wex company benefits

And so when you think about that business, you do a lot of your onboarding before you start the year. And overall, as you can see from the chart in the appendix that we posted to our website, travel does have a lower take rate. WEX SPARK 2023 is our annual learning and networking event that focuses on new technologies and emerging industry trends meant to simplify payments, fleet management, and benefits administration and help fuel business growth. [5] In 2012, it adopted the name WEX, signaling a shift away from focusing on fuel cards and expanding into other payment solutions. No, that's prudent and makes sense. Mobility revenue for the quarter was $342.3 million, a 7% increase over the prior year powered by solid volume growth from new customer wins and renewals and an increase in the interchange rate earned on payment processing transactions. I mean for a good reason, you're prioritizing electric vehicles. The revenue is highly accretive to earnings, enabling us to perform well across a range of interest rate environment and providing some stability to navigate economic cycle. We appreciate you joining us today. And as we -- it looks like that has largely run its course. Adjusted earnings of $3.31 per share surpassed the Zacks Consensus Estimate by 3.4% and our . I'm excited by the positive response and the momentum we're seeing across the business. Just in the Benefits business, you've had a couple of really strong open enrollment seasons, and obviously, these new wins. 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%. Let me start with an update on our electric vehicle initiatives. 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. Strong quarterly revenue, paired with the scalability of our business model and a superior funding model, resulted in adjusted net income per diluted share of $3.31, an increase of 15% compared to the same quarter last year. 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. But if this is excluded from both periods, the core operating margin would still have increased nearly 1%. 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. Using our definition, adjusted free cash flow was negative $61 million through Q1, which is $16 million better than 2022. Yes. Will my service experience change? Skip to content. From an earnings perspective, on a GAAP basis, we had net income attributable to shareholders of $68 million in Q1. But we feel like we have a good foundation that we continue to build upon. 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. 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. Powered by WEX Health. The custodial revenue from the invested HSA cash deposits is the primary driver of the increase in margin. And I would say that travel will be the higher of that, and Corporate Payments would be on the lower side. Sure. The Fleet Solutions segment offers fleet vehicle payment and transaction processing services. I guess in the Mobility segment, the payment processing rate was really high. Yes. WEX has 5 employees across 31 locations and $2.35 b in annual revenue in FY 2022. . This allows us to see the company through a different lens or perspective than we normally would. 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. Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. 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 But they -- it cumulatively become quite meaningful for 2024. While our name and branding will change, your service experience will not be impacted by these changes. And it should play into the 1% to 2% growth we have slated for new product revenue and our long-term growth framework. Where do I log in to my account? Language links are at the top of the page across from the title. No, I think it's a market that will continue to evolve. And she's doing some amazing work with our technology and commercial teams and really looking at how we can, from an end-to-end perspective, look at that customer experience and even greater digitize that experience, which has a super benefit. We have also been very focused around EV innovation. 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. benefitexpress is a cloud-based platform for employee benefits and health exchange services. Verified User. 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. Benchmarked against 2019, we're seeing improvement versus Q4 in all regions with the largest gains coming from Europe. And then just on your B2B payments business, I mean, as you had called out, I know with Flume and any progress what you're seeing with the SMB customers. History Based on 17 WEX Benefits reviews. WEX is off to a great start in 2023. WEX Benefits | 15,040 followers on LinkedIn. Let me add a couple of comments there. They're not talking about driver shortages in the way that they have in the past [inferring], but there's a slowdown within that customer base. So we -- this is something we watch closely, given the overall discussion about the macro economy. AllBiz Business Profile Search Background Check. And so an area that we will continue to invest and evolve. We'd expect kind of normal seasonality going into Q2 and Q3 on the travel side. We have hundreds of customers that are using the product. But I was curious, are you seeing macro weakness anywhere else? 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 . 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? There has been significant improvement in these margins as volume accelerates. 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. Aside from the base salary, Wex Bank offers its employees a list of benefits. WEX Inc. provides corporate card payment solutions in North and South America, the Asia Pacific, and Europe. Username Forgot Username? Most of these expanded relationships are Mobility customers to whom we were able to sell a Benefits solution. Approximately $26 million of the revenue increase in this segment is due to the average interest rate earned on these balances increasing from 1.24% last year to 3.9% this year. Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. So again, not necessarily because we're seeing that trend within our portfolio, but consistent with what we had said in the last quarter. (Say goodbye to paper implementations. So I think that provides evidence that our funding sources remain quite strong. 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. 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. And that product itself, highly tech-enabled, really important that has strong uptime. And the team is focused on each of those areas.So when we talk about that segment, kind of the long-term growth rate that we've had for that segment is 10% to 15%. Get the latest Health Trends & Insights news in your inbox. 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. Your next question comes from the line of Andrew Jeffrey with Truist. We continue to add to the product set that we have in the marketplace. Melissa, I like the color on the direct Corporate Payments offerings. I'm just trying to understand the onboarding process, the ramp when you do some of these big customer signings in different businesses. 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? Your session has been timed out due to inactivity. Job Training & Conferences. And so we continue to see -- and that's across multiple categories. March 05, 2019 04:05 PM Eastern Standard Time. For the full year, we expect to report revenue in the range of $2.45 billion to $2.49 billion. Registration for the webcast of the event will be available on the Investor Relations section of our website in the coming weeks. The rest of it, I would largely expect to be recurring in nature. Get Started So that's an area where we look at product or product adjacencies across really in any part of the business. WEX is our administrator of several employee benefits, including Health Savings Accounts, commuter benefit accounts, an COBRA. 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. 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. It tends to be a higher quarter for travel. We have a solution that is live in Europe and United States. 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. Get the latest Health Trends & Insights news in your inbox. But then when you migrate across the rest of the portfolio, our fleet mobility customers in our North American fleet business was actually up 2.5%. Yes. [7] WEX is one of ten founding corporate partners of the Roux Institute at Northeastern University, which leases a portion of the WEX headquarters campus. Discovery Benefits is now a part of WEXinc and you can log into your account using the links below. A piece of that is also coming from this anticipation that we'll continue to benefit from the custodial deposits that we have. 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. Your next question comes from the line of Ramsey El-Assal with Barclays. 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. Simplifying benefits for everyone. I assume just the natural progression is not going to stay quite that strong. 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. 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? Manager in Human Resources. Each account that is available on the debit card is referred to as a "purse". Over 90% of our clients come to us seeking a better benefits experience for them and their employees. And so I wouldn't describe it as weakness, I would say, more slowing of the growth instead. You can also access your account from the COBRA mobile app. Is that where you see the largest future growth opportunity? Just within the -- changing the name to Mobility Solutions at this point, Melissa, just is there a deeper strategic meaning behind that? 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. Powered by WEX Health. Now let's turn to the financial results. The employee's options to upload receipts seem difficult for some. What if additional documentation is required? 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. (Operator Instructions) I will now turn the conference over to Steve Elder. 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. And so we continue to look at assets, move assets through our pipeline, sort of the same rigor that we have historically. These updated ranges represent an increase of $20 million in revenue and $0.25 of EPS compared to the midpoint of our previous guidance. Historically, we've sold that product through a partner channel. 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. New coupons will be mailed to you as needed. And then, I guess, secondly, travel volume, per your charts, look like -- whatever it was, it was big. 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. 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 . They were not a party to our credit facility nor counterparties to our hedging relationships. And one of the things that we find interesting about that part of the business is it's also really resilient. We've definitely looked at this business similar to the way that we look at everything else. WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. Will you be communicating these changes to participants? Where do I log in to my online account? Yes. This allows us to see the company through a different lens or perspective than we normally would. Where does it work? This furthers our goal of putting tools in the hands of drivers that simplify the process of determining where, when and how to charge. And we've had good success in selling that into the fintech community, ultimately in the United States. Incentivized. 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. Specifically, you can use it anywhere with an Inventory Information Approval System (IIAS) or at merchants that meet the IRS 90 percent rule (where 90% of gross sales meet eligibility requirements). It's a better customer experience. I think that was about $5 million. If you already use the app, just log in with your existing username and password. The average salary for WEX is $121k per year, which includes an average base salary of $106k and an average bonus of $14k. So I feel good about the path that we're on because not only would we have the ability to continue to use the sales channels we have now but to enhance that with further digital capability. I guess, is probably the way I'd say it as opposed to -- I don't think you can feel like we're done. The domestic fuel price in Q1 2023 was $3.86 versus $3.90 in 2022. So we're continuing to sell in the marketplace. Discovery Benefits is now a part of WEXinc and you can log into your account using the links below. I know you mentioned a few times building out the direct sales force, inking 40 new deals. I just want to make sure I understood that no impact on deposit funding from a WEX Bank standpoint. Within that segment, what we'd expect is the normal puts and takes between travel and our nontravel business. Skip to content. No. An executive may or may not realize all of the Total Co mpensation during their tenure at the Company. Discovery Benefits, A WEX Company Business Data. Yes. [4], Wright Express grew over the next several decades. We expect ANI EPS to be between $3.45 and $3.55 per diluted share. But I wanted to understand how fast do these signings contribute to revenues? Yes. M&A Summary. 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. You can view the status of your claims and upload documentation easily with our benefits mobile app or through your online account. 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. 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. Wright, a coal and later heating oil business in South Portland, Maine. We've been listening closely to the evolving needs of our commercial customers. 4321 20th Ave S, Fargo, ND 58103. 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. Like are we thinking that's like second quarter or back half of 2023 thing? So I guess 2 questions. The company traces its origins to A.R. 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. Of our clients choose us because theyre looking for a better service experience for themselves and their employees. They're asking us for simplified solutions to manage their next fleet and are looking for a single card or app on a single credit line on a single data set, all managed and controlled through a single view. Youll continue to use the same online account and mobile app you use today. Finally, let's take a look at the Benefits segment. Overall travel-related purchase volumes pro forma for the eNett acquisition was up 29% versus 2019 with approximately half of the growth due to the number of transactions and half due to the value of each transaction. Specifically in the Corporate Payments space, I'd say it's more acute there than some of the other areas of the business. First, it's worth noting that failures of Silicon Valley Bank and Signature Bank had very minimal impact to our business. So we are continuing to build the direct sales force. Username Forgot Username? . In January 2020, the company announced it would acquire travel payments companies eNett and Optal from Travelport for $577.5 million.[20]. Yes. 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. Actual results may differ materially from those forward-looking statements as a result of various factors, including those discussed in our press release and the risk factors identified in our annual report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 28, 2023, and subsequent SEC filings. Existing User. 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. 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. Higher credit losses versus the prior year were the primary reasons for the lower margin. So Ramsey, I mean, I think you asked a longer-term question. I know there's seasonality to the yield likely, but maybe you could just help us think through that. 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. This administrator has more than 100 multiemployer clients, allowing for a large market reach. Simply select your account type below and you'll be sent to the login page for your Benefits account. Buy vs Sell. We have about [$4.5 million] worth of deposits that sit on our balance sheet. 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. And we work across a number of different partners supporting them and growing their business and then also directly, and you can see the benefit of that coming through. We're also encouraged by early cross-sell conversations as we begin the new year. So there's a number of things that are really important to that customer base. This concludes the question-and-answer session. Remember Me Next. 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. You can continue to log in to your online account or mobile app to file a claim. Track fuel expenses automatically. This represents a 15% increase over the prior year. A copy of the release has also been included in an 8-K we filed with the SEC earlier this morning. The average annual salary of Wex Bank is estimated to be approximate $94,668 per year. Or is this more likely 2024 contributors? And then it seems like you also talked about the late fee impacts and then maybe a little bit of just macro on the fleet business. But I'm going to start, and I'm sure Jagtar will add on to this. 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. 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 will be updating the login page for LEAP and will share a link to the new URL once it is live. We brought in our Chief Digital Officer, first time we've had one, a little over a year ago. 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. One, is the embedded payments product, which is what is used within our travel customer base. About 150. Plenty of room for advancement Is that -- are we still early enough in the secular shift to consumer-paid HSA that we can continue to expect big open enrollment seasons that provide momentum and visibility sort of year in and year out in your Benefits business? 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. But as Melissa just mentioned, we also expect the other segments to continue to grow as well. Looking for your Discovery Benefits Login?

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