Our business model here is very strong and revenue drop-through for this segment is high given our relatively fixed cost base. So I think that we've gotten the benefit of that. Just my quick follow-up. We are excited and proud to share that in 2021, Discovery Benefits, LLC, a WEX Company will be known as WEX. Can you discuss your 2023 growth expectations for travel-related revenue and Corporate Payments-related revenue separately to arrive at the 7% to 11% guide? M&A Summary. Do you feel like you have the capabilities internally at this point that you need to grow that direct business? Our message to customers centered on WEX' unique ability to address the challenges they see in their businesses. And I guess I'm wondering if that's sustainable. 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 You can view the status of your claims and upload documentation easily with our benefits mobile app or through your online account. Is it Corporate Payments? Finally, let's take a look at the Benefits segment. Higher credit losses versus the prior year were the primary reasons for the lower margin. They were not a party to our credit facility nor counterparties to our hedging relationships. 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 customerservice@wexhealth.com. I assume just the natural progression is not going to stay quite that strong. WEX Inc. provides corporate card payment solutions in North and South America, the Asia Pacific, and Europe. 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. Our focus on cross-sell continues to gain traction with more than 60 signed contracts during Q1. View all pros & cons. Military veterans possess invaluable leadership skills and business acumen. WEX (NYSE: WEX) is a leading financial technology service provider. We estimate the year-over-year impact of fuel prices increased segment revenue by approximately $1 million, including a benefit . The $43.8 million increase represents 36% over the prior year. 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. No, I think it's a market that will continue to evolve. 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. 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. Discovery Benefits is now a part of WEXinc and you can log into your account using the links below. 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. The net interchange rate in the Mobility segment was 1.21%, which is up 10 basis points from Q4 of last year. We continue to execute well on both growing revenue and becoming more efficient servicing our customers. Our payments platform technologies give you everything you need to run an advanced payments program in one place, including the expertise to make payments smarter, faster, and more profitable. Yes. Simplifying benefits for everyone. Got it. Benefits segment purchase volume increased 18%, leading to an 18% increase in payment processing revenue. Sure. 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 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%. Purchase volume issued by WEX was $18.6 billion, which was an increase of 58% versus last year. WEX has offices in 14 countries and employs approximately 5,600 people around the world. 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. The biggest piece of that is some of the larger customers. benefitexpress is a cloud-based platform for employee benefits and health exchange services. And we'll continue to look at where should we build, where should we partner, where should we buy. I know the net interchange piece was down a little bit from incentives. We have a product road map of what we intend to deliver into the marketplace. Is there a change to where I mail my COBRA premiums and can I continue to use my current COBRA/retiree premium payment coupons? 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. You can also mail or email a Discovery Benefits claim form to us for processing. And we think of that with multiple levers. 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. I'm proud of our strong execution this quarter and believe we remain well positioned for the future as we deliver on our strategic priorities. Like I understand your guidance is for a slowdown in the back half, but have you seen any actual slowdown yet across your businesses? WEX benefits and perks, including insurance benefits, retirement benefits, and vacation policy. Get the latest Health Trends & Insights news in your inbox. Suite 600 Schaumburg, IL 60173 PHONE: 877-837-5017 EMAIL: help@mybenefitexpress.com News 04/14/2023 Employee Benefit Acronyms Part 3 of 3 Everybody in the employee benefits field uses acronyms like ALE, MLR, and ACA, but what do these and other employee benefits acronyms stand for? We will be updating the login page for LEAP and will share a link to the new URL once it is live. Using our definition, adjusted free cash flow was negative $61 million through Q1, which is $16 million better than 2022. We have the ability to settle throughout the world in a number of different -- over 20 currencies. Net income attributable to shareholders on . When we look at our deposit base and a lot of the banking turmoil that we've seen has been basically people worried about non-FDIC-insured deposits. 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. We will continue to manage capital allocation between organic investment, M&A and returning capital to shareholders. 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. Starting with the second quarter, we expect to report revenue in the range of $613 million to $623 million. But I was curious, are you seeing macro weakness anywhere else? In terms of operational changes, we are closely monitoring the banks that we work with. I know you mentioned a few times building out the direct sales force, inking 40 new deals. And so we continue to see -- and that's across multiple categories. 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 are aware in monitoring what's happening within the marketplace. 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). Is that weakness the same on the smaller versus the larger? And that product itself, highly tech-enabled, really important that has strong uptime. When your card expires, or you report your card lost or stolen, we will send you a new WEX benefits card. And then, I guess, secondly, travel volume, per your charts, look like -- whatever it was, it was big. 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. Some of that will impact 2024. 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. Adjusted earnings of $3.31 per share surpassed the Zacks Consensus Estimate by 3.4% and our . So we are continuing to build the direct sales force. That we expect. Of our clients choose us because theyre looking for a better service experience for themselves and their employees. I also want to mention that we are renaming our existing segments in connection with the rebranding initiatives. Expediting changes and reducing questions and discrepancies. Will you be providing new service contracts? 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. Welcome to WEX! If you already use the app, just log in with your existing username and password. What if additional documentation is required? Focusing on diversity also means focusing on inclusion. 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. The company is headquartered in Portland, Maine [2] [3] and provides services in the United States, Canada, South America, Europe, Asia, and Australia . We expect ANI EPS to be between $13.85 and $14.25 per diluted share. Got you. Our primary use of free cash flow this year has been to repurchase shares. Okay. They want all that data so that they can really understand the total ownership -- cost of ownership for their fleet. Of our clients continue to partner with us during renewal because of the experience and support we provide them and their employees. Over 90% of our clients come to us seeking a better benefits experience for them and their employees. 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. Allow employees to log in and review the details of their employee benefits program elections 24/7 and make changes and enroll in benefits as required. And as you talk to our customers that are in travel, this continues to be an area of rebound where we see strength there continuing as well as if you go into our Benefits business. And so an area that we will continue to invest and evolve. When you switch to a WEX fleet card, you can eliminate fuel purchases from employee . 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. . In our case, greater than 95% of our deposits are FDIC-insured. 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. And just one follow-up question for Jagtar. And we're fine doing that if we see an opportunity within that space. You can continue to log in to your online account or mobile app to file a claim. So really, really strong still conversations within our customer base. Skip to content. A little bit elevated still knowing that there's pent-up demand. 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 . Type: Company - Public (WEX) Industry: Investment & Asset Management. Like how are you thinking about M&A right now? So there's a number of things that are really important to that customer base. Revenue from travel-related customers was up 87% versus Q1 2022. Can you just talk a little bit about where you are focusing on the M&A side right now? 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. First, it's worth noting that failures of Silicon Valley Bank and Signature Bank had very minimal impact to our business. (866) 451-3399. srehr@discoverybenefits.com. The company operates in three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. Do I need to create a new account? And so when you think about that business, you do a lot of your onboarding before you start the year. 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. 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 a follow-up for me is, could you provide just an update on the broader market opportunity in the Mobility segment? Total volume across the company came in at $52.3 billion, up . I think that was about $5 million. Great job at ensuring payments are made in a timely fashion with recurring payments! Yes. 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. Click the links below to log in to a participant or employer accounts (formerly Discovery Benefits, LLC, a WEX Company). You can view the status of your claims and upload documentation easily with our benefits mobile app or through your online account. 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. No room for advancement and plenty of gray areas Customer Solutions Specialist (Current Employee) - Remote - July 5, 2022 Where do I begin? Benchmarked against 2019, we're seeing improvement versus Q4 in all regions with the largest gains coming from Europe. File a claim, view account balance and summary information, sign up for FREE direct deposit, get email notifications, and more! Professional Development Benefits. And so I think we're continuing to get a little bit of benefit of that. We have also been very focused around EV innovation. 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. 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. March 05, 2019 04:05 PM Eastern Standard Time. 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. I know there's seasonality to the yield likely, but maybe you could just help us think through that. And then on the negative side was the factoring item that you mentioned. So we want to make sure that we are continuing to invest in that space. Our investments in data and advanced analytics, for example, are benefiting customers across our platform. benefitexpress Benefit Express Services LLC. It went public in 2005. We look at scale plays, so the assets that are larger in size, which are more just financially accretive, less about the product. The average annual salary of Wex Bank is estimated to be approximate $94,668 per year. 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. Our commitment to providing excellent customer service to both you and your employees is unwavering. Where do I log in to my account? 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. Yes. Official list of employee benefits from WEX Inc.. Health insurance benefits, vacation policy, retirement benefits and more. 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. Please go ahead. File a claim, view account balance and summary information, sign up for FREE direct deposit, get email notifications, and more! But I'm going to start, and I'm sure Jagtar will add on to this. Yes, sure. And one of the things that we find interesting about that part of the business is it's also really resilient. This increase of $94 million year-over-year was primarily driven by the growth of 36% in both our Corporate Payments and Benefits segment. 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%. Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. 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. 88 were here. 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. WEX is our administrator of several employee benefits, including Health Savings Accounts, commuter benefit accounts, an COBRA. 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 continue to add to the product set that we have in the marketplace. COBRA, Retiree & Leave of Absence Member login, Learn more about the Discovery Benefits transition to WEX, Inventory Information Approval System (IIAS). 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. Fleet fuel cards have many impactful benefits like data-tracking capabilities and more. No action is needed by you and you can keep the notice for your records. Your benefit plans set up in WEX automatically feed over to ADP, preventing duplicate setups. And we will evaluate whether or not we should continue to do that from a build perspective or if there are opportunities to buy. Again, this is consistent with our strategy of ensuring electric vehicles can be charged conveniently while simplifying payments and reimbursement for organizations. 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! benefitexpress, a WEX Company 1700 E Golf Rd. We provide payment solutions to businesses of all sizes across a wide spectrum of sectors, including fleet, corporate payments, travel and health. [17] Some partners include Fifth Third Bancorp,[18] Paychex,[19] HSA Bank, and Discovery Benefits. Revenue: $1 to $5 billion (USD) Competitors: FLEETCOR, Comdata, U.S. Bank. Jagtar talked about the fact we've seen that stabilize within our portfolio. And we have made changes with our credit approval processes, both for the over-the-road business and our traditional retail business, to tighten credit standards in keeping with this idea that we're anticipating or planning for a slow-growth environment in the second half of the year. Yes. I mean that's obviously impressive. The segment adjusted operating income margin for the quarter was 40.5%, down from 50.2% in Q1 2022. Let me start with an update on our electric vehicle initiatives. So we're continuing to see strength within the North American fleet business. In 2014, WEX acquired Evolution1,[16] a cloud-based health industry payments provider, later renaming it to WEX Health. As a user of WEX, I set up my account online, set up my Health Savings Account and commuter benefits account after open enrollment, received and activated a debit card to use for my Health Savings Account and commuter benefits account, viewed account statements, and . Diversity Program. WexLocationCode.setTransientValue("wex02"); 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. Yes. Incentivized. History Is it in Benefits? 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. Breaking down the segment further, travel-related customer volume represented approximately 71% of the total spend and grew 84% compared to last year. I just wanted to thank everyone again for hanging with us as we go a couple of minutes long here, and we look forward to speaking with you again in about 3 months. Existing User. 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. The majority pay is between $82,985 to $107,380 per year. Okay. Yes. Yes. Melissa, I like the color on the direct Corporate Payments offerings. 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. Discovery Benefits, A WEX Company Business Data. Your next question comes from the line of Ramsey El-Assal with Barclays. Powered by WEX Health. 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. The company continues to have a significant presence in South Portland. Please login again. Now let's start with the quarter results. This administrator made the move to WEX in order to offer the benefits of our card programs in their long-time client for their health reimbursement arrangement plan. 1983. If used at an IIAS merchant, simply swipe your card and it will automatically approve anything thats an eligible expense. The domestic fuel price in Q1 2023 was $3.86 versus $3.95 in Q1 2022. We also continue to benefit from a rebound in travel volume globally. Skip to content. Military veterans possess invaluable leadership skills and business acumen. 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. A copy of the release has also been included in an 8-K we filed with the SEC earlier this morning. Will my service experience change? So we're continuing to sell in the marketplace. Acquired by WEX, Inc. (Company) on 2021-04-14 . Melissa, appreciate all of the color on business development. WEX Engaged Employer Overview 750 Reviews 214 Jobs 1.3K Salaries 109 Interviews 315 Benefits 4 Photos 305 Diversity + Add a Review WEX Employee Reviews about "benefit" Updated Apr 24, 2023 Search Reviews Clear All Full-time, Part-time English Filter Found 157 of over 751 reviews Sort Popular Popular COVID-19 Related Highest Rating Lowest Rating Was this review helpful? Any callouts with respect to volume and -- as well as yield? More 04/14/2023 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.
Vmfa Happy Hour Fridays,
Slums Curse To Urbanization Evs Project,
Tingling In Hands After Covid Vaccine,
Victor M Sweeney Mortician Social Media,
General Electric Differentiation Strategy,
Articles W