You can also access your account from the COBRA mobile app. Got you. We also continue to benefit from a rebound in travel volume globally. Will you be providing new service contracts? [5] In 2012, it adopted the name WEX, signaling a shift away from focusing on fuel cards and expanding into other payment solutions. Just in the Benefits business, you've had a couple of really strong open enrollment seasons, and obviously, these new wins. In 2014, WEX acquired Evolution1,[16] a cloud-based health industry payments provider, later renaming it to WEX Health. Powered by WEX Health. Benefits segment purchase volume increased 18%, leading to an 18% increase in payment processing revenue. 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. So, no matter which WEX-branded fleet card you pick, you can rest assured that your drivers will always be close to somewhere to fill up on gas or diesel. Buy vs Sell. While our name and branding will change, your service experience will not be impacted by these changes. Looking for your Discovery Benefits Login? The $43.8 million increase represents 36% over the prior year. Before jumping into our performance for the quarter, I'd like to quickly address the recent disruption in the banking industry. The majority pay is between $82,985 to $107,380 per year. We also saw volume growth in our direct channel, and we are pleased to sign more than 40 new direct Corporate Payment customers in the quarter. But we feel like we have a good foundation that we continue to build upon. Yes. Well, when we talk about the segment internally in the businesses, we think of it as more mobility plays, and as we continue to expand what we're doing, even with our traditional fleet customers as we're moving into this mixed fleet environment, it migrates you into new offerings in that space. Is it finding some kind of adjacency expansion capabilities? WEX Inc. Reports Fourth Quarter and Full Year 2021 Financial Results 3 key themes from WEX SPARK 2023 to help you simplify the business of 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. We had anticipated the trend of higher late fee rates that we saw at the end of last year to continue in Q1. 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. 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. The net interchange rate in the segment was down 10 basis points sequentially, predominantly due to the timing of incentives for the networks in Q4 last year as well as travel customers contributing a larger percentage of total purchase volume in Q1. WEX Inc. (WEX Quick Quote WEX - Free Report) delivered better-than-expected first-quarter 2023 results. Okay. 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? Of our clients continue to partner with us during renewal because of the experience and support we provide them and their employees. 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. Get special fuel discounts and save on products and services for your business. 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! WEX Virtual launched in 2000 [14] in support of customers including HitchHiker,[15] HotelTonight, Expedia, and Priceline. Welcome to benefitexpress, a WEX Company's Plan Document System You should not place undue reliance on these forward-looking statements, all of which speak only as of today. And then maybe you could just remind us what you guys are incorporating into the guidance? There seems to be some ongoing spot rate stabilization in the freight industry, but we're expecting these kind of rates going forward. 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. Youll continue to use the same online account and mobile app you use today. Now let's start with the quarter results. Given this more challenging fundraising environment, are you seeing more interesting opportunities on the M&A side? Is it Corporate Payments? 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. So I said there were some puts and takes in that finance fee revenue. Welcome to WEX! You can view the status of your claims and upload documentation easily with our benefits mobile app or through your online account. 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. [6], In 2019, WEX opened a new 100,000-square-foot headquarters across from the Ocean Gateway International Marine Passenger Terminal in Portland, Maine. Our card works at a variety of merchants. 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. Like how are you thinking about M&A right now? So we should see these kind of interchange levels as we flow through the year. Year WEX (NYSE: WEX) is a leading financial technology service provider. Sure. How do my employees reach you? Do you feel like you have the capabilities internally at this point that you need to grow that direct business? Focusing on diversity also means focusing on inclusion. Working at WEX Inc.: 52 Reviews about Pay & Benefits - Indeed We appreciate you joining us today. WEX Company Profile | Management and Employees List - Datanyze The company is headquartered in Portland, Maine [2] [3] and provides services in the United States, Canada, South America, Europe, Asia, and Australia . They want all that data so that they can really understand the total ownership -- cost of ownership for their fleet. M&A Summary. 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. So again, not necessarily because we're seeing that trend within our portfolio, but consistent with what we had said in the last quarter. 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. Simplifying benefits for everyone. We were very pleased with our SaaS accounts growth, which was up 14% in Q1 versus the prior year. Benchmarked against 2019, we're seeing improvement versus Q4 in all regions with the largest gains coming from Europe. Yes. Congrats on the strong results. And we've had good success in selling that into the fintech community, ultimately in the United States. We continue to execute well on both growing revenue and becoming more efficient servicing our customers. So Flume is still -- I'd say, still early days, and we've had -- we started this about 15 months ago. This highlighted the ongoing transformation of our business as we discuss unifying product themes around data, payments and digitization. [4], Wright Express grew over the next several decades. View all pros & cons. I assume just the natural progression is not going to stay quite that strong. WEST FARGO WEX Inc., a payment systems company based in Portland, Maine, downsized its operation through wide-ranging layoffs on Friday, Oct. 14, including in North Dakota. We've got some benefit from the ExxonMobil portfolio that we had purchased last year. We started off the year with a solid first quarter, achieving strong top line growth while delivering with the dependable execution that our employees, partners, customers and shareholders have come to expect. We do feel good about the products that we have. Discovery Benefits is now WEX - WEX Benefits You Yes, thanks, Sanjay. Historically, we've sold that product through a partner channel. It went public in 2005. So it gives you really good visibility in terms of what's going to play out in the course of the year. WEX Benefits Features | G2 WEX Benefits hiring Client Support Specialist in Schaumburg, Illinois We are excited and proud to share that in 2021, Discovery Benefits, LLC, a WEX Company will be known as WEX. Thanks, Tien-Tsin, for the question. Please login again. WEX Inc. Reports First Quarter 2023 Financial Results Most of these expanded relationships are Mobility customers to whom we were able to sell a Benefits solution. 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. That was a place where we're seeing positive same-store sales during the bulk of the pandemic. I talked about some of the reasons for it in our prepared remarks. 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. The freight market is an area we continue to watch closely. And we saw a negative 2% same-store sales within the over-the-road business. 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. WEX | UKG Marketplace 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. 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). 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. . The company operates in three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. 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. WEX Inc. - WEX Completes Acquisition of benefitexpress Your next question comes from the line of Darrin Peller with Wolfe Research. 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. I just want to make sure I understood that no impact on deposit funding from a WEX Bank standpoint. Will customer service numbers stay the same? And that's split roughly evenly between HSA deposits and non-HSA deposits. Click the links below to log in to a participant or employer accounts (formerly Discovery Benefits, LLC, a WEX Company). . WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. 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. And so working through those, looking at assets we want to invest in. And then we look at geographic expansion capabilities, and so there's an active mix across those categories. What if additional documentation is required? WEX Inc. Reports First Quarter 2023 Financial Results - Yahoo Finance It is an area that we continue to take market share. Yes. 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 continue to see travel volumes in April in line with our forecast. We've seen lots of opportunities behind that. We can help your team save time and money and eliminate stress. I mean, I think you guys have an investor event coming up around that, right, which we'll go into more detail. So it would be growth in most any environment because you get the benefit of this movement to consumer-directed health care, you've got benefit costs continuing to go up, and then we continue to build upon our distribution channel. Login Total volume across the company came in at $52.3 billion, up . WEX Inc. - Wikipedia Like are we thinking that's like second quarter or back half of 2023 thing? Our business model here is very strong and revenue drop-through for this segment is high given our relatively fixed cost base. Neither of these banks were customers or partners of WEX, and we had minimal deposit exposure. WEX Benefits Platform | West Fargo ND - Facebook WEX Q1 Earnings and Revenues Beat Estimates, Increase Y/Y Payment processing transactions were up 4% year-over-year. We estimate the year-over-year impact of fuel prices increase segment revenue by approximately $1 million, including a benefit of approximately $6 million for European fuel price spreads. New users can create a new account to get started. Existing Users Username Forgot Username? The net interchange rate in the Mobility segment was 1.21%, which is up 10 basis points from Q4 of last year. Will you be communicating these changes to participants? 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? Got it. Women play an important role at WEX. Fraud losses in the segment, which we've spoken about a bit in prior quarters, were down 39% from Q4 of last year and continued to improve. Looking for your Discovery Benefits Login? Yes. So we do have some escalator clauses that are built into our contracts. And I would say that's true across every part of the business, so that's the [vetting] process. WEX is transforming the complexity of employee benefits administration with innovative solutions and extraordinary customer service delivered by empowered and knowledgeable employees. WEX announces company-wide layoffs; West Fargo employees impacted 9 Best Gas Credit Cards for US Fleets in 2023 Reviewed - Expert Market US 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. Now I'd like to recap our business highlights in the quarter. 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. So for example, the Benefits contract that you mentioned, I mean, we've talked about the 25% to 30% growth in our guidance. So we're continuing to sell in the marketplace. Thank you, Steve, and good morning, everyone. Fill up company vehicles anywhere. 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. But when you look into the individual SIC code, like construction still grew same-store sales 2% year-over-year. How do I submit claims for reimbursement? 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. Should we think about that as being the predominant sequential change in that yield? Okay. Do I need a new debit card? 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.
Costa Rica Apartments For Rent Long Term,
Spectrum Channel Lineup Surfside Beach, Sc,
Articles W