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So we do believe that not only do we have this opportunity nascent within the existing customer base, with the products they have but we're building in the future, both through digital capability and through this migration to a mixed fleet offering that's going to create opportunity for us. WEX Engaged Employer Overview 750 Reviews 214 Jobs 1.3K Salaries 109 Interviews 315 Benefits 4 Photos 305 Diversity + Add a Review WEX Employee Reviews about "benefit" Updated Apr 24, 2023 Search Reviews Clear All Full-time, Part-time English Filter Found 157 of over 751 reviews Sort Popular Popular COVID-19 Related Highest Rating Lowest Rating March 05, 2019 04:05 PM Eastern Standard Time. 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. 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. 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. 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. COBRA, Retiree & Leave of Absence Member login, Learn more about the Discovery Benefits transition to WEX, Inventory Information Approval System (IIAS). We look at scale plays, so the assets that are larger in size, which are more just financially accretive, less about the product. 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. 211 reviews from WEX Inc. employees about WEX Inc. culture, salaries, benefits, work-life balance, management, job security, and more. We've seen lots of opportunities behind that. 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. And one of the things that we find interesting about that part of the business is it's also really resilient. Thanks for the question. 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 beginning of each year is typically a weak time for cash flow due to the timing of some payments. Yes. Wex Bank Company Overview. Our investments in data and advanced analytics, for example, are benefiting customers across our platform. View all pros & cons. But as Melissa just mentioned, we also expect the other segments to continue to grow as well. That we expect. We have a solution that is live in Europe and United States. These challenges are experienced across many industry verticals and include personalizing employee benefits, navigating the complexity of mixed fleet [interests] and removing the friction caused by inefficient payment processes and systems. And then a follow-up for me is, could you provide just an update on the broader market opportunity in the Mobility segment? Revenue from travel-related customers was up 87% versus Q1 2022. PORTLAND, Maine--(BUSINESS WIRE)--WEX (NYSE: WEX), a leading financial technology service provider (the "Company"), today announced the signing of an agreement to acquire benefitexpress, a . The majority pay is between $82,985 to $107,380 per year. 4321 20th Ave S, Fargo, ND 58103. One of the areas I am excited about is the planned improvement in the customer experience by creating a more seamless digital journey, which has the added benefit of saving costs. 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? Any clarity on how that spread might behave here in the next couple of quarters? So we're continuing to sell in the marketplace. Self-Service for Employees. As I complete my prepared remarks, I would like to emphasize how pleased we were with our Q1 results. Can you just talk a little bit about where you are focusing on the M&A side right now? 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. benefitexpress Benefit Express Services LLC. In January 2020, the company announced it would acquire travel payments companies eNett and Optal from Travelport for $577.5 million.[20]. And then maybe you could just remind us what you guys are incorporating into the guidance? We provide brokers, consultants, employers, and participants the broadest range of consumer and healthcare solutions as well as the services to make them successful, all built on the industrys most modern, reliable platform and backed by a $9 billion leader in payments innovation. 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 believe these new agreements will be a win-win for WEX and our network partners given the significant relationships we have (inaudible) with the government and large fleet. And so those are really the predominant products we have in the Corporate Payments space. And that product itself, highly tech-enabled, really important that has strong uptime. Revenue growth of 18% and adjusted earnings per share growth of 15% this quarter represents the eighth consecutive quarter these metrics each grew 15% or more. It went public in 2005. Adjusted earnings of $3.31 per share surpassed the Zacks Consensus Estimate by 3.4% and our . [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. So one thing I would point out, just at a top level, you'll see that our deposits increased about $1 billion from the end of Q4 to the end of Q1 this year. It operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. Thank you, operator, and good morning, everyone. Melissa, appreciate all of the color on business development. WEX Inc. is a provider of payment processing and information management services to the United States commercial and government vehicle fleet industry. 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. With a WEX Health Visa/Mastercard-powered account, members enjoy easy access to funds for supplemental benefits like OTC, groceries, transportation, dental, vision, hearing, fitness, chiropractic, acupuncture, home services, utility bills, premium rebates, etc. And in terms of what we're assuming from a volume perspective, we are assuming that idea of having a slow growth environment. If you have a spending or savings account, you can also initiate a chat session directly from your online account. Thanks, Tien-Tsin, for the question. Discovery Benefits is now a part of WEXinc and you can log into your account using the links below. Yes, sure. Is that a fair statement when we not only look across Mobility, but just across WEX? We currently have approximately 85% of our cloud migration completed. With that, I'll turn it over to Jagtar to walk you through this quarter's financial performance in more detail. 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. Women play an important role at WEX. Congrats on the strong results. So we expect some volume impacts from that as we go through the next couple of quarters. 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. Yes. benefitexpress is a cloud-based platform for employee benefits and health exchange services. Will you be providing new service contracts? In terms of operational changes, we are closely monitoring the banks that we work with. 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. Discovery Benefits is now WEX - WEX Benefits You We are WEX We are excited and proud to share that in 2021, Discovery Benefits, LLC, a WEX Company will be known as WEX. Flume is something that we think is really interesting in this space, and it's something we continue to build upon as well, with that being much more of a down market play within the marketplace. I mean, I think you guys have an investor event coming up around that, right, which we'll go into more detail. 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. Great job at ensuring payments are made in a timely fashion with recurring payments! We have a product road map of what we intend to deliver into the marketplace. . If we could touch on the Benefits segment for a minute, the account growth there obviously has been, strong mid-teens-type growth, and now you're adding the Midwest manager as well. Get the latest Health Trends & Insights news in your inbox. That was a place where we're seeing positive same-store sales during the bulk of the pandemic. Verified User. I think that was about $5 million. Where do I log in to my online account? About 150. 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%. This highlighted the ongoing transformation of our business as we discuss unifying product themes around data, payments and digitization. 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. 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. Your session has been timed out due to inactivity. 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. The company is headquartered in Portland, Maine [2] [3] and provides services in the United States, Canada, South America, Europe, Asia, and Australia . HSA funds are payroll-deducted (and company-matched, if applicable) and loaded to the employee's WEX account. So we have ramped the investments that we've made in that part of the business over the last couple of years. When your card expires, or you report your card lost or stolen, we will send you a new WEX benefits card. Youll continue to use the same online account and mobile app you use today. Yes, thanks, Sanjay. ). And you can see that in the growth of vehicles that we've had within our base, and so we start with that. I also want to mention that we are renaming our existing segments in connection with the rebranding initiatives. 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 simplify benefits for everyone by delivering the broadest range of healthcare solutions (including HSA, FSA, HRA, Commuter, LSA, COBRA and more) built on modern, flexible, and reliable technology and supported by our accountable and empathetic service . And so the people that were newer in business and smaller in size, we've had a very targeted issue within that part of the portfolio. It tends to be a higher quarter for travel. 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. Got it. Aside from the base salary, Wex Bank offers its employees a list of benefits. 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. Will my recurring payment for premiums continue? Yes. 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. Most Common Benefits for Wex Bank. 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? . If used elsewhere, you may need to upload supporting documentation (depending on your benefits plan). Incentivized. But they -- it cumulatively become quite meaningful for 2024. Neither of these banks were customers or partners of WEX, and we had minimal deposit exposure. Expediting changes and reducing questions and discrepancies. Let me add a couple of comments there. Buy vs Sell. And how should we think about the rebound in terms of this factoring revenue on a go-forward basis? I assume just the natural progression is not going to stay quite that strong. 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. Like are we thinking that's like second quarter or back half of 2023 thing? Company Outings. We have, again, seen stability within the portfolio. Given this more challenging fundraising environment, are you seeing more interesting opportunities on the M&A side? So I think that we've gotten the benefit of that. Other than macro factors like fuel prices and interest rates, we are largely maintaining our previous guidance for everything else. 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? Our objective is to create a universal network of EV charging stations similar to our fuel acceptance network. They want all that data so that they can really understand the total ownership -- cost of ownership for their fleet. Values of the benefits may change over time. 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. As part of this initiative, we've been looking closely at a number of areas of our company using improved processes, data and technology. New users can create a new account to get started. 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. First Republic in limbo as US regulators juggle bank's fate, Sony shares tumble on weaker-than-expected annual outlook, 'Waste of time': Community college transfers derail students, Asia Stocks Rise, Treasuries Dip in Cautious Trade: Markets Wrap, Poll: Americans fault news media for dividing country. Your next question comes from the line of Dave Koning with Baird. WEX (NYSE: WEX) is a leading financial technology service provider. So for example, the Benefits contract that you mentioned, I mean, we've talked about the 25% to 30% growth in our guidance. Registration for the webcast of the event will be available on the Investor Relations section of our website in the coming weeks. Revenue: $1 to $5 billion (USD) Competitors: FLEETCOR, Comdata, U.S. Bank. 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. 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. 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. Okay. The rest of it, I would largely expect to be recurring in nature. They also will see the WEX logo and reminders about the brand change on the online account banner image. Our card works at a variety of merchants. 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. The other question I had was, Melissa, you mentioned a couple of big customer signings in your remarks. Okay. Will customer service numbers stay the same? 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. How do my employees reach you? But it doesn't sound like you have to go out, in your mind, and buy something to have success there? Based on 17 WEX Benefits reviews. 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). I guess in the Mobility segment, the payment processing rate was really high. The segment adjusted operating income margin for the quarter was 40.5%, down from 50.2% in Q1 2022. 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. 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. Welcome to your single source for all you need to know about your benefit account (s). . Username Forgot Username? How do I submit claims for reimbursement? . (Operator Instructions) I will now turn the conference over to Steve Elder. Particularly, I think you mentioned some weakness in OTR. 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. 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. Yes. Fleet fuel cards have many impactful benefits like data-tracking capabilities and more. Existing Users Username Forgot Username? 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. Some of that will impact 2024. Yes. 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. And we'll continue to look at where should we build, where should we partner, where should we buy. Professional Development Benefits. We're excited to do that highlight. They were not a party to our credit facility nor counterparties to our hedging relationships. And so our expectation right now is that we will continue to grow ex PPG, ex FX at our target growth rate of 4% to 8%. We've been listening closely to the evolving needs of our commercial customers. I wanted to ask about the Corporate Payments segment. I think some of that is continued rebound of people going back into the office, sales fleets being out and moving. Reported anonymously by WEX employees. What's it like in April? Is that where you see the largest future growth opportunity? Your benefit plans set up in WEX automatically feed over to ADP, preventing duplicate setups. 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. 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! Discovery Benefits, A WEX Company Business Data. New users can create a new account to get started. 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. I know you mentioned a few times building out the direct sales force, inking 40 new deals. 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. And we think of that with multiple levers. There's a significant pipeline in development beyond that with an overall vision of enabling managers to grow their fleet and have a unified experience using our products no matter how their vehicles are powered. We are not responsible as a company for the HSA account. This reflects continued strength in the consumer travel demand, and we are very pleased with these results. So Flume is still -- I'd say, still early days, and we've had -- we started this about 15 months ago. New users can create a new account to get started. 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. WEX Inc. (WEX Quick Quote WEX - Free Report) delivered better-than-expected first-quarter 2023 results. Over 90% of our clients come to us seeking a better benefits experience for them and their employees. Purchase volume issued by WEX was $18.6 billion, which was an increase of 58% versus last year. And you also asked about rate. Skip to content. And then it seems like you also talked about the late fee impacts and then maybe a little bit of just macro on the fleet business. Payment processing transactions were up 4% year-over-year. [4], Wright Express grew over the next several decades. This increase of $94 million year-over-year was primarily driven by the growth of 36% in both our Corporate Payments and Benefits segment. Starting with the second quarter, we expect to report revenue in the range of $613 million to $623 million. The $43.8 million increase represents 36% over the prior year. The rest of the portfolio, some of the growth rates are slowing within same-store sales, and I talked about the fact that a lot of the benefit that we received in the quarter came from some of the larger customers. 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. . And so working through those, looking at assets we want to invest in. First, it's worth noting that failures of Silicon Valley Bank and Signature Bank had very minimal impact to our business. So really, really strong still conversations within our customer base. 1983. In Corporate Payments, we signed a part of one of the largest health care systems in the United States. The Fleet Solutions segment offers fleet vehicle payment and transaction processing services. Is it Corporate Payments? During the event, our leaders shared some of these pain points to our audience of about 1,200 attendees gathered in San . Welcome to WEX! M&A Summary. History Finally, before turning the call over to Jagtar, I want to highlight that we will host an investor event to provide an in-depth understanding of our Benefits segment, including the product set, opportunities and financial profile. If used at an IIAS merchant, simply swipe your card and it will automatically approve anything thats an eligible expense. What if additional documentation is required? And then just on your B2B payments business, I mean, as you had called out, I know with Flume and any progress what you're seeing with the SMB customers. This represents a 15% increase over the prior year. The travel segment, WEX Virtual, helps online travel agencies facilitate cross-border payments through virtual cards, allowing online travel agencies to automate back-end accounting practices. [9] WEX Fleet also partners with GasBuddy,[10] OnDeck Capital,[11] and Chevron,[12] among other companies, to provide services to customers. 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. WexLocationCode.setTransientValue("wex02"); The company traces its origins to A.R. 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. Also, as we noted last quarter, our deposit balances and, as a result, our reported adjusted free cash flow were about $150 million to $175 million more than we would normally expect, which were reversed during Q1. It operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. Specifically in the Corporate Payments space, I'd say it's more acute there than some of the other areas of the business. For the first quarter, total revenue exceeded the midpoint of our guidance by $7 million due to a combination of strong Corporate Payments purchase volume and a very good open enrollment season in our Benefits segment. Just within the -- changing the name to Mobility Solutions at this point, Melissa, just is there a deeper strategic meaning behind that? How does it work? It was maybe 70%, 80% or whatever it looked like. Where does it work? Your next question comes from the line of Tien-Tsin Huang of JPMorgan. Mihir, I would say that the contracts that Melissa talked about are factored into the guidance we've given out. WEX is our administrator of several employee benefits, including Health Savings Accounts, commuter benefit accounts, an COBRA. Prev Next Any callouts with respect to volume and -- as well as yield? Type: Company - Public (WEX) Industry: Investment & Asset Management. Now let's turn to the financial results. 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. As the banking industry cope with significant movement in deposit flows since the recent bank failures, our custodial HSA cash deposits and certificates of deposit have shown themselves to be extremely stable. WEX is transforming the complexity of employee benefits administration with innovative solutions and extraordinary customer service delivered by empowered and knowledgeable employees. Simplifying benefits for everyone. WEX salary ranges from $47k to $284k. You can continue to log in to your online account or mobile app to file a claim. 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. 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? I just wanted to thank everyone again for hanging with us as we go a couple of minutes long here, and we look forward to speaking with you again in about 3 months. And so I think we're continuing to get a little bit of benefit of that. 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. 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. Women play an important role at WEX. Historically, we've sold that product through a partner channel. For the full year, we expect to report revenue in the range of $2.45 billion to $2.49 billion. 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. Yes. I wanted to ask on Corporate Payments, if that's okay, just thinking about rest of the year. 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. 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.
