No room for advancement and plenty of gray areas Customer Solutions Specialist (Current Employee) - Remote - July 5, 2022 Where do I begin? So our interchange rate was up nicely this quarter. WEX Benefits Platform | West Fargo ND Remember Me Next New User? And we've started ramping salespeople. WEX has 5 employees across 31 locations and $2.35 b in annual revenue in FY 2022. . Create Comparison. 1700 E. Golf Road, Suite 1000, Schaumburg . The beginning of each year is typically a weak time for cash flow due to the timing of some payments. Again, this is consistent with our strategy of ensuring electric vehicles can be charged conveniently while simplifying payments and reimbursement for organizations. The company is headquartered in Portland, Maine[2][3] and provides services in the United States, Canada, South America, Europe, Asia, and Australia. On the Benefits front, we completed a very positive open enrollment season. Neither of these banks were customers or partners of WEX, and we had minimal deposit exposure. 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. Finally, let's move to revenue and earnings guidance for the second quarter and the full year. New coupons will be mailed to you as needed. You may now disconnect your lines. So we want to make sure that we are continuing to invest in that space. The company traces its origins to A.R. We currently have approximately 85% of our cloud migration completed. Yes. We expect ANI EPS to be between $3.45 and $3.55 per diluted share. Like are we thinking that's like second quarter or back half of 2023 thing? Discovery Benefits is now a part of WEXinc and you can log into your account using the links below. So I think that provides evidence that our funding sources remain quite strong. And so we have a whole separate work stream that we've added over the last year. PORTLAND, Maine--(BUSINESS WIRE)--WEX (NYSE: WEX), a leading financial technology service provider (the "Company"), today announced the signing of an agreement to acquire benefitexpress, a . We are also continuing to work with the customers that we have on board to make sure that we are continuing to meet the needs that they have in the marketplace and to look for areas that we can further ramp that customer segment. 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. Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. But I'm going to start, and I'm sure Jagtar will add on to this. Sure. We had anticipated the trend of higher late fee rates that we saw at the end of last year to continue in Q1. We are assuming that you see a trail off in travel growth in the second half of the year. Our next phase will turn to at-home reimbursement. Great. So I think that gives a lot of comfort to depositors with us. So we expect some volume impacts from that as we go through the next couple of quarters. Existing User. While our name and branding will change, your service experience will not be impacted by these changes. Discovery Benefits is now WEX - WEX Benefits You We are WEX We are excited and proud to share that in 2021, Discovery Benefits, LLC, a WEX Company will be known as WEX. WEX is off to a great start in 2023. Official list of employee benefits from WEX Inc.. Health insurance benefits, vacation policy, retirement benefits and more. And as we -- it looks like that has largely run its course. Was this review helpful? Those assets tend to be much smaller in size. We have a product road map of what we intend to deliver into the marketplace. WEX Inc. provides corporate card payment solutions in North and South America, the Asia Pacific, and Europe. In 2017, WEX Fleet launched a new telematics platform, ClearView Advanced.[13]. With a female CEO, an executive team with 30% female leadership, and global workforce that is nearly half female, women are a key part of WEXs business at all levels. 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? Yes. If you have a spending or savings account, you can also initiate a chat session directly from your online account. 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 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. We've continued our long track record of delivering exceptional financial results and performing well across dynamic macroeconomic environment. So we're continuing to sell in the marketplace. 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. I'm excited by the positive response and the momentum we're seeing across the business. And then it seems like you also talked about the late fee impacts and then maybe a little bit of just macro on the fleet business. And that product itself, highly tech-enabled, really important that has strong uptime. The average annual salary of Wex Bank is estimated to be approximate $94,668 per year. So for example, the Benefits contract that you mentioned, I mean, we've talked about the 25% to 30% growth in our guidance. We continue to invest in our platform to help our customers meet the demands of their markets, employees and customer [bids]. Our investments in data and advanced analytics, for example, are benefiting customers across our platform. Acquired by WEX, Inc. (Company) on 2021-04-14 . Where do I log in to my online account? I also want to mention that we are renaming our existing segments in connection with the rebranding initiatives. I wanted to ask on Corporate Payments, if that's okay, just thinking about rest of the year. How do I submit claims for reimbursement? WEX Inc. (WEX Quick Quote WEX - Free Report) delivered better-than-expected first-quarter 2023 results. Do you feel like you have the capabilities internally at this point that you need to grow that direct business? File a claim, view account balance and summary information, sign up for FREE direct deposit, get email notifications, and more! This concludes the conference call. Advances WEXs employee benefits platform with the addition of one of the fastest-growing solutions providers in the marketplace Complements WEXs technology platform with leading benefits account technology Jan. 17, 2019- WEX (NYSE:WEX), a leading financial technology service provider, today announced the signing of an agreement to acquire Discovery Benefits, Inc. (DBI), a high-growth employee . 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. Yes. They're asking us for simplified solutions to manage their next fleet and are looking for a single card or app on a single credit line on a single data set, all managed and controlled through a single view. 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? The majority pay is between $82,985 to $107,380 per year. Specifically in the Corporate Payments space, I'd say it's more acute there than some of the other areas of the business. 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. Just within the -- changing the name to Mobility Solutions at this point, Melissa, just is there a deeper strategic meaning behind that? benefitexpress, a WEX Company 1700 E Golf Rd. We've also had some renewals come through, and we've been very pleased with the renewal rates we're getting, which has been up in certain cases, which also drove the higher interchange rate.There was really -- the onetime item in the quarter was really market movement in Europe, which was worth about 4 basis points of that interchange rate. 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. And as you talk to our customers that are in travel, this continues to be an area of rebound where we see strength there continuing as well as if you go into our Benefits business. Before jumping into our performance for the quarter, I'd like to quickly address the recent disruption in the banking industry. A reminder that we view this as an important metric since it represents the underlying growth in usage of the platform and drives other areas of the business, such as payment processing and HSA deposit growth. [5] In 2012, it adopted the name WEX, signaling a shift away from focusing on fuel cards and expanding into other payment solutions. And so the growth with movement to HSAs has slowed, but it is still a strong grower. Sure. Our focus on cross-sell continues to gain traction with more than 60 signed contracts during Q1. Is that weakness the same on the smaller versus the larger? 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. Melissa, appreciate all of the color on business development. Should we think about that as being the predominant sequential change in that yield? 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. But when you look into the individual SIC code, like construction still grew same-store sales 2% year-over-year. 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. Just my quick follow-up. 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. Benefits segment purchase volume increased 18%, leading to an 18% increase in payment processing revenue. Your next question comes from the line of Bob Napoli with William Blair. Yes. Our card works at a variety of merchants. Revenue: $1 to $5 billion (USD) Competitors: FLEETCOR, Comdata, U.S. Bank. March 05, 2019 04:05 PM Eastern Standard Time. 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. And then what do we need to go get in the course of the year? WEX Health Cloud helps to administer HSAs, HRAs, FSAs, VEBAs, COBRA, defined-contribution, wellness plans, and transit plans. You will not need to make any changes to your recurring ACH schedule. We're excited to do that highlight. We will also notify participants when their new login page is live and include any other relevant changes to contact information. Self-Service for Employees. (Say goodbye to paper implementations. So we -- this is something we watch closely, given the overall discussion about the macro economy. Year 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%. Payment processing transactions were up 4% year-over-year. WEX Overview 753 Reviews 213 Jobs 1.3K Salaries 109 Interviews 315 Benefits 4 Photos 305 Diversity Follow + Add a Salary WEX Salaries How much do WEX employees make? When your card expires, or you report your card lost or stolen, we will send you a new WEX benefits card. We continue to execute well on both growing revenue and becoming more efficient servicing our customers. Login. We can help your team save time and money and eliminate stress. Let me start with an update on our electric vehicle initiatives. Thank you. 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. 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. The delinquency rates are improving, and we expect loss rates to trend down going forward. So there's a couple of things that are happening within that segment. 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.. Your next question comes from the line of Nik Cremo with Credit Suisse. Our business model here is very strong and revenue drop-through for this segment is high given our relatively fixed cost base. ). Particularly, I think you mentioned some weakness in OTR. 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. And so those are really the predominant products we have in the Corporate Payments space. 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 . No. 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. In 2012, WEX Fleet acquired Fleet One to provide fleet cards to drivers. Now I'd like to recap our business highlights in the quarter. But even the construction trades within our portfolio were up a couple of percent. Where does it work? Will customer service numbers stay the same? Continue to log into LEAP like you do today using your existing username, password and passcode to access either your benefits administration or COBRA administration. As you've seen our metrics, the net late fee rate was up slightly versus the prior year mostly as a result of the new ExxonMobil small business portfolio added late last year. 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. The segment adjusted operating income margin for the quarter was 40.5%, down from 50.2% in Q1 2022. WEX Inc. WEX delivered better-than-expected first-quarter . Most of these expanded relationships are Mobility customers to whom we were able to sell a Benefits solution. 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. Yes, sure. What if additional documentation is required? 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. Is it in Benefits? The first quarter was a very good quarter for us. Mobility revenue for the quarter was $342.3 million, a 7% increase over the prior year powered by solid volume growth from new customer wins and renewals and an increase in the interchange rate earned on payment processing transactions. We look at scale plays, so the assets that are larger in size, which are more just financially accretive, less about the product. www.discoverybenefits.com. Just in the Benefits business, you've had a couple of really strong open enrollment seasons, and obviously, these new wins. As part of this initiative, we've been looking closely at a number of areas of our company using improved processes, data and technology. Powered by the belief that complex payment systems can be made simple, WEX (NYSE: WEX) is a leading financial technology service provider across a wide spectrum of sectors . And so we continue to look at assets, move assets through our pipeline, sort of the same rigor that we have historically. Net income attributable to shareholders on . . I talked about the fact that we've had 40 signings in the quarter. Spot rates went down. 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. 211 reviews from WEX Inc. employees about WEX Inc. culture, salaries, benefits, work-life balance, management, job security, and more. Okay. We have also been very focused around EV innovation. Is that a fair statement when we not only look across Mobility, but just across WEX? This furthers our goal of putting tools in the hands of drivers that simplify the process of determining where, when and how to charge. If used at an IIAS merchant, simply swipe your card and it will automatically approve anything thats an eligible expense. Buy vs Sell. . Yes. The acquisition is expected to be neutral to the company's adjusted . 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! 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. 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. Allow employees to log in and review the details of their employee benefits program elections 24/7 and make changes and enroll in benefits as required. I talked about some of the reasons for it in our prepared remarks. More 04/14/2023 With me today is Melissa Smith, our Chair, CEO and President; and Jagtar Narula, our CFO. And we're fine doing that if we see an opportunity within that space. Our primary use of free cash flow this year has been to repurchase shares. We appreciate you joining us today. Continue to log in to your online account like you do today with your existing username and password at https://cobralogin.wexhealth.com. About 150. 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. Your next question comes from the line of Mihir Bhatia of Bank of America. So I said there were some puts and takes in that finance fee revenue. 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 We are looking at where do you want to continue to build, and we've had a bias of buildings just again because of what's happening with multiples. Incentivized. Get Started Contact Us - Call . And so working through those, looking at assets we want to invest in. 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. The custodial revenue from the invested HSA cash deposits is the primary driver of the increase in margin. Your session has been timed out due to inactivity. SOUTH PORTLAND, Maine-- ( BUSINESS WIRE )-- WEX Inc. (NYSE: WEX), a leading financial technology service provider, announced today that it has . Inside of Mobility, I think you mentioned the slowdown in factoring revenue being a big driver of that finance and late fee yield. The rating our clients gave our single-source employee benefits and COBRA administration hub. And you also asked about rate. WexLocationCode.setTransientValue("wex02"); Based on 17 WEX Benefits reviews. Benefits Total WEX Inc. Three months ended March 31, 2023 2022 2023 . New User. You can also mail or email a Discovery Benefits claim form to us for processing. And as a result, I am pleased to share that we are raising our guidance for 2023 to reflect those results as well as the benefit of share repurchases completed to date. What if additional documentation is required? 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. Remember Me Next. And so with the rise of interest rates, we saw the impact of that. Adjusted earnings of $3.31 per share surpassed the Zacks Consensus Estimate by 3.4% and our . So Flume is still -- I'd say, still early days, and we've had -- we started this about 15 months ago. WEX salary ranges from $47k to $284k. It's a better customer experience. Discovery Benefits is now a part of WEXinc and you can log into your account using the links below. But I wanted to understand how fast do these signings contribute to revenues? That's brought down both the number of instances on which we factor the number of invoices as well as the average dollars per invoice. We simplify benefits for everyone by delivering the broadest range of healthcare solutions (including HSA, FSA, HRA, Commuter, LSA, COBRA and more) built on modern, flexible, and reliable technology and supported by our accountable and empathetic service . Over 90% of our clients come to us seeking a better benefits experience for them and their employees. Wex Bank Company Overview. The revenue increase in the quarter includes a $1.3 million favorable impact from fuel prices and spreads and a $4.3 million unfavorable impact from foreign exchange rates. 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. 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. Turning to our performance in the first quarter, revenue increased 18% year-over-year to $612 million. Thanks, Tien-Tsin, for the question. 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. 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. [17] Some partners include Fifth Third Bancorp,[18] Paychex,[19] HSA Bank, and Discovery Benefits. Our objective is to create a universal network of EV charging stations similar to our fuel acceptance network. Skip to content. Posted 11:56:46 AM. I know you mentioned a few times building out the direct sales force, inking 40 new deals. And so an area that we will continue to invest and evolve. Benefits revenues of $164.9 million registered 36% year-over-year growth. Okay. And we saw a negative 2% same-store sales within the over-the-road business. Incorporated, Research Division, Mihir Bhatia; VP in Equity Research & Research Analyst; BofA Securities, Research Division, Nikolai Chrin Cremo; Research Analyst; Crdit Suisse AG, Research Division, Ramsey Clark El-Assal; Research Analyst; Barclays Bank PLC, Research Division, Robert Paul Napoli; Partner and Co-Group Head of Financial Services & Technology; William Blair & Company L.L.C., Research Division, Sanjay Harkishin Sakhrani; MD; Keefe, Bruyette, & Woods, Inc., Research Division, Tien-Tsin Huang; Senior Analyst; JPMorgan Chase & Co, Research Division. 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. File a claim, view account balance and summary information, sign up for FREE direct deposit, get email notifications, and more! And that's split roughly evenly between HSA deposits and non-HSA deposits. Username Forgot Username? Yes. WEX announces the acquisition of Discovery Benefits, Discovery Benefits Facebook and Twitter accounts merge with WEX, Participants start getting notifications about upcoming brand changes, DiscoveryBenefits.com content moves to wexinc.com, New WEX-branded participant/employer login pages, Consumer benefits and COBRA online accounts, mobile apps, and benefits platform-generated emails updated to WEX branding. We had record attendance at SPARK, which shows the importance of our solutions and how they resonate with customers. 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. During the event, our leaders shared some of these pain points to our audience of about 1,200 attendees gathered in San . Do I need to create a new account? Okay. It went public in 2005. They want all that data so that they can really understand the total ownership -- cost of ownership for their fleet. 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. 78%. This company is wonderful great pay great benefits and you are treated as a person as opposed to a number.
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