WEX is off to a great start in 2023. History No. Get the latest Health Trends & Insights news in your inbox. Focusing on diversity also means focusing on inclusion. 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. 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. 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. Yes, sure. 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. It tends to be a higher quarter for travel. Thank you, Steve, and good morning, everyone. Like I understand your guidance is for a slowdown in the back half, but have you seen any actual slowdown yet across your businesses? What if additional documentation is required? There are no changes to what is included in each segment. . New User. Over 90% of our clients come to us seeking a better benefits experience for them and their employees. 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? In 2017, WEX Fleet launched a new telematics platform, ClearView Advanced.[13]. So I said there were some puts and takes in that finance fee revenue. [6], In 2019, WEX opened a new 100,000-square-foot headquarters across from the Ocean Gateway International Marine Passenger Terminal in Portland, Maine. 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. 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. So we do have some escalator clauses that are built into our contracts. Payment processing transactions were up 4% year-over-year. Simply select your account type below and you'll be sent to the login page for your Benefits account. This represents a 15% increase over the prior year. Wright began allowing trucks to fuel up without having to pay an attendant by using a post-paid fuel card, leading to the creation of Wright Express Corporation in 1983. Of our clients continue to partner with us during renewal because of the experience and support we provide them and their employees. 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. But it doesn't sound like you have to go out, in your mind, and buy something to have success there? . Yes. In our case, greater than 95% of our deposits are FDIC-insured. I guess can you help us think through the timing and impact of not only implementing those deals kind of more tactically but also the degree over the longer term, whether we should expect more of a mix shift to direct and whether that could have an impact on segment yields over time, a positive impact? 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. I assume just the natural progression is not going to stay quite that strong. WEX Overview Industry Business Services Revenue $2.4B Headquarters South Portland, ME Employees 3,500 Founded In 1983 Website www.wexinc.com Organization Type Public WEX Inc. gives you precise financial and information management solutions to help your company strengthen its balance sheet and achieve unparalleled control and security. We are excited and proud to share that in 2021, Discovery Benefits, LLC, a WEX Company will be known as WEX. Get Started More 04/14/2023 With me today is Melissa Smith, our Chair, CEO and President; and Jagtar Narula, our CFO. What's it like in April? We are pleased with this result and are working diligently to continue on this track. Women play an important role at WEX. 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. 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? Job Training & Conferences. Government Administration Company, 51-200 employees. 3 reasons we see people flipping to a fuel card: Apply Now Inside of Mobility, I think you mentioned the slowdown in factoring revenue being a big driver of that finance and late fee yield. 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 remain in a very healthy financial position and ended the quarter with $922 million in cash. 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. Your next question comes from the line of Nik Cremo with Credit Suisse. The domestic fuel price in Q1 2023 was $3.86 versus $3.95 in Q1 2022. 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. I guess in the Mobility segment, the payment processing rate was really high. Sales Based on 148 salaries Account Manager 22 salaries Regional Sales Manager The net interchange rate in the Mobility segment was 1.21%, which is up 10 basis points from Q4 of last year. New users can create a new account to get started. 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%. Okay. And so when we think about growth within that part of the business, it's a combination of growth from the existing customer base that we already have, ramping on the direct side and then continued benefit from the existing partners that we have in the marketplace. Our commitment to providing excellent customer service to both you and your employees is unwavering. And we've seen, as Melissa has mentioned, pretty robust demand for funding sources. Do I need to create a new account? 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. And kind of how do you think that is going to go through the year? WEX Virtual launched in 2000 [14] in support of customers including HitchHiker,[15] HotelTonight, Expedia, and Priceline. This furthers our goal of putting tools in the hands of drivers that simplify the process of determining where, when and how to charge. WEX is our administrator of several employee benefits, including Health Savings Accounts, commuter benefit accounts, an COBRA. 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. If you already use the app, just log in with your existing username and password. We continue to drive strong growth, resulting in Q1 revenue of $164.9 million. Create Comparison. So that's an area where we look at product or product adjacencies across really in any part of the business. We brought in our Chief Digital Officer, first time we've had one, a little over a year ago. 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. Username Forgot Username? 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. Glassdoor has salaries, wages, tips, bonuses, and hourly pay based upon employee reports and estimates. A lot of focus that we've had has been on building out digital capability, and we've talked about that a lot over the last couple of years. Will customer service numbers stay the same? The other question I had was, Melissa, you mentioned a couple of big customer signings in your remarks. 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. Buy vs Sell. 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.. I guess, is probably the way I'd say it as opposed to -- I don't think you can feel like we're done. If you have a spending or savings account, you can also initiate a chat session directly from your online account. And so I wouldn't describe it as weakness, I would say, more slowing of the growth instead. Thanks, Melissa, and good morning, everyone. So those direct accounts would come in at a higher rate, which is one of the reasons we go direct there. So we should see these kind of interchange levels as we flow through the year. Our passion for continuous innovation and our unparalleled level of service were further fueled when Discovery Benefits who we partnered with for more than 15 years joined WEX in 2019. 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. Do you feel like you have the capabilities internally at this point that you need to grow that direct business? 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. benefitexpress Benefit Express Services LLC. 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. 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. But I was curious, are you seeing macro weakness anywhere else? Of our clients choose us because theyre looking for a better service experience for themselves and their employees. You can view the status of your claims and upload documentation easily with our benefits mobile app or through your online account. Benchmarked against 2019, we're seeing improvement versus Q4 in all regions with the largest gains coming from Europe. A piece of that is also coming from this anticipation that we'll continue to benefit from the custodial deposits that we have. And so those are a combination of CDs, which we used to fund the business, and then HSA deposits are the 2 largest pieces of that. And so when you think about that business, you do a lot of your onboarding before you start the year. 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 it should play into the 1% to 2% growth we have slated for new product revenue and our long-term growth framework. 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. Your next question comes from the line of Bob Napoli with William Blair. 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. And so it's been negative for a few quarters now. 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. Sure. Youll continue to use the same online account and mobile app you use today. We will continue to manage capital allocation between organic investment, M&A and returning capital to shareholders. M&A Summary. 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. 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. Yes. And we'll continue to look at where should we build, where should we partner, where should we buy. 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. Do I need a new debit card? Your next question comes from the line of Mihir Bhatia of Bank of America. No action is needed by you and you can keep the notice for your records. So we saw this kind of runoff of customers that -- where we think it had kind of this acute issue of a big ramp within that marketplace, where a bunch of people added new vehicles, and that went down. I mean, I think you guys have an investor event coming up around that, right, which we'll go into more detail. We have a solution that is live in Europe and United States. 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. 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. 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. No, I think it's a market that will continue to evolve. It's been a great part of our business. Login. Yes. About 150. And so those things, combined, have been a really great contribution to the overall business. You will notice some changes to your online account like our updated logo and colors, but the functionality and ease of use of your account that youve come to love is here to stay. Will employer services numbers stay the same? Adjusted earnings of $3.31 per share surpassed the Zacks Consensus Estimate by 3.4% and our . 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. Yes. WEX benefits account resources Participants HSA, FSA, HRA/Wellness & Commuter login Non-employer Individual HSA login COBRA, Retiree & Leave of Absence Member login Participant Knowledgebase 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. Data within our platforms are aligned on Day 1 and updated daily. AllBiz Business Profile Search Background Check. We expect to reach our overall cloud goals later this year, allowing us to further leverage shared technologies across product set. They encourage questions and curiosity. New coupons will be mailed to you as needed. Track fuel expenses automatically. If used elsewhere, you may need to upload supporting documentation (depending on your benefits plan). We currently have approximately 85% of our cloud migration completed. From an earnings perspective, on a GAAP basis, we had net income attributable to shareholders of $68 million in Q1. Our next phase will turn to at-home reimbursement. Any callouts with respect to volume and -- as well as yield? No, that's prudent and makes sense. WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. [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. 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. 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. So again, not necessarily because we're seeing that trend within our portfolio, but consistent with what we had said in the last quarter. Is that a fair statement when we not only look across Mobility, but just across WEX? And you can see that in the growth of vehicles that we've had within our base, and so we start with that. WEX has 5 employees across 31 locations and $2.35 b in annual revenue in FY 2022. . [8], WEX Fleet provides vehicle fleet customers with fuel cards and data and telematics offerings for drivers. Let me start with an update on our electric vehicle initiatives. Type: Company - Public (WEX) Industry: Investment & Asset Management. How does it work? 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. 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.. I think that was about $5 million. 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? You will notice some changes to your online account like our updated logo and colors, but the functionality and ease of use of your account that youve come to love today is here to stay. When you switch to a WEX fleet card, you can eliminate fuel purchases from employee . Military veterans possess invaluable leadership skills and business acumen. The company traces its origins to A.R. In January 2020, the company announced it would acquire travel payments companies eNett and Optal from Travelport for $577.5 million.[20]. 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. Can you elaborate a little bit -- I guess, it's also on lines of M&A. And one of the things that we find interesting about that part of the business is it's also really resilient. 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. Yes. The rest of it, I would largely expect to be recurring in nature. 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. Great job at ensuring payments are made in a timely fashion with recurring payments!

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