wex company benefits

Is it in Benefits? 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. And as we -- it looks like that has largely run its course. I wanted to ask on Corporate Payments, if that's okay, just thinking about rest of the year. So Ramsey, I mean, I think you asked a longer-term question. Continue to log in to your online account like you do today with your existing username and password at https://cobralogin.wexhealth.com. 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. 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. . Shifting gears now, I will provide an update on the balance sheet and our liquidity position. So we have ramped the investments that we've made in that part of the business over the last couple of years. Diversity Program. Username Forgot Username? Login 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. [17] Some partners include Fifth Third Bancorp,[18] Paychex,[19] HSA Bank, and Discovery Benefits. During the quarter, we repurchased approximately 525,000 shares of WEX stock for roughly $93 million, resulting in a small EPS benefit in the quarter. WEX Inc. Reports Fourth Quarter and Full Year 2021 Financial Results As I complete my prepared remarks, I would like to emphasize how pleased we were with our Q1 results. 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? 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. Thank you, operator, and good morning, everyone. 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 so an area that we will continue to invest and evolve. For the full year, we expect to report revenue in the range of $2.45 billion to $2.49 billion. There's been the ongoing slowdown in the freight industry with spot rates declining. WEX offers complete benefits administration, including benefits accounts such as HSAs, FSAs, HRAs, LSAs, COBRA, and more | Set your business free by . So those direct accounts would come in at a higher rate, which is one of the reasons we go direct there. Okay. Turning to our performance in the first quarter, revenue increased 18% year-over-year to $612 million. WEX rewards excellence, hard work, and innovation by providing qualified . Any clarity on how that spread might behave here in the next couple of quarters? And so I wouldn't describe it as weakness, I would say, more slowing of the growth instead. WEX Salaries | Comparably And so the growth with movement to HSAs has slowed, but it is still a strong grower. 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. Higher credit losses versus the prior year were the primary reasons for the lower margin. 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? And we're providing critical flexibility that allows them to choose from a suite of customized solutions that best set the unique needs of their business. 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. 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. WEX Inc. (WEX Quick Quote WEX - Free Report) delivered better-than-expected first-quarter 2023 results. [We lose] less customers coming through but also at a lower cost. 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. 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. We estimate the year-over-year impact of fuel prices increase segment revenue by approximately $1 million, including a benefit . And then, I guess, secondly, travel volume, per your charts, look like -- whatever it was, it was big. How much do Wex Bank employees make? | Salary.com 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. Should we think about that as being the predominant sequential change in that yield? Company Outings. 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. Women play an important role at WEX. 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! . 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. In 2012, WEX Fleet acquired Fleet One to provide fleet cards to drivers. Fitness Subsidies. With that, I'll turn it over to Jagtar to walk you through this quarter's financial performance in more detail. So we do believe that not only do we have this opportunity nascent within the existing customer base, with the products they have but we're building in the future, both through digital capability and through this migration to a mixed fleet offering that's going to create opportunity for us. PDF Commonly Asked Questions Regarding The WEX Health Card - Benefit Extras Login Acquired by WEX, Inc. (Company) on 2021-04-14 . 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. Of our clients continue to partner with us during renewal because of the experience and support we provide them and their employees. So we do have some escalator clauses that are built into our contracts. I talked about the fact that we've had 40 signings in the quarter. WEX Health Cloud helps to administer HSAs, HRAs, FSAs, VEBAs, COBRA, defined-contribution, wellness plans, and transit plans. We continue to see travel volumes in April in line with our forecast. Just my quick follow-up. What if additional documentation is required? Is that a fair statement when we not only look across Mobility, but just across WEX? 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. 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. WEX Benefits | 15,040 followers on LinkedIn. Fleet fuel cards have many impactful benefits like data-tracking capabilities and more. An executive may or may not realize all of the Total Co mpensation during their tenure at the Company. New User. Your WEX benefits debit card makes it easy to spend your funds on eligible expenses. So we saw this kind of runoff of customers that -- where we think it had kind of this acute issue of a big ramp within that marketplace, where a bunch of people added new vehicles, and that went down. This furthers our goal of putting tools in the hands of drivers that simplify the process of determining where, when and how to charge. WEX Completes Acquisition of Discovery Benefits, Inc. Values of the benefits may change over time. Powered by WEX Health. Skip to content. Let me add a couple of comments there. Wex Bank Company Overview. 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. I know there's seasonality to the yield likely, but maybe you could just help us think through that. Where does it work? So we're continuing to sell in the marketplace. I'm asking because I'm just always trying to learn the difference between the volume growth and the revenue growth. If you already use the app, just log in with your existing username and password. 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. 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. There are no changes to what is included in each segment. 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. Looking for your Discovery Benefits Login? WEX salary ranges from $47k to $284k. Is that where you see the largest future growth opportunity? We had record attendance at SPARK, which shows the importance of our solutions and how they resonate with customers. Is it finding some kind of adjacency expansion capabilities? Fill up company vehicles anywhere. With that, operator, please open the line for questions. No action is needed by you and you can keep the notice for your records. How does it work? 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. Create Comparison. 3 key themes from WEX SPARK 2023 to help you simplify the business of 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. 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%. That did not materialize, and overall, finance fee revenue was up only 3%, which includes a 33% slowdown in our factoring revenue, which is related to the freight market conditions I just mentioned. Those assets tend to be much smaller in size. 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. 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. Our card works at a variety of merchants. Get the latest Health Trends & Insights news in your inbox. Like are we thinking that's like second quarter or back half of 2023 thing? During the event, our leaders shared some of these pain points to our audience of about 1,200 attendees gathered in San . www.discoverybenefits.com. 1 Debit card for multiple accounts (HSA and commuter benefits accounts) HSA financial accounting features. View all pros & cons. We have 2 primary products that we have within the Corporate Payments space. Get the latest Health Trends & Insights news in your inbox. In our case, greater than 95% of our deposits are FDIC-insured. 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. And kind of how do you think that is going to go through the year? The only place that we've seen a slowdown is in that of the over-the-road customer base, and I talked about same-store sales being negative 2%. 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. The products in the marketplace right now, I talked about in the prepared remarks, or the ability to move our customers letting them by as they are on the go, having this charging network, reimbursement capability and then eventually depot capability, those are really, for us, the starting points because we know, from talking to our customers, they want one integrated bill, one system of record. Within that segment, what we'd expect is the normal puts and takes between travel and our nontravel business. So we -- this is something we watch closely, given the overall discussion about the macro economy. 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? The take rate was down over last quarter primarily because of the scheme fees that we called out last quarter. 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. I would also like to remind you that we will discuss forward-looking statements under the Private Securities Litigation Reform Act of 1995. So we should see these kind of interchange levels as we flow through the year. We currently have approximately 85% of our cloud migration completed. 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. Yes. Skip to content. We'll build on this launch by focusing on learnings and rapidly innovating our offering for U.S.-based customers. 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. 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. 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 aware in monitoring what's happening within the marketplace. Okay. The company has more than 3,500 team members throughout the world and supports more than 20 currencies and 10 countries, with locations in Asia, Japan, Australia, Europe, and Latin America. What's it like in April? 211 reviews from WEX Inc. employees about WEX Inc. culture, salaries, benefits, work-life balance, management, job security, and more. 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. In 2014, WEX acquired Evolution1,[16] a cloud-based health industry payments provider, later renaming it to WEX Health. And so I think we're continuing to get a little bit of benefit of that. Good results here. Discovery Benefits is now WEX - WEX Benefits You Neither of these banks were customers or partners of WEX, and we had minimal deposit exposure. 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. Thank you, Steve, and good morning, everyone. The company continues to have a significant presence in South Portland. PORTLAND, Maine--(BUSINESS WIRE)--WEX (NYSE: WEX), a leading financial technology service provider (the "Company"), today announced the signing of an agreement to acquire benefitexpress, a . I will turn the call to Steve Elder. Yes. Purchase volume issued by WEX was $18.6 billion, which was an increase of 58% versus last year. 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. Using our definition, adjusted free cash flow was negative $61 million through Q1, which is $16 million better than 2022. Reported anonymously by WEX employees. 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 is here to stay. There's many different use cases that are emerging even now in this early part of this process that we think that we can help facilitate. So I think that we've gotten the benefit of that. WEX generates a significant amount of cash each year with Q1 typically being the lowest due to seasonality. Benefits revenues of $164.9 million registered 36% year-over-year growth. The Fleet Solutions segment . The delinquency rates are improving, and we expect loss rates to trend down going forward. On the Benefits front, we completed a very positive open enrollment season. With that, I'll turn the call over to Melissa. We also had a period of time where people were less likely to make changes because of what was happening -- a bit of an overhang from the pandemic. Sure. We will continue to manage capital allocation between organic investment, M&A and returning capital to shareholders. Mihir, I would say that the contracts that Melissa talked about are factored into the guidance we've given out. 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. It's a better customer experience. And then what do we need to go get in the course of the year? Before jumping into our performance for the quarter, I'd like to quickly address the recent disruption in the banking industry. What if additional documentation is required? Existing User. Your next question comes from the line of Nik Cremo with Credit Suisse. The rating our clients gave our single-source employee benefits and COBRA administration hub. WEX Health, Inc. - Health Plan Alliance But as Melissa just mentioned, we also expect the other segments to continue to grow as well. And I'd say those contract expectations would have been built into that. Retirement and Stock Option Benefits. Our primary use of free cash flow this year has been to repurchase shares. Great job at ensuring payments are made in a timely fashion with recurring payments! . In January 2020, the company announced it would acquire travel payments companies eNett and Optal from Travelport for $577.5 million.[20]. Youll continue to leverage the same online account, mobile app, and debit card (if applicable) you use today. 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. New users can create a new account to get started. We will also notify participants when their new login page is live and include any other relevant changes to contact information. 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. Payment processing & information management service company, Ocean Gateway International Marine Passenger Terminal, "Why Wright Express Changed Its Name to WEX", "Wright Express Corporation Announces Pricing of Initial Public Offering", "WEX Opens Global Headquarters In Portland", "Roux Institute partners with WEX on a new facility in Portland", "WEX Partnering with Gas Buddy on Fuel Data Pact", "BRIEF-Wex and OnDeck announce strategic partnership", "WEX launches ClearView Advanced platform for fuel savings", "Jim Pratt: How WEX Ignited B2B Travel Payments", "SnapShot marketplace, TravelClick gets chatty, and more", "Eureka Innovation Award Winner Wex Health", "#WorkTrends Recap: Building Successful Business Partnerships", "Travelport Agrees to Sell Enett to Wex at a Bargain Price", https://en.wikipedia.org/w/index.php?title=WEX_Inc.&oldid=1129342157, Companies listed on the New York Stock Exchange, Companies based in Cumberland County, Maine, Short description is different from Wikidata, Wikipedia indefinitely semi-protected pages, Official website different in Wikidata and Wikipedia, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 24 December 2022, at 20:47.
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