wex company benefits

Where do I log in to my online account? If you already use the app, just log in with your existing username and password. Yes. And I would say that travel will be the higher of that, and Corporate Payments would be on the lower side. So how do we think about -- first of all, just if you could reiterate what's really driving that, what the strategy is for that business going forward and the kind of growth profile we can assume into the second half of the year, especially as this Midwest manager comes out as well. A piece of that is also coming from this anticipation that we'll continue to benefit from the custodial deposits that we have. From an earnings perspective, on a GAAP basis, we had net income attributable to shareholders of $68 million in Q1. 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. And I guess I'm wondering if that's sustainable. This highlighted the ongoing transformation of our business as we discuss unifying product themes around data, payments and digitization. WEX can help simplify these challenges today, and we are innovating to anticipate and address those of tomorrow. Aside from the base salary, Wex Bank offers its employees a list of benefits. Is it Corporate Payments? We have also been very focused around EV innovation. We are aware in monitoring what's happening within the marketplace. Your session has been timed out due to inactivity. The company has more than 3,500 team members throughout the world and supports more than 20 currencies and 10 countries, with locations in Asia, Japan, Australia, Europe, and Latin America. www.discoverybenefits.com. We'll build on this launch by focusing on learnings and rapidly innovating our offering for U.S.-based customers. Is there a change to where I mail my COBRA premiums and can I continue to use my current COBRA/retiree premium payment coupons? [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. Using our definition, adjusted free cash flow was negative $61 million through Q1, which is $16 million better than 2022. If used elsewhere, you may need to upload supporting documentation (depending on your benefits plan). And as a result, I am pleased to share that we are raising our guidance for 2023 to reflect those results as well as the benefit of share repurchases completed to date. 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 . It is an area that we continue to take market share. WEX Inc. (WEX Quick Quote WEX - Free Report) delivered better-than-expected first-quarter 2023 results. Okay. We have hundreds of customers that are using the product. Skip to content. . And so when you think about that business, you do a lot of your onboarding before you start the year. Your WEX benefits debit card makes it easy to spend your funds on eligible expenses. Please see Exhibit 1 of the press release for an explanation and reconciliation of these non-GAAP measures. WEST FARGO WEX Inc., a payment systems company based in Portland, Maine, downsized its operation through wide-ranging layoffs on Friday, Oct. 14, including in North Dakota. So Ramsey, I mean, I think you asked a longer-term question. 88 were here. 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 customerservice@wexhealth.com. Was this review helpful? And we've started ramping salespeople. (866) 451-3399. srehr@discoverybenefits.com. Now I'd like to recap our business highlights in the quarter. They encourage questions and curiosity. That was a place where we're seeing positive same-store sales during the bulk of the pandemic. WEX has 5 employees across 31 locations and $2.35 b in annual revenue in FY 2022. . You can also access your account from the WEX benefits mobile app. [17] Some partners include Fifth Third Bancorp,[18] Paychex,[19] HSA Bank, and Discovery Benefits. 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. There are no changes to what is included in each segment. Job Training & Conferences. Women play an important role at WEX. New User. And as we -- it looks like that has largely run its course. Participants Accounts HSA, FSA, HRA/Wellness & Commuter Discovery Benefits, A WEX Company Business Data. Over 90% of our clients come to us seeking a better benefits experience for them and their employees. The biggest piece of that is some of the larger customers. Okay. We are looking at where do you want to continue to build, and we've had a bias of buildings just again because of what's happening with multiples. Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. We appreciate you joining us today. SOUTH PORTLAND, Maine-- ( BUSINESS WIRE )-- WEX Inc. (NYSE: WEX), a leading financial technology service provider, announced today that it has . And then on the negative side was the factoring item that you mentioned. Yes. We provide payment solutions to businesses of all sizes across a wide spectrum of sectors, including fleet, corporate payments, travel and health. With that, I'll turn the call over to Melissa. 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%. 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. 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. The take rate was down over last quarter primarily because of the scheme fees that we called out last quarter. 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. Welcome to WEX! Non-GAAP adjusted net income was $145.8 million or $3.31 per diluted share. 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. Where does it work? The rest of it, I would largely expect to be recurring in nature. 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 . This administrator has more than 100 multiemployer clients, allowing for a large market reach. For the full year, we expect to report revenue in the range of $2.45 billion to $2.49 billion. 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? I mean for a good reason, you're prioritizing electric vehicles. 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. Each account that is available on the debit card is referred to as a "purse". Military veterans possess invaluable leadership skills and business acumen. So we are continuing to build the direct sales force. Benefits Total WEX Inc. Three months ended March 31, 2023 2022 2023 . Or is this more likely 2024 contributors? Included in that, we look at what do we have for contracts that have been signed but not yet implemented and what -- so what do we need to actually push through from an implementation perspective? Remember Me Next New User? The delinquency rates are improving, and we expect loss rates to trend down going forward. And that's split roughly evenly between HSA deposits and non-HSA deposits. 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. We also continue to benefit from a rebound in travel volume globally. Overall travel-related purchase volumes pro forma for the eNett acquisition was up 29% versus 2019 with approximately half of the growth due to the number of transactions and half due to the value of each transaction. 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. WEX is off to a great start in 2023. And how should we think about the rebound in terms of this factoring revenue on a go-forward basis? If used at an IIAS merchant, simply swipe your card and it will automatically approve anything thats an eligible expense. So I guess 2 questions. More 04/14/2023 You can also mail or email a Discovery Benefits claim form to us for processing. . 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%. 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. And so I think we're continuing to get a little bit of benefit of that. Remember Me Next. But as Melissa just mentioned, we also expect the other segments to continue to grow as well. So our interchange rate was up nicely this quarter. 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. I wanted to ask on Corporate Payments, if that's okay, just thinking about rest of the year. 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, including fleet, corporate payments, and healthcare. I talked about the fact that we've had 40 signings in the quarter. Total net revenue for the first quarter of 2023 increased 18% to $612.0 million from $517.5 million for the first quarter of 2022. WEX rewards excellence, hard work, and innovation by providing qualified . Yes. Do you feel like you have the capabilities internally at this point that you need to grow that direct business? 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. Discovery Benefits is now a part of WEXinc and you can log into your account using the links below. So yes, you're correct. And so we continue to look at assets, move assets through our pipeline, sort of the same rigor that we have historically. Will employer services numbers stay the same? It tends to be a higher quarter for travel. Yes. Okay. Can you elaborate a little bit -- I guess, it's also on lines of M&A. [6], In 2019, WEX opened a new 100,000-square-foot headquarters across from the Ocean Gateway International Marine Passenger Terminal in Portland, Maine. We were very pleased with our SaaS accounts growth, which was up 14% in Q1 versus the prior year. So I think that gives a lot of comfort to depositors with us. So again, not necessarily because we're seeing that trend within our portfolio, but consistent with what we had said in the last quarter. 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. What if additional documentation is required? The average salary for WEX is $121k per year, which includes an average base salary of $106k and an average bonus of $14k. So some of that impacts 2023. 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. 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. We will be updating the login page for LEAP and will share a link to the new URL once it is live. But I'm going to start, and I'm sure Jagtar will add on to this. 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 employerservices@wexhealth.com or by submitting a case anytime from your LEAP account. Looking for your Discovery Benefits Login? Your next question comes from the line of Dave Koning with Baird. 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. Is that where you see the largest future growth opportunity? Where does it work? [4], Wright Express grew over the next several decades. Like how are you thinking about M&A right now? And we'll continue to look at where should we build, where should we partner, where should we buy. There's a significant pipeline in development beyond that with an overall vision of enabling managers to grow their fleet and have a unified experience using our products no matter how their vehicles are powered. Data within our platforms are aligned on Day 1 and updated daily. So one thing I would point out, just at a top level, you'll see that our deposits increased about $1 billion from the end of Q4 to the end of Q1 this year. And that product itself, highly tech-enabled, really important that has strong uptime. File a claim, view account balance and summary information, sign up for FREE direct deposit, get email notifications, and more! You can view the status of your claims and upload documentation easily with our benefits mobile app or through your online account. Website: Size: 50 - 100 Revenue: $10M - $50M . Self-Service Portal. Women play an important role at WEX. And if I could just ask one follow-up to that. We are pleased with this result and are working diligently to continue on this track. So we're continuing to see strength within the North American fleet business. 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. And one of the things that we find interesting about that part of the business is it's also really resilient. Existing User. You may now disconnect your lines. So as Jagtar said, we had a really strong open enrollment season. We remain in a very healthy financial position and ended the quarter with $922 million in cash. This is thanks, in part, to contractual limitations to early withdrawals, and it's also evidence that the market for these funding vehicles continues to remain strong. Yes. benefitexpress, a WEX Company 1700 E Golf Rd. Glassdoor has salaries, wages, tips, bonuses, and hourly pay based upon employee reports and estimates. It operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. 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. Posted 11:56:46 AM. benefitexpress is based in Schaumburg, Illinois. WEX Engaged Employer Overview 750 Reviews 214 Jobs 1.3K Salaries 109 Interviews 315 Benefits 4 Photos 305 Diversity + Add a Review WEX Employee Reviews about "benefit" Updated Apr 24, 2023 Search Reviews Clear All Full-time, Part-time English Filter Found 157 of over 751 reviews Sort Popular Popular COVID-19 Related Highest Rating Lowest Rating The beginning of each year is typically a weak time for cash flow due to the timing of some payments. Thanks for the question. As I complete my prepared remarks, I would like to emphasize how pleased we were with our Q1 results. Your next question comes from the line of Nik Cremo with Credit Suisse. 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. How does it work? 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. Yes. 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 continue to see travel volumes in April in line with our forecast. Great job at ensuring payments are made in a timely fashion with recurring payments! 78%. You will not need to make any changes to your recurring ACH schedule. Okay. WEX SPARK 2023 is our annual learning and networking event that focuses on new technologies and emerging industry trends meant to simplify payments, fleet management, and benefits administration and help fuel business growth. Verified User. 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. New User. 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. You can also access your account from the COBRA mobile app. 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! 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? We brought in our Chief Digital Officer, first time we've had one, a little over a year ago. WEX Inc. provides corporate card payment solutions in North and South America, the Asia Pacific, and Europe. With me today is Melissa Smith, our Chair, CEO and President; and Jagtar Narula, our CFO. Just in the Benefits business, you've had a couple of really strong open enrollment seasons, and obviously, these new wins. Your benefit plans set up in WEX automatically feed over to ADP, preventing duplicate setups. When your card expires, or you report your card lost or stolen, we will send you a new WEX benefits card. Congrats on the strong results. Year Discovery Benefits is now a part of WEXinc and you can log into your account using the links below. WEX Benefits Login Simply select your account type below and you'll be sent to the login page for your Benefits account. Welcome to WEX! 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 have pipelines that are continuing to fill and feel good about the close rates we have this year, which will more largely impact revenue next year. Get Started Registration for the webcast of the event will be available on the Investor Relations section of our website in the coming weeks. We currently have approximately 85% of our cloud migration completed. Yes. Inside of Mobility, I think you mentioned the slowdown in factoring revenue being a big driver of that finance and late fee yield. We will continue to manage capital allocation between organic investment, M&A and returning capital to shareholders. 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 cobraadmin@wexhealth.com. benefitexpress is a cloud-based platform for employee benefits and health exchange services. The acquisition is expected to be neutral to the company's adjusted . It's a better customer experience. We had record attendance at SPARK, which shows the importance of our solutions and how they resonate with customers. The employee's options to upload receipts seem difficult for some. 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. benefitexpress Benefit Express Services LLC. I know there's seasonality to the yield likely, but maybe you could just help us think through that. How do my employees reach you? Jagtar talked about the fact we've seen that stabilize within our portfolio. Will my service experience change? So it gives you really good visibility in terms of what's going to play out in the course of the year. Yes. [9] WEX Fleet also partners with GasBuddy,[10] OnDeck Capital,[11] and Chevron,[12] among other companies, to provide services to customers. And we talked about AvidXchange from the customers that we had added more recently. What's it like in April? 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. We continue to add to the product set that we have in the marketplace. Will my recurring payment for premiums continue? 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. Inventory Information Approval System (IIAS). We have, again, seen stability within the portfolio. 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. I think that was about $5 million. The segment adjusted operating income margin for the quarter was 40.5%, down from 50.2% in Q1 2022. Other than macro factors like fuel prices and interest rates, we are largely maintaining our previous guidance for everything else. 1700 E. Golf Road, Suite 1000, Schaumburg . Based on 17 WEX Benefits reviews. Plenty of room for advancement So there's a couple of things that are happening within that segment. I'm asking because I'm just always trying to learn the difference between the volume growth and the revenue growth. 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. New users can create a new account to get started. 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. This allows us to see the company through a different lens or perspective than we normally would. So to the extent that, that becomes a larger mix of the total, you would expect that to be a positive benefit to the rate. 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. . An executive may or may not realize all of the Total Co mpensation during their tenure at the Company. Now let's move to segment results, starting with Mobility. Remember Me Next. Spot rates went down. Our objective is to create a universal network of EV charging stations similar to our fuel acceptance network. 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. WEX has offices in 14 countries and employs approximately 5,600 people around the world. Username Forgot Username? 4321 20th Ave S, Fargo, ND 58103. And then my last question, just on capital allocation. 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. When we've talked about the long-term growth rate of that being 15% to 20%, a piece of that comes from this continued shift to consumer-directed health care. Where do I log in to my account? Continue to use any premium payment coupons you already have and continue to mail them to the address located on the coupon. Youll continue to leverage the same online account, mobile app, and debit card (if applicable) you use today. 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. 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.
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