In terms of operational changes, we are closely monitoring the banks that we work with. Prev Next 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 So I said there were some puts and takes in that finance fee revenue. Registration for the webcast of the event will be available on the Investor Relations section of our website in the coming weeks. We can help your team save time and money and eliminate stress. The beginning of each year is typically a weak time for cash flow due to the timing of some payments. In the 1980s, A.R. For the first quarter, total revenue exceeded the midpoint of our guidance by $7 million due to a combination of strong Corporate Payments purchase volume and a very good open enrollment season in our Benefits segment. If used elsewhere, you may need to upload supporting documentation (depending on your benefits plan). Non-GAAP adjusted net income was $145.8 million or $3.31 per diluted share. And so just to be specific, last quarter, we talked about weakness in the over-the-road customer segment, smaller. Get the latest Health Trends & Insights news in your inbox. 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. Continue to log into LEAP like you do today using your existing username, password and passcode to access either your benefits administration or COBRA administration. Women play an important role at WEX. Welcome to WEX! In 2012, WEX Fleet acquired Fleet One to provide fleet cards to drivers. Just within the -- changing the name to Mobility Solutions at this point, Melissa, just is there a deeper strategic meaning behind that? Our commitment to providing excellent customer service to both you and your employees is unwavering. We continue to invest in our platform to help our customers meet the demands of their markets, employees and customer [bids]. So our interchange rate was up nicely this quarter. I wanted to ask about the Corporate Payments segment. 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. Existing User. 211 reviews from WEX Inc. employees about WEX Inc. culture, salaries, benefits, work-life balance, management, job security, and more. No, that's prudent and makes sense. The company continues to have a significant presence in South Portland. Please go ahead. The fraud remediation activities that I've spoken about in prior quarters, which include working with the truck stop operators, continuing to enhance our fraud detection tools and releasing fraud-focused product enhancements appear to be delivering a fraud reduction impact as intended. Any clarity on how that spread might behave here in the next couple of quarters? It operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. Welcome to your single source for all you need to know about your benefit account(s). The leverage ratio, as defined in the credit agreement, stands at 2.5x, which is at the bottom end of our long-term target of 2.5 to 3.5x. ERGs drive diversity by fostering new bonds and communities across the company. There are no changes to what is included in each segment. 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. 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 Verified User. With me today is Melissa Smith, our Chair, CEO and President; and Jagtar Narula, our CFO. There seems to be some ongoing spot rate stabilization in the freight industry, but we're expecting these kind of rates going forward. WEX Inc. (WEX Quick Quote WEX - Free Report) delivered better-than-expected first-quarter 2023 results. Payment processing transactions were up 4% year-over-year. . Okay. We've looked at a range of metrics around the banks we look at -- we work with, from what's the ratio of insured to uninsured deposits, credit default swaps, things like that, just to make sure that we're prudently managing money and moving it around where appropriate to banks that we're more comfortable with. The CDs, it's interesting, even in '08 when there was a real freeze in the banking marketplace, people moved money into the CD market, and so it's a really stable source of funding. . So we have ramped the investments that we've made in that part of the business over the last couple of years. Reported anonymously by WEX employees. It's a better customer experience. Of our clients choose us because theyre looking for a better service experience for themselves and their employees. Okay. And one of the things that we find interesting about that part of the business is it's also really resilient. We appreciate you joining us today. WEX salary ranges from $47k to $284k. If you already use the app, just log in with your existing username and password. March 05, 2019 04:05 PM Eastern Standard Time. I wanted to maybe just start with just your intraquarter volume trends. Professional Development Benefits. 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. 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. I think the multiemployer administrator in Benefits, the large health system in Corporate Payments. Discovery Benefits is now a part of WEXinc and you can log into your account using the links below. New users can create a new account to get started. 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. The second product that we have is an AP direct product, where we have just started ramping a direct sales force. The company is headquartered in Portland, Maine[2][3] and provides services in the United States, Canada, South America, Europe, Asia, and Australia. Fitness Subsidies. We expect ANI EPS to be between $3.45 and $3.55 per diluted share. 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.. We will continue to manage capital allocation between organic investment, M&A and returning capital to shareholders. 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? 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. Login. And we talked about AvidXchange from the customers that we had added more recently. [4], Wright Express grew over the next several decades. And so working through those, looking at assets we want to invest in. Click the links below to log in to a participant or employer accounts (formerly Discovery Benefits, LLC, a WEX Company). Was this review helpful? [9] WEX Fleet also partners with GasBuddy,[10] OnDeck Capital,[11] and Chevron,[12] among other companies, to provide services to customers. While our name and branding will change, your service experience will not be impacted by these changes. 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. Purchase volume issued by WEX was $18.6 billion, which was an increase of 58% versus last year. Our platforms areSee this and similar jobs on LinkedIn. 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. In Corporate Payments, we signed a part of one of the largest health care systems in the United States. [6], In 2019, WEX opened a new 100,000-square-foot headquarters across from the Ocean Gateway International Marine Passenger Terminal in Portland, Maine. 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 . Shifting gears now, I will provide an update on the balance sheet and our liquidity position. During the event, our leaders shared some of these pain points to our audience of about 1,200 attendees gathered in San . So for example, the Benefits contract that you mentioned, I mean, we've talked about the 25% to 30% growth in our guidance. 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. You can continue to use the debit card you have today. Let me briefly address the increased credit losses, which were within our guidance range of 32 basis points of spend volume, including approximately 4 basis points from fraud losses. 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. As part of this initiative, we've been looking closely at a number of areas of our company using improved processes, data and technology. 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. ). 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. A piece of that is also coming from this anticipation that we'll continue to benefit from the custodial deposits that we have. Will customer service numbers stay the same? Focusing on diversity also means focusing on inclusion. 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 we've had good success in selling that into the fintech community, ultimately in the United States. The rest of it, I would largely expect to be recurring in nature. The employee's options to upload receipts seem difficult for some. Benefits segment purchase volume increased 18%, leading to an 18% increase in payment processing revenue. See the company profile for WEX Inc. (WEX) including business summary, industry/sector information, number of employees, business summary, corporate governance, key executives and their compensation. 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. Of our clients continue to partner with us during renewal because of the experience and support we provide them and their employees. . First Republic in limbo as US regulators juggle bank's fate, Sony shares tumble on weaker-than-expected annual outlook, 'Waste of time': Community college transfers derail students, Asia Stocks Rise, Treasuries Dip in Cautious Trade: Markets Wrap, Poll: Americans fault news media for dividing country. The average annual salary of Wex Bank is estimated to be approximate $94,668 per year. About 150. So we want to make sure that we are continuing to invest in that space. Like I understand your guidance is for a slowdown in the back half, but have you seen any actual slowdown yet across your businesses? It's also, if you look across the whole deposit portfolio, we have over 95% of our deposits are FDIC-insured. HSA funds are payroll-deducted (and company-matched, if applicable) and loaded to the employee's WEX account. And that product itself, highly tech-enabled, really important that has strong uptime. . WEX benefits and perks, including insurance benefits, retirement benefits, and vacation policy. This company is wonderful great pay great benefits and you are treated as a person as opposed to a number. [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. Now let's move to segment results, starting with Mobility. Your next question comes from the line of Ramsey El-Assal with Barclays. 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. The domestic fuel price in Q1 2023 was $3.86 versus $3.95 in Q1 2022. Is that -- are we still early enough in the secular shift to consumer-paid HSA that we can continue to expect big open enrollment seasons that provide momentum and visibility sort of year in and year out in your Benefits business? 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%. 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. Great job at ensuring payments are made in a timely fashion with recurring payments! The first quarter was a very good quarter for us. We are pleased with this result and are working diligently to continue on this track. You will not need to make any changes to your recurring ACH schedule. AllBiz Business Profile Search Background Check. 3 reasons we see people flipping to a fuel card: Apply Now How do I submit claims for reimbursement? And so I wouldn't describe it as weakness, I would say, more slowing of the growth instead. 1983. 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. Is it finding some kind of adjacency expansion capabilities? Please see Exhibit 1 of the press release for an explanation and reconciliation of these non-GAAP measures. Type: Company - Public (WEX) Industry: Investment & Asset Management. Our business model here is very strong and revenue drop-through for this segment is high given our relatively fixed cost base. 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. When you switch to a WEX fleet card, you can eliminate fuel purchases from employee . (formerly known as Wright Express Corporation) is a provider of financial technology solutions. And so those things, combined, have been a really great contribution to the overall business. benefitexpress Benefit Express Services LLC. Yes. WEX Inc. is a provider of payment processing and information management services to the United States commercial and government vehicle fleet industry. And then, I guess, secondly, travel volume, per your charts, look like -- whatever it was, it was big. [17] Some partners include Fifth Third Bancorp,[18] Paychex,[19] HSA Bank, and Discovery Benefits. 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 want to make sure I understood that no impact on deposit funding from a WEX Bank standpoint. No. Create Comparison. So I think that we've gotten the benefit of that. Now I'd like to recap our business highlights in the quarter. We've been listening closely to the evolving needs of our commercial customers. 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. 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. 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. Yes. Get Started Contact Us - Call . Skip to content. We have, again, seen stability within the portfolio. Looking for your Discovery Benefits Login? They were not a party to our credit facility nor counterparties to our hedging relationships. 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. 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? View all pros & cons. Starting in January, participants will receive a message after they log into their online account letting them know Discovery Benefits will be known as WEX. Within that segment, what we'd expect is the normal puts and takes between travel and our nontravel business. Discovery Benefits is now a part of WEXinc and you can log into your account using the links below. www.discoverybenefits.com. 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. We are not responsible as a company for the HSA account. So we're continuing to sell in the marketplace. I think that was about $5 million. What if additional documentation is required? For the full year, we expect to report revenue in the range of $2.45 billion to $2.49 billion. Sure. The company is headquartered in Portland, Maine [2] [3] and provides services in the United States, Canada, South America, Europe, Asia, and Australia . Melissa, I like the color on the direct Corporate Payments offerings. Will my service experience change? PORTLAND, Maine-- (BUSINESS WIRE)-- WEX (NYSE: WEX), a leading financial technology service provider, today announced that it has completed the acquisition of benefitexpress, a leading provider of highly configurable, cloud-based benefits administration technologies and services. Where does it work? Next, let me turn to our operational improvement. 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. Diversity Program. benefitexpress, a WEX Company 1700 E Golf Rd. 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 . No action is needed by you and you can keep the notice for your records. But when you look into the individual SIC code, like construction still grew same-store sales 2% year-over-year. 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. Is that weakness the same on the smaller versus the larger? 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 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. WEX is our administrator of several employee benefits, including Health Savings Accounts, commuter benefit accounts, an COBRA. Continue to log in to your online account like you do today with your existing username and password at https://cobralogin.wexhealth.com. In Benefits, primarily, the conversation is around still employee retention and how we're making sure we're offering benefits within the marketplace that are attractive and continue to evolve in the way that the marketplace expects. Military veterans possess invaluable leadership skills and business acumen. Yes. The press release we issued earlier this morning and a slide deck to walk through our prepared remarks have been posted to the Investor Relations section of our website at wexinc.com. So we -- this is something we watch closely, given the overall discussion about the macro economy. One, is the embedded payments product, which is what is used within our travel customer base. Jagtar talked about the fact we've seen that stabilize within our portfolio. 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 . Expediting changes and reducing questions and discrepancies. Sure. But they -- it cumulatively become quite meaningful for 2024. But I wanted to understand how fast do these signings contribute to revenues? The domestic fuel price in Q1 2023 was $3.86 versus $3.90 in 2022. Nontravel-related Corporate Payments customer volume grew 17% versus last year, and revenue was up 4%. We have mailed a notice of assignment regarding our brand and legal entity name to the physical address we have on file for your company. Year Okay. Yes. Will my recurring payment for premiums continue? Thanks, Melissa, and good morning, everyone. 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. Please login again. 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. And so when you think about that business, you do a lot of your onboarding before you start the year. A copy of the release has also been included in an 8-K we filed with the SEC earlier this morning. So we're continuing to see strength within the North American fleet business. 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. We do feel good about the products that we have. A little bit elevated still knowing that there's pent-up demand. We also saw volume growth in our direct channel, and we are pleased to sign more than 40 new direct Corporate Payment customers in the quarter. WEX has offices in 14 countries and employs approximately 5,600 people around the world. An executive may or may not realize all of the Total Co mpensation during their tenure at the Company. 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. Focusing on diversity also means focusing on inclusion. Before jumping into our performance for the quarter, I'd like to quickly address the recent disruption in the banking industry. WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. So the second half of the year, because we assume that's going to be a slow growth environment, again, as we're going from really accelerated growth rates in Q1, dropping a little in Q2 but still some really strong growth rates in Q2 and our expectation in travel, with that trailing off into more of what, I would say, kind of the traditional growth environment. 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? New User. We have a solution that is live in Europe and United States. 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. But if this is excluded from both periods, the core operating margin would still have increased nearly 1%. What's it like in April? 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. Over 90% of our clients come to us seeking a better benefits experience for them and their employees. 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. (Operator Instructions) Your first question comes from the line of Sanjay Sakhrani with KBW. So I think that gives a lot of comfort to depositors with us. 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. WEX Inc. is a provider of payment processing and information management services to the United States commercial and government vehicle fleet industry. Yes. 78%. We brought in our Chief Digital Officer, first time we've had one, a little over a year ago. So that's an area where we look at product or product adjacencies across really in any part of the business. You can also access your account from the WEX benefits mobile app. 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. COBRA, Retiree & Leave of Absence Member login, Learn more about the Discovery Benefits transition to WEX, Inventory Information Approval System (IIAS). So those direct accounts would come in at a higher rate, which is one of the reasons we go direct there. Benefits revenues of $164.9 million registered 36% year-over-year growth. We'll build on this launch by focusing on learnings and rapidly innovating our offering for U.S.-based customers. We have hundreds of customers that are using the product. 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. Thank you. And just one follow-up question for Jagtar. 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 . Language links are at the top of the page across from the title. Get the latest Health Trends & Insights news in your inbox. Like how are you thinking about M&A right now? In our case, greater than 95% of our deposits are FDIC-insured. So there's a number of things that are really important to that customer base. Your next question comes from the line of Mihir Bhatia of Bank of America. WexLocationCode.setTransientValue("wex02"); 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. 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. As you've seen our metrics, the net late fee rate was up slightly versus the prior year mostly as a result of the new ExxonMobil small business portfolio added late last year. These updated ranges represent an increase of $20 million in revenue and $0.25 of EPS compared to the midpoint of our previous guidance. 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.
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