Our card works at a variety of merchants. So really, really strong still conversations within our customer base. 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. We continue to execute well on both growing revenue and becoming more efficient servicing our customers. The Corporate Payments segment delivered an adjusted operating income margin of 46.9%, up from 36.7% in Q1 last year. Higher credit losses versus the prior year were the primary reasons for the lower margin. Do I need a new debit card? 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%. Our next phase will turn to at-home reimbursement. How do my employees reach you? A copy of the release has also been included in an 8-K we filed with the SEC earlier this morning. The second product that we have is an AP direct product, where we have just started ramping a direct sales force. Advances WEXs employee benefits platform with the addition of one of the fastest-growing solutions providers in the marketplace Complements WEXs technology platform with leading benefits account technology Jan. 17, 2019- WEX (NYSE:WEX), a leading financial technology service provider, today announced the signing of an agreement to acquire Discovery Benefits, Inc. (DBI), a high-growth employee . Expediting changes and reducing questions and discrepancies. AllBiz Business Profile Search Background Check. We have 2 primary products that we have within the Corporate Payments space. I talked about some of the reasons for it in our prepared remarks. I think some of that is continued rebound of people going back into the office, sales fleets being out and moving. 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. Inside of Mobility, I think you mentioned the slowdown in factoring revenue being a big driver of that finance and late fee yield. So our interchange rate was up nicely this quarter. WEX benefits and perks, including insurance benefits, retirement benefits, and vacation policy. We are aware in monitoring what's happening within the marketplace. . 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.
Working at WEX Inc.: 211 Employee Reviews | Indeed.com Finally, let's move to revenue and earnings guidance for the second quarter and the full year.
WEX Benefits Reviews 2023: Details, Pricing, & Features | G2 The average annual salary of Wex Bank is estimated to be approximate $94,668 per year. benefitexpress is a leader in cloud-based solutions for benefits administration. As you've seen our metrics, the net late fee rate was up slightly versus the prior year mostly as a result of the new ExxonMobil small business portfolio added late last year. In 2017, WEX Fleet launched a new telematics platform, ClearView Advanced.[13]. We had anticipated the trend of higher late fee rates that we saw at the end of last year to continue in Q1. 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 from $131.1 million or $2.88 per diluted share for the same period last year. Within that segment, what we'd expect is the normal puts and takes between travel and our nontravel business. Self-Service Portal.
PDF Commonly Asked Questions Regarding The WEX Health Card - Benefit Extras Of our clients continue to partner with us during renewal because of the experience and support we provide them and their employees. Is it Corporate Payments? 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. And then a follow-up for me is, could you provide just an update on the broader market opportunity in the Mobility segment? 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. Yes. March 05, 2019 04:05 PM Eastern Standard Time. If you already use the app, just log in with your existing username and password. And just one follow-up question for Jagtar. Yes.
WEX Q1 Earnings and Revenues Beat Estimates, Increase Y/Y And so we continue to see -- and that's across multiple categories. WEX Inc. (WEX Quick Quote WEX - Free Report) delivered better-than-expected first-quarter 2023 results. We are assuming that you see a trail off in travel growth in the second half of the year. The company provides revenue guidance on a GAAP basis and earnings guidance on a non-GAAP basis due to the uncertainty and the indeterminate amount of certain elements that are included in reported GAAP earnings. We brought in our Chief Digital Officer, first time we've had one, a little over a year ago. 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. It's a better customer experience. 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. In 2012, WEX Fleet acquired Fleet One to provide fleet cards to drivers. To this end, our Mobility team is currently expanding our DriverDash mobile app, which helps fleet [find fueling] locations on the go to include EV charging stations in Europe. So it's really indicative of how we're running the business, where we think it's going strategically. And I would say that travel will be the higher of that, and Corporate Payments would be on the lower side. No action is needed by you and you can keep the notice for your records. This feedback has informed our electric vehicle strategy, which consists of giving fleet managers the tools to plan their energy transition, manage their vehicles in a mixed fleet environment and help ensure their EVs can be conveniently controlled and charged across a distributed environment. Suite 600 Schaumburg, IL 60173 PHONE: 877-837-5017 EMAIL: help@mybenefitexpress.com News 04/14/2023 Employee Benefit Acronyms Part 3 of 3 Everybody in the employee benefits field uses acronyms like ALE, MLR, and ACA, but what do these and other employee benefits acronyms stand for? Net income attributable to shareholders on . They encourage questions and curiosity. The biggest piece of that is some of the larger customers. That was a place where we're seeing positive same-store sales during the bulk of the pandemic. benefitexpress is based in Schaumburg, Illinois. As the banking industry cope with significant movement in deposit flows since the recent bank failures, our custodial HSA cash deposits and certificates of deposit have shown themselves to be extremely stable. . But even the construction trades within our portfolio were up a couple of percent. 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. Discovery Benefits, A WEX Company Business Data. Most Common Benefits for Wex Bank. [17] Some partners include Fifth Third Bancorp,[18] Paychex,[19] HSA Bank, and Discovery Benefits. Now I'd like to recap our business highlights in the quarter. Yes, thanks, Sanjay. Will employer services numbers stay the same? Yes. 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. Our platforms areSee this and similar jobs on LinkedIn. 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. Registration for the webcast of the event will be available on the Investor Relations section of our website in the coming weeks. 78%. So we're continuing to see strength within the North American fleet business. Turning to our performance in the first quarter, revenue increased 18% year-over-year to $612 million. How does it work?
WEX to Benefit from benefitexpress Acquisition: Here's How So we are continuing to build the direct sales force. So any of these individual contracts are relatively small in terms of the contribution to 2023.
WEX Inc. (WEX) Q1 2023 Earnings Call Transcript So the second half of the year, because we assume that's going to be a slow growth environment, again, as we're going from really accelerated growth rates in Q1, dropping a little in Q2 but still some really strong growth rates in Q2 and our expectation in travel, with that trailing off into more of what, I would say, kind of the traditional growth environment. 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. These updated ranges represent an increase of $20 million in revenue and $0.25 of EPS compared to the midpoint of our previous guidance. Women play an important role at WEX. A piece of that is also coming from this anticipation that we'll continue to benefit from the custodial deposits that we have. 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. 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. 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. Welcome to WEX! We have hundreds of customers that are using the product. Using our definition, adjusted free cash flow was negative $61 million through Q1, which is $16 million better than 2022.
WEX Inc. Employee Benefits | Built In Other than macro factors like fuel prices and interest rates, we are largely maintaining our previous guidance for everything else. WEX Inc. WEX delivered better-than-expected first-quarter .
benefitexpress Mergers and Acquisitions Summary | Mergr I'm asking because I'm just always trying to learn the difference between the volume growth and the revenue growth. Powered by WEX Health. Skip to content. So one thing I would point out, just at a top level, you'll see that our deposits increased about $1 billion from the end of Q4 to the end of Q1 this year. And M&A is something, obviously, we're always active. 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. Just within the -- changing the name to Mobility Solutions at this point, Melissa, just is there a deeper strategic meaning behind that? 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. But I'm going to start, and I'm sure Jagtar will add on to this. So I think that we've gotten the benefit of that. Turning now to Corporate Payments. If used elsewhere, you may need to upload supporting documentation (depending on your benefits plan). So some of that impacts 2023. 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! 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. WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. Neither of these banks were customers or partners of WEX, and we had minimal deposit exposure. And I would say that's true across every part of the business, so that's the [vetting] process. And we've started ramping salespeople. [6], In 2019, WEX opened a new 100,000-square-foot headquarters across from the Ocean Gateway International Marine Passenger Terminal in Portland, Maine. 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. Website: Size: 50 - 100 Revenue: $10M - $50M . Data within our platforms are aligned on Day 1 and updated daily. Posted 11:56:46 AM. Over 90% of our clients come to us seeking a better benefits experience for them and their employees. Read More. 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. Where do I log in to my account? I wanted to maybe just start with just your intraquarter volume trends. 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. 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. And we keep that in mind as we're working through all of this. Or is this more likely 2024 contributors? Get the latest Health Trends & Insights news in your inbox. You can continue to use the debit card you have today. 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 Like how are you thinking about M&A right now?
WEX Benefits | LinkedIn . I just want to make sure I understood that no impact on deposit funding from a WEX Bank standpoint. I would say -- I would just add that -- a reminder that we project -- we gave guidance of 10% to 15% growth rate for the travel and Corporate Payments or the Corporate Payments segment overall. Will customer service numbers stay the same? Your session has been timed out due to inactivity. The company has more than 3,500 team members throughout the world and supports more than 20 currencies and 10 countries, with locations in Asia, Japan, Australia, Europe, and Latin America. 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 has offices in 14 countries and employs approximately 5,600 people around the world. 3 reasons we see people flipping to a fuel card: Apply Now So there's a couple of things that are happening within that segment. Remember Me Next New User?
Login - WEX Health The company is headquartered in Portland, Maine[2][3] and provides services in the United States, Canada, South America, Europe, Asia, and Australia. Thanks, Tien-Tsin, for the question. At the same time, we've been moving aggressively to the cloud, which increases [fleet to market of] innovation and enhance scalability for our customers.
About the WEX COBRA Integration - Support How does it work? 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. I also want to mention that we are renaming our existing segments in connection with the rebranding initiatives. We'll build on this launch by focusing on learnings and rapidly innovating our offering for U.S.-based customers. And so with the rise of interest rates, we saw the impact of that.
New User. And we've seen, as Melissa has mentioned, pretty robust demand for funding sources. Our focus on cross-sell continues to gain traction with more than 60 signed contracts during Q1. It is an area that we continue to take market share. So we saw this kind of runoff of customers that -- where we think it had kind of this acute issue of a big ramp within that marketplace, where a bunch of people added new vehicles, and that went down. Is it in Benefits? So it gives you really good visibility in terms of what's going to play out in the course of the year. As a reminder, we will be discussing non-GAAP metrics, specifically: adjusted net income attributable to shareholders, which we refer to as adjusted net income, or ANI; and adjusted operating income and related margin; and adjusted free cash flow during our call. 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. So I guess 2 questions. I know you mentioned a few times building out the direct sales force, inking 40 new deals. Skip to content. Government Administration Company, 51-200 employees. I'm proud of our strong execution this quarter and believe we remain well positioned for the future as we deliver on our strategic priorities. Your next question comes from the line of Darrin Peller with Wolfe Research. This concludes the conference call. Wright, a coal and later heating oil business in South Portland, Maine. On the Benefits front, we completed a very positive open enrollment season. Simply select your account type below and you'll be sent to the login page for your Benefits account. And one of the things that we find interesting about that part of the business is it's also really resilient. WEX Health Inc., a WEX Company is one of Maxwell Health's chosen providers for COBRA administration services. 1700 E. Golf Road, Suite 1000, Schaumburg . In the 1980s, A.R. .
WEX Benefits Platform | West Fargo ND - Facebook Yes. 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. 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. 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.
WEX Inc. Reports First Quarter 2023 Financial Results We are pleased with this result and are working diligently to continue on this track. WEST FARGO WEX Inc., a payment systems company based in Portland, Maine, downsized its operation through wide-ranging layoffs on Friday, Oct. 14, including in North Dakota. Is that weakness the same on the smaller versus the larger? Historically, we've sold that product through a partner channel. And so those things, combined, have been a really great contribution to the overall business. Official list of employee benefits from WEX Inc.. Health insurance benefits, vacation policy, retirement benefits and more. 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. Next, I would like to turn to cash flow. WEX Inc. provides corporate card payment solutions in North and South America, the Asia Pacific, and Europe. Our message to customers centered on WEX' unique ability to address the challenges they see in their businesses. There are no changes to what is included in each segment. Yes. WEX Benefits Login Simply select your account type below and you'll be sent to the login page for your Benefits account. Benefits Total WEX Inc. Three months ended March 31, 2023 2022 2023 . That's brought down both the number of instances on which we factor the number of invoices as well as the average dollars per invoice. I know the net interchange piece was down a little bit from incentives. Will my recurring payment for premiums continue? The press release we issued earlier this morning and a slide deck to walk through our prepared remarks have been posted to the Investor Relations section of our website at wexinc.com.
Ashley Seitz - Discovery Benefits, A WEX Company, Fargo, North Dakota Where does it work? Is that where you see the largest future growth opportunity? Was this review helpful? With that, operator, please open the line for questions. Glassdoor has salaries, wages, tips, bonuses, and hourly pay based upon employee reports and estimates.
How much do Wex Bank employees make? | Salary.com About 150. Simplifying benefits for everyone. And we think of that with multiple levers. No, I think it's a market that will continue to evolve. So again, not necessarily because we're seeing that trend within our portfolio, but consistent with what we had said in the last quarter. Yes. Great.
WEX Inc. Reports First Quarter 2023 Financial Results - Yahoo Finance Powered by the belief that complex payment systems can be made simple, WEX (NYSE: WEX) is a leading financial technology service provider across a wide spectrum of sectors, including fleet, corporate payments, and healthcare. The net interchange rate in the Mobility segment was 1.21%, which is up 10 basis points from Q4 of last year. And so the growth with movement to HSAs has slowed, but it is still a strong grower. 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. Some of that will impact 2024. Existing User. Job Training & Conferences. 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? And in terms of what we're assuming from a volume perspective, we are assuming that idea of having a slow growth environment. So how do we think about -- first of all, just if you could reiterate what's really driving that, what the strategy is for that business going forward and the kind of growth profile we can assume into the second half of the year, especially as this Midwest manager comes out as well. So it would be growth in most any environment because you get the benefit of this movement to consumer-directed health care, you've got benefit costs continuing to go up, and then we continue to build upon our distribution channel. 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. Fitness Subsidies. 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. Will you be communicating these changes to participants? I wanted to ask about the Corporate Payments segment. We've also signed acceptance agreements with 5 of the 10 largest public charging networks in the U.S., all of which are in various stages of implementation. In terms of operational changes, we are closely monitoring the banks that we work with. This highlighted the ongoing transformation of our business as we discuss unifying product themes around data, payments and digitization. We provide brokers, consultants, employers, and participants the broadest range of consumer and healthcare solutions as well as the services to make them successful, all built on the industrys most modern, reliable platform and backed by a $9 billion leader in payments innovation. WEX Benefits Platform | West Fargo ND 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. 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. 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.
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