wex company benefits

We had anticipated the trend of higher late fee rates that we saw at the end of last year to continue in Q1. When we've talked about the long-term growth rate of that being 15% to 20%, a piece of that comes from this continued shift to consumer-directed health care. And kind of how do you think that is going to go through the year? The only place that we've seen a slowdown is in that of the over-the-road customer base, and I talked about same-store sales being negative 2%. 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. Just my quick follow-up. WEX offers complete benefits administration, including benefits accounts such as HSAs, FSAs, HRAs, LSAs, COBRA, and more | Set your business free by . Breaking down the segment further, travel-related customer volume represented approximately 71% of the total spend and grew 84% compared to last year. Okay. Inside of Mobility, I think you mentioned the slowdown in factoring revenue being a big driver of that finance and late fee yield. Next, I would like to turn to cash flow. And we've seen, as Melissa has mentioned, pretty robust demand for funding sources. 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. COBRA, Retiree & Leave of Absence Member login, Learn more about the Discovery Benefits transition to WEX, Inventory Information Approval System (IIAS). Yes. 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 [email protected] or by submitting a case anytime from your LEAP account. That was a place where we're seeing positive same-store sales during the bulk of the pandemic. www.discoverybenefits.com. There seems to be some ongoing spot rate stabilization in the freight industry, but we're expecting these kind of rates going forward. This highlighted the ongoing transformation of our business as we discuss unifying product themes around data, payments and digitization. Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. Is it finding some kind of adjacency expansion capabilities? Access your WEX benefits account Click the links below to log in to a participant or employer accounts (formerly Discovery Benefits, LLC, a WEX Company). 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. As I complete my prepared remarks, I would like to emphasize how pleased we were with our Q1 results. Self-Service Portal. In 2014, WEX acquired Evolution1,[16] a cloud-based health industry payments provider, later renaming it to WEX Health. Specifically in the Corporate Payments space, I'd say it's more acute there than some of the other areas of the business. Thanks, Melissa, and good morning, everyone. Good results here. 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. Fraud losses in the segment, which we've spoken about a bit in prior quarters, were down 39% from Q4 of last year and continued to improve. And then my last question, just on capital allocation. WexLocationCode.setTransientValue("wex02"); Buy vs Sell. Next, let me turn to our operational improvement. Your session has been timed out due to inactivity. 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. Melissa, appreciate all of the color on business development. Please see Exhibit 1 of the press release for an explanation and reconciliation of these non-GAAP measures. The other question I had was, Melissa, you mentioned a couple of big customer signings in your remarks. There's been the ongoing slowdown in the freight industry with spot rates declining. Official list of employee benefits from WEX Inc.. Health insurance benefits, vacation policy, retirement benefits and more. 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%. 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. Now let's move to segment results, starting with Mobility. HSA funds are payroll-deducted (and company-matched, if applicable) and loaded to the employee's WEX account. When your card expires, or you report your card lost or stolen, we will send you a new WEX benefits card. No, that's prudent and makes sense. While our name and branding will change, your service experience will not be impacted by these changes. So I guess 2 questions. Please go ahead. We are excited and proud to share that in 2021, Discovery Benefits, LLC, a WEX Company will be known as WEX. Yes. 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, 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. ). Was this review helpful? . Each account that is available on the debit card is referred to as a "purse". You can continue to log in to your online account or mobile app to file a claim. And then maybe you could just remind us what you guys are incorporating into the guidance? WEX is off to a great start in 2023. Yes. 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. And then a follow-up for me is, could you provide just an update on the broader market opportunity in the Mobility segment? New User. Payment processing transactions were up 4% year-over-year. Youll continue to leverage the same online account, mobile app, and debit card (if applicable) you use today. History Powered by WEX Health. And so when you think about that business, you do a lot of your onboarding before you start the year. There has been significant improvement in these margins as volume accelerates. I mean for a good reason, you're prioritizing electric vehicles. Discovery Benefits Transition to WEX Brand Timeline Jan 2020 WEX announces the acquisition of Discovery Benefits June 2020 Okay. Glassdoor has salaries, wages, tips, bonuses, and hourly pay based upon employee reports and estimates. Our card works at a variety of merchants. 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. We had record attendance at SPARK, which shows the importance of our solutions and how they resonate with customers. It's been a great part of our business. 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. Plenty of room for advancement 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. But then when you migrate across the rest of the portfolio, our fleet mobility customers in our North American fleet business was actually up 2.5%. 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. I know the net interchange piece was down a little bit from incentives. Simply select your account type below and you'll be sent to the login page for your Benefits account. If used elsewhere, you may need to upload supporting documentation (depending on your benefits plan). With that, operator, please open the line for questions. But if this is excluded from both periods, the core operating margin would still have increased nearly 1%. Approximately $26 million of the revenue increase in this segment is due to the average interest rate earned on these balances increasing from 1.24% last year to 3.9% this year. I know both of you talked about a little bit, just the stresses on the banking system and all the banking turmoil and deposit activity, it sounds like you managed it well. 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. Tuition Reimbursement. WEX salary ranges from $47k to $284k. Remember Me Next. Like are we thinking that's like second quarter or back half of 2023 thing? The beginning of each year is typically a weak time for cash flow due to the timing of some payments. Yes. Women play an important role at WEX. And so it's been negative for a few quarters now. I'm just trying to understand the onboarding process, the ramp when you do some of these big customer signings in different businesses. The company is headquartered in Portland, Maine [2] [3] and provides services in the United States, Canada, South America, Europe, Asia, and Australia . WEX has offices in 14 countries and employs approximately 5,600 people around the world. And so I think we're continuing to get a little bit of benefit of that. It's a better customer experience. 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. 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. If used elsewhere, you may need to upload supporting documentation (depending on your benefits plan). I mean that's obviously impressive. 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. 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. WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. Let me start with an update on our electric vehicle initiatives. Over 90% of our clients come to us seeking a better benefits experience for them and their employees. We provide payment solutions to businesses of all sizes across a wide spectrum of sectors, including fleet, corporate payments, travel and health. We've definitely looked at this business similar to the way that we look at everything else. What if additional documentation is required? New users can create a new account to get started. 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. We can help your team save time and money and eliminate stress. Our commitment to providing excellent customer service to both you and your employees is unwavering. We continue to see travel volumes in April in line with our forecast. Adjusted earnings of $3.31 per share surpassed the Zacks Consensus Estimate by 3.4% and our . . We continue to drive strong growth, resulting in Q1 revenue of $164.9 million. 1 Debit card for multiple accounts (HSA and commuter benefits accounts) HSA financial accounting features. We've been listening closely to the evolving needs of our commercial customers. Where do I log in to my online account? Skip to content. WEX is our administrator of several employee benefits, including Health Savings Accounts, commuter benefit accounts, an COBRA. benefitexpress, a WEX Company 1700 E Golf Rd. 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. This increase of $94 million year-over-year was primarily driven by the growth of 36% in both our Corporate Payments and Benefits segment. Turning now to Corporate Payments. We will also notify participants when their new login page is live and include any other relevant changes to contact information. WEX Inc. provides corporate card payment solutions in North and South America, the Asia Pacific, and Europe. So there's a couple of things that are happening within that segment. We'll build on this launch by focusing on learnings and rapidly innovating our offering for U.S.-based customers. You can view the status of your claims and upload documentation easily with our benefits mobile app or through your online account. And I would say that's true across every part of the business, so that's the [vetting] process. 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. How do my employees reach you? 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? Data within our platforms are aligned on Day 1 and updated daily. Job Training & Conferences. WEX is transforming the complexity of employee benefits administration with innovative solutions and extraordinary customer service delivered by empowered and knowledgeable employees. 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? We continue to execute well on both growing revenue and becoming more efficient servicing our customers. The freight market is an area we continue to watch closely. 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. Those assets tend to be much smaller in size. . We just held that same assumption. And so we continue to see -- and that's across multiple categories. 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.
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