wex company benefits

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. It's also, if you look across the whole deposit portfolio, we have over 95% of our deposits are FDIC-insured. It tends to be a higher quarter for travel. Finally, let's move to revenue and earnings guidance for the second quarter and the full 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. Military veterans possess invaluable leadership skills and business acumen. From an earnings perspective, on a GAAP basis, we had net income attributable to shareholders of $68 million in Q1. Continue to use any premium payment coupons you already have and continue to mail them to the address located on the coupon. 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. 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? The company continues to have a significant presence in South Portland. Net income attributable to shareholders on . Our investments in data and advanced analytics, for example, are benefiting customers across our platform. 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. WEX Health Cloud helps to administer HSAs, HRAs, FSAs, VEBAs, COBRA, defined-contribution, wellness plans, and transit plans. Where do I log in to my online account? 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. 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. The second product that we have is an AP direct product, where we have just started ramping a direct sales force. File a claim, view account balance and summary information, sign up for FREE direct deposit, get email notifications, and more! But they -- it cumulatively become quite meaningful for 2024. 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 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. Remember Me Next New User? How do I submit claims for reimbursement? Let me add a couple of comments there. Please login again. 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. 88 were here. We're excited to be able to really go a bit deeper in that business, make sure that people have the visibility and can really understand the products we have in the marketplace, how we compete. So that's an area where we look at product or product adjacencies across really in any part of the business. Simply select your account type below and you'll be sent to the login page for your Benefits account. And so our expectation right now is that we will continue to grow ex PPG, ex FX at our target growth rate of 4% to 8%. Specifically in the Corporate Payments space, I'd say it's more acute there than some of the other areas of the business. You will not need to make any changes to your recurring ACH schedule. 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. So our interchange rate was up nicely this quarter. 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. benefitexpress is a cloud-based platform for employee benefits and health exchange services. 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. Existing Users Username Forgot Username? Yes. (866) 451-3399. srehr@discoverybenefits.com. 78%. Your session has been timed out due to inactivity. Benefits segment purchase volume increased 18%, leading to an 18% increase in payment processing revenue. If used elsewhere, you may need to upload supporting documentation (depending on your benefits plan). We brought in our Chief Digital Officer, first time we've had one, a little over a year ago. We expect to reach our overall cloud goals later this year, allowing us to further leverage shared technologies across product set. It's a better customer experience. 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. [17] Some partners include Fifth Third Bancorp,[18] Paychex,[19] HSA Bank, and Discovery Benefits. M&A Summary. We will be updating the login page for LEAP and will share a link to the new URL once it is live. Where do I log in to my online account? 211 reviews from WEX Inc. employees about WEX Inc. culture, salaries, benefits, work-life balance, management, job security, and more. 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. During the event, our leaders shared some of these pain points to our audience of about 1,200 attendees gathered in San . And then, I guess, secondly, travel volume, per your charts, look like -- whatever it was, it was big. benefitexpress is a leader in cloud-based solutions for benefits administration. Diversity Program. We've definitely looked at this business similar to the way that we look at everything else. Or is this more likely 2024 contributors? Please see Exhibit 1 of the press release for an explanation and reconciliation of these non-GAAP measures. 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. Great job at ensuring payments are made in a timely fashion with recurring payments! Benchmarked against 2019, we're seeing improvement versus Q4 in all regions with the largest gains coming from Europe. 1983. Yes. Your next question comes from the line of Andrew Jeffrey with Truist. 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. We had anticipated the trend of higher late fee rates that we saw at the end of last year to continue in Q1. We currently have approximately 85% of our cloud migration completed. And I would say that's true across every part of the business, so that's the [vetting] process. The $43.8 million increase represents 36% over the prior year. WEX Inc. WEX delivered better-than-expected first-quarter . Year We estimate the year-over-year impact of fuel prices increased segment revenue by approximately $1 million, including a benefit . ). WEX Inc. WEX yesterday announced that it has inked a deal to purchase benefitexpress for a sum total of nearly $275 million. Can you elaborate a little bit -- I guess, it's also on lines of M&A. Okay. So still decent growth we have in our underlying assumption because we know that there's still pent-up demand, but coming off the highs that we're seeing in first and second quarters. Mihir, I would say that the contracts that Melissa talked about are factored into the guidance we've given out. March 05, 2019 04:05 PM Eastern Standard Time. 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. WEX Inc. (WEX Quick Quote WEX - Free Report) delivered better-than-expected first-quarter 2023 results. Yes. 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. 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. I wanted to maybe just start with just your intraquarter volume trends. Simplifying benefits for everyone. No, that's prudent and makes sense. So as Jagtar said, we had a really strong open enrollment season. (Say goodbye to paper implementations. 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. So Flume is still -- I'd say, still early days, and we've had -- we started this about 15 months ago. 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? Nontravel-related Corporate Payments customer volume grew 17% versus last year, and revenue was up 4%. And so those are really the predominant products we have in the Corporate Payments space. Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. Access your WEX benefits account Click the links below to log in to a participant or employer accounts (formerly Discovery Benefits, LLC, a WEX Company). 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Read More. 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. Was this review helpful? WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. So there's a couple of things that are happening within that segment. 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. Neither of these banks were customers or partners of WEX, and we had minimal deposit exposure. And we've talked about 25% to 30% growth for the year for the Benefits segment. What if additional documentation is required? I know the net interchange piece was down a little bit from incentives. In 2012, WEX Fleet acquired Fleet One to provide fleet cards to drivers. So we saw this kind of runoff of customers that -- where we think it had kind of this acute issue of a big ramp within that marketplace, where a bunch of people added new vehicles, and that went down. Next, let me turn to our operational improvement. Posted 11:56:46 AM. We are excited and proud to share that in 2021, Discovery Benefits, LLC, a WEX Company will be known as WEX. 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. WEX is a financial services company that is headquartered in South Portland, Maine. And kind of how do you think that is going to go through the year? Youll continue to leverage the same online account, mobile app, and debit card (if applicable) you use today. 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. Revenue: $1 to $5 billion (USD) Competitors: FLEETCOR, Comdata, U.S. Bank. 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. [Delinquencies here] also continued to improve. The net interchange rate in the Mobility segment was 1.21%, which is up 10 basis points from Q4 of last year. And we keep that in mind as we're working through all of this. In 2017, WEX Fleet launched a new telematics platform, ClearView Advanced.[13]. . This was led by continued growth in the partner channel. 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%. If used at an IIAS merchant, simply swipe your card and it will automatically approve anything thats an eligible expense. The other question I had was, Melissa, you mentioned a couple of big customer signings in your remarks. The custodial revenue from the invested HSA cash deposits is the primary driver of the increase in margin. Focusing on diversity also means focusing on inclusion. Username Forgot Username? Our objective is to create a universal network of EV charging stations similar to our fuel acceptance network. Where do I log in to my account? But we feel like we have a good foundation that we continue to build upon. So we have ramped the investments that we've made in that part of the business over the last couple of years. We can help your team save time and money and eliminate stress. Our business model here is very strong and revenue drop-through for this segment is high given our relatively fixed cost base. Looking for your Discovery Benefits Login? AllBiz Business Profile Search Background Check. Fitness Subsidies. 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. COBRA, Retiree & Leave of Absence Member login, Learn more about the Discovery Benefits transition to WEX, Inventory Information Approval System (IIAS). Our primary use of free cash flow this year has been to repurchase shares. Do I need a new debit card? And we have made changes with our credit approval processes, both for the over-the-road business and our traditional retail business, to tighten credit standards in keeping with this idea that we're anticipating or planning for a slow-growth environment in the second half of the year. . 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. While we may update forward-looking statements in the future, we disclaim any obligations to do so. Before jumping into our performance for the quarter, I'd like to quickly address the recent disruption in the banking industry. This allows us to see the company through a different lens or perspective than we normally would. . That's brought down both the number of instances on which we factor the number of invoices as well as the average dollars per invoice. This represents a 15% increase over the prior year. Now let's start with the quarter results. So I guess 2 questions. Track fuel expenses automatically. We signed one of the largest administrators of multiemployer benefit funds in the Midwest. And if I could just ask one follow-up to that. 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. WEX generates a significant amount of cash each year with Q1 typically being the lowest due to seasonality. Discovery Benefits is now a part of WEXinc and you can log into your account using the links below. Yes, thanks, Sanjay. The domestic fuel price in Q1 2023 was $3.86 versus $3.95 in Q1 2022. And you can see that in the growth of vehicles that we've had within our base, and so we start with that.
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