So we're continuing to sell in the marketplace. The first quarter was a very good quarter for us. Should we think about that as being the predominant sequential change in that yield? Focusing on diversity also means focusing on inclusion. Yes. The freight market is an area we continue to watch closely. We've continued our long track record of delivering exceptional financial results and performing well across dynamic macroeconomic environment. 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. Our mission is to help our clients and their businesses flourish both financially and personally by becoming trusted advisors that care about them as people first, and then by providing accurate and reliable financial reporting and read more in Accountants, Tax Services, Bookkeepers Location & Hours 4321 20th Ave S Fargo, ND 58103 Get directions In January 2020, the company announced it would acquire travel payments companies eNett and Optal from Travelport for $577.5 million.[20]. 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. The rest of it, I would largely expect to be recurring in nature. Values of the benefits may change over time. While our name and branding will change, your service experience will not be impacted by these changes. Flume is something that we think is really interesting in this space, and it's something we continue to build upon as well, with that being much more of a down market play within the marketplace. Now let's start with the quarter results. 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? WEX Fuel Cards | Save Money With Fleet Cards & Business Gas Cards WEX Health, Inc. - Health Plan Alliance In our case, greater than 95% of our deposits are FDIC-insured. 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. With that, I'll turn the call over to Melissa. 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. 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. 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. 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. With that, I'll turn it over to Jagtar to walk you through this quarter's financial performance in more detail. How Much Does WEX Pay in 2023? (1,334 Salaries) | Glassdoor They also will see the WEX logo and reminders about the brand change on the online account banner image. 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. There seems to be some ongoing spot rate stabilization in the freight industry, but we're expecting these kind of rates going forward. 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. 78%. 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 have $776 million of available borrowing capacity and corporate cash of $149 million as defined under the company's credit agreement at quarter end. Over 90% of our clients come to us seeking a better benefits experience for them and their employees. Or is this more likely 2024 contributors? WEX Benefits | LinkedIn We were very pleased with our SaaS accounts growth, which was up 14% in Q1 versus the prior year. March 05, 2019 04:05 PM Eastern Standard Time. And we saw a negative 2% same-store sales within the over-the-road business. The other question I had was, Melissa, you mentioned a couple of big customer signings in your remarks. No. The local fleet customers in the U.S. continue to have marginally elevated loss rates compared to the last couple of years but are in a relatively normal range. But it doesn't sound like you have to go out, in your mind, and buy something to have success there? . WexLocationCode.setTransientValue("wex02"); The average salary for WEX is $121k per year, which includes an average base salary of $106k and an average bonus of $14k. So really, really strong still conversations within our customer base. I know the net interchange piece was down a little bit from incentives. We continue to add to the product set that we have in the marketplace. And so we continue to see -- and that's across multiple categories. WEX Benefits | 15,040 followers on LinkedIn. With that, operator, please open the line for questions. (Operator Instructions) I will now turn the conference over to Steve Elder. Just -- if you don't mind, just a quick follow-up on the Corporate Payments side also. In 2012, WEX Fleet acquired Fleet One to provide fleet cards to drivers. Manager in Human Resources. We can help your team save time and money and eliminate stress. And you also asked about rate. Got you. 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 . 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. Will you be providing new service contracts? WEX Company Profile | Management and Employees List - Datanyze And so working through those, looking at assets we want to invest in. So those direct accounts would come in at a higher rate, which is one of the reasons we go direct there. We started off the year with a solid first quarter, achieving strong top line growth while delivering with the dependable execution that our employees, partners, customers and shareholders have come to expect. 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. Login. And so when you think about that business, you do a lot of your onboarding before you start the year. 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. No room for advancement and plenty of gray areas Customer Solutions Specialist (Current Employee) - Remote - July 5, 2022 Where do I begin? Do you feel like you have the capabilities internally at this point that you need to grow that direct business? Our next phase will turn to at-home reimbursement. 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. Hello, and welcome to the WEX Q1 2023 Earnings Call. Our business model here is very strong and revenue drop-through for this segment is high given our relatively fixed cost base. So I said there were some puts and takes in that finance fee revenue. The rating our clients gave our single-source employee benefits and COBRA administration hub. We expect ANI EPS to be between $3.45 and $3.55 per diluted share. Benefits are decent, schedule flexibility, some good managers Cons Draining, don't pay their reps enough, not much room for growth, very hard to move up or laterally. Read More. How does it work? So we have ramped the investments that we've made in that part of the business over the last couple of years. 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%. M&A Summary. SPARK has historically been focused on our Benefits business, but was held as a joint conference across all of our solutions for the first time this year. 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 . Any callouts with respect to volume and -- as well as yield? 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? 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 . Inventory Information Approval System (IIAS). We are not responsible as a company for the HSA account. 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. WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. So we should see these kind of interchange levels as we flow through the year. WEX: Employee Benefits and Perks | Glassdoor Those assets tend to be much smaller in size. 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. Purchase volume issued by WEX was $18.6 billion, which was an increase of 58% versus last year. Of our clients choose us because theyre looking for a better service experience for themselves and their employees. We remain in a very healthy financial position and ended the quarter with $922 million in cash. Yes. Yes. And then we look at geographic expansion capabilities, and so there's an active mix across those categories. 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. Simply select your account type below and you'll be sent to the login page for your Benefits account. 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. And so the people that were newer in business and smaller in size, we've had a very targeted issue within that part of the portfolio. WEX Health Cloud helps to administer HSAs, HRAs, FSAs, VEBAs, COBRA, defined-contribution, wellness plans, and transit plans. And we talked about AvidXchange from the customers that we had added more recently. Finally, let's take a look at the Benefits segment. I mean that's obviously impressive. Okay. 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. 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. 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. WEX Inc. Employee Benefits | Built In We estimate the year-over-year impact of fuel prices increased segment revenue by approximately $1 million, including a benefit . Type: Company - Public (WEX) Industry: Investment & Asset Management. Please see Exhibit 1 of the press release for an explanation and reconciliation of these non-GAAP measures. We appreciate you joining us today. WEX offers complete benefits administration, including benefits accounts such as HSAs, FSAs, HRAs, LSAs, COBRA, and more | Set your business free by . But they -- it cumulatively become quite meaningful for 2024. I would also like to remind you that we will discuss forward-looking statements under the Private Securities Litigation Reform Act of 1995. We do feel good about the products that we have. And I would say that's true across every part of the business, so that's the [vetting] process. Sure. What if additional documentation is required? I mean, I think you guys have an investor event coming up around that, right, which we'll go into more detail. 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. Yes. 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. We continue to drive strong growth, resulting in Q1 revenue of $164.9 million. 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. And so those are really the predominant products we have in the Corporate Payments space. No, I think it's a market that will continue to evolve. Before jumping into our performance for the quarter, I'd like to quickly address the recent disruption in the banking industry. There's been the ongoing slowdown in the freight industry with spot rates declining. And one of the things that we find interesting about that part of the business is it's also really resilient. With me today is Melissa Smith, our Chair, CEO and President; and Jagtar Narula, our CFO. And as we -- it looks like that has largely run its course. We have a solution that is live in Europe and United States. And we keep that in mind as we're working through all of this. And so just to be specific, last quarter, we talked about weakness in the over-the-road customer segment, smaller. Benefits Total WEX Inc. Three months ended March 31, 2023 2022 2023 . So Flume is still -- I'd say, still early days, and we've had -- we started this about 15 months ago. Posted 11:56:46 AM. On an organic basis, which excludes the impact of fluctuations in fuel prices and foreign exchange rates, revenue in the quarter grew 19% compared to the prior year's period, once again beating our long-term organic growth target of 8% to 12%. Your next question comes from the line of Bob Napoli with William Blair. Our commitment to providing excellent customer service to both you and your employees is unwavering. But even the construction trades within our portfolio were up a couple of percent. Well, when we talk about the segment internally in the businesses, we think of it as more mobility plays, and as we continue to expand what we're doing, even with our traditional fleet customers as we're moving into this mixed fleet environment, it migrates you into new offerings in that space. If used elsewhere, you may need to upload supporting documentation (depending on your benefits plan). How do I submit claims for reimbursement? 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. And we've started ramping salespeople. And how should we think about the rebound in terms of this factoring revenue on a go-forward basis? COBRA, Retiree & Leave of Absence Member login, Learn more about the Discovery Benefits transition to WEX, Inventory Information Approval System (IIAS). Login 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. Women play an important role at WEX. They want all that data so that they can really understand the total ownership -- cost of ownership for their fleet. Just my quick follow-up. Specifically in the Corporate Payments space, I'd say it's more acute there than some of the other areas of the business. Military veterans possess invaluable leadership skills and business acumen. WEX Inc. Reports First Quarter 2023 Financial Results We brought in our Chief Digital Officer, first time we've had one, a little over a year ago. 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. We just held that same assumption. Good results here. Now I'd like to recap our business highlights in the quarter. WEX is off to a great start in 2023. [9] WEX Fleet also partners with GasBuddy,[10] OnDeck Capital,[11] and Chevron,[12] among other companies, to provide services to customers.