So I think that provides evidence that our funding sources remain quite strong. Your WEX benefits debit card makes it easy to spend your funds on eligible expenses. 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. 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. We're also encouraged by early cross-sell conversations as we begin the new year. 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! You can also mail or email a Discovery Benefits claim form to us for processing. March 05, 2019 04:05 PM Eastern Standard Time. This represents a 15% increase over the prior year. And so the growth with movement to HSAs has slowed, but it is still a strong grower. (866) 451-3399. srehr@discoverybenefits.com. Revenue: $1 to $5 billion (USD) Competitors: FLEETCOR, Comdata, U.S. Bank. [9] WEX Fleet also partners with GasBuddy,[10] OnDeck Capital,[11] and Chevron,[12] among other companies, to provide services to customers. I know you mentioned a few times building out the direct sales force, inking 40 new deals. The leverage ratio, as defined in the credit agreement, stands at 2.5x, which is at the bottom end of our long-term target of 2.5 to 3.5x. Simplifying benefits for everyone. Let me add a couple of comments there. About 150. So I think that gives a lot of comfort to depositors with us. WEX salary ranges from $47k to $284k. Please see Exhibit 1 of the press release for an explanation and reconciliation of these non-GAAP measures. I'm asking because I'm just always trying to learn the difference between the volume growth and the revenue growth. Your benefit plans set up in WEX automatically feed over to ADP, preventing duplicate setups. Yes. So I said there were some puts and takes in that finance fee revenue. Just in the Benefits business, you've had a couple of really strong open enrollment seasons, and obviously, these new wins. How does it work? I guess in the Mobility segment, the payment processing rate was really high. Neither of these banks were customers or partners of WEX, and we had minimal deposit exposure. 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. Yes. 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. They encourage questions and curiosity. The biggest piece of that is some of the larger customers. WexLocationCode.setTransientValue("wex02"); The Fleet Solutions segment . I wanted to maybe just start with just your intraquarter volume trends. Please go ahead. We are excited and proud to share that in 2021, Discovery Benefits, LLC, a WEX Company will be known as WEX. Let me briefly address the increased credit losses, which were within our guidance range of 32 basis points of spend volume, including approximately 4 basis points from fraud losses. In 2014, WEX acquired Evolution1,[16] a cloud-based health industry payments provider, later renaming it to WEX Health. And then a follow-up for me is, could you provide just an update on the broader market opportunity in the Mobility segment? So still decent growth we have in our underlying assumption because we know that there's still pent-up demand, but coming off the highs that we're seeing in first and second quarters. 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. 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. New users can create a new account to get started. And in terms of what we're assuming from a volume perspective, we are assuming that idea of having a slow growth environment. Fill up company vehicles anywhere. Discovery Benefits, A WEX Company Business Data. It's a better customer experience. Based on 17 WEX Benefits reviews. New users can create a new account to get started. 3 reasons we see people flipping to a fuel card: Apply Now I assume just the natural progression is not going to stay quite that strong. 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. Glassdoor has salaries, wages, tips, bonuses, and hourly pay based upon employee reports and estimates. The average salary for WEX is $121k per year, which includes an average base salary of $106k and an average bonus of $14k. 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. Will you be communicating these changes to participants? Click the links below to log in to a participant or employer accounts (formerly Discovery Benefits, LLC, a WEX Company). Before jumping into our performance for the quarter, I'd like to quickly address the recent disruption in the banking industry. Registration for the webcast of the event will be available on the Investor Relations section of our website in the coming weeks. As a reminder, we will be discussing non-GAAP metrics, specifically: adjusted net income attributable to shareholders, which we refer to as adjusted net income, or ANI; and adjusted operating income and related margin; and adjusted free cash flow during our call. And so with the rise of interest rates, we saw the impact of that. 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. The domestic fuel price in Q1 2023 was $3.86 versus $3.90 in 2022. Can you elaborate a little bit -- I guess, it's also on lines of M&A. 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. The first quarter was a very good quarter for us. 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. WEX rewards excellence, hard work, and innovation by providing qualified . In 2017, WEX Fleet launched a new telematics platform, ClearView Advanced.[13]. SPARK has historically been focused on our Benefits business, but was held as a joint conference across all of our solutions for the first time this year. WEX Benefits Platform | West Fargo ND [We lose] less customers coming through but also at a lower cost. Military veterans possess invaluable leadership skills and business acumen. 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. benefitexpress is based in Schaumburg, Illinois. PORTLAND, Maine-- (BUSINESS WIRE)-- WEX (NYSE: WEX), a leading financial technology service provider, today announced that it has completed the acquisition of benefitexpress, a leading provider of highly configurable, cloud-based benefits administration technologies and services. Sure. But I'm going to start, and I'm sure Jagtar will add on to this. WEX Virtual launched in 2000 [14] in support of customers including HitchHiker,[15] HotelTonight, Expedia, and Priceline. And then on the negative side was the factoring item that you mentioned. Will customer service numbers stay the same? We continue to add to the product set that we have in the marketplace. Powered by WEX Health. And so working through those, looking at assets we want to invest in. 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. But when you look into the individual SIC code, like construction still grew same-store sales 2% year-over-year. So I guess 2 questions. The company traces its origins to A.R. Other than macro factors like fuel prices and interest rates, we are largely maintaining our previous guidance for everything else. With that, I'll turn it over to Jagtar to walk you through this quarter's financial performance in more detail. Yes. WEX is transforming the complexity of employee benefits administration with innovative solutions and extraordinary customer service delivered by empowered and knowledgeable employees. 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 hundreds of customers that are using the product. The company is headquartered in Portland, Maine[2][3] and provides services in the United States, Canada, South America, Europe, Asia, and Australia. 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. And one of the things that we find interesting about that part of the business is it's also really resilient. WEX Inc. WEX delivered better-than-expected first-quarter . [8], WEX Fleet provides vehicle fleet customers with fuel cards and data and telematics offerings for drivers. We've been listening closely to the evolving needs of our commercial customers. 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. Plenty of room for advancement One connector exchanges demographic, enrollment and contribution data. Our next phase will turn to at-home reimbursement. Again, this is consistent with our strategy of ensuring electric vehicles can be charged conveniently while simplifying payments and reimbursement for organizations. And so it's been negative for a few quarters now. So there's a couple of things that are happening within that segment. Data within our platforms are aligned on Day 1 and updated daily. Wex Bank Company Overview. Spot rates went down. Your next question comes from the line of Bob Napoli with William Blair. The segment adjusted operating income margin for the quarter was 40.5%, down from 50.2% in Q1 2022. Yes, thanks, Sanjay. Of our clients continue to partner with us during renewal because of the experience and support we provide them and their employees. When you put all that together, can you still get the low end of the 4% to 8% that you're kind of talking about for the full year? Think of that as a customer, typically someone who is highly sophisticated, is embedding an API payment stream within their workflow, and they are taking advantage of either our virtual card technology or other payment modalities. And so we have a whole separate work stream that we've added over the last year. File a claim, view account balance and summary information, sign up for FREE direct deposit, get email notifications, and more! We continue to see travel volumes in April in line with our forecast. Okay. So we are continuing to build the direct sales force. 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 cobraadmin@wexhealth.com. Of our clients choose us because theyre looking for a better service experience for themselves and their employees. In January 2020, the company announced it would acquire travel payments companies eNett and Optal from Travelport for $577.5 million.[20]. 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. We continue to drive strong growth, resulting in Q1 revenue of $164.9 million. Melissa, I like the color on the direct Corporate Payments offerings. Remember Me Next. 4321 20th Ave S, Fargo, ND 58103. 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. There seems to be some ongoing spot rate stabilization in the freight industry, but we're expecting these kind of rates going forward. The majority pay is between $82,985 to $107,380 per year. The Benefits segment adjusted operating income margin was 39.1% compared to 29.3% in 2022. 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. For the full year, we expect to report revenue in the range of $2.45 billion to $2.49 billion. 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. Inventory Information Approval System (IIAS). 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. [17] Some partners include Fifth Third Bancorp,[18] Paychex,[19] HSA Bank, and Discovery Benefits. 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. WEX offers complete benefits administration, including benefits accounts such as HSAs, FSAs, HRAs, LSAs, COBRA, and more | Set your business free by . We expect to reach our overall cloud goals later this year, allowing us to further leverage shared technologies across product set. And we'll continue to look at where should we build, where should we partner, where should we buy. 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. WEX Health Inc., a WEX Company is one of Maxwell Health's chosen providers for COBRA administration services. They also will see the WEX logo and reminders about the brand change on the online account banner image. You may now disconnect your lines. And we keep that in mind as we're working through all of this. This allows us to see the company through a different lens or perspective than we normally would. 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. Our investments in data and advanced analytics, for example, are benefiting customers across our platform. We've looked at a range of metrics around the banks we look at -- we work with, from what's the ratio of insured to uninsured deposits, credit default swaps, things like that, just to make sure that we're prudently managing money and moving it around where appropriate to banks that we're more comfortable with. 1700 E. Golf Road, Suite 1000, Schaumburg . We will continue to manage capital allocation between organic investment, M&A and returning capital to shareholders. 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. Expediting changes and reducing questions and discrepancies. On the Benefits front, we completed a very positive open enrollment season. That's brought down both the number of instances on which we factor the number of invoices as well as the average dollars per invoice. Buy vs Sell. Is it Corporate Payments? 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. 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. Non-GAAP adjusted net income was $145.8 million or $3.31 per diluted share. In our case, greater than 95% of our deposits are FDIC-insured. Sure. We had anticipated the trend of higher late fee rates that we saw at the end of last year to continue in Q1. And that's split roughly evenly between HSA deposits and non-HSA deposits. . Our business model here is very strong and revenue drop-through for this segment is high given our relatively fixed cost base. We do feel good about the products that we have. Total segment revenue for the quarter increased 36% to $104.8 million. Yes. Shifting gears now, I will provide an update on the balance sheet and our liquidity position. This was led by continued growth in the partner channel. (formerly known as Wright Express Corporation) is a provider of financial technology solutions. 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. 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. Retirement and Stock Option Benefits. I know there's seasonality to the yield likely, but maybe you could just help us think through that. 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. WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. And so we continue to look at assets, move assets through our pipeline, sort of the same rigor that we have historically. 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. File a claim, view account balance and summary information, sign up for FREE direct deposit, get email notifications, and more! They want all that data so that they can really understand the total ownership -- cost of ownership for their fleet. 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. We've also had some renewals come through, and we've been very pleased with the renewal rates we're getting, which has been up in certain cases, which also drove the higher interchange rate.There was really -- the onetime item in the quarter was really market movement in Europe, which was worth about 4 basis points of that interchange rate. Focusing on diversity also means focusing on inclusion.
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