. 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. 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. New users can create a new account to get started. Next, I would like to turn to cash flow. But as Melissa just mentioned, we also expect the other segments to continue to grow as well. And so it's been negative for a few quarters now. We expect to reach our overall cloud goals later this year, allowing us to further leverage shared technologies across product set. About 150. 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 are pleased with this result and are working diligently to continue on this track. During the event, our leaders shared some of these pain points to our audience of about 1,200 attendees gathered in San . Got it. 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. [9] WEX Fleet also partners with GasBuddy,[10] OnDeck Capital,[11] and Chevron,[12] among other companies, to provide services to customers. And kind of how do you think that is going to go through the year? Sales Based on 148 salaries Account Manager 22 salaries Regional Sales Manager Where do I log in to my online account? . 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. No room for advancement and plenty of gray areas Customer Solutions Specialist (Current Employee) - Remote - July 5, 2022 Where do I begin? Language links are at the top of the page across from the title. Our business model here is very strong and revenue drop-through for this segment is high given our relatively fixed cost base. WEX Inc. provides corporate card payment solutions in North and South America, the Asia Pacific, and Europe. Simply select your account type below and you'll be sent to the login page for your Benefits account. Where do I log in to my account? 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. 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. I mean, I think you guys have an investor event coming up around that, right, which we'll go into more detail. It's a better customer experience. And so we feel good about how we've gone through open enrollment, the combination of the products that we have in the marketplace, the distribution channels that we have. Within that segment, what we'd expect is the normal puts and takes between travel and our nontravel business. Benchmarked against 2019, we're seeing improvement versus Q4 in all regions with the largest gains coming from Europe. One connector exchanges demographic, enrollment and contribution data. So we -- this is something we watch closely, given the overall discussion about the macro economy. Get the latest Health Trends & Insights news in your inbox. WEX Overview 753 Reviews 213 Jobs 1.3K Salaries 109 Interviews 315 Benefits 4 Photos 305 Diversity Follow + Add a Salary WEX Salaries How much do WEX employees make? An executive may or may not realize all of the Total Co mpensation during their tenure at the Company. You can view the status of your claims and upload documentation easily with our benefits mobile app or through your online account. And we're fine doing that if we see an opportunity within that space. Benefits segment purchase volume increased 18%, leading to an 18% increase in payment processing revenue. 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. We are assuming that you see a trail off in travel growth in the second half of the year. Military veterans possess invaluable leadership skills and business acumen. Melissa, appreciate all of the color on business development. Powered by WEX Health. So there's a couple of things that are happening within that segment. With that, I'll turn it over to Jagtar to walk you through this quarter's financial performance in more detail. 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. Skip to content. If you already use the app, just log in with your existing username and password. 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. Okay. This administrator has more than 100 multiemployer clients, allowing for a large market reach. Please login again. Welcome to your single source for all you need to know about your benefit account (s). Over 90% of our clients come to us seeking a better benefits experience for them and their employees. No action is needed by you and you can keep the notice for your records. Create Comparison. 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. Mihir, I would say that the contracts that Melissa talked about are factored into the guidance we've given out. 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 we think of that with multiple levers. 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 so when you think about that business, you do a lot of your onboarding before you start the year. 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. Registration for the webcast of the event will be available on the Investor Relations section of our website in the coming weeks. There has been significant improvement in these margins as volume accelerates. Okay. Purchase volume issued by WEX was $18.6 billion, which was an increase of 58% versus last year. It's also, if you look across the whole deposit portfolio, we have over 95% of our deposits are FDIC-insured. Is it finding some kind of adjacency expansion capabilities? The average salary for WEX is $121k per year, which includes an average base salary of $106k and an average bonus of $14k. If used at an IIAS merchant, simply swipe your card and it will automatically approve anything thats an eligible expense. 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 our expectation right now is that we will continue to grow ex PPG, ex FX at our target growth rate of 4% to 8%. WEX salary ranges from $47k to $284k. 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. Benefits are decent, schedule flexibility, some good managers Cons Draining, don't pay their reps enough, not much room for growth, very hard to move up or laterally. Login. Values of the benefits may change over time. A little bit elevated still knowing that there's pent-up demand. That was a place where we're seeing positive same-store sales during the bulk of the pandemic. The local fleet customers in the U.S. continue to have marginally elevated loss rates compared to the last couple of years but are in a relatively normal range. Yes. We currently have approximately 85% of our cloud migration completed. But so far, in April, things are trending well for us. We will also notify participants when their new login page is live and include any other relevant changes to contact information. This was led by continued growth in the partner channel. 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. As you will hear from Jagtar, we had terrific results in Benefits this quarter, and we're excited to share more about this sizable, fast-growing and profitable business with you on June 1. What if additional documentation is required? Tuition Reimbursement. Each account that is available on the debit card is referred to as a "purse". We have a solution that is live in Europe and United States. In our case, greater than 95% of our deposits are FDIC-insured. 3 reasons we see people flipping to a fuel card: Apply Now Our objective is to create a universal network of EV charging stations similar to our fuel acceptance network. Some of that will impact 2024. So we should see these kind of interchange levels as we flow through the year. 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. Particularly, I think you mentioned some weakness in OTR. Is it Corporate Payments? I assume just the natural progression is not going to stay quite that strong. 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. 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. Finally, let's move to revenue and earnings guidance for the second quarter and the full year. Yes. Yes. Self-Service for Employees. Click the links below to log in to a participant or employer accounts (formerly Discovery Benefits, LLC, a WEX Company). 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. Official list of employee benefits from WEX Inc.. Health insurance benefits, vacation policy, retirement benefits and more. Can you just talk a little bit about where you are focusing on the M&A side right now? So Flume is still -- I'd say, still early days, and we've had -- we started this about 15 months ago. Women play an important role at WEX. Yes. Mihir, I would just add, like I said, the travel trend into April continues as expected, and we've seen the same thing with fleet gallons as well has continued into April, in line with our expectations. Username Forgot Username? The second product that we have is an AP direct product, where we have just started ramping a direct sales force. Thank you, operator, and good morning, everyone. 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. Self-Service Portal. I'm excited by the positive response and the momentum we're seeing across the business. So I think that we've gotten the benefit of that. 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 . Get Started Contact Us - Call . With that, operator, please open the line for questions. First, it's worth noting that failures of Silicon Valley Bank and Signature Bank had very minimal impact to our business. We continue to drive strong growth, resulting in Q1 revenue of $164.9 million. Discovery Benefits is now a part of WEXinc and you can log into your account using the links below. We have a dedicated leader for this initiative, with dozens of cross-functional teams inside of WEX who are focused on execution and has the full support of me and my entire management team. 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. Is that a fair statement when we not only look across Mobility, but just across WEX? 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. 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 . In 2014, WEX acquired Evolution1,[16] a cloud-based health industry payments provider, later renaming it to WEX Health. Get the latest Health Trends & Insights news in your inbox. We just held that same assumption. [17] Some partners include Fifth Third Bancorp,[18] Paychex,[19] HSA Bank, and Discovery Benefits. And M&A is something, obviously, we're always active. Yes. How do I submit claims for reimbursement? 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! Inside of Mobility, I think you mentioned the slowdown in factoring revenue being a big driver of that finance and late fee yield. WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. So our interchange rate was up nicely this quarter. 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 also continue to benefit from a rebound in travel volume globally. I talked about some of the reasons for it in our prepared remarks. 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. . WEX has offices in 14 countries and employs approximately 5,600 people around the world. WEX Inc. WEX delivered better-than-expected first-quarter . And so just to be specific, last quarter, we talked about weakness in the over-the-road customer segment, smaller. Yes. Sure. Yes. Wright, a coal and later heating oil business in South Portland, Maine. 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. Discovery Benefits is now a part of WEXinc and you can log into your account using the links below. Total volume across the company came in at $52.3 billion, up . A piece of that is also coming from this anticipation that we'll continue to benefit from the custodial deposits that we have. Spot rates went down. WEX rewards excellence, hard work, and innovation by providing qualified . [4], Wright Express grew over the next several decades. But when you look into the individual SIC code, like construction still grew same-store sales 2% year-over-year. Using our definition, adjusted free cash flow was negative $61 million through Q1, which is $16 million better than 2022. . Is there a change to where I mail my COBRA premiums and can I continue to use my current COBRA/retiree premium payment coupons? Hello, and welcome to the WEX Q1 2023 Earnings Call. Professional Development Benefits. Will you be communicating these changes to participants? You can also access your account from the WEX benefits mobile app. We provide payment solutions to businesses of all sizes across a wide spectrum of sectors, including fleet, corporate payments, travel and health. Wex Bank Company Overview. Fleet fuel cards have many impactful benefits like data-tracking capabilities and more. A copy of the release has also been included in an 8-K we filed with the SEC earlier this morning. It's been a great part of our business. No, I think it's a market that will continue to evolve. And I guess I'm wondering if that's sustainable. And you also asked about rate. 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? 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. Your benefit plans set up in WEX automatically feed over to ADP, preventing duplicate setups. 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. 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. We have mailed a notice of assignment regarding our brand and legal entity name to the physical address we have on file for your company. I talked about the fact that we've had 40 signings in the quarter. I think that was about $5 million. WEX is off to a great start in 2023. The company is headquartered in Portland, Maine [2] [3] and provides services in the United States, Canada, South America, Europe, Asia, and Australia . Like I understand your guidance is for a slowdown in the back half, but have you seen any actual slowdown yet across your businesses? And we will evaluate whether or not we should continue to do that from a build perspective or if there are opportunities to buy. 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. Obviously, travel has been strong, but moving beyond the travel side again in terms of what you're doing to really invest there to differentiate it, where we see that headed. Thanks, Tien-Tsin, for the question. The company traces its origins to A.R. WEX is a financial services company that is headquartered in South Portland, Maine. We appreciate you joining us today. Will customer service numbers stay the same? The average annual salary of Wex Bank is estimated to be approximate $94,668 per year. More 04/14/2023 Your next question comes from the line of Tien-Tsin Huang of JPMorgan. I mean for a good reason, you're prioritizing electric vehicles. I know both of you talked about a little bit, just the stresses on the banking system and all the banking turmoil and deposit activity, it sounds like you managed it well. 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. 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. Yes. Fitness Subsidies. . benefitexpress is a leader in cloud-based solutions for benefits administration. Since 1987, WEX Benefits has been in the business of simplifying the administration of HSAs, FSAs, HRAs, Commuter Benefits, COBRA and more with innovative technology solutions. So yes, you're correct. Flume is something that we think is really interesting in this space, and it's something we continue to build upon as well, with that being much more of a down market play within the marketplace. I guess in the Mobility segment, the payment processing rate was really high. Existing Users Username Forgot Username? And we talked about AvidXchange from the customers that we had added more recently. (Operator Instructions) Your first question comes from the line of Sanjay Sakhrani with KBW. WEX is transforming the complexity of employee benefits administration with innovative solutions and extraordinary customer service delivered by empowered and knowledgeable employees. And so I think we're continuing to get a little bit of benefit of that. Your next question comes from the line of Ramsey El-Assal with Barclays. We have 2 primary products that we have within the Corporate Payments space. We can help your team save time and money and eliminate stress. We've got some benefit from the ExxonMobil portfolio that we had purchased last year. I also want to mention that we are renaming our existing segments in connection with the rebranding initiatives. Please go ahead. 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 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. 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. 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. File a claim, view account balance and summary information, sign up for FREE direct deposit, get email notifications, and more! 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. Based on 17 WEX Benefits reviews. 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. WEX offers complete benefits administration, including benefits accounts such as HSAs, FSAs, HRAs, LSAs, COBRA, and more | Set your business free by . Total net revenue for the first quarter of 2023 increased 18% to $612.0 million from $517.5 million for the first quarter of 2022. The rest of it, I would largely expect to be recurring in nature. Our next phase will turn to at-home reimbursement. WEX Inc. is a provider of payment processing and information management services to the United States commercial and government vehicle fleet industry. Diversity Program. 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. ERGs drive diversity by fostering new bonds and communities across the company. We had anticipated the trend of higher late fee rates that we saw at the end of last year to continue in Q1. Remember Me Next New User? We are excited and proud to share that in 2021, Discovery Benefits, LLC, a WEX Company will be known as WEX. 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 Retirement and Stock Option Benefits. Inventory Information Approval System (IIAS). The Corporate Payments segment delivered an adjusted operating income margin of 46.9%, up from 36.7% in Q1 last year. 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? Our platforms areSee this and similar jobs on LinkedIn. Thanks for the question. I wanted to ask about the Corporate Payments segment. I know there's seasonality to the yield likely, but maybe you could just help us think through that. I think some of that is continued rebound of people going back into the office, sales fleets being out and moving. We've been listening closely to the evolving needs of our commercial customers. benefitexpress is a cloud-based platform for employee benefits and health exchange services. Any clarity on how that spread might behave here in the next couple of quarters? 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. 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? WEX has 5 employees across 31 locations and $2.35 b in annual revenue in FY 2022. . The employee's options to upload receipts seem difficult for some. We expect ANI EPS to be between $13.85 and $14.25 per diluted share. 3 reasons we see people flipping to a fuel card: Apply Now Just within the -- changing the name to Mobility Solutions at this point, Melissa, just is there a deeper strategic meaning behind that? Yes. But they -- it cumulatively become quite meaningful for 2024. WEX Health Inc., a WEX Company is one of Maxwell Health's chosen providers for COBRA administration services. 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. 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. Continue to log into LEAP like you do today using your existing username, password and passcode to access either your benefits administration or COBRA administration. And I would say that's true across every part of the business, so that's the [vetting] process. The beginning of each year is typically a weak time for cash flow due to the timing of some payments. Get Started The Fleet Solutions segment will now be renamed to Mobility, the Travel and Corporate Solutions segment will now be renamed to Corporate Payments and the Health and Employee Benefit Solutions segment will now be renamed to Benefits. We have about [$4.5 million] worth of deposits that sit on our balance sheet. And we've seen, as Melissa has mentioned, pretty robust demand for funding sources. Total segment revenue for the quarter increased 36% to $104.8 million. We've continued our long track record of delivering exceptional financial results and performing well across dynamic macroeconomic environment. Participants Accounts HSA, FSA, HRA/Wellness & Commuter 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. Okay. So Ramsey, I mean, I think you asked a longer-term question. We have a product road map of what we intend to deliver into the marketplace. I know you mentioned a few times building out the direct sales force, inking 40 new deals. www.discoverybenefits.com. 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. And then a follow-up for me is, could you provide just an update on the broader market opportunity in the Mobility segment? sevier county school board members,
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