I assume just the natural progression is not going to stay quite that strong. Discovery Benefits Transition to WEX Brand Timeline Jan 2020 WEX announces the acquisition of Discovery Benefits June 2020 So I think that we've gotten the benefit of that. About 150. And we've started ramping salespeople. Aside from the base salary, Wex Bank offers its employees a list of benefits. Your next question comes from the line of Bob Napoli with William Blair. If you already use the app, just log in with your existing username and password. Tuition Reimbursement. Website: Size: 50 - 100 Revenue: $10M - $50M . Youll continue to leverage the same online account, mobile app, and debit card (if applicable) you use today. Diversity Program. Type: Company - Public (WEX) Industry: Investment & Asset Management. Okay. So any of these individual contracts are relatively small in terms of the contribution to 2023. The domestic fuel price in Q1 2023 was $3.86 versus $3.95 in Q1 2022. But we feel like we have a good foundation that we continue to build upon. So I think that gives a lot of comfort to depositors with us. 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. The second product that we have is an AP direct product, where we have just started ramping a direct sales force. Login. Your session has been timed out due to inactivity. Sure. [9] WEX Fleet also partners with GasBuddy,[10] OnDeck Capital,[11] and Chevron,[12] among other companies, to provide services to customers. Historically, we've sold that product through a partner channel. Women play an important role at WEX. 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. Reported anonymously by WEX employees. WEX Inc. (WEX Quick Quote WEX - Free Report) delivered better-than-expected first-quarter 2023 results. [5] In 2012, it adopted the name WEX, signaling a shift away from focusing on fuel cards and expanding into other payment solutions. 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. WEX Benefits | 15,040 followers on LinkedIn. WEX Inc. is a provider of payment processing and information management services to the United States commercial and government vehicle fleet industry. 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%. Turning to our performance in the first quarter, revenue increased 18% year-over-year to $612 million. benefitexpress is a leader in cloud-based solutions for benefits administration. 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. So Flume is still -- I'd say, still early days, and we've had -- we started this about 15 months ago. Mihir, I would say that the contracts that Melissa talked about are factored into the guidance we've given out. Job Training & Conferences. I talked about some of the reasons for it in our prepared remarks. It is an area that we continue to take market share. Will customer service numbers stay the same? [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. 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. Military veterans possess invaluable leadership skills and business acumen. Is there a change to where I mail my COBRA premiums and can I continue to use my current COBRA/retiree premium payment coupons? 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. Using our definition, adjusted free cash flow was negative $61 million through Q1, which is $16 million better than 2022. 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? 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. So I guess 2 questions. During the event, our leaders shared some of these pain points to our audience of about 1,200 attendees gathered in San . Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. Like how are you thinking about M&A right now? The first quarter was a very good quarter for us. 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. Benefits revenues of $164.9 million registered 36% year-over-year growth. Self-Service for Employees. . View all pros & cons. Should we think about that as being the predominant sequential change in that yield? I know the net interchange piece was down a little bit from incentives. 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. We will be updating the login page for LEAP and will share a link to the new URL once it is live. 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. With that, I'll turn it over to Jagtar to walk you through this quarter's financial performance in more detail. 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. 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. How do my employees reach you? . One, is the embedded payments product, which is what is used within our travel customer base. Next, I would like to turn to cash flow. Is that a fair statement when we not only look across Mobility, but just across WEX? Simplifying benefits for everyone. They're not talking about driver shortages in the way that they have in the past [inferring], but there's a slowdown within that customer base. Hello, and welcome to the WEX Q1 2023 Earnings Call. You can also access your account from the COBRA mobile app. 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. Yes. But I'm going to start, and I'm sure Jagtar will add on to this. The other question I had was, Melissa, you mentioned a couple of big customer signings in your remarks. 88 were here. Was this review helpful? Discovery Benefits, A WEX Company Business Data. 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. WEX offers complete benefits administration, including benefits accounts such as HSAs, FSAs, HRAs, LSAs, COBRA, and more | Set your business free by . 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. It operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. We've been listening closely to the evolving needs of our commercial customers. Language links are at the top of the page across from the title. And we're fine doing that if we see an opportunity within that space. 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. 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. Your next question comes from the line of Andrew Jeffrey with Truist. Is it in Benefits? 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. And you can see that in the growth of vehicles that we've had within our base, and so we start with that. So we're continuing to see strength within the North American fleet business. Username Forgot Username? 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. On top of that, within the Mobility space, this conversion to EV, increasingly, we see this as an opportunity. No action is needed by you and you can keep the notice for your records. Continue to log in to your online account like you do today with your existing username and password at https://cobralogin.wexhealth.com. Your next question comes from the line of Dave Koning with Baird. 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. Revenue: $1 to $5 billion (USD) Competitors: FLEETCOR, Comdata, U.S. Bank. 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. 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. benefitexpress is a cloud-based platform for employee benefits and health exchange services. Simplifying benefits for everyone. The beginning of each year is typically a weak time for cash flow due to the timing of some payments. Your next question comes from the line of Darrin Peller with Wolfe Research. Will my service experience change? 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. 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. We have $776 million of available borrowing capacity and corporate cash of $149 million as defined under the company's credit agreement at quarter end. Great job at ensuring payments are made in a timely fashion with recurring payments! It's a better customer experience. You can continue to use the debit card you have today. Create Comparison. Thanks for the question. If you need an employee benefits and COBRA administrator that will act as an extension of your HR staff, WEX has just the solution for you. Buy vs Sell. Get Started Contact Us - Call . 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. Yes. . So those direct accounts would come in at a higher rate, which is one of the reasons we go direct there. We are not responsible as a company for the HSA account. Read More. Yes. As a user of WEX, I set up my account online, set up my Health Savings Account and commuter benefits account after open enrollment, received and activated a debit card to use for my Health Savings Account and commuter benefits account, viewed account statements, and . ERGs drive diversity by fostering new bonds and communities across the company. In terms of operational changes, we are closely monitoring the banks that we work with. And we keep that in mind as we're working through all of this. 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're providing critical flexibility that allows them to choose from a suite of customized solutions that best set the unique needs of their business. The employee's options to upload receipts seem difficult for some. Remember Me Next. I would also like to remind you that we will discuss forward-looking statements under the Private Securities Litigation Reform Act of 1995. Mihir, I would just add, like I said, the travel trend into April continues as expected, and we've seen the same thing with fleet gallons as well has continued into April, in line with our expectations. Now let's turn to the financial results. We brought in our Chief Digital Officer, first time we've had one, a little over a year ago. So yes, you're correct. 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 mean for a good reason, you're prioritizing electric vehicles. One connector exchanges demographic, enrollment and contribution data. Yes. Our platforms areSee this and similar jobs on LinkedIn. Breaking down the segment further, travel-related customer volume represented approximately 71% of the total spend and grew 84% compared to last year. 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! Got it. But they -- it cumulatively become quite meaningful for 2024. Fitness Subsidies. SOUTH PORTLAND, Maine-- ( BUSINESS WIRE )-- WEX Inc. (NYSE: WEX), a leading financial technology service provider, announced today that it has . An executive may or may not realize all of the Total Co mpensation during their tenure at the Company. At the same time, we've been moving aggressively to the cloud, which increases [fleet to market of] innovation and enhance scalability for our customers. WEX Benefits Login Simply select your account type below and you'll be sent to the login page for your Benefits account. We have a product road map of what we intend to deliver into the marketplace. We are aware in monitoring what's happening within the marketplace. 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? New User. The elevated loss rate in the over-the-road trucking business that we have seen over the past 2 quarters are starting to abate. Welcome to WEX! And so I wouldn't describe it as weakness, I would say, more slowing of the growth instead. 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. 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. Our card works at a variety of merchants. Wright, a coal and later heating oil business in South Portland, Maine. 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. 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). Values of the benefits may change over time. I guess in the Mobility segment, the payment processing rate was really high. (formerly known as Wright Express Corporation) is a provider of financial technology solutions. 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. The delinquency rates are improving, and we expect loss rates to trend down going forward. Most of these expanded relationships are Mobility customers to whom we were able to sell a Benefits solution. Yes. Registration for the webcast of the event will be available on the Investor Relations section of our website in the coming weeks. So really, really strong still conversations within our customer base. Just -- if you don't mind, just a quick follow-up on the Corporate Payments side also.