wex company benefits

For the full year, we expect to report revenue in the range of $2.45 billion to $2.49 billion. We do feel good about the products that we have. Shifting gears now, I will provide an update on the balance sheet and our liquidity position. Jagtar talked about the fact we've seen that stabilize within our portfolio. And so those are really the predominant products we have in the Corporate Payments space. While our name and branding will change, your service experience will not be impacted by these changes. 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 . And I guess I'm wondering if that's sustainable. Do you feel like you have the capabilities internally at this point that you need to grow that direct business? Now let's turn to the financial results. While we may update forward-looking statements in the future, we disclaim any obligations to do so. So that's an area where we look at product or product adjacencies across really in any part of the business. Self-Service Portal. Nontravel-related Corporate Payments customer volume grew 17% versus last year, and revenue was up 4%. The Company's adjusted net income attributable to shareholders, which is a non-GAAP measure, was $145.8 million for the first quarter of 2023, or $3.31 per diluted share, up 15% per diluted share from $131.1 million or $2.88 per diluted share for the same period last year. Login. Your WEX benefits debit card makes it easy to spend your funds on eligible expenses. Yes. And so I wouldn't describe it as weakness, I would say, more slowing of the growth instead. Non-GAAP adjusted net income was $145.8 million or $3.31 per diluted share. I think the multiemployer administrator in Benefits, the large health system in Corporate Payments. The company continues to have a significant presence in South Portland. Will customer service numbers stay the same? Each account that is available on the debit card is referred to as a "purse". No room for advancement and plenty of gray areas Customer Solutions Specialist (Current Employee) - Remote - July 5, 2022 Where do I begin? 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. No, that's prudent and makes sense. Verified User. That's brought the whole sort of factoring item down, and we're expecting that to continue at least for the next couple of quarters. Yes. We signed one of the largest administrators of multiemployer benefit funds in the Midwest. And so with the rise of interest rates, we saw the impact of that. I'm excited by the positive response and the momentum we're seeing across the business. And we talked about AvidXchange from the customers that we had added more recently. We are excited and proud to share that in 2021, Discovery Benefits, LLC, a WEX Company will be known as WEX. This feedback has informed our electric vehicle strategy, which consists of giving fleet managers the tools to plan their energy transition, manage their vehicles in a mixed fleet environment and help ensure their EVs can be conveniently controlled and charged across a distributed environment. AllBiz Business Profile Search Background Check. New User. As you may recall, we've added to our direct sales force in this business and are starting to see a positive return with more than 40 deals signed in the first quarter. These updated ranges represent an increase of $20 million in revenue and $0.25 of EPS compared to the midpoint of our previous guidance. Get special fuel discounts and save on products and services for your business. 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. And so we continue to look at assets, move assets through our pipeline, sort of the same rigor that we have historically. 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. WEX offers complete benefits administration, including benefits accounts such as HSAs, FSAs, HRAs, LSAs, COBRA, and more | Set your business free by . Military veterans possess invaluable leadership skills and business acumen. Fitness Subsidies. Remember Me Next. We have, again, seen stability within the portfolio. I mean, I think you guys have an investor event coming up around that, right, which we'll go into more detail. Create Comparison. WEX Inc. WEX delivered better-than-expected first-quarter . So for example, the Benefits contract that you mentioned, I mean, we've talked about the 25% to 30% growth in our guidance. And so those things, combined, have been a really great contribution to the overall business. Company Outings. And then what do we need to go get in the course of the year? Mihir, I would say that the contracts that Melissa talked about are factored into the guidance we've given out. 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. The rest of it, I would largely expect to be recurring in nature. Type: Company - Public (WEX) Industry: Investment & Asset Management. The biggest piece of that is some of the larger customers. Posted 11:56:46 AM. File a claim, view account balance and summary information, sign up for FREE direct deposit, get email notifications, and more! If you have a spending or savings account, you can also initiate a chat session directly from your online account. Just in the Benefits business, you've had a couple of really strong open enrollment seasons, and obviously, these new wins. And you also asked about 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. Got you. Values of the benefits may change over time. Fleet fuel cards have many impactful benefits like data-tracking capabilities and more. 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. Glassdoor has salaries, wages, tips, bonuses, and hourly pay based upon employee reports and estimates. 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? Total volume across the company came in at $52.3 billion, up . Your next question comes from the line of Ramsey El-Assal with Barclays. If used elsewhere, you may need to upload supporting documentation (depending on your benefits plan). Self-Service for Employees. Some of that will impact 2024. And we'll continue to look at where should we build, where should we partner, where should we buy. The average salary for WEX is $121k per year, which includes an average base salary of $106k and an average bonus of $14k. Do I need to create a new 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%. . Total volume processed across the organization in the first quarter grew 17% year-over-year to $52.3 billion driven by strong performance in our Corporate Payments and Benefits segments. We have about [$4.5 million] worth of deposits that sit on our balance sheet. benefitexpress is a leader in cloud-based solutions for benefits administration. We are aware in monitoring what's happening within the marketplace. And so an area that we will continue to invest and evolve. 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 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. Inside of Mobility, I think you mentioned the slowdown in factoring revenue being a big driver of that finance and late fee yield. And we saw a negative 2% same-store sales within the over-the-road business. We continue to drive strong growth, resulting in Q1 revenue of $164.9 million. We are assuming that you see a trail off in travel growth in the second half of the year. So we are continuing to build the direct sales force. And just one follow-up question for Jagtar. And then, I guess, secondly, travel volume, per your charts, look like -- whatever it was, it was big. WEX Health Cloud helps to administer HSAs, HRAs, FSAs, VEBAs, COBRA, defined-contribution, wellness plans, and transit plans. Strong quarterly revenue, paired with the scalability of our business model and a superior funding model, resulted in adjusted net income per diluted share of $3.31, an increase of 15% compared to the same quarter last year. Now I'd like to recap our business highlights in the quarter. We continue to execute well on both growing revenue and becoming more efficient servicing our customers. This furthers our goal of putting tools in the hands of drivers that simplify the process of determining where, when and how to charge. Continue to log in to your online account like you do today with your existing username and password at https://cobralogin.wexhealth.com. Or do you need to invest at an elevated rate and/or go out and buy technology to really ramp up that direct -- I'm thinking about the AP automation and remittance piece specifically? 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 look at scale plays, so the assets that are larger in size, which are more just financially accretive, less about the product. 1 Debit card for multiple accounts (HSA and commuter benefits accounts) HSA financial accounting features. Where do I log in to my account? Yes. 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. . As I complete my prepared remarks, I would like to emphasize how pleased we were with our Q1 results. Good results here. View all pros & cons. Discovery Benefits, A WEX Company Business Data. Got it. Yes. Yes. So it would be growth in most any environment because you get the benefit of this movement to consumer-directed health care, you've got benefit costs continuing to go up, and then we continue to build upon our distribution channel. Next, let me turn to our operational improvement. 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. WEX Benefits | 15,040 followers on LinkedIn. And I would say that travel will be the higher of that, and Corporate Payments would be on the lower side. COBRA, Retiree & Leave of Absence Member login, Learn more about the Discovery Benefits transition to WEX, Inventory Information Approval System (IIAS). And kind of how do you think that is going to go through the year? But I wanted to understand how fast do these signings contribute to revenues? Get Started Finally, let's move to revenue and earnings guidance for the second quarter and the full year. And so working through those, looking at assets we want to invest in. 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 overall, as you can see from the chart in the appendix that we posted to our website, travel does have a lower take rate. When you switch to a WEX fleet card, you can eliminate fuel purchases from employee . Of our clients choose us because theyre looking for a better service experience for themselves and their employees. And then a follow-up for me is, could you provide just an update on the broader market opportunity in the Mobility segment? Please login again. 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. Now let's move to segment results, starting with Mobility. When your card expires, or you report your card lost or stolen, we will send you a new WEX benefits card. Please see Exhibit 1 of the press release for an explanation and reconciliation of these non-GAAP measures. Language links are at the top of the page across from the title. Is there a change to where I mail my COBRA premiums and can I continue to use my current COBRA/retiree premium payment coupons? The first quarter was a very good quarter for us. And I'd say those contract expectations would have been built into that. Existing User. 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 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. Is it in Benefits? Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. Most of these expanded relationships are Mobility customers to whom we were able to sell a Benefits solution. Will you be communicating these changes to participants? Your session has been timed out due to inactivity. The Benefits segment adjusted operating income margin was 39.1% compared to 29.3% in 2022. We've continued our long track record of delivering exceptional financial results and performing well across dynamic macroeconomic environment. And you can see that in the growth of vehicles that we've had within our base, and so we start with that. 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 . So I think that provides evidence that our funding sources remain quite strong. We've also signed acceptance agreements with 5 of the 10 largest public charging networks in the U.S., all of which are in various stages of implementation. Okay. So we do have some escalator clauses that are built into our contracts. Any callouts with respect to volume and -- as well as yield? WEX Inc. (WEX Quick Quote WEX - Free Report) delivered better-than-expected first-quarter 2023 results. 3 reasons we see people flipping to a fuel card: Apply Now 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%.

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