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). So I guess 2 questions. You should not place undue reliance on these forward-looking statements, all of which speak only as of today. And then on the Corporate Payments space, we are anticipating continuing at that single-digit growth rate in the course of this year, which is a combination of where we are with ramping up customers and starting this process of adding new customers with the ramp of our direct sales force. 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. 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. WexLocationCode.setTransientValue("wex02"); Yes, sure. Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. 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. Where do I log in to my online account? WEX Benefits | 15,040 followers on LinkedIn. Manager in Human Resources. . 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. So how do we think about -- first of all, just if you could reiterate what's really driving that, what the strategy is for that business going forward and the kind of growth profile we can assume into the second half of the year, especially as this Midwest manager comes out as well. 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. 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. With that, I'll turn it over to Jagtar to walk you through this quarter's financial performance in more detail. The employee's options to upload receipts seem difficult for some. 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. No, I think it's a market that will continue to evolve. Yes. The biggest piece of that is some of the larger customers. Participants 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. Fill up company vehicles anywhere. 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. Powered by WEX Health. We have hundreds of customers that are using the product. Do I need to create a new account? New users can create a new account to get started. WEX can help simplify these challenges today, and we are innovating to anticipate and address those of tomorrow. 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. Payment processing transactions were up 4% year-over-year. Diversity Program. WEX is a financial services company that is headquartered in South Portland, Maine. If used at an IIAS merchant, simply swipe your card and it will automatically approve anything thats an eligible expense. . Turning now to Corporate Payments. Finally, let's move to revenue and earnings guidance for the second quarter and the full year. The company is headquartered in Portland, Maine[2][3] and provides services in the United States, Canada, South America, Europe, Asia, and Australia. Breaking down the segment further, travel-related customer volume represented approximately 71% of the total spend and grew 84% compared to last year. With that, operator, please open the line for questions. Will employer services numbers stay the same? 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. 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. WexLocationCode.setTransientValue("wex02"); Sure. 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. 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. 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. Will customer service numbers stay the same? Now I'd like to recap our business highlights in the quarter. The other question I had was, Melissa, you mentioned a couple of big customer signings in your remarks. Turning to our performance in the first quarter, revenue increased 18% year-over-year to $612 million. 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.. So there's a number of things that are really important to that customer base. 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. Yes. Posted 11:56:46 AM. Yes. 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. I think that was about $5 million. I'm excited by the positive response and the momentum we're seeing across the business. 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. [6], In 2019, WEX opened a new 100,000-square-foot headquarters across from the Ocean Gateway International Marine Passenger Terminal in Portland, Maine. The company is headquartered in Portland, Maine [2] [3] and provides services in the United States, Canada, South America, Europe, Asia, and Australia . 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. Professional Development Benefits. 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? For the full year, we expect to report revenue in the range of $2.45 billion to $2.49 billion. 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. Welcome to your single source for all you need to know about your benefit account (s). 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. WEX is transforming the complexity of employee benefits administration with innovative solutions and extraordinary customer service delivered by empowered and knowledgeable employees. New users can create a new account to get started. And we keep that in mind as we're working through all of this. 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 A reminder that we view this as an important metric since it represents the underlying growth in usage of the platform and drives other areas of the business, such as payment processing and HSA deposit growth. Your next question comes from the line of Tien-Tsin Huang of JPMorgan. And I'd say those contract expectations would have been built into that. But it doesn't sound like you have to go out, in your mind, and buy something to have success there? Nontravel-related Corporate Payments customer volume grew 17% versus last year, and revenue was up 4%. And how should we think about the rebound in terms of this factoring revenue on a go-forward basis? Okay. So some of that impacts 2023. Within that segment, what we'd expect is the normal puts and takes between travel and our nontravel business. No. Or is this more likely 2024 contributors? [Delinquencies here] also continued to improve. Values of the benefits may change over time. Expediting changes and reducing questions and discrepancies. WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. 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. You can view the status of your claims and upload documentation easily with our benefits mobile app or through your online account. We saw solid mid-single-digit growth from our local customers in the U.S., while we had a small decline in over-the-road transactions due to freight market conditions. Powered by WEX Health. 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. More 04/14/2023 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. They encourage questions and curiosity. 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. We'll build on this launch by focusing on learnings and rapidly innovating our offering for U.S.-based customers. We remain in a very healthy financial position and ended the quarter with $922 million in cash. WEX offers complete benefits administration, including benefits accounts such as HSAs, FSAs, HRAs, LSAs, COBRA, and more | Set your business free by . Get the latest Health Trends & Insights news in your inbox. [9] WEX Fleet also partners with GasBuddy,[10] OnDeck Capital,[11] and Chevron,[12] among other companies, to provide services to customers. Is it finding some kind of adjacency expansion capabilities? 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. On top of that, within the Mobility space, this conversion to EV, increasingly, we see this as an opportunity. Next, I would like to turn to cash flow. There has been significant improvement in these margins as volume accelerates. 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. How does it work? And we're fine doing that if we see an opportunity within that space. Do you feel like you have the capabilities internally at this point that you need to grow that direct business? I'm asking because I'm just always trying to learn the difference between the volume growth and the revenue growth. Retirement and Stock Option Benefits. AllBiz Business Profile Search Background Check. We also continue to benefit from a rebound in travel volume globally. 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. Is it Corporate Payments? In Corporate Payments, we signed a part of one of the largest health care systems in the United States. WEX salary ranges from $47k to $284k. Fleet fuel cards have many impactful benefits like data-tracking capabilities and more. Get Started Contact Us - Call . Please login again. Over 90% of our clients come to us seeking a better benefits experience for them and their employees. At the end of the quarter, the total outstanding balance on our revolving line of credit, term loans and convertible notes was $2.7 billion. Continue to log in to your online account like you do today with your existing username and password at https://cobralogin.wexhealth.com. As I complete my prepared remarks, I would like to emphasize how pleased we were with our Q1 results. And so with the rise of interest rates, we saw the impact of that. Our platforms areSee this and similar jobs on LinkedIn. 3 reasons we see people flipping to a fuel card: Apply Now Will my service experience change? The rest of it, I would largely expect to be recurring in nature. Got you. Can you elaborate a little bit -- I guess, it's also on lines of M&A. Existing User. Looking for your Discovery Benefits Login? I just want to make sure I understood that no impact on deposit funding from a WEX Bank standpoint. During the event, our leaders shared some of these pain points to our audience of about 1,200 attendees gathered in San . Read More. 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. . And so we feel good about how we've gone through open enrollment, the combination of the products that we have in the marketplace, the distribution channels that we have. Non-GAAP adjusted net income was $145.8 million or $3.31 per diluted share. The custodial revenue from the invested HSA cash deposits is the primary driver of the increase in margin. The domestic fuel price in Q1 2023 was $3.86 versus $3.90 in 2022. 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. Yes. [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. And we talked about AvidXchange from the customers that we had added more recently. Self-Service Portal. The revenue is highly accretive to earnings, enabling us to perform well across a range of interest rate environment and providing some stability to navigate economic cycle. 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? This represents a 15% increase over the prior year. Now let's move to segment results, starting with Mobility. Each account that is available on the debit card is referred to as a "purse". 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. Yes, thanks, Sanjay. Simplifying benefits for everyone. Now let's turn to the financial results. 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. On an organic basis, which excludes the impact of fluctuations in fuel prices and foreign exchange rates, revenue in the quarter grew 19% compared to the prior year's period, once again beating our long-term organic growth target of 8% to 12%. ). It tends to be a higher quarter for travel. And it should play into the 1% to 2% growth we have slated for new product revenue and our long-term growth framework. You can also mail or email a Discovery Benefits claim form to us for processing. Military veterans possess invaluable leadership skills and business acumen. 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.
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