel side. But I wanted to understand how fast do these signings contribute to revenues? 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. We expect ANI EPS to be between $3.45 and $3.55 per diluted share. They were not a party to our credit facility nor counterparties to our hedging relationships. WEX Inc. WEX yesterday announced that it has inked a deal to purchase benefitexpress for a sum total of nearly $275 million. The Fleet Solutions segment . Okay. And one of the things that we find interesting about that part of the business is it's also really resilient. We're excited to do that highlight. What if additional documentation is required? Got it. WEX (NYSE: WEX) is a leading financial technology service provider. But they -- it cumulatively become quite meaningful for 2024. And as we -- it looks like that has largely run its course. I know there's seasonality to the yield likely, but maybe you could just help us think through that. So those direct accounts would come in at a higher rate, which is one of the reasons we go direct there. We continue to add to the product set that we have in the marketplace. 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. We appreciate you joining us today. 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. Simplifying benefits for everyone. If you need an employee benefits and COBRA administrator that will act as an extension of your HR staff, WEX has just the solution for you. A lot of focus that we've had has been on building out digital capability, and we've talked about that a lot over the last couple of years. So I feel good about the path that we're on because not only would we have the ability to continue to use the sales channels we have now but to enhance that with further digital capability. We had anticipated the trend of higher late fee rates that we saw at the end of last year to continue in Q1. And we've seen, as Melissa has mentioned, pretty robust demand for funding sources. WEX Inc. provides corporate card payment solutions in North and South America, the Asia Pacific, and Europe. Job Training & Conferences. 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. You can also mail or email a Discovery Benefits claim form to us for processing. Now let's turn to the financial results. Continue to use any premium payment coupons you already have and continue to mail them to the address located on the coupon. Or is this more likely 2024 contributors? Okay. In 2017, WEX Fleet launched a new telematics platform, ClearView Advanced.[13]. Yes. As part of this initiative, we've been looking closely at a number of areas of our company using improved processes, data and technology. Yes. This allows us to see the company through a different lens or perspective than we normally would. And so working through those, looking at assets we want to invest in. File a claim, view account balance and summary information, sign up for FREE direct deposit, get email notifications, and more! Is it finding some kind of adjacency expansion capabilities? 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. 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.
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