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. In 2017, WEX Fleet launched a new telematics platform, ClearView Advanced.[13]. Your next question comes from the line of Dave Koning with Baird. Payment processing transactions were up 4% year-over-year. Let me add a couple of comments there. Your next question comes from the line of Bob Napoli with William Blair. WEX announces company-wide layoffs; West Fargo employees impacted We provide payment solutions to businesses of all sizes across a wide spectrum of sectors, including fleet, corporate payments, travel and health. 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. 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%. Login So I think that we've gotten the benefit of that. WEX Virtual launched in 2000 [14] in support of customers including HitchHiker,[15] HotelTonight, Expedia, and Priceline. But it doesn't sound like you have to go out, in your mind, and buy something to have success there? Other than macro factors like fuel prices and interest rates, we are largely maintaining our previous guidance for everything else. Do I need to create a new account? Your WEX benefits debit card makes it easy to spend your funds on eligible expenses. 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. You can continue to log in to your online account or mobile app to file a claim. WEX has offices in 14 countries and employs approximately 5,600 people around the world. WEX Inc. (WEX) Company Profile & Facts - Yahoo Finance Yes. New User. Specifically in the Corporate Payments space, I'd say it's more acute there than some of the other areas of the business. Starting with the second quarter, we expect to report revenue in the range of $613 million to $623 million. What if additional documentation is required? Fitness Subsidies. We can help your team save time and money and eliminate stress. Finally, let's take a look at the Benefits segment. Military veterans possess invaluable leadership skills and business acumen. The Fleet Solutions segment Read More Contact Who is WEX Headquarters 1 Hancock St, Portland, Maine, 04101, United States Phone Number (888) 824-7378 Website www.wexinc.com Revenue $2.4B Stock Symbol WEX Industry Our next phase will turn to at-home reimbursement. I wanted to ask on Corporate Payments, if that's okay, just thinking about rest of the year. Username Forgot Username? So there's a couple of things that are happening within that segment. One connector exchanges demographic, enrollment and contribution data. With that, I'll turn the call over to Melissa. Retirement and Stock Option Benefits. File a claim, view account balance and summary information, sign up for FREE direct deposit, get email notifications, and more! I would say -- I would just add that -- a reminder that we project -- we gave guidance of 10% to 15% growth rate for the travel and Corporate Payments or the Corporate Payments segment overall. So we -- this is something we watch closely, given the overall discussion about the macro economy. Your next question comes from the line of Tien-Tsin Huang of JPMorgan. 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. 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. WEX Inc. Reports First Quarter 2023 Financial Results - Yahoo Finance The first quarter was a very good quarter for us. . More 04/14/2023 Yes. 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. We had record attendance at SPARK, which shows the importance of our solutions and how they resonate with customers. Working At WEX: Employee Reviews And Culture - Zippia 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. 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. 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. Yes, you 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 cobraadmin@wexhealth.com. 9 Best Gas Credit Cards for US Fleets in 2023 Reviewed - Expert Market US I'm just trying to understand the onboarding process, the ramp when you do some of these big customer signings in different businesses. 1983. We expect ANI EPS to be between $13.85 and $14.25 per diluted share. Our card works at a variety of merchants. So we are continuing to build the direct sales force. Non-GAAP adjusted net income was $145.8 million or $3.31 per diluted share. 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. Over 90% of our clients come to us seeking a better benefits experience for them and their employees. The company is headquartered in Portland, Maine[2][3] and provides services in the United States, Canada, South America, Europe, Asia, and Australia. So I think that provides evidence that our funding sources remain quite strong. Youll continue to use the same online account and mobile app you use today. With that, operator, please open the line for questions. WEX Signs Definitive Agreement to Acquire benefitexpress Welcome to WEX! Where do I log in to my online account? 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%. WEX Benefits Login Simply select your account type below and you'll be sent to the login page for your Benefits account. I mean, I think you guys have an investor event coming up around that, right, which we'll go into more detail. Yes. 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. I mean I know that this has been asked a bit, but I just want to understand a little bit more on the strategy of the business outside of the OTAs. I wanted to ask about the Corporate Payments segment. As with prior quarters, this quarter shows the strength of our global commerce platform, the competitiveness of our offerings and the power of our business model. . The Fleet Solutions segment will now be renamed to Mobility, the Travel and Corporate Solutions segment will now be renamed to Corporate Payments and the Health and Employee Benefit Solutions segment will now be renamed to Benefits. But I was curious, are you seeing macro weakness anywhere else? Job Training & Conferences. Most Common Benefits for Wex Bank. Focusing on diversity also means focusing on inclusion. Our focus on cross-sell continues to gain traction with more than 60 signed contracts during Q1. Just my quick follow-up. [17] Some partners include Fifth Third Bancorp,[18] Paychex,[19] HSA Bank, and Discovery Benefits. These updated ranges represent an increase of $20 million in revenue and $0.25 of EPS compared to the midpoint of our previous guidance. 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 There has been significant improvement in these margins as volume accelerates. 211 reviews from WEX Inc. employees about WEX Inc. culture, salaries, benefits, work-life balance, management, job security, and more. So I feel good about the path that we're on because not only would we have the ability to continue to use the sales channels we have now but to enhance that with further digital capability. 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. Think of that as a customer, typically someone who is highly sophisticated, is embedding an API payment stream within their workflow, and they are taking advantage of either our virtual card technology or other payment modalities. This administrator has more than 100 multiemployer clients, allowing for a large market reach. 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. ERGs drive diversity by fostering new bonds and communities across the company. Inventory Information Approval System (IIAS). 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. Skip to content. The custodial revenue from the invested HSA cash deposits is the primary driver of the increase in margin. 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. COBRA, Retiree & Leave of Absence Member login, Learn more about the Discovery Benefits transition to WEX, Inventory Information Approval System (IIAS). And it should play into the 1% to 2% growth we have slated for new product revenue and our long-term growth framework. Simplifying benefits for everyone. 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. So we expect some volume impacts from that as we go through the next couple of quarters. Acquired by WEX, Inc. (Company) on 2021-04-14 . Will my service experience change? 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. Please see Exhibit 1 of the press release for an explanation and reconciliation of these non-GAAP measures. Discovery Benefits | WEX Inc. The company is headquartered in Portland, Maine [2] [3] and provides services in the United States, Canada, South America, Europe, Asia, and Australia . Higher credit losses versus the prior year were the primary reasons for the lower margin. No. Discovery Benefits is now a part of WEXinc and you can log into your account using the links below. 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. And so we have a whole separate work stream that we've added over the last year. Is it finding some kind of adjacency expansion capabilities? Thank you, Steve, and good morning, everyone. So really, really strong still conversations within our customer base. WEX Health Inc., a WEX Company is one of Maxwell Health's chosen providers for COBRA administration services. Working at WEX Inc.: 52 Reviews about Pay & Benefits - Indeed Discovery Benefits Transition to WEX Brand Timeline Jan 2020 WEX announces the acquisition of Discovery Benefits June 2020 We've been listening closely to the evolving needs of our commercial customers. It's been a great part of our business. Our mission is to help our clients and their businesses flourish both financially and personally by becoming trusted advisors that care about them as people first, and then by providing accurate and reliable financial reporting and read more in Accountants, Tax Services, Bookkeepers Location & Hours 4321 20th Ave S Fargo, ND 58103 Get directions WEX salary ranges from $47k to $284k. 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. Where does it work? On top of that, within the Mobility space, this conversion to EV, increasingly, we see this as an opportunity. 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 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. 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. 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 . As part of this initiative, we've been looking closely at a number of areas of our company using improved processes, data and technology. Do I need to create a new account? And so we continue to look at assets, move assets through our pipeline, sort of the same rigor that we have historically. 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. 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. Shifting gears now, I will provide an update on the balance sheet and our liquidity position. 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. 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 kind of how do you think that is going to go through the year? Like how are you thinking about M&A right now? Or is this more likely 2024 contributors? Net income attributable to shareholders on . Total segment revenue for the quarter increased 36% to $104.8 million. [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. About the WEX COBRA Integration - Support You may now disconnect your lines. And I guess I'm wondering if that's sustainable. 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. WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. So Ramsey, I mean, I think you asked a longer-term question.

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