WEX Inc. provides corporate card payment solutions in North and South America, the Asia Pacific, and Europe. 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. Official list of employee benefits from WEX Inc.. Health insurance benefits, vacation policy, retirement benefits and more. 1983. And then we continue to have the assumption within our guidance that we'd have a slow growth environment in the second half of the year. 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? We're also encouraged by early cross-sell conversations as we begin the new year. 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. You can continue to use the debit card you have today. Other than macro factors like fuel prices and interest rates, we are largely maintaining our previous guidance for everything else. Working at WEX Inc.: 52 Reviews about Pay & Benefits - Indeed Benchmarked against 2019, we're seeing improvement versus Q4 in all regions with the largest gains coming from Europe. I'm just trying to understand the onboarding process, the ramp when you do some of these big customer signings in different businesses. 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 They also will see the WEX logo and reminders about the brand change on the online account banner image. WEX Q1 Earnings and Revenues Beat Estimates, Increase Y/Y And I would say that travel will be the higher of that, and Corporate Payments would be on the lower side. 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. And I guess I'm wondering if that's sustainable. We expect ANI EPS to be between $3.45 and $3.55 per diluted share. In the 1980s, A.R. That was a place where we're seeing positive same-store sales during the bulk of the pandemic. 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. View all pros & cons. And I think -- I mean, related, but you had called out weakness in smaller customers within Mobility last quarter. Wright, a coal and later heating oil business in South Portland, Maine. The domestic fuel price in Q1 2023 was $3.86 versus $3.90 in 2022. www.discoverybenefits.com. WEX is transforming the complexity of employee benefits administration with innovative solutions and extraordinary customer service delivered by empowered and knowledgeable employees. Discovery Benefits is now WEX - WEX Benefits You We are WEX We are excited and proud to share that in 2021, Discovery Benefits, LLC, a WEX Company will be known as WEX. 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. The domestic fuel price in Q1 2023 was $3.86 versus $3.95 in Q1 2022. More 04/14/2023 WEX | UKG Marketplace And then maybe you could just remind us what you guys are incorporating into the guidance? Acquired by WEX, Inc. (Company) on 2021-04-14 . And we keep that in mind as we're working through all of this. So really, really strong still conversations within our customer base. WEX Inc. Reports First Quarter 2023 Financial Results 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. 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. [4], Wright Express grew over the next several decades. Now let's turn to the financial results. Expediting changes and reducing questions and discrepancies. 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 Included in that, we look at what do we have for contracts that have been signed but not yet implemented and what -- so what do we need to actually push through from an implementation perspective? Government Administration Company, 51-200 employees. Data within our platforms are aligned on Day 1 and updated daily. Tuition Reimbursement. COBRA, Retiree & Leave of Absence Member login, Learn more about the Discovery Benefits transition to WEX, Inventory Information Approval System (IIAS). 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.. WEX | ADP Marketplace And so working through those, looking at assets we want to invest in. The CDs, it's interesting, even in '08 when there was a real freeze in the banking marketplace, people moved money into the CD market, and so it's a really stable source of funding. 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. Discovery Benefits is now a part of WEXinc and you can log into your account using the links below. 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. [6], In 2019, WEX opened a new 100,000-square-foot headquarters across from the Ocean Gateway International Marine Passenger Terminal in Portland, Maine. It is an area that we continue to take market share. I guess can you help us think through the timing and impact of not only implementing those deals kind of more tactically but also the degree over the longer term, whether we should expect more of a mix shift to direct and whether that could have an impact on segment yields over time, a positive impact? I think the multiemployer administrator in Benefits, the large health system in Corporate Payments. It tends to be a higher quarter for travel. And then a follow-up for me is, could you provide just an update on the broader market opportunity in the Mobility segment? But I'm going to start, and I'm sure Jagtar will add on to this. Remember Me Next. Okay. And just one follow-up question for Jagtar. Congrats on the strong results. Powered by WEX Health. 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. And we're fine doing that if we see an opportunity within that space. 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. Also, as we noted last quarter, our deposit balances and, as a result, our reported adjusted free cash flow were about $150 million to $175 million more than we would normally expect, which were reversed during Q1. Is that where you see the largest future growth opportunity? Login. Inside of Mobility, I think you mentioned the slowdown in factoring revenue being a big driver of that finance and late fee yield. Okay. And so those are a combination of CDs, which we used to fund the business, and then HSA deposits are the 2 largest pieces of that. So we do have some escalator clauses that are built into our contracts. Purchase volume issued by WEX was $18.6 billion, which was an increase of 58% versus last year. WEX Benefits Reviews 2023: Details, Pricing, & Features | G2 Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. Prev Next . You can also access your account from the WEX benefits mobile app. The company is headquartered in Portland, Maine[2][3] and provides services in the United States, Canada, South America, Europe, Asia, and Australia. Yes. 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. AllBiz Business Profile Search Background Check. First, it's worth noting that failures of Silicon Valley Bank and Signature Bank had very minimal impact to our business. [8], WEX Fleet provides vehicle fleet customers with fuel cards and data and telematics offerings for drivers. Will employer services numbers stay the same? PDF Commonly Asked Questions Regarding The WEX Health Card - Benefit Extras And then my last question, just on capital allocation. No, I think it's a market that will continue to evolve. 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. 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 . Discovery Benefits is now WEX - WEX Benefits You It's been a great part of our business. Last week, we held our annual SPARK conference, a customer event which unites leaders across the mobility, corporate payments and benefit industries to showcase how our platform of specialized solutions can help them overcome complexity and reach their full potential. 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. The net interchange rate in the Mobility segment was 1.21%, which is up 10 basis points from Q4 of last year. Looking for your Discovery Benefits Login? 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 offset by lower margins in the Mobility segment. 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. We have a solution that is live in Europe and United States. Great job at ensuring payments are made in a timely fashion with recurring payments! Okay. Simply select your account type below and you'll be sent to the login page for your Benefits account. Your WEX benefits debit card makes it easy to spend your funds on eligible expenses. Benefits segment purchase volume increased 18%, leading to an 18% increase in payment processing revenue. WEX Health Inc., a WEX Company is one of Maxwell Health's chosen providers for COBRA administration services. Sure. Type: Company - Public (WEX) Industry: Investment & Asset Management. Thanks, Tien-Tsin, for the question. WEX generates a significant amount of cash each year with Q1 typically being the lowest due to seasonality. 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. We had record attendance at SPARK, which shows the importance of our solutions and how they resonate with customers. No room for advancement and plenty of gray areas Customer Solutions Specialist (Current Employee) - Remote - July 5, 2022 Where do I begin? Working at WEX | Glassdoor Hello, and welcome to the WEX Q1 2023 Earnings Call. 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. 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. [17] Some partners include Fifth Third Bancorp,[18] Paychex,[19] HSA Bank, and Discovery Benefits. History And you can see that in the growth of vehicles that we've had within our base, and so we start with that. This concludes the conference call. And as we -- it looks like that has largely run its course. WEX (NYSE: WEX) is a leading financial technology service provider. Let me add a couple of comments there. Your next question comes from the line of Andrew Jeffrey with Truist. 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. Allow employees to log in and review the details of their employee benefits program elections 24/7 and make changes and enroll in benefits as required. 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. Username Forgot Username? Yes. The delinquency rates are improving, and we expect loss rates to trend down going forward. And as you talk to our customers that are in travel, this continues to be an area of rebound where we see strength there continuing as well as if you go into our Benefits business. But I wanted to understand how fast do these signings contribute to revenues? [5] In 2012, it adopted the name WEX, signaling a shift away from focusing on fuel cards and expanding into other payment solutions. Please see Exhibit 1 of the press release for an explanation and reconciliation of these non-GAAP measures. And one of the things that we find interesting about that part of the business is it's also really resilient. WEX can help simplify these challenges today, and we are innovating to anticipate and address those of tomorrow. But we feel like we have a good foundation that we continue to build upon. 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? Our primary use of free cash flow this year has been to repurchase shares. Was this review helpful? Yes. Next, let me turn to our operational improvement. We've also had some renewals come through, and we've been very pleased with the renewal rates we're getting, which has been up in certain cases, which also drove the higher interchange rate.There was really -- the onetime item in the quarter was really market movement in Europe, which was worth about 4 basis points of that interchange rate. So it gives you really good visibility in terms of what's going to play out in the course of the year. The average salary for WEX is $121k per year, which includes an average base salary of $106k and an average bonus of $14k. Get Started And how should we think about the rebound in terms of this factoring revenue on a go-forward basis? Do you feel like you have the capabilities internally at this point that you need to grow that direct business? How much do Wex Bank employees make? | Salary.com And so the growth with movement to HSAs has slowed, but it is still a strong grower. 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. I mean for a good reason, you're prioritizing electric vehicles. So yes, you're correct. 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. I'm excited by the positive response and the momentum we're seeing across the business. Yes. 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. Continue to log in to your online account like you do today with your existing username and password at https://benefitslogin.wexhealth.com. Will customer service numbers stay the same? WEX Signs Definitive Agreement to Acquire benefitexpress 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. 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. Yes. I wanted to maybe just start with just your intraquarter volume trends. I think that was about $5 million. 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? Total revenue came in at $612 million, an 18% increase over Q1 2022 with more than 80% of revenue for the quarter recurring in nature. Melissa, I like the color on the direct Corporate Payments offerings. We expect ANI EPS to be between $13.85 and $14.25 per diluted share. Your next question comes from the line of Nik Cremo with Credit Suisse. Buy vs Sell. I talked about the fact that we've had 40 signings in the quarter. WEX has 5 employees across 31 locations and $2.35 b in annual revenue in FY 2022. . Like are we thinking that's like second quarter or back half of 2023 thing? 4321 20th Ave S, Fargo, ND 58103. We've been listening closely to the evolving needs of our commercial customers. Our message to customers centered on WEX' unique ability to address the challenges they see in their businesses. You may now disconnect your lines. 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 Completes Acquisition of Discovery Benefits, Inc. WEX Benefits Login Simply select your account type below and you'll be sent to the login page for your Benefits account. Discovery Benefits, A WEX Company Business Data. The company continues to have a significant presence in South Portland. And we talked about AvidXchange from the customers that we had added more recently. 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. Simplifying benefits for everyone. WEX Inc. Reports First Quarter 2023 Financial Results Sure. 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. So it's really indicative of how we're running the business, where we think it's going strategically. Professional Development Benefits. And it should play into the 1% to 2% growth we have slated for new product revenue and our long-term growth framework. Inventory Information Approval System (IIAS). The freight market is an area we continue to watch closely. Self-Service for Employees. Yes. Yes. Is it finding some kind of adjacency expansion capabilities? 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. We have 2 primary products that we have within the Corporate Payments space. This represents a 15% increase over the prior year. And that's split roughly evenly between HSA deposits and non-HSA deposits. 211 reviews from WEX Inc. employees about WEX Inc. culture, salaries, benefits, work-life balance, management, job security, and more. WEX | ADP Marketplace Your next question comes from the line of Dave Koning with Baird. Now I'd like to recap our business highlights in the quarter. We continue to drive strong growth, resulting in Q1 revenue of $164.9 million. So some of that impacts 2023. In Corporate Payments, we signed a part of one of the largest health care systems in the United States. I assume just the natural progression is not going to stay quite that strong. They encourage questions and curiosity. We have about [$4.5 million] worth of deposits that sit on our balance sheet. And we've talked about 25% to 30% growth for the year for the Benefits segment. New User. ). Yes. 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. Payment processing transactions were up 4% year-over-year. So we expect some volume impacts from that as we go through the next couple of quarters. What if additional documentation is required? We currently have approximately 85% of our cloud migration completed. Historically, we've sold that product through a partner channel. The segment adjusted operating income margin for the quarter was 40.5%, down from 50.2% in Q1 2022. New User. Aside from the base salary, Wex Bank offers its employees a list of benefits. Total segment revenue for the quarter increased 36% to $104.8 million. Login 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. Do I need a new debit card? 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. Yes, sure. We've continued our long track record of delivering exceptional financial results and performing well across dynamic macroeconomic environment. New users can create a new account to get started. Just in the Benefits business, you've had a couple of really strong open enrollment seasons, and obviously, these new wins. 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. Track fuel expenses automatically. Adjusted earnings of $3.31 per share surpassed the Zacks Consensus Estimate by 3.4% and our . 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 . Yes, you 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 cobraadmin@wexhealth.com. Will my service experience change? 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. Those assets tend to be much smaller in size. WEX Fuel Cards | Save Money With Fleet Cards & Business Gas Cards benefitexpress Mergers and Acquisitions Summary | Mergr 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. Participants Accounts HSA, FSA, HRA/Wellness & Commuter 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. So there's a couple of things that are happening within that segment. Okay. WEX "benefit" Reviews | Glassdoor Plenty of room for advancement It was maybe 70%, 80% or whatever it looked like.

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