So we -- this is something we watch closely, given the overall discussion about the macro economy. It operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. We remain in a very healthy financial position and ended the quarter with $922 million in cash. Mihir, I would say that the contracts that Melissa talked about are factored into the guidance we've given out. We appreciate you joining us today. Sales Based on 148 salaries Account Manager 22 salaries Regional Sales Manager It's also, if you look across the whole deposit portfolio, we have over 95% of our deposits are FDIC-insured. 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! Buy vs Sell. This represents a 15% increase over the prior year. Of our clients continue to partner with us during renewal because of the experience and support we provide them and their employees. 88 were here. And also from a risk management standpoint, any change in operations, either on the benefit side or the corporate payment side, given all the cash flow activity that happens naturally there? Military veterans possess invaluable leadership skills and business acumen. There are no changes to what is included in each segment. Our commitment to providing excellent customer service to both you and your employees is unwavering. Net income attributable to shareholders on . So we're continuing to see strength within the North American fleet business. Plenty of room for advancement It's a better customer experience. Retirement and Stock Option Benefits. 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. 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. Where does it work? WEX Virtual launched in 2000 [14] in support of customers including HitchHiker,[15] HotelTonight, Expedia, and Priceline. Official list of employee benefits from WEX Inc.. Health insurance benefits, vacation policy, retirement benefits and more. Finally, let's move to revenue and earnings guidance for the second quarter and the full year. Benchmarked against 2019, we're seeing improvement versus Q4 in all regions with the largest gains coming from Europe. The average salary for WEX is $121k per year, which includes an average base salary of $106k and an average bonus of $14k. Over 90% of our clients come to us seeking a better benefits experience for them and their employees. Inside of Mobility, I think you mentioned the slowdown in factoring revenue being a big driver of that finance and late fee yield. I guess, is probably the way I'd say it as opposed to -- I don't think you can feel like we're done. WEX has 5 employees across 31 locations and $2.35 b in annual revenue in FY 2022. . Discovery Benefits is now a part of WEXinc and you can log into your account using the links below. So it's really indicative of how we're running the business, where we think it's going strategically. One connector exchanges demographic, enrollment and contribution data. Got you. 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. WEX Benefits Features | G2 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. Do I need a new debit card? 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. Participants Accounts HSA, FSA, HRA/Wellness & Commuter And then what do we need to go get in the course of the year? WEX rewards excellence, hard work, and innovation by providing qualified . 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. I just want to make sure I understood that no impact on deposit funding from a WEX Bank standpoint. So I think that gives a lot of comfort to depositors with us. And the -- when we think about opportunities, what we're looking at is either product extensions that we go through an analysis of do we want to build, partner or buy as we're doing our product evaluation. So I think that provides evidence that our funding sources remain quite strong. Please go ahead. 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? I'm asking because I'm just always trying to learn the difference between the volume growth and the revenue growth. So Flume is still -- I'd say, still early days, and we've had -- we started this about 15 months ago. And so the growth with movement to HSAs has slowed, but it is still a strong grower. I know the net interchange piece was down a little bit from incentives. 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. Professional Development Benefits. We are aware in monitoring what's happening within the marketplace. 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. Or is this more likely 2024 contributors? You should not place undue reliance on these forward-looking statements, all of which speak only as of today. And so with the rise of interest rates, we saw the impact of that. 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. In 2017, WEX Fleet launched a new telematics platform, ClearView Advanced.[13]. The segment adjusted operating income margin for the quarter was 40.5%, down from 50.2% in Q1 2022. 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. Breaking down the segment further, travel-related customer volume represented approximately 71% of the total spend and grew 84% compared to last year. 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. First, it's worth noting that failures of Silicon Valley Bank and Signature Bank had very minimal impact to our business. (Operator Instructions) Your first question comes from the line of Sanjay Sakhrani with KBW. We continue to see travel volumes in April in line with our forecast. Just my quick follow-up. 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.. I think the multiemployer administrator in Benefits, the large health system in Corporate Payments. 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. The domestic fuel price in Q1 2023 was $3.86 versus $3.90 in 2022. 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. This allows us to see the company through a different lens or perspective than we normally would. Women play an important role at WEX. 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. Great job at ensuring payments are made in a timely fashion with recurring payments! Read More. [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. 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 benefits account resources Participants HSA, FSA, HRA/Wellness & Commuter login Non-employer Individual HSA login COBRA, Retiree & Leave of Absence Member login Participant Knowledgebase So for example, the Benefits contract that you mentioned, I mean, we've talked about the 25% to 30% growth in our guidance. Inventory Information Approval System (IIAS). www.discoverybenefits.com. 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%. Within that segment, what we'd expect is the normal puts and takes between travel and our nontravel business. Higher credit losses versus the prior year were the primary reasons for the lower margin. 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. Before jumping into our performance for the quarter, I'd like to quickly address the recent disruption in the banking industry. 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. So we expect some volume impacts from that as we go through the next couple of quarters. Pros and Cons of WEX Benefits 2023 - TrustRadius Sure. Reported anonymously by WEX employees. And so I wouldn't describe it as weakness, I would say, more slowing of the growth instead. You will not need to make any changes to your recurring ACH schedule. The rating our clients gave our single-source employee benefits and COBRA administration hub. Ashley Seitz - Discovery Benefits, A WEX Company, Fargo, North Dakota We expect ANI EPS to be between $13.85 and $14.25 per diluted share. The beginning of each year is typically a weak time for cash flow due to the timing of some payments. I'm excited by the positive response and the momentum we're seeing across the business. Skip to content. They want all that data so that they can really understand the total ownership -- cost of ownership for their fleet. Registration for the webcast of the event will be available on the Investor Relations section of our website in the coming weeks. WEX is our administrator of several employee benefits, including Health Savings Accounts, commuter benefit accounts, an COBRA. As part of this initiative, we've been looking closely at a number of areas of our company using improved processes, data and technology. [6], In 2019, WEX opened a new 100,000-square-foot headquarters across from the Ocean Gateway International Marine Passenger Terminal in Portland, Maine. And that's split roughly evenly between HSA deposits and non-HSA deposits. Yes. So it gives you really good visibility in terms of what's going to play out in the course of the year. 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. Most of these expanded relationships are Mobility customers to whom we were able to sell a Benefits solution. While our name and branding will change, your service experience will not be impacted by these changes. (Operator Instructions) I will now turn the conference over to Steve Elder. That we expect. 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 brought in our Chief Digital Officer, first time we've had one, a little over a year ago. And that product itself, highly tech-enabled, really important that has strong uptime. And then on the negative side was the factoring item that you mentioned. WEX Inc. Reports First Quarter 2023 Financial Results And so those are really the predominant products we have in the Corporate Payments space. If you have a spending or savings account, you can also initiate a chat session directly from your online account. 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. 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. WEX Inc. Reports Fourth Quarter and Full Year 2021 Financial Results 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. Like how are you thinking about M&A right now? Where do I log in to my account? WEX is off to a great start in 2023. 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. WEX Company Profile | Management and Employees List - Datanyze 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. This increase of $94 million year-over-year was primarily driven by the growth of 36% in both our Corporate Payments and Benefits segment. Let me add a couple of comments there. 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. And I'd say those contract expectations would have been built into that. Yes. How does it work? Non-GAAP adjusted net income was $145.8 million or $3.31 per diluted share. Welcome to WEX! We're also encouraged by early cross-sell conversations as we begin the new year. You can also mail or email a Discovery Benefits claim form to us for processing. WEX generates a significant amount of cash each year with Q1 typically being the lowest due to seasonality. More 04/14/2023 Wright, a coal and later heating oil business in South Portland, Maine. We currently have approximately 85% of our cloud migration completed. Please login again. Your next question comes from the line of Nik Cremo with Credit Suisse. WEX Benefits Platform | West Fargo ND - Facebook
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