We'll be piloting an at-home reimbursement product this quarter and expect to have a broader rollout in the second half of this year. 211 reviews from WEX Inc. employees about WEX Inc. culture, salaries, benefits, work-life balance, management, job security, and more. Starting with the second quarter, we expect to report revenue in the range of $613 million to $623 million. Will customer service numbers stay the same? And we'll continue to look at where should we build, where should we partner, where should we buy. Thank you, Steve, and good morning, everyone. 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. 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. 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. Participants Accounts HSA, FSA, HRA/Wellness & Commuter And then maybe you could just remind us what you guys are incorporating into the guidance? We just held that same assumption. And so we have a whole separate work stream that we've added over the last year. So I said there were some puts and takes in that finance fee revenue. Melissa, appreciate all of the color on business development. WEX offers complete benefits administration, including benefits accounts such as HSAs, FSAs, HRAs, LSAs, COBRA, and more | Set your business free by . 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: Employee Benefits and Perks | Glassdoor 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. Plenty of room for advancement 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. I mean, I think you guys have an investor event coming up around that, right, which we'll go into more detail. 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! Looking for your Discovery Benefits Login? 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. WEX Inc. Employee Benefits | Built In That was a place where we're seeing positive same-store sales during the bulk of the pandemic. We are pleased with this result and are working diligently to continue on this track. Get Started Contact Us - Call . And we will evaluate whether or not we should continue to do that from a build perspective or if there are opportunities to buy. Where do I log in to my online account? Military veterans possess invaluable leadership skills and business acumen. 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. Discovery Benefits, A WEX Company Business Data. Before jumping into our performance for the quarter, I'd like to quickly address the recent disruption in the banking industry. Discovery Benefits is now a part of WEXinc and you can log into your account using the links below. First, it's worth noting that failures of Silicon Valley Bank and Signature Bank had very minimal impact to our business. Women play an important role at WEX. Click the links below to log in to a participant or employer accounts (formerly Discovery Benefits, LLC, a WEX Company). 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. Should we expect the Corporate Payments to kind of trend in the 4% range and, I guess, travel to decelerate materially just from where it's at relative to the guide? No, I think it's a market that will continue to evolve. Do I need to create a new account? Q1 2023 WEX Inc Earnings Call - Yahoo Finance 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. New User. Fitness Subsidies. Your WEX benefits debit card makes it easy to spend your funds on eligible expenses. Your WEX benefits debit card makes it easy to spend your funds on eligible expenses. WEX (NYSE: WEX) is a leading financial technology service provider. 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. The average annual salary of Wex Bank is estimated to be approximate $94,668 per year. 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. 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%. And I think -- I mean, related, but you had called out weakness in smaller customers within Mobility last quarter. With me today is Melissa Smith, our Chair, CEO and President; and Jagtar Narula, our CFO. 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. But I wanted to understand how fast do these signings contribute to revenues? 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 those are really the predominant products we have in the Corporate Payments space. Discovery Benefits is now WEX - WEX Benefits You WEX Benefits Features | G2 Self-Service Portal. And then a follow-up for me is, could you provide just an update on the broader market opportunity in the Mobility segment? Will employer services numbers stay the same? 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). 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. 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. Some of that will impact 2024. 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? Thanks for the question. [8], WEX Fleet provides vehicle fleet customers with fuel cards and data and telematics offerings for drivers. 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? Of our clients choose us because theyre looking for a better service experience for themselves and their employees. And we saw a negative 2% same-store sales within the over-the-road business. 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. Registration for the webcast of the event will be available on the Investor Relations section of our website in the coming weeks. This concludes the question-and-answer session. Okay. It was maybe 70%, 80% or whatever it looked like. 3 reasons we see people flipping to a fuel card: Apply Now The WEX Health Card is a prepaid debit card that contains the value of your annual Health Care Flexible Spending Account (FSA) or Limited Health Care Flexible Spending Account elected amount. COBRA, Retiree & Leave of Absence Member login, Learn more about the Discovery Benefits transition to WEX, Inventory Information Approval System (IIAS). . As a reminder, we define recurring revenue as process -- payment processing and account servicing revenue, revenue from our factoring business, transaction processing fees and other smaller items. Please see Exhibit 1 of the press release for an explanation and reconciliation of these non-GAAP measures. And so an area that we will continue to invest and evolve. [4], Wright Express grew over the next several decades. www.discoverybenefits.com. We are excited and proud to share that in 2021, Discovery Benefits, LLC, a WEX Company will be known as WEX. So we want to make sure that we are continuing to invest in that space. And so the growth with movement to HSAs has slowed, but it is still a strong grower. 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 continue to execute well on both growing revenue and becoming more efficient servicing our customers. It tends to be a higher quarter for travel. Benefits Total WEX Inc. Three months ended March 31, 2023 2022 2023 . Your next question comes from the line of Dave Koning with Baird. And so those are a combination of CDs, which we used to fund the business, and then HSA deposits are the 2 largest pieces of that. I would say -- I would just add that -- a reminder that we project -- we gave guidance of 10% to 15% growth rate for the travel and Corporate Payments or the Corporate Payments segment overall. March 05, 2019 04:05 PM Eastern Standard Time. Total volume across the company came in at $52.3 billion, up . 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. No room for advancement and plenty of gray areas Customer Solutions Specialist (Current Employee) - Remote - July 5, 2022 Where do I begin? 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. And we talked about AvidXchange from the customers that we had added more recently. Where do I log in to my online account? Our primary use of free cash flow this year has been to repurchase shares. 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. Get the latest Health Trends & Insights news in your inbox. They want all that data so that they can really understand the total ownership -- cost of ownership for their fleet. In January 2020, the company announced it would acquire travel payments companies eNett and Optal from Travelport for $577.5 million.[20]. [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. Specifically in the Corporate Payments space, I'd say it's more acute there than some of the other areas of the business. Yes. We were very pleased with our SaaS accounts growth, which was up 14% in Q1 versus the prior year. We brought in our Chief Digital Officer, first time we've had one, a little over a year ago. The Benefits segment adjusted operating income margin was 39.1% compared to 29.3% in 2022. You can also access your account from the COBRA mobile app. 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. We have $776 million of available borrowing capacity and corporate cash of $149 million as defined under the company's credit agreement at quarter end. So it's really indicative of how we're running the business, where we think it's going strategically. WEX has offices in 14 countries and employs approximately 5,600 people around the world. 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. From an earnings perspective, on a GAAP basis, we had net income attributable to shareholders of $68 million in Q1. 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. This concludes the conference call. And then my last question, just on capital allocation. Yes. The company provides revenue guidance on a GAAP basis and earnings guidance on a non-GAAP basis due to the uncertainty and the indeterminate amount of certain elements that are included in reported GAAP earnings. Sure. Tuition Reimbursement. 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've seen lots of opportunities behind that. Congrats on the strong results. We expect ANI EPS to be between $3.45 and $3.55 per diluted share. Okay. 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 rest of it, I would largely expect to be recurring in nature. And so just to be specific, last quarter, we talked about weakness in the over-the-road customer segment, smaller. I'm asking because I'm just always trying to learn the difference between the volume growth and the revenue growth. 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. Yes, sure. If you need an employee benefits and COBRA administrator that will act as an extension of your HR staff, WEX has just the solution for you. WexLocationCode.setTransientValue("wex02"); WEX benefits and perks, including insurance benefits, retirement benefits, and vacation policy. We're also encouraged by early cross-sell conversations as we begin the new year. Benefits segment purchase volume increased 18%, leading to an 18% increase in payment processing revenue. 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. And it should play into the 1% to 2% growth we have slated for new product revenue and our long-term growth framework. Prev Next And how should we think about the rebound in terms of this factoring revenue on a go-forward basis? The delinquency rates are improving, and we expect loss rates to trend down going forward. So yes, you're correct. 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. 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. WEX Company Profile | Management and Employees List - Datanyze I know the net interchange piece was down a little bit from incentives. 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. Given this more challenging fundraising environment, are you seeing more interesting opportunities on the M&A side? 78%. Expediting changes and reducing questions and discrepancies. We have a solution that is live in Europe and United States. The Corporate Payments segment delivered an adjusted operating income margin of 46.9%, up from 36.7% in Q1 last year. And we're fine doing that if we see an opportunity within that space. 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. The take rate was down over last quarter primarily because of the scheme fees that we called out last quarter. And that's split roughly evenly between HSA deposits and non-HSA deposits. Discovery Benefits is now a part of WEXinc and you can log into your account using the links below. What if additional documentation is required? Just in the Benefits business, you've had a couple of really strong open enrollment seasons, and obviously, these new wins. 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. Your next question comes from the line of Ramsey El-Assal with Barclays. Retirement and Stock Option Benefits. [9] WEX Fleet also partners with GasBuddy,[10] OnDeck Capital,[11] and Chevron,[12] among other companies, to provide services to customers. Pros and Cons of WEX Benefits 2023 - TrustRadius Where do I log in to my account? And you can see that in the growth of vehicles that we've had within our base, and so we start with that. The elevated loss rate in the over-the-road trucking business that we have seen over the past 2 quarters are starting to abate. So we should see these kind of interchange levels as we flow through the year. Will customer service numbers stay the same? Revenue for the first quarter came in at $7 million, above the midpoint of our guidance, and adjusted net income per share beat the midpoint of our guidance by $0.11. Your next question comes from the line of Darrin Peller with Wolfe Research. WEX can help simplify these challenges today, and we are innovating to anticipate and address those of tomorrow. WEX Inc. - WEX Signs Agreement to Acquire Discovery Benefits So that's an area where we look at product or product adjacencies across really in any part of the business. So really, really strong still conversations within our customer base. It can be easy to get caught up in a routine or a silo at WEX, but NexGen has given me the opportunity to connect with people in other functional areas that I otherwise would have never met.. 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. Can you just talk a little bit about where you are focusing on the M&A side right now? We've definitely looked at this business similar to the way that we look at everything else. It operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. benefitexpress Benefit Express Services LLC. 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 today is here to stay. We provide payment solutions to businesses of all sizes across a wide spectrum of sectors, including fleet, corporate payments, travel and health. But when you look into the individual SIC code, like construction still grew same-store sales 2% year-over-year. Sure. 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? We have pipelines that are continuing to fill and feel good about the close rates we have this year, which will more largely impact revenue next year. Or is this more likely 2024 contributors? Get the latest Health Trends & Insights news in your inbox. Wex (WEX) Q1 2023 Earnings Call Transcript | The Motley Fool Okay. We will be updating the login page for LEAP and will share a link to the new URL once it is live. And so with the rise of interest rates, we saw the impact of that. And just one follow-up question for Jagtar. (Say goodbye to paper implementations. WEX generates a significant amount of cash each year with Q1 typically being the lowest due to seasonality. Welcome to WEX! Okay. A copy of the release has also been included in an 8-K we filed with the SEC earlier this morning. 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? Melissa D. Smith; Chairman of the Board, President & CEO; WEX Inc. Steven Alan Elder; SVP of Global IR; WEX Inc. Andrew William Jeffrey; Director; Truist Securities, Inc., Research Division, Darrin David Peller; MD & Senior Analyst; Wolfe Research, LLC, David John Koning; Associate Director of Research & Senior Research Analyst; Robert W. Baird & Co. 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 . Like how are you thinking about M&A right now? 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 announces company-wide layoffs; West Fargo employees impacted I think the multiemployer administrator in Benefits, the large health system in Corporate Payments. ERGs drive diversity by fostering new bonds and communities across the company. WEX Benefits Platform | West Fargo ND - Facebook Job Training & Conferences. Got it. . 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 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. You can continue to use the debit card you have today. Using our definition, adjusted free cash flow was negative $61 million through Q1, which is $16 million better than 2022. benefitexpress Mergers and Acquisitions Summary | Mergr There's been the ongoing slowdown in the freight industry with spot rates declining. 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. 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. 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. 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 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%. I know you mentioned a few times building out the direct sales force, inking 40 new deals. WEX to Benefit from benefitexpress Acquisition: Here's How 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). Welcome to your single source for all you need to know about your benefit account (s). [Delinquencies here] also continued to improve. 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. We've continued our long track record of delivering exceptional financial results and performing well across dynamic macroeconomic environment. Inventory Information Approval System (IIAS). The company traces its origins to A.R. So those direct accounts would come in at a higher rate, which is one of the reasons we go direct there. 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. While we may update forward-looking statements in the future, we disclaim any obligations to do so. Your benefit plans set up in WEX automatically feed over to ADP, preventing duplicate setups. File a claim, view account balance and summary information, sign up for FREE direct deposit, get email notifications, and more! WEX Inc. - Wikipedia Our investments in data and advanced analytics, for example, are benefiting customers across our platform. Login - WEX Health Powered by the belief that complex payment systems can be made simple, WEX (NYSE: WEX) is a leading financial technology service provider across a wide spectrum of sectors, including fleet, corporate payments, and healthcare. And kind of how do you think that is going to go through the year? Login. This feedback has informed our electric vehicle strategy, which consists of giving fleet managers the tools to plan their energy transition, manage their vehicles in a mixed fleet environment and help ensure their EVs can be conveniently controlled and charged across a distributed environment. So any of these individual contracts are relatively small in terms of the contribution to 2023. I talked about some of the reasons for it in our prepared remarks. These updated ranges represent an increase of $20 million in revenue and $0.25 of EPS compared to the midpoint of our previous guidance. It is an area that we continue to take market share. 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. We remain in a very healthy financial position and ended the quarter with $922 million in cash.