Please login again. And we saw a negative 2% same-store sales within the over-the-road business. You can view the status of your claims and upload documentation easily with our benefits mobile app or through your online account. 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. We have, again, seen stability within the portfolio. New users can create a new account to get started. Let me start with an update on our electric vehicle initiatives. And so I wouldn't describe it as weakness, I would say, more slowing of the growth instead. 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. So we expect some volume impacts from that as we go through the next couple of quarters. Do I need to create a new account? Okay. This increase of $94 million year-over-year was primarily driven by the growth of 36% in both our Corporate Payments and Benefits segment. Turning now to Corporate Payments. 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? We've seen lots of opportunities behind that. Skip to content. 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. Get Started Contact Us - Call . And we talked about AvidXchange from the customers that we had added more recently. 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. Will customer service numbers stay the same? 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. 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. Remember Me Next New User? Or is this more likely 2024 contributors? Our commitment to providing excellent customer service to both you and your employees is unwavering. 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. 3 reasons we see people flipping to a fuel card: Apply Now 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. [Delinquencies here] also continued to improve. Thank you, operator, and good morning, everyone. We provide payment solutions to businesses of all sizes across a wide spectrum of sectors, including fleet, corporate payments, travel and health. 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. Yes, thanks, Sanjay. 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? I wanted to ask on Corporate Payments, if that's okay, just thinking about rest of the year. 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. As the banking industry cope with significant movement in deposit flows since the recent bank failures, our custodial HSA cash deposits and certificates of deposit have shown themselves to be extremely stable. There's many different use cases that are emerging even now in this early part of this process that we think that we can help facilitate. 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 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? If used elsewhere, you may need to upload supporting documentation (depending on your benefits plan). 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. WEX Benefits Platform | West Fargo ND 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. 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. These challenges are experienced across many industry verticals and include personalizing employee benefits, navigating the complexity of mixed fleet [interests] and removing the friction caused by inefficient payment processes and systems. No. WEX Inc. WEX yesterday announced that it has inked a deal to purchase benefitexpress for a sum total of nearly $275 million. 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. 78%. 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. All of WEX's fleet cards are truly universal - they can be used at 95% of the US's fuel stations, plus 45,000 service locations across the country, which is the main reason we selected WEX as our top provider. Yes. Okay. There has been significant improvement in these margins as volume accelerates. We've continued our long track record of delivering exceptional financial results and performing well across dynamic macroeconomic environment. Given this more challenging fundraising environment, are you seeing more interesting opportunities on the M&A side? Create Comparison. I know the net interchange piece was down a little bit from incentives. 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. And then we look at geographic expansion capabilities, and so there's an active mix across those categories. 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. Just listening to you and Jagtar talk about the business generally in the first quarter trends, it seems like you're not really seeing any appreciable signs of slowing outside of the over-the-road sort of freight area. 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. Should we expect the Corporate Payments to kind of trend in the 4% range and, I guess, travel to decelerate materially just from where it's at relative to the guide? Over 90% of our clients come to us seeking a better benefits experience for them and their employees. We saw higher rates earned from a number of merchants due to renewals at favorable terms, the impact of interest rate escalator clauses contained in various merchant contracts and the rate impact from a reduction in fuel prices versus Q4. Track fuel expenses automatically. Let me add a couple of comments there. Youll continue to use the same online account and mobile app you use today. So Flume is still -- I'd say, still early days, and we've had -- we started this about 15 months ago. HSA funds are payroll-deducted (and company-matched, if applicable) and loaded to the employee's WEX account. Prev Next WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. Do you feel like you have the capabilities internally at this point that you need to grow that direct business? (formerly known as Wright Express Corporation) is a provider of financial technology solutions. 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. I think some of that is continued rebound of people going back into the office, sales fleets being out and moving. Continue to use any premium payment coupons you already have and continue to mail them to the address located on the coupon. On top of that, within the Mobility space, this conversion to EV, increasingly, we see this as an opportunity. So as Jagtar said, we had a really strong open enrollment season. So those direct accounts would come in at a higher rate, which is one of the reasons we go direct there. COBRA, Retiree & Leave of Absence Member login, Learn more about the Discovery Benefits transition to WEX, Inventory Information Approval System (IIAS). Do I need to create a new account? Professional Development Benefits. 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. Self-Service Portal. About 150. But as Melissa just mentioned, we also expect the other segments to continue to grow as well. 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. Our objective is to create a universal network of EV charging stations similar to our fuel acceptance network. Of our clients continue to partner with us during renewal because of the experience and support we provide them and their employees. New coupons will be mailed to you as needed. And then maybe you could just remind us what you guys are incorporating into the guidance? 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 . Most of these expanded relationships are Mobility customers to whom we were able to sell a Benefits solution. If used at an IIAS merchant, simply swipe your card and it will automatically approve anything thats an eligible expense. Do I need a new debit card? From an earnings perspective, on a GAAP basis, we had net income attributable to shareholders of $68 million in Q1. An executive may or may not realize all of the Total Co mpensation during their tenure at the Company. We are aware in monitoring what's happening within the marketplace. Now let's start with the quarter results. We look at scale plays, so the assets that are larger in size, which are more just financially accretive, less about the product. This income makes us less sensitive to interest rates of the company as the revenue offsets higher interest expense in other parts of the business and serves as a natural hedge. It's a better customer experience. In Corporate Payments, we signed a part of one of the largest health care systems in the United States. Got it. We're excited to do that highlight. But they -- it cumulatively become quite meaningful for 2024. Welcome to WEX! This concludes the conference call. The domestic fuel price in Q1 2023 was $3.86 versus $3.95 in Q1 2022. It's been a great part of our 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. Now let's move to segment results, starting with Mobility. Is it in Benefits? Yes. 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%. WEX (NYSE: WEX) is a leading financial technology service provider. In terms of what we're seeing from a multiple perspective, there still is a disconnect between what we're seeing in private multiples and public multiples. The net interchange rate in the Mobility segment was 1.21%, which is up 10 basis points from Q4 of last year. Discovery Benefits Transition to WEX Brand Timeline Jan 2020 WEX announces the acquisition of Discovery Benefits June 2020 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. Username Forgot Username? We'll build on this launch by focusing on learnings and rapidly innovating our offering for U.S.-based customers. We were very pleased with our SaaS accounts growth, which was up 14% in Q1 versus the prior year. . And we will evaluate whether or not we should continue to do that from a build perspective or if there are opportunities to buy. 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. 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. The segment adjusted operating income margin for the quarter was 40.5%, down from 50.2% in Q1 2022. 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 still decent growth we have in our underlying assumption because we know that there's still pent-up demand, but coming off the highs that we're seeing in first and second quarters. We're also encouraged by early cross-sell conversations as we begin the new year. Now I'd like to recap our business highlights in the quarter. The delinquency rates are improving, and we expect loss rates to trend down going forward. 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. 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! Fleet fuel cards have many impactful benefits like data-tracking capabilities and more. View all pros & cons. You can also log in and pay your COBRA/Retiree premiums directly from your online account with a recurring ACH payment or from your COBRA mobile app. Registration for the webcast of the event will be available on the Investor Relations section of our website in the coming weeks. While our name and branding will change, your service experience will not be impacted by these changes. You can also mail or email a Discovery Benefits claim form to us for processing. Incentivized. (Operator Instructions) I will now turn the conference over to Steve Elder. Discovery Benefits, A WEX Company Business Data. Next, I would like to turn to cash flow. I just want to make sure I understood that no impact on deposit funding from a WEX Bank standpoint. We will also notify participants when their new login page is live and include any other relevant changes to contact information. 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. So Ramsey, I mean, I think you asked a longer-term question. 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? As a reminder, we define recurring revenue as process -- payment processing and account servicing revenue, revenue from our factoring business, transaction processing fees and other smaller items. The net interchange rate in the segment was down 10 basis points sequentially, predominantly due to the timing of incentives for the networks in Q4 last year as well as travel customers contributing a larger percentage of total purchase volume in Q1. So yes, you're correct. In our case, greater than 95% of our deposits are FDIC-insured. Revenue from travel-related customers was up 87% versus Q1 2022. Will my service experience change? Looking for your Discovery Benefits Login? No action is needed by you and you can keep the notice for your records. And then a follow-up for me is, could you provide just an update on the broader market opportunity in the Mobility segment? So I guess 2 questions. (Say goodbye to paper implementations. 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. Payment processing transactions were up 4% year-over-year. The domestic fuel price in Q1 2023 was $3.86 versus $3.95 in Q1 2022. 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. Total segment revenue for the quarter increased 36% to $104.8 million. Continue to log in to your online account like you do today with your existing username and password at https://cobralogin.wexhealth.com.
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