Continue to log in to your online account like you do today with your existing username and password at https://benefitslogin.wexhealth.com. So as Jagtar said, we had a really strong open enrollment season. So we expect some volume impacts from that as we go through the next couple of quarters. You should not place undue reliance on these forward-looking statements, all of which speak only as of today. WEX Inc. WEX delivered better-than-expected first-quarter . You can continue to log in to your online account or mobile app to file a claim. I mean that's obviously impressive. 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. I talked about some of the reasons for it in our prepared remarks. Yes. In terms of operational changes, we are closely monitoring the banks that we work with. 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. 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. And she's doing some amazing work with our technology and commercial teams and really looking at how we can, from an end-to-end perspective, look at that customer experience and even greater digitize that experience, which has a super benefit. I mean, I think you guys have an investor event coming up around that, right, which we'll go into more detail. Expediting changes and reducing questions and discrepancies. 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. Plenty of room for advancement Job Training & Conferences. Melissa, I like the color on the direct Corporate Payments offerings. I know there's seasonality to the yield likely, but maybe you could just help us think through that. Or do you need to invest at an elevated rate and/or go out and buy technology to really ramp up that direct -- I'm thinking about the AP automation and remittance piece specifically? 1983. Higher credit losses versus the prior year were the primary reasons for the lower margin. Our business model here is very strong and revenue drop-through for this segment is high given our relatively fixed cost base. Yes. benefitexpress is a cloud-based platform for employee benefits and health exchange services. 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. 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 Okay. The other question I had was, Melissa, you mentioned a couple of big customer signings in your remarks. Sure. If you already use the app, just log in with your existing username and password. 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. And you also asked about rate. ERGs drive diversity by fostering new bonds and communities across the company. And we're fine doing that if we see an opportunity within that space. Get Started Your next question comes from the line of Darrin Peller with Wolfe Research. 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. ). The Fleet Solutions segment . Yes. 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 working through those, looking at assets we want to invest in. 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. Yes, sure. [9] WEX Fleet also partners with GasBuddy,[10] OnDeck Capital,[11] and Chevron,[12] among other companies, to provide services to customers. Of our clients choose us because theyre looking for a better service experience for themselves and their employees. 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. What if additional documentation is required? WEX Inc. is a provider of payment processing and information management services to the United States commercial and government vehicle fleet industry. WEX Benefits | 15,040 followers on LinkedIn. 3 reasons we see people flipping to a fuel card: Apply Now 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. How do I submit claims for reimbursement? Historically, we've sold that product through a partner channel. File a claim, view account balance and summary information, sign up for FREE direct deposit, get email notifications, and more! Youll continue to use the same online account and mobile app you use today. The take rate was down over last quarter primarily because of the scheme fees that we called out last quarter. We continue to execute well on both growing revenue and becoming more efficient servicing our customers. Just my quick follow-up. Benefits revenues of $164.9 million registered 36% year-over-year growth. And we've started ramping salespeople. 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. So I guess 2 questions. The local fleet customers in the U.S. continue to have marginally elevated loss rates compared to the last couple of years but are in a relatively normal range. How Much Does WEX Pay in 2023? (1,334 Salaries) | Glassdoor Aside from the base salary, Wex Bank offers its employees a list of benefits. Yes. Our platforms areSee this and similar jobs on LinkedIn. So Ramsey, I mean, I think you asked a longer-term question. And so we continue to look at assets, move assets through our pipeline, sort of the same rigor that we have historically. And so we have a whole separate work stream that we've added over the last year. How much do Wex Bank employees make? | Salary.com 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. 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 . 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. It operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. 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. Thanks, Tien-Tsin, for the question. 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. Skip to content. 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. We also continue to benefit from a rebound in travel volume globally. 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. Get the latest Health Trends & Insights news in your inbox. 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 reflects continued strength in the consumer travel demand, and we are very pleased with these results. Get the latest Health Trends & Insights news in your inbox. 4321 20th Ave S, Fargo, ND 58103. Retirement and Stock Option Benefits. Now I'd like to recap our business highlights in the quarter. This concludes the question-and-answer session. Nontravel-related Corporate Payments customer volume grew 17% versus last year, and revenue was up 4%. 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. How do my employees reach you? So we want to make sure that we are continuing to invest in that space. So there's a couple of things that are happening within that segment. Sure. . Your next question comes from the line of Ramsey El-Assal with Barclays. New users can create a new account to get started. No. Pros and Cons of WEX Benefits 2023 - TrustRadius WEX Inc. is a provider of payment processing and information management services to the United States commercial and government vehicle fleet industry. Looking for your Discovery Benefits Login? And we're providing critical flexibility that allows them to choose from a suite of customized solutions that best set the unique needs of their business. Yes. 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. Year We're excited to do that highlight. 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. And we talked about AvidXchange from the customers that we had added more recently. 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. WEX Inc. Employee Benefits | Built In Finally, let's take a look at the Benefits segment. 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 the growth with movement to HSAs has slowed, but it is still a strong grower. 88 were here. [4], Wright Express grew over the next several decades. Remember Me Next New User? 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. Ashley Seitz - Discovery Benefits, A WEX Company, Fargo, North Dakota Youll continue to leverage the same online account, mobile app, and debit card (if applicable) you use today. Your WEX benefits debit card makes it easy to spend your funds on eligible expenses. Glassdoor has salaries, wages, tips, bonuses, and hourly pay based upon employee reports and estimates. 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%. M&A Summary. Government Administration Company, 51-200 employees. . I assume just the natural progression is not going to stay quite that strong. So we -- this is something we watch closely, given the overall discussion about the macro economy. Again, this is consistent with our strategy of ensuring electric vehicles can be charged conveniently while simplifying payments and reimbursement for organizations. And I would say that's true across every part of the business, so that's the [vetting] process. WEX has offices in 14 countries and employs approximately 5,600 people around the world. We brought in our Chief Digital Officer, first time we've had one, a little over a year ago. 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. Got it. The segment adjusted operating income margin for the quarter was 40.5%, down from 50.2% in Q1 2022. WEX Inc. Reports First Quarter 2023 Financial Results - Yahoo Finance WEX rewards excellence, hard work, and innovation by providing qualified . Continue to use any premium payment coupons you already have and continue to mail them to the address located on the coupon. WEX is transforming the complexity of employee benefits administration with innovative solutions and extraordinary customer service delivered by empowered and knowledgeable employees. Read More. So to the extent that, that becomes a larger mix of the total, you would expect that to be a positive benefit to the rate. Just listening to you and Jagtar talk about the business generally in the first quarter trends, it seems like you're not really seeing any appreciable signs of slowing outside of the over-the-road sort of freight area. Discovery Benefits, A WEX Company Business Data. So we're continuing to see strength within the North American fleet business. Click the links below to log in to a participant or employer accounts (formerly Discovery Benefits, LLC, a WEX Company). More broadly, as we drive our strategy of simplification and convenience in the EV space, the first phase of our EV product rollout is focused on en route charging. So I think that gives a lot of comfort to depositors with us. 1700 E. Golf Road, Suite 1000, Schaumburg . Remember Me Next. 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. Welcome to WEX! Working At WEX: Employee Reviews And Culture - Zippia And then, I guess, secondly, travel volume, per your charts, look like -- whatever it was, it was big. I think some of that is continued rebound of people going back into the office, sales fleets being out and moving. The delinquency rates are improving, and we expect loss rates to trend down going forward. And that product itself, highly tech-enabled, really important that has strong uptime. WEX generates a significant amount of cash each year with Q1 typically being the lowest due to seasonality. Do I need to create a new account? Looking for your Discovery Benefits Login? The first quarter was a very good quarter for us. And kind of how do you think that is going to go through the year? And we've seen, as Melissa has mentioned, pretty robust demand for funding sources. Okay. One connector exchanges demographic, enrollment and contribution data. When we look at our deposit base and a lot of the banking turmoil that we've seen has been basically people worried about non-FDIC-insured deposits. And just one follow-up question for Jagtar. 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. So yes, you're correct. They want all that data so that they can really understand the total ownership -- cost of ownership for their fleet. We continue to see travel volumes in April in line with our forecast. Total segment revenue for the quarter increased 36% to $104.8 million. 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. So Flume is still -- I'd say, still early days, and we've had -- we started this about 15 months ago. With that, operator, please open the line for questions. WEX Benefits Reviews & Ratings 2023 - trustradius.com And so just to be specific, last quarter, we talked about weakness in the over-the-road customer segment, smaller. 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%. Create Comparison. 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! 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 in terms of what we're assuming from a volume perspective, we are assuming that idea of having a slow growth environment. benefitexpress Mergers and Acquisitions Summary | Mergr It's been a great part of our business. And I would say that travel will be the higher of that, and Corporate Payments would be on the lower side. We expect ANI EPS to be between $13.85 and $14.25 per diluted share. Okay. Net income attributable to shareholders on . And then we look at geographic expansion capabilities, and so there's an active mix across those categories. We estimate the year-over-year impact of fuel prices increase segment revenue by approximately $1 million, including a benefit . 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%. . Will my service experience change? WEX Inc. (WEX) Q1 2023 Earnings Call Transcript Self-Service for Employees. Each account that is available on the debit card is referred to as a "purse". Inventory Information Approval System (IIAS). Starting with the second quarter, we expect to report revenue in the range of $613 million to $623 million. We are excited and proud to share that in 2021, Discovery Benefits, LLC, a WEX Company will be known as WEX. www.discoverybenefits.com. 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. Our next phase will turn to at-home reimbursement. So we do have some escalator clauses that are built into our contracts. Discovery Benefits is now WEX - WEX Benefits You Overall travel-related purchase volumes pro forma for the eNett acquisition was up 29% versus 2019 with approximately half of the growth due to the number of transactions and half due to the value of each transaction. 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. On top of that, within the Mobility space, this conversion to EV, increasingly, we see this as an opportunity. Q1 2023 WEX Inc Earnings Call - Yahoo Finance . Where do I log in to my online account? Reported anonymously by WEX employees. The domestic fuel price in Q1 2023 was $3.86 versus $3.95 in Q1 2022. 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? Yes. Can you discuss your 2023 growth expectations for travel-related revenue and Corporate Payments-related revenue separately to arrive at the 7% to 11% guide? Okay. About the WEX COBRA Integration - Support And so an area that we will continue to invest and evolve. So really, really strong still conversations within our customer base. 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. Shifting gears now, I will provide an update on the balance sheet and our liquidity position. benefitexpress Benefit Express Services LLC. Participants Accounts HSA, FSA, HRA/Wellness & Commuter We provide payment solutions to businesses of all sizes across a wide spectrum of sectors, including fleet, corporate payments, travel and health. Get special fuel discounts and save on products and services for your business. 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. WEX Inc. provides corporate card payment solutions in North and South America, the Asia Pacific, and Europe. Existing User. That was a place where we're seeing positive same-store sales during the bulk of the pandemic. In Corporate Payments, we signed a part of one of the largest health care systems in the United States. Where does it work? . Benefits Total WEX Inc. Three months ended March 31, 2023 2022 2023 . I would also like to remind you that we will discuss forward-looking statements under the Private Securities Litigation Reform Act of 1995. Great. 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? Will employer services numbers stay the same? benefitexpress, a WEX Company 1700 E Golf Rd. With me today is Melissa Smith, our Chair, CEO and President; and Jagtar Narula, our CFO. Total volume across the company came in at $52.3 billion, up . If you have a spending or savings account, you can also initiate a chat session directly from your online account. WEX Benefits Login Simply select your account type below and you'll be sent to the login page for your Benefits account. 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. Discovery Benefits is now a part of WEXinc and you can log into your account using the links below. 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. 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. The company continues to have a significant presence in South Portland.
Msu Student Death June 2021, Articles W
Msu Student Death June 2021, Articles W