One connector exchanges demographic, enrollment and contribution data. This increase of $94 million year-over-year was primarily driven by the growth of 36% in both our Corporate Payments and Benefits segment. We estimate the year-over-year impact of fuel prices increased segment revenue by approximately $1 million, including a benefit . 78%. We have 2 primary products that we have within the Corporate Payments space. 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. When you put all that together, can you still get the low end of the 4% to 8% that you're kind of talking about for the full year? You may now disconnect your lines. So I think that provides evidence that our funding sources remain quite strong. Inventory Information Approval System (IIAS). They're not talking about driver shortages in the way that they have in the past [inferring], but there's a slowdown within that customer base. 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. 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). [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. The company operates in three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. This company is wonderful great pay great benefits and you are treated as a person as opposed to a number. WEX salary ranges from $47k to $284k. Adjusted earnings of $3.31 per share surpassed the Zacks Consensus Estimate by 3.4% and our . (Operator Instructions) Your first question comes from the line of Sanjay Sakhrani with KBW. 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. And then we look at geographic expansion capabilities, and so there's an active mix across those categories. WEX Benefits Login | WEX customer login | WEX Inc. One, is the embedded payments product, which is what is used within our travel customer base. If you already use the app, just log in with your existing username and password. Your session has been timed out due to inactivity. In January 2020, the company announced it would acquire travel payments companies eNett and Optal from Travelport for $577.5 million.[20]. The domestic fuel price in Q1 2023 was $3.86 versus $3.95 in Q1 2022. Nontravel-related Corporate Payments customer volume grew 17% versus last year, and revenue was up 4%. . In Corporate Payments, we signed a part of one of the largest health care systems in the United States. But I'm going to start, and I'm sure Jagtar will add on to this. The domestic fuel price in Q1 2023 was $3.86 versus $3.95 in Q1 2022. View all pros & cons. This highlighted the ongoing transformation of our business as we discuss unifying product themes around data, payments and digitization. You can also mail or email a Discovery Benefits claim form to us for processing. How do I submit claims for reimbursement? Can you just talk a little bit about where you are focusing on the M&A side right now? Simply select your account type below and you'll be sent to the login page for your Benefits account. Specifically in the Corporate Payments space, I'd say it's more acute there than some of the other areas of the business. Your next question comes from the line of Nik Cremo with Credit Suisse. 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. Youll continue to leverage the same online account, mobile app, and debit card (if applicable) you use today. www.discoverybenefits.com. That did not materialize, and overall, finance fee revenue was up only 3%, which includes a 33% slowdown in our factoring revenue, which is related to the freight market conditions I just mentioned. Official list of employee benefits from WEX Inc.. Health insurance benefits, vacation policy, retirement benefits and more. 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. The other question I had was, Melissa, you mentioned a couple of big customer signings in your remarks. File a claim, view account balance and summary information, sign up for FREE direct deposit, get email notifications, and more! Yes. And in each of our areas of our business, we're really focused on each of those things, making sure that we retain our existing customers and are maximizing from that, implementing and then signing new customers. Looking for your Discovery Benefits Login? On the Benefits front, we completed a very positive open enrollment season. With that, operator, please open the line for questions. We've got some benefit from the ExxonMobil portfolio that we had purchased last year. WEX Signs Definitive Agreement to Acquire benefitexpress WEX: Employee Benefits and Perks | Glassdoor Where do I log in to my online account? Ashley Seitz - Discovery Benefits, A WEX Company, Fargo, North Dakota 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 . 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. Government Administration Company, 51-200 employees. Was this review helpful? 3 reasons we see people flipping to a fuel card: Apply Now As a reminder, we define recurring revenue as process -- payment processing and account servicing revenue, revenue from our factoring business, transaction processing fees and other smaller items. Those assets tend to be much smaller in size. WEX "benefit" Reviews | Glassdoor Login - WEX Health WEX rewards excellence, hard work, and innovation by providing qualified . With me today is Melissa Smith, our Chair, CEO and President; and Jagtar Narula, our CFO. WEX | UKG Marketplace We've also signed acceptance agreements with 5 of the 10 largest public charging networks in the U.S., all of which are in various stages of implementation. 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. Yes. Prev Next That we expect. WEX can help simplify these challenges today, and we are innovating to anticipate and address those of tomorrow. PDF Commonly Asked Questions Regarding The WEX Health Card - Benefit Extras Yes. And then maybe you could just remind us what you guys are incorporating into the guidance? HSA funds are payroll-deducted (and company-matched, if applicable) and loaded to the employee's WEX account. Remember Me Next New User? 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. (Operator Instructions) I will now turn the conference over to Steve Elder. 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. 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. 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. A copy of the release has also been included in an 8-K we filed with the SEC earlier this morning. I talked about some of the reasons for it in our prepared remarks. 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. We continue to add to the product set that we have in the marketplace. We had record attendance at SPARK, which shows the importance of our solutions and how they resonate with customers. And so an area that we will continue to invest and evolve. Discovery Benefits is now a part of WEXinc and you can log into your account using the links below. Self-Service for Employees. . New User. 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 . And then a follow-up for me is, could you provide just an update on the broader market opportunity in the Mobility segment? WEX Benefits | 15,040 followers on LinkedIn. Company Outings. 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. Welcome to WEX! Type: Company - Public (WEX) Industry: Investment & Asset Management. I'm just trying to understand the onboarding process, the ramp when you do some of these big customer signings in different businesses. Our business model here is very strong and revenue drop-through for this segment is high given our relatively fixed cost base. For the full year, we expect to report revenue in the range of $2.45 billion to $2.49 billion. It operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. Revenue: $1 to $5 billion (USD) Competitors: FLEETCOR, Comdata, U.S. Bank. 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. We have, again, seen stability within the portfolio. Our focus on cross-sell continues to gain traction with more than 60 signed contracts during Q1. New users can create a new account to get started. Non-GAAP adjusted net income was $145.8 million or $3.31 per diluted share. If you have a spending or savings account, you can also initiate a chat session directly from your online account. The company traces its origins to A.R. 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. And so those things, combined, have been a really great contribution to the overall business. The company is headquartered in Portland, Maine [2] [3] and provides services in the United States, Canada, South America, Europe, Asia, and Australia . 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 as we -- it looks like that has largely run its course. If you already use the app, just log in with your existing username and password. 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 And so we continue to look at assets, move assets through our pipeline, sort of the same rigor that we have historically. We signed one of the largest administrators of multiemployer benefit funds in the Midwest. Within that segment, what we'd expect is the normal puts and takes between travel and our nontravel business. Looking for your Discovery Benefits Login? The average salary for WEX is $121k per year, which includes an average base salary of $106k and an average bonus of $14k. No. Get the latest Health Trends & Insights news in your inbox. WEX | ADP Marketplace Existing User. 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. 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. 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. 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. 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. 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 . Okay. Benefits are decent, schedule flexibility, some good managers Cons Draining, don't pay their reps enough, not much room for growth, very hard to move up or laterally.