wex company benefits

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. The employee's options to upload receipts seem difficult for some. [We lose] less customers coming through but also at a lower cost. New User. Within that segment, what we'd expect is the normal puts and takes between travel and our nontravel business. This allows us to see the company through a different lens or perspective than we normally would. 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. One, is the embedded payments product, which is what is used within our travel customer base. And we will evaluate whether or not we should continue to do that from a build perspective or if there are opportunities to buy. We brought in our Chief Digital Officer, first time we've had one, a little over a year ago. Where do I log in to my account? Given this more challenging fundraising environment, are you seeing more interesting opportunities on the M&A side? Hello, and welcome to the WEX Q1 2023 Earnings Call. 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 . And we saw a negative 2% same-store sales within the over-the-road business. Please login again. If you already use the app, just log in with your existing username and password. 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. I wanted to ask about the Corporate Payments segment. And so those are really the predominant products we have in the Corporate Payments space. Where does it work? 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. 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. WEX Inc. WEX delivered better-than-expected first-quarter . 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. [Delinquencies here] also continued to improve. 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. Self-Service Portal. But even the construction trades within our portfolio were up a couple of percent. Can you elaborate a little bit -- I guess, it's also on lines of M&A. Military veterans possess invaluable leadership skills and business acumen. 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. 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. 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. No. 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. The $43.8 million increase represents 36% over the prior year. Existing User. WEX Benefits | 15,040 followers on LinkedIn. In our case, greater than 95% of our deposits are FDIC-insured. WEX Benefits Login | WEX customer login | WEX Inc. WEX - Remote Work From Home Jobs & Careers | FlexJobs M&A Summary. Yes. Registration for the webcast of the event will be available on the Investor Relations section of our website in the coming weeks. WEX Inc. Reports First Quarter 2023 Financial Results - Yahoo Finance WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. In terms of what we're seeing from a multiple perspective, there still is a disconnect between what we're seeing in private multiples and public multiples. You can also mail or email a Discovery Benefits claim form to us for processing. 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. Powered by WEX Health. Yes. WEX Health Inc., a WEX Company is one of Maxwell Health's chosen providers for COBRA administration services. It operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. Yes. Continue to log in to your online account like you do today with your existing username and password at https://benefitslogin.wexhealth.com. 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. Acquired by WEX, Inc. (Company) on 2021-04-14 . We have a dedicated leader for this initiative, with dozens of cross-functional teams inside of WEX who are focused on execution and has the full support of me and my entire management team. Remember Me Next. Sure. The Fleet Solutions segment Read More Contact Who is WEX Headquarters 1 Hancock St, Portland, Maine, 04101, United States Phone Number (888) 824-7378 Website www.wexinc.com Revenue $2.4B Stock Symbol WEX Industry 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. 3 reasons we see people flipping to a fuel card: Apply Now In the 1980s, A.R. As part of this initiative, we've been looking closely at a number of areas of our company using improved processes, data and technology. I think that was about $5 million. 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. 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. But it doesn't sound like you have to go out, in your mind, and buy something to have success there? 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. We also continue to benefit from a rebound in travel volume globally. And so I wouldn't describe it as weakness, I would say, more slowing of the growth instead. 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. An executive may or may not realize all of the Total Co mpensation during their tenure at the Company. benefitexpress is based in Schaumburg, Illinois. And I guess I'm wondering if that's sustainable. Higher credit losses versus the prior year were the primary reasons for the lower margin. A little bit elevated still knowing that there's pent-up demand. Our investments in data and advanced analytics, for example, are benefiting customers across our platform. 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. And just one follow-up question for Jagtar. 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. Company Outings. WEX - Overview, News & Competitors | ZoomInfo.com (Operator Instructions) I will now turn the conference over to Steve Elder. Sure. 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. 88 were here. Women play an important role at WEX. It's been a great part of our business. There has been significant improvement in these margins as volume accelerates. And that product itself, highly tech-enabled, really important that has strong uptime. Wex Bank Company Overview. Expediting changes and reducing questions and discrepancies. We are assuming that you see a trail off in travel growth in the second half of the year. If you already use the app, just log in with your existing username and password. View all pros & cons. Spot rates went down. 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. They want all that data so that they can really understand the total ownership -- cost of ownership for their fleet. 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. Wright, a coal and later heating oil business in South Portland, Maine. Remember Me Next. 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. Yes. The first quarter was a very good quarter for us. And we keep that in mind as we're working through all of this. 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. Adjusted earnings of $3.31 per share surpassed the Zacks Consensus Estimate by 3.4% and our . Great. We signed one of the largest administrators of multiemployer benefit funds in the Midwest. And then on the negative side was the factoring item that you mentioned. . We appreciate you joining us today. Your next question comes from the line of Darrin Peller with Wolfe Research. Will customer service numbers stay the same? Get Started With that, I'll turn it over to Jagtar to walk you through this quarter's financial performance in more detail. If you have a spending or savings account, you can also initiate a chat session directly from your online account. WEX generates a significant amount of cash each year with Q1 typically being the lowest due to seasonality. WEX is transforming the complexity of employee benefits administration with innovative solutions and extraordinary customer service delivered by empowered and knowledgeable employees. 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. And it should play into the 1% to 2% growth we have slated for new product revenue and our long-term growth framework. No. WexLocationCode.setTransientValue("wex02"); Neither of these banks were customers or partners of WEX, and we had minimal deposit exposure. Melissa, appreciate all of the color on business development. WEX Inc. (WEX) Q1 2023 Earnings Call Transcript 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. Yes. (Operator Instructions) Your first question comes from the line of Sanjay Sakhrani with KBW. HSA funds are payroll-deducted (and company-matched, if applicable) and loaded to the employee's WEX account. No, that's prudent and makes sense. And that's split roughly evenly between HSA deposits and non-HSA deposits. Yes. PDF Commonly Asked Questions Regarding The WEX Health Card - Benefit Extras Now let's start with the quarter results. 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 . The average annual salary of Wex Bank is estimated to be approximate $94,668 per year. And so it's been negative for a few quarters now. Yes. We've definitely looked at this business similar to the way that we look at everything else. ERGs drive diversity by fostering new bonds and communities across the company. And then we look at geographic expansion capabilities, and so there's an active mix across those categories. Is there a change to where I mail my COBRA premiums and can I continue to use my current COBRA/retiree premium payment coupons? Is that where you see the largest future growth opportunity? WEX Health, Inc. - Health Plan Alliance In Benefits, primarily, the conversation is around still employee retention and how we're making sure we're offering benefits within the marketplace that are attractive and continue to evolve in the way that the marketplace expects. I guess can you help us think through the timing and impact of not only implementing those deals kind of more tactically but also the degree over the longer term, whether we should expect more of a mix shift to direct and whether that could have an impact on segment yields over time, a positive impact? WEX | ADP Marketplace 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. WEX rewards excellence, hard work, and innovation by providing qualified . Starting with the second quarter, we expect to report revenue in the range of $613 million to $623 million. . I know you mentioned a few times building out the direct sales force, inking 40 new deals. WEX Salaries | Comparably Each account that is available on the debit card is referred to as a "purse". With me today is Melissa Smith, our Chair, CEO and President; and Jagtar Narula, our CFO. Your WEX benefits debit card makes it easy to spend your funds on eligible expenses. 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). WEX (NYSE: WEX) is a leading financial technology service provider. We are not responsible as a company for the HSA account. The net interchange rate in the Mobility segment was 1.21%, which is up 10 basis points from Q4 of last year. Where does it work? 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! Before jumping into our performance for the quarter, I'd like to quickly address the recent disruption in the banking industry. 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. Plenty of room for advancement 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. ERGs drive diversity by fostering new bonds and communities across the company. The acquisition is expected to be neutral to the company's adjusted . Our card works at a variety of merchants. This administrator has more than 100 multiemployer clients, allowing for a large market reach. This is thanks, in part, to contractual limitations to early withdrawals, and it's also evidence that the market for these funding vehicles continues to remain strong. Most Common Benefits for Wex Bank. WEX Company Profile | Management and Employees List - Datanyze WEX Inc. is a provider of payment processing and information management services to the United States commercial and government vehicle fleet industry. 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. The segment adjusted operating income margin for the quarter was 40.5%, down from 50.2% in Q1 2022. Is it Corporate Payments? 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. Manager in Human Resources. New users can create a new account to get started. 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. Youll continue to use the same online account and mobile app you use today. 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. Q1 2023 WEX Inc Earnings Call - Yahoo Finance They encourage questions and curiosity. Simply select your account type below and you'll be sent to the login page for your Benefits account. Welcome to WEX! And we've talked about 25% to 30% growth for the year for the Benefits segment. We continue to execute well on both growing revenue and becoming more efficient servicing our customers. 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 . Working at WEX | Glassdoor Thanks for the question. This company is wonderful great pay great benefits and you are treated as a person as opposed to a number. Yes. Our next phase will turn to at-home reimbursement. We have 2 primary products that we have within the Corporate Payments space. So we should see these kind of interchange levels as we flow through the year. 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. So that's an area where we look at product or product adjacencies across really in any part of the business. We estimate the year-over-year impact of fuel prices increased segment revenue by approximately $1 million, including a benefit . Login - WEX Health 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. We had anticipated the trend of higher late fee rates that we saw at the end of last year to continue in Q1. . 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. Working At WEX: Employee Reviews And Culture - Zippia
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