The majority pay is between $82,985 to $107,380 per year. We estimate the year-over-year impact of fuel prices increased segment revenue by approximately $1 million, including a benefit . 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. Those assets tend to be much smaller in size. WEX "benefit" Reviews | Glassdoor If you have a spending or savings account, you can also initiate a chat session directly from your online account. Now I'd like to recap our business highlights in the quarter. Self-Service for Employees. We are not responsible as a company for the HSA account. Powered by WEX Health. And I think -- I mean, related, but you had called out weakness in smaller customers within Mobility last quarter. Got you. And I would say that's true across every part of the business, so that's the [vetting] process. We currently have approximately 85% of our cloud migration completed. Yes. Get Started And the team is focused on each of those areas.So when we talk about that segment, kind of the long-term growth rate that we've had for that segment is 10% to 15%. WEX Health Cloud helps to administer HSAs, HRAs, FSAs, VEBAs, COBRA, defined-contribution, wellness plans, and transit plans. The domestic fuel price in Q1 2023 was $3.86 versus $3.95 in Q1 2022. Yes, you 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 [email protected]. Sure. WEX Benefits Login Simply select your account type below and you'll be sent to the login page for your Benefits account. They encourage questions and curiosity. 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! 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%. The rest of it, I would largely expect to be recurring in nature. WEX Inc. is a provider of payment processing and information management services to the United States commercial and government vehicle fleet industry. You can also access your account from the COBRA mobile app. We expect ANI EPS to be between $13.85 and $14.25 per diluted share. benefitexpress is a leader in cloud-based solutions for benefits administration. Thanks, Melissa, and good morning, everyone. 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. No, I think it's a market that will continue to evolve. 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 . You can also access your account from the WEX benefits mobile app. Year Your next question comes from the line of Ramsey El-Assal with Barclays. Existing Users Username Forgot Username? And kind of how do you think that is going to go through the year? But when you look into the individual SIC code, like construction still grew same-store sales 2% year-over-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? No. We're also encouraged by early cross-sell conversations as we begin the new year. Was this review helpful? Most Common Benefits for Wex Bank. 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. We have also been very focused around EV innovation. And we're providing critical flexibility that allows them to choose from a suite of customized solutions that best set the unique needs of their business. 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? Inside of Mobility, I think you mentioned the slowdown in factoring revenue being a big driver of that finance and late fee yield. Focusing on diversity also means focusing on inclusion. Also, as we noted last quarter, our deposit balances and, as a result, our reported adjusted free cash flow were about $150 million to $175 million more than we would normally expect, which were reversed during Q1. 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? But they -- it cumulatively become quite meaningful for 2024. The delinquency rates are improving, and we expect loss rates to trend down going forward. I also want to mention that we are renaming our existing segments in connection with the rebranding initiatives. Can you just talk a little bit about where you are focusing on the M&A side right now? Login - WEX Health 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. Our platforms areSee this and similar jobs on LinkedIn. Will customer service numbers stay the same? And if I could just ask one follow-up to that. Registration for the webcast of the event will be available on the Investor Relations section of our website in the coming weeks. And I guess I'm wondering if that's sustainable. And then my last question, just on capital allocation. 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. This concludes the conference call. WEX is our administrator of several employee benefits, including Health Savings Accounts, commuter benefit accounts, an COBRA. Ashley Seitz - Discovery Benefits, A WEX Company, Fargo, North Dakota No. So, no matter which WEX-branded fleet card you pick, you can rest assured that your drivers will always be close to somewhere to fill up on gas or diesel. The Fleet Solutions segment Read More Contact Who is WEX Headquarters 1 Hancock St, Portland, Maine, 04101, United States Phone Number (888) 824-7378 Website www.wexinc.com Revenue $2.4B Stock Symbol WEX Industry [4], Wright Express grew over the next several decades. We have a dedicated leader for this initiative, with dozens of cross-functional teams inside of WEX who are focused on execution and has the full support of me and my entire management team. 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. Total volume across the company came in at $52.3 billion, up . Of our clients choose us because theyre looking for a better service experience for themselves and their employees. [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. On the Benefits front, we completed a very positive open enrollment season. 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. If used elsewhere, you may need to upload supporting documentation (depending on your benefits plan). File a claim, view account balance and summary information, sign up for FREE direct deposit, get email notifications, and more! So we do believe that not only do we have this opportunity nascent within the existing customer base, with the products they have but we're building in the future, both through digital capability and through this migration to a mixed fleet offering that's going to create opportunity for us. The company traces its origins to A.R. 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 [email protected] or by submitting a case anytime from your LEAP account. New users can create a new account to get started. (Operator Instructions) Your first question comes from the line of Sanjay Sakhrani with KBW. In January 2020, the company announced it would acquire travel payments companies eNett and Optal from Travelport for $577.5 million.[20]. I just want to make sure I understood that no impact on deposit funding from a WEX Bank standpoint. Discovery Benefits | WEX Inc. . 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 ERGs drive diversity by fostering new bonds and communities across the company. 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 we start with that because I think that there's still meaningful opportunity there, both in the United States and outside the United States. Our business model here is very strong and revenue drop-through for this segment is high given our relatively fixed cost base. No action is needed by you and you can keep the notice for your records. 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. So we're continuing to see strength within the North American fleet business. This reflects continued strength in the consumer travel demand, and we are very pleased with these results. [5] In 2012, it adopted the name WEX, signaling a shift away from focusing on fuel cards and expanding into other payment solutions. It was maybe 70%, 80% or whatever it looked like. You will not need to make any changes to your recurring ACH schedule. 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. In our case, greater than 95% of our deposits are FDIC-insured. I'm excited by the positive response and the momentum we're seeing across the business. Username Forgot Username? Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. Melissa D. Smith; Chairman of the Board, President & CEO; WEX Inc. Steven Alan Elder; SVP of Global IR; WEX Inc. Andrew William Jeffrey; Director; Truist Securities, Inc., Research Division, Darrin David Peller; MD & Senior Analyst; Wolfe Research, LLC, David John Koning; Associate Director of Research & Senior Research Analyst; Robert W. Baird & Co. In the 1980s, A.R. It operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. 1700 E. Golf Road, Suite 1000, Schaumburg . Now let's move to segment results, starting with Mobility. You can continue to log in to your online account or mobile app to file a claim. 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. Self-Service Portal. Over 90% of our clients come to us seeking a better benefits experience for them and their employees. Sure. So it gives you really good visibility in terms of what's going to play out in the course of the year. Remember Me Next. But so far, in April, things are trending well for us. Revenue from travel-related customers was up 87% versus Q1 2022. So I think that provides evidence that our funding sources remain quite strong. Do I need to create a new account? Non-GAAP adjusted net income was $145.8 million or $3.31 per diluted share. 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%. While we may update forward-looking statements in the future, we disclaim any obligations to do so. Discovery Benefits is now WEX - WEX Benefits You Glassdoor has salaries, wages, tips, bonuses, and hourly pay based upon employee reports and estimates. So I think that we've gotten the benefit of that. I know both of you talked about a little bit, just the stresses on the banking system and all the banking turmoil and deposit activity, it sounds like you managed it well. I mean, I think you guys have an investor event coming up around that, right, which we'll go into more detail. If you already use the app, just log in with your existing username and password. Mobility revenue for the quarter was $342.3 million, a 7% increase over the prior year powered by solid volume growth from new customer wins and renewals and an increase in the interchange rate earned on payment processing transactions. 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 [email protected]. A piece of that is also coming from this anticipation that we'll continue to benefit from the custodial deposits that we have. 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 . Welcome to your single source for all you need to know about your benefit account (s). Your WEX benefits debit card makes it easy to spend your funds on eligible expenses. [6], In 2019, WEX opened a new 100,000-square-foot headquarters across from the Ocean Gateway International Marine Passenger Terminal in Portland, Maine. Login. These updated ranges represent an increase of $20 million in revenue and $0.25 of EPS compared to the midpoint of our previous guidance. You can view the status of your claims and upload documentation easily with our benefits mobile app or through your online account. New User. Wex Bank Company Overview. . 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. Let me start with an update on our electric vehicle initiatives.
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