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. And so just to be specific, last quarter, we talked about weakness in the over-the-road customer segment, smaller. Based on 17 WEX Benefits reviews. [6], In 2019, WEX opened a new 100,000-square-foot headquarters across from the Ocean Gateway International Marine Passenger Terminal in Portland, Maine. I'm asking because I'm just always trying to learn the difference between the volume growth and the revenue growth. Before jumping into our performance for the quarter, I'd like to quickly address the recent disruption in the banking industry. We remain in a very healthy financial position and ended the quarter with $922 million in cash. You can also access your account from the WEX benefits mobile app. 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. And so we feel good about how we've gone through open enrollment, the combination of the products that we have in the marketplace, the distribution channels that we have. Focusing on diversity also means focusing on inclusion. 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. Turning to our performance in the first quarter, revenue increased 18% year-over-year to $612 million. Professional Development Benefits. Okay. WEX offers complete benefits administration, including benefits accounts such as HSAs, FSAs, HRAs, LSAs, COBRA, and more | Set your business free by . Wright, a coal and later heating oil business in South Portland, Maine. Yes. Spot rates went down. So yes, you're correct. Total volume across the company came in at $52.3 billion, up . So Ramsey, I mean, I think you asked a longer-term question. 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. We also realized approximately $37 million in revenue from the custodial HSA cash deposits that were invested by WEX Bank and funds held at third-party banks compared to $9.5 million last year. Simplifying benefits for everyone. Get the latest Health Trends & Insights news in your inbox. This administrator has more than 100 multiemployer clients, allowing for a large market reach. We'll be piloting an at-home reimbursement product this quarter and expect to have a broader rollout in the second half of this year. The segment adjusted operating income margin for the quarter was 40.5%, down from 50.2% in Q1 2022. 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. Type: Company - Public (WEX) Industry: Investment & Asset Management. New coupons will be mailed to you as needed. The domestic fuel price in Q1 2023 was $3.86 versus $3.90 in 2022. So our interchange rate was up nicely this quarter. We had anticipated the trend of higher late fee rates that we saw at the end of last year to continue in Q1. In 2014, WEX acquired Evolution1,[16] a cloud-based health industry payments provider, later renaming it to WEX Health. Total segment revenue for the quarter increased 36% to $104.8 million. We've definitely looked at this business similar to the way that we look at everything else. They also will see the WEX logo and reminders about the brand change on the online account banner image. 211 reviews from WEX Inc. employees about WEX Inc. culture, salaries, benefits, work-life balance, management, job security, and more. We continue to invest in our platform to help our customers meet the demands of their markets, employees and customer [bids]. 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. Our commitment to providing excellent customer service to both you and your employees is unwavering. WEX rewards excellence, hard work, and innovation by providing qualified . 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. If you already use the app, just log in with your existing username and password. We will also notify participants when their new login page is live and include any other relevant changes to contact information. WEX "benefit" Reviews | Glassdoor Login - WEX Health We'll build on this launch by focusing on learnings and rapidly innovating our offering for U.S.-based customers. No. We do feel good about the products that we have. The employee's options to upload receipts seem difficult for some. Looking for your Discovery Benefits Login? With that, operator, please open the line for questions. Is there an ex EV opportunity, I don't know, internationally, and even in the U.S. ex EV, where are there still compelling opportunities in the market? I'm proud of our strong execution this quarter and believe we remain well positioned for the future as we deliver on our strategic priorities. The first quarter was a very good quarter for us. And in terms of what we're assuming from a volume perspective, we are assuming that idea of having a slow growth environment. So we should see these kind of interchange levels as we flow through the year. And so an area that we will continue to invest and evolve. Our card works at a variety of merchants. Acquired by WEX, Inc. (Company) on 2021-04-14 . WEX: Employee Benefits and Perks | Glassdoor How does it work? Will customer service numbers stay the same? When you switch to a WEX fleet card, you can eliminate fuel purchases from employee . The company is headquartered in Portland, Maine [2] [3] and provides services in the United States, Canada, South America, Europe, Asia, and Australia . Finally, let's move to revenue and earnings guidance for the second quarter and the full year. How does it work? benefitexpress Benefit Express Services LLC. Jagtar talked about the fact we've seen that stabilize within our portfolio. This furthers our goal of putting tools in the hands of drivers that simplify the process of determining where, when and how to charge. Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. Yes. Manager in Human Resources. In terms of operational changes, we are closely monitoring the banks that we work with. Self-Service for Employees. And so I wouldn't describe it as weakness, I would say, more slowing of the growth instead. 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. Yes. We have 2 primary products that we have within the Corporate Payments space. 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. As we think even within the existing customer portfolio of products that we have, we will continue to take market share and build on that position. And in each of our areas of our business, we're really focused on each of those things, making sure that we retain our existing customers and are maximizing from that, implementing and then signing new customers. Great job at ensuring payments are made in a timely fashion with recurring payments! 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! While we may update forward-looking statements in the future, we disclaim any obligations to do so. 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%. 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. This highlighted the ongoing transformation of our business as we discuss unifying product themes around data, payments and digitization. Do I need to create a new account? Next, let me turn to our operational improvement. Yes. Using our definition, adjusted free cash flow was negative $61 million through Q1, which is $16 million better than 2022. 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? 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. PDF Commonly Asked Questions Regarding The WEX Health Card - Benefit Extras It's a better customer experience. Yes. WEX Inc. (WEX) Q1 2023 Earnings Call Transcript We have hundreds of customers that are using the product. Benchmarked against 2019, we're seeing improvement versus Q4 in all regions with the largest gains coming from Europe. WEX Inc. WEX delivered better-than-expected first-quarter . 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. Your session has been timed out due to inactivity. 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. Most Common Benefits for Wex Bank. AllBiz Business Profile Search Background Check. 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. . Sure. WEX Health Cloud helps to administer HSAs, HRAs, FSAs, VEBAs, COBRA, defined-contribution, wellness plans, and transit plans. WEX Inc. - WEX Signs Agreement to Acquire Discovery Benefits So I said there were some puts and takes in that finance fee revenue. Language links are at the top of the page across from the title. 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. 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 employerservices@wexhealth.com or by submitting a case anytime from your LEAP account. [9] WEX Fleet also partners with GasBuddy,[10] OnDeck Capital,[11] and Chevron,[12] among other companies, to provide services to customers. WexLocationCode.setTransientValue("wex02"); I wanted to ask about the Corporate Payments segment. Okay. Get Started WEX Benefits Platform | West Fargo ND www.discoverybenefits.com. WEX Benefits hiring Client Support Specialist in Schaumburg, Illinois Working at WEX Inc.: 52 Reviews about Pay & Benefits - Indeed Of our clients choose us because theyre looking for a better service experience for themselves and their employees. If used at an IIAS merchant, simply swipe your card and it will automatically approve anything thats an eligible expense. 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. And so we have a whole separate work stream that we've added over the last year. Since 1987, WEX Benefits has been in the business of simplifying the administration of HSAs, FSAs, HRAs, Commuter Benefits, COBRA and more with innovative technology solutions. This allows us to see the company through a different lens or perspective than we normally would. Next, I would like to turn to cash flow. So there's a couple of things that are happening within that segment. We have, again, seen stability within the portfolio. One of the areas I am excited about is the planned improvement in the customer experience by creating a more seamless digital journey, which has the added benefit of saving costs. Participants Accounts HSA, FSA, HRA/Wellness & Commuter 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. Military veterans possess invaluable leadership skills and business acumen. 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. Prev Next I mean for a good reason, you're prioritizing electric vehicles. WEX to Benefit from benefitexpress Acquisition: Here's How Yes. As I complete my prepared remarks, I would like to emphasize how pleased we were with our Q1 results. If we could touch on the Benefits segment for a minute, the account growth there obviously has been, strong mid-teens-type growth, and now you're adding the Midwest manager as well. So we -- this is something we watch closely, given the overall discussion about the macro economy. Any callouts with respect to volume and -- as well as yield? Where does it work? I'm just trying to understand the onboarding process, the ramp when you do some of these big customer signings in different businesses.
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