I guess in the Mobility segment, the payment processing rate was really high. We were very pleased with our SaaS accounts growth, which was up 14% in Q1 versus the prior year. 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. And I guess I'm wondering if that's sustainable. So it gives you really good visibility in terms of what's going to play out in the course of the 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. And I think -- I mean, related, but you had called out weakness in smaller customers within Mobility last quarter. 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. Is that where you see the largest future growth opportunity? Yes. And M&A is something, obviously, we're always active. There are no changes to what is included in each segment. 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 . I think the multiemployer administrator in Benefits, the large health system in Corporate Payments. We appreciate you joining us today. benefitexpress Mergers and Acquisitions Summary | Mergr This highlighted the ongoing transformation of our business as we discuss unifying product themes around data, payments and digitization. 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 . But we feel like we have a good foundation that we continue to build upon. We are excited and proud to share that in 2021, Discovery Benefits, LLC, a WEX Company will be known as WEX. 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. Our message to customers centered on WEX' unique ability to address the challenges they see in their businesses. 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. And then we look at geographic expansion capabilities, and so there's an active mix across those categories. But they -- it cumulatively become quite meaningful for 2024. Shifting gears now, I will provide an update on the balance sheet and our liquidity position. Manager in Human Resources. 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. Good results here. This reflects continued strength in the consumer travel demand, and we are very pleased with these results. WEX (NYSE: WEX) is a leading financial technology service provider. 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? . Type: Company - Public (WEX) Industry: Investment & Asset Management. We had anticipated the trend of higher late fee rates that we saw at the end of last year to continue in Q1. Your next question comes from the line of Tien-Tsin Huang of JPMorgan. In our case, greater than 95% of our deposits are FDIC-insured. There seems to be some ongoing spot rate stabilization in the freight industry, but we're expecting these kind of rates going forward. New users can create a new account to get started. Your WEX benefits debit card makes it easy to spend your funds on eligible expenses. So I said there were some puts and takes in that finance fee revenue. Any clarity on how that spread might behave here in the next couple of quarters? WEX generates a significant amount of cash each year with Q1 typically being the lowest due to seasonality. So we expect some volume impacts from that as we go through the next couple of quarters. Get Started Contact Us - Call . New User. 78%. The take rate was down over last quarter primarily because of the scheme fees that we called out last quarter. Diversity Program. 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. File a claim, view account balance and summary information, sign up for FREE direct deposit, get email notifications, and more! Is that weakness the same on the smaller versus the larger? Inside of Mobility, I think you mentioned the slowdown in factoring revenue being a big driver of that finance and late fee yield. 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. 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. WEX Inc. - WEX Completes Acquisition of benefitexpress HSA funds are payroll-deducted (and company-matched, if applicable) and loaded to the employee's WEX account. I talked about some of the reasons for it in our prepared remarks. benefitexpress is based in Schaumburg, Illinois. WEX Benefits | LinkedIn Sales Based on 148 salaries Account Manager 22 salaries Regional Sales Manager Plenty of room for advancement 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? Sure. Turning now to Corporate Payments. Can you just talk a little bit about where you are focusing on the M&A side right now? WEX Virtual launched in 2000 [14] in support of customers including HitchHiker,[15] HotelTonight, Expedia, and Priceline. Yes. Welcome to WEX! Yes. And so we have a whole separate work stream that we've added over the last year. Can you elaborate a little bit -- I guess, it's also on lines of M&A. Yes. Total volume across the company came in at $52.3 billion, up . M&A Summary. Great. Our platforms areSee this and similar jobs on LinkedIn. Great job at ensuring payments are made in a timely fashion with recurring payments! And so those things, combined, have been a really great contribution to the overall business. 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. As I complete my prepared remarks, I would like to emphasize how pleased we were with our Q1 results. And if I could just ask one follow-up to that. What if additional documentation is required? WEX Inc. - WEX Signs Agreement to Acquire Discovery Benefits WEX announces company-wide layoffs; West Fargo employees impacted And I'd say those contract expectations would have been built into that. 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. Okay. Approximately $26 million of the revenue increase in this segment is due to the average interest rate earned on these balances increasing from 1.24% last year to 3.9% this year. 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. And so I think we're continuing to get a little bit of benefit of that. Welcome to benefitexpress, a WEX Company's Plan Document System 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. Finally, let's take a look at the Benefits segment. WEX Inc. Reports First Quarter 2023 Financial Results 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. The rest of the portfolio, some of the growth rates are slowing within same-store sales, and I talked about the fact that a lot of the benefit that we received in the quarter came from some of the larger customers. Total segment revenue for the quarter increased 36% to $104.8 million. Registration for the webcast of the event will be available on the Investor Relations section of our website in the coming weeks. Hello, and welcome to the WEX Q1 2023 Earnings Call. It is an area that we continue to take market share. Okay. We expect ANI EPS to be between $3.45 and $3.55 per diluted share. Yes, sure. This allows us to see the company through a different lens or perspective than we normally would. In the 1980s, A.R. Over 90% of our clients come to us seeking a better benefits experience for them and their employees. 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. 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. WEX Inc. (WEX Quick Quote WEX - Free Report) delivered better-than-expected first-quarter 2023 results. While we may update forward-looking statements in the future, we disclaim any obligations to do so. 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. Finally, let's move to revenue and earnings guidance for the second quarter and the full year. 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. COBRA, Retiree & Leave of Absence Member login, Learn more about the Discovery Benefits transition to WEX, Inventory Information Approval System (IIAS). Where do I log in to my online account? Pros and Cons of WEX Benefits 2023 - TrustRadius Based on 17 WEX Benefits reviews. We have hundreds of customers that are using the product. 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. When you switch to a WEX fleet card, you can eliminate fuel purchases from employee . Spot rates went down. As you will hear from Jagtar, we had terrific results in Benefits this quarter, and we're excited to share more about this sizable, fast-growing and profitable business with you on June 1. WEX Health, Inc. - Health Plan Alliance Most of these expanded relationships are Mobility customers to whom we were able to sell a Benefits solution. More broadly, as we drive our strategy of simplification and convenience in the EV space, the first phase of our EV product rollout is focused on en route charging. Neither of these banks were customers or partners of WEX, and we had minimal deposit exposure. Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. And we've talked about 25% to 30% growth for the year for the Benefits segment. SOUTH PORTLAND, Maine-- ( BUSINESS WIRE )-- WEX Inc. (NYSE: WEX), a leading financial technology service provider, announced today that it has . 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. Discovery Benefits is now WEX - WEX Benefits You 88 were here. Thank you, operator, and good morning, everyone. Okay. Please go ahead. Participants Accounts HSA, FSA, HRA/Wellness & Commuter Higher credit losses versus the prior year were the primary reasons for the lower margin. 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]. Specifically, you can use it anywhere with an Inventory Information Approval System (IIAS) or at merchants that meet the IRS 90 percent rule (where 90% of gross sales meet eligibility requirements). 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. The acquisition is expected to be neutral to the company's adjusted . Benefits revenues of $164.9 million registered 36% year-over-year growth. WEX Inc. Reports First Quarter 2023 Financial Results - Yahoo Finance And so just to be specific, last quarter, we talked about weakness in the over-the-road customer segment, smaller. From an earnings perspective, on a GAAP basis, we had net income attributable to shareholders of $68 million in Q1. We continue to drive strong growth, resulting in Q1 revenue of $164.9 million. We also had a period of time where people were less likely to make changes because of what was happening -- a bit of an overhang from the pandemic.
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