A little bit elevated still knowing that there's pent-up demand. Simplifying benefits for everyone. 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. 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. 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. WEX offers complete benefits administration, including benefits accounts such as HSAs, FSAs, HRAs, LSAs, COBRA, and more | Set your business free by . Like how are you thinking about M&A right now? 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. With me today is Melissa Smith, our Chair, CEO and President; and Jagtar Narula, our CFO. Thanks, Melissa, and good morning, everyone. Skip to content. But if this is excluded from both periods, the core operating margin would still have increased nearly 1%. On the Benefits front, we completed a very positive open enrollment season. In 2014, WEX acquired Evolution1,[16] a cloud-based health industry payments provider, later renaming it to WEX Health. So that's an area where we look at product or product adjacencies across really in any part of the business. And then on the negative side was the factoring item that you mentioned. We remain in a very healthy financial position and ended the quarter with $922 million in cash. Neither of these banks were customers or partners of WEX, and we had minimal deposit exposure. Like are we thinking that's like second quarter or back half of 2023 thing? Starting with the second quarter, we expect to report revenue in the range of $613 million to $623 million. 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. ERGs drive diversity by fostering new bonds and communities across the company. Revenue from travel-related customers was up 87% versus Q1 2022. WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. Simplifying benefits for everyone. The domestic fuel price in Q1 2023 was $3.86 versus $3.90 in 2022. The $43.8 million increase represents 36% over the prior year. 3 reasons we see people flipping to a fuel card: Apply Now We can help your team save time and money and eliminate stress. First Republic in limbo as US regulators juggle bank's fate, Sony shares tumble on weaker-than-expected annual outlook, 'Waste of time': Community college transfers derail students, Asia Stocks Rise, Treasuries Dip in Cautious Trade: Markets Wrap, Poll: Americans fault news media for dividing country. 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. 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 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 . Military veterans possess invaluable leadership skills and business acumen. I talked about some of the reasons for it in our prepared remarks. The employee's options to upload receipts seem difficult for some. Nontravel-related Corporate Payments customer volume grew 17% versus last year, and revenue was up 4%. benefitexpress, a WEX Company 1700 E Golf Rd. WEX Inc. (WEX Quick Quote WEX - Free Report) delivered better-than-expected first-quarter 2023 results. The company continues to have a significant presence in South Portland. What if additional documentation is required? As part of this initiative, we've been looking closely at a number of areas of our company using improved processes, data and technology. The majority pay is between $82,985 to $107,380 per year. Any clarity on how that spread might behave here in the next couple of quarters? 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. Of our clients continue to partner with us during renewal because of the experience and support we provide them and their employees. In our case, greater than 95% of our deposits are FDIC-insured. We have a solution that is live in Europe and United States. Login. Diversity Program. 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. The other question I had was, Melissa, you mentioned a couple of big customer signings in your remarks. I wanted to ask about the Corporate Payments segment. Get the latest Health Trends & Insights news in your inbox. As we think even within the existing customer portfolio of products that we have, we will continue to take market share and build on that position. Our card works at a variety of merchants. Create Comparison. This was led by continued growth in the partner channel. See the company profile for WEX Inc. (WEX) including business summary, industry/sector information, number of employees, business summary, corporate governance, key executives and their compensation. 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. Our business model here is very strong and revenue drop-through for this segment is high given our relatively fixed cost base. Yes. If used at an IIAS merchant, simply swipe your card and it will automatically approve anything thats an eligible expense. 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. They also will see the WEX logo and reminders about the brand change on the online account banner image. 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. Username Forgot Username? 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. The delinquency rates are improving, and we expect loss rates to trend down going forward. So I think that we've gotten the benefit of that. And kind of how do you think that is going to go through the year? And I would say that travel will be the higher of that, and Corporate Payments would be on the lower side. They encourage questions and curiosity. 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.. In January 2020, the company announced it would acquire travel payments companies eNett and Optal from Travelport for $577.5 million.[20]. Fitness Subsidies. Okay. WEX Overview Industry Business Services Revenue $2.4B Headquarters South Portland, ME Employees 3,500 Founded In 1983 Website www.wexinc.com Organization Type Public WEX Inc. gives you precise financial and information management solutions to help your company strengthen its balance sheet and achieve unparalleled control and security. ERGs drive diversity by fostering new bonds and communities across the company. The Fleet Solutions segment Read More Contact Who is WEX Headquarters 1 Hancock St, Portland, Maine, 04101, United States Phone Number (888) 824-7378 Website www.wexinc.com Revenue $2.4B Stock Symbol WEX Industry 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. So I said there were some puts and takes in that finance fee revenue. Yes. Your next question comes from the line of Andrew Jeffrey with Truist. If you already use the app, just log in with your existing username and password. Existing User. While we may update forward-looking statements in the future, we disclaim any obligations to do so. Mihir, I would say that the contracts that Melissa talked about are factored into the guidance we've given out. Our objective is to create a universal network of EV charging stations similar to our fuel acceptance network. We're also encouraged by early cross-sell conversations as we begin the new year. Higher credit losses versus the prior year were the primary reasons for the lower margin. Data within our platforms are aligned on Day 1 and updated daily. Yes. 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. 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. 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. Welcome to your single source for all you need to know about your benefit account (s). Continue to log in to your online account like you do today with your existing username and password at https://benefitslogin.wexhealth.com. 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. Jagtar talked about the fact we've seen that stabilize within our portfolio. Okay. 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. 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! Access your WEX benefits account Click the links below to log in to a participant or employer accounts (formerly Discovery Benefits, LLC, a WEX Company). WEX Benefits Platform | West Fargo ND 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. Login. We remain focused on enhancing the scalability of our platform and are on track to capture $100 million in run rate operating efficiencies by the end of 2024 with approximately half of these savings being reinvested in the business. With a WEX Health Visa/Mastercard-powered account, members enjoy easy access to funds for supplemental benefits like OTC, groceries, transportation, dental, vision, hearing, fitness, chiropractic, acupuncture, home services, utility bills, premium rebates, etc. 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. This highlighted the ongoing transformation of our business as we discuss unifying product themes around data, payments and digitization. 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%. Remember Me Next. 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? WEX is off to a great start in 2023. We've been listening closely to the evolving needs of our commercial customers. 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. Get special fuel discounts and save on products and services for your business. 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. But when you look into the individual SIC code, like construction still grew same-store sales 2% year-over-year. The Corporate Payments segment delivered an adjusted operating income margin of 46.9%, up from 36.7% in Q1 last year. WEX salary ranges from $47k to $284k. Wex Bank Company Overview. Should we think about that as being the predominant sequential change in that yield? Benefits revenues of $164.9 million registered 36% year-over-year growth. Benefits Total WEX Inc. Three months ended March 31, 2023 2022 2023 . They were not a party to our credit facility nor counterparties to our hedging relationships. 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. Your next question comes from the line of Bob Napoli with William Blair. So Ramsey, I mean, I think you asked a longer-term question. And so it's been negative for a few quarters now. Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. 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. Yes. 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. How does it work? Finally, let's take a look at the Benefits segment. A copy of the release has also been included in an 8-K we filed with the SEC earlier this morning. So some of that impacts 2023. Sure. Net income attributable to shareholders on . So there's a number of things that are really important to that customer base. You can view the status of your claims and upload documentation easily with our benefits mobile app or through your online account. Looking for your Discovery Benefits Login? The rest of it, I would largely expect to be recurring in nature. Is it in Benefits? Turning now to Corporate Payments. We estimate the year-over-year impact of fuel prices increase segment revenue by approximately $1 million, including a benefit . We've seen lots of opportunities behind that. Other than macro factors like fuel prices and interest rates, we are largely maintaining our previous guidance for everything else. I just want to make sure I understood that no impact on deposit funding from a WEX Bank standpoint. Thank you, Steve, and good morning, everyone. WexLocationCode.setTransientValue("wex02"); Historically, we've sold that product through a partner channel. We expect to reach our overall cloud goals later this year, allowing us to further leverage shared technologies across product set. Will you be communicating these changes to participants? Okay. I think the multiemployer administrator in Benefits, the large health system in Corporate Payments. As I complete my prepared remarks, I would like to emphasize how pleased we were with our Q1 results. Will you be providing new service contracts? Where do I log in to my account? So our interchange rate was up nicely this quarter. And so an area that we will continue to invest and evolve. 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. 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. File a claim, view account balance and summary information, sign up for FREE direct deposit, get email notifications, and more! With that, I'll turn the call over to Melissa. One connector exchanges demographic, enrollment and contribution data. We have, again, seen stability within the portfolio. These updated ranges represent an increase of $20 million in revenue and $0.25 of EPS compared to the midpoint of our previous guidance. 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? 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. This reflects continued strength in the consumer travel demand, and we are very pleased with these results. 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. Official list of employee benefits from WEX Inc.. Health insurance benefits, vacation policy, retirement benefits and more. Great. Our next phase will turn to at-home reimbursement. Is it Corporate Payments? New users can create a new account to get started. 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. Yes, sure. But I'm going to start, and I'm sure Jagtar will add on to this.
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