Sure. 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. During the event, our leaders shared some of these pain points to our audience of about 1,200 attendees gathered in San . In our case, greater than 95% of our deposits are FDIC-insured. Powered by WEX Health. First, it's worth noting that failures of Silicon Valley Bank and Signature Bank had very minimal impact to our business. I'm asking because I'm just always trying to learn the difference between the volume growth and the revenue growth. 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). Data within our platforms are aligned on Day 1 and updated daily. No action is needed by you and you can keep the notice for your records. The average salary for WEX is $121k per year, which includes an average base salary of $106k and an average bonus of $14k. In January 2020, the company announced it would acquire travel payments companies eNett and Optal from Travelport for $577.5 million.[20]. We have a solution that is live in Europe and United States. Our card works at a variety of merchants. Was this review helpful? We've seen lots of opportunities behind that. Yes, sure. 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 those direct accounts would come in at a higher rate, which is one of the reasons we go direct there. Before jumping into our performance for the quarter, I'd like to quickly address the recent disruption in the banking industry. This furthers our goal of putting tools in the hands of drivers that simplify the process of determining where, when and how to charge. I want to make a difference and make people feel like they belong here and WEXPats empowers me to do that by giving me a community of people who have the shared experience of immigrating to a new country for work and the passion to make the transition easier for others. So really, really strong still conversations within our customer base. Spot rates went down. 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. And that product itself, highly tech-enabled, really important that has strong uptime. Get the latest Health Trends & Insights news in your inbox. Retirement and Stock Option Benefits. New users can create a new account to get started. 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. But I was curious, are you seeing macro weakness anywhere else? 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 had anticipated the trend of higher late fee rates that we saw at the end of last year to continue in Q1. And we've had good success in selling that into the fintech community, ultimately in the United States. It is an area that we continue to take market share. Welcome to your single source for all you need to know about your benefit account(s). With that, I'll turn the call over to Melissa. So I think that provides evidence that our funding sources remain quite strong. Specifically in the Corporate Payments space, I'd say it's more acute there than some of the other areas of the business. WEX Inc. (WEX Quick Quote WEX - Free Report) delivered better-than-expected first-quarter 2023 results. It's a better customer experience. Yes. If you have a spending or savings account, you can also initiate a chat session directly from your online account. Create Comparison. 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. So I feel good about the path that we're on because not only would we have the ability to continue to use the sales channels we have now but to enhance that with further digital capability. The segment adjusted operating income margin for the quarter was 40.5%, down from 50.2% in Q1 2022. Flume is something that we think is really interesting in this space, and it's something we continue to build upon as well, with that being much more of a down market play within the marketplace. I guess in the Mobility segment, the payment processing rate was really high. Yes. If we could touch on the Benefits segment for a minute, the account growth there obviously has been, strong mid-teens-type growth, and now you're adding the Midwest manager as well. On top of that, within the Mobility space, this conversion to EV, increasingly, we see this as an opportunity. Is it finding some kind of adjacency expansion capabilities? So I said there were some puts and takes in that finance fee revenue. benefitexpress is based in Schaumburg, Illinois. So any of these individual contracts are relatively small in terms of the contribution to 2023. These updated ranges represent an increase of $20 million in revenue and $0.25 of EPS compared to the midpoint of our previous guidance. Let me start with an update on our electric vehicle initiatives. Yes. Great job at ensuring payments are made in a timely fashion with recurring payments! Manager in Human Resources. Using our definition, adjusted free cash flow was negative $61 million through Q1, which is $16 million better than 2022. And we talked about AvidXchange from the customers that we had added more recently. Adjusted earnings of $3.31 per share surpassed the Zacks Consensus Estimate by 3.4% and our . The custodial revenue from the invested HSA cash deposits is the primary driver of the increase in margin. 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. The second product that we have is an AP direct product, where we have just started ramping a direct sales force. Net income attributable to shareholders on . Your next question comes from the line of Tien-Tsin Huang of JPMorgan. Is it Corporate Payments? Any callouts with respect to volume and -- as well as yield? 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. We've definitely looked at this business similar to the way that we look at everything else. This increase of $94 million year-over-year was primarily driven by the growth of 36% in both our Corporate Payments and Benefits segment. So there's a couple of things that are happening within that segment. Track fuel expenses automatically. WEX Health Inc., a WEX Company is one of Maxwell Health's chosen providers for COBRA administration services. Historically, we've sold that product through a partner channel. There are no changes to what is included in each segment. The rest of it, I would largely expect to be recurring in nature. 1983. Next, let me turn to our operational improvement. I know you mentioned a few times building out the direct sales force, inking 40 new deals. And so it's been negative for a few quarters now. We have 2 primary products that we have within the Corporate Payments space. If used elsewhere, you may need to upload supporting documentation (depending on your benefits plan). I also want to mention that we are renaming our existing segments in connection with the rebranding initiatives. Nontravel-related Corporate Payments customer volume grew 17% versus last year, and revenue was up 4%. Is it in Benefits? Focusing on diversity also means focusing on inclusion. Other than macro factors like fuel prices and interest rates, we are largely maintaining our previous guidance for everything else. 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. Total revenue came in at $612 million, an 18% increase over Q1 2022 with more than 80% of revenue for the quarter recurring in nature. 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. So we're continuing to sell in the marketplace. 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. 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 . WEX Inc. is a provider of payment processing and information management services to the United States commercial and government vehicle fleet industry. Yes. The other question I had was, Melissa, you mentioned a couple of big customer signings in your remarks. 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. So we are continuing to build the direct sales force. So we're continuing to see strength within the North American fleet business. (Operator Instructions) Your first question comes from the line of Sanjay Sakhrani with KBW. 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. 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. Now I'd like to recap our business highlights in the quarter. The Benefits segment adjusted operating income margin was 39.1% compared to 29.3% in 2022. Do I need to create a new account? 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. 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. What if additional documentation is required? Or is this more likely 2024 contributors? Got it. ERGs drive diversity by fostering new bonds and communities across the company. This administrator made the move to WEX in order to offer the benefits of our card programs in their long-time client for their health reimbursement arrangement plan. WEX Benefits Platform | West Fargo ND Username Forgot Username? And you can see that in the growth of vehicles that we've had within our base, and so we start with that. WEX is transforming the complexity of employee benefits administration with innovative solutions and extraordinary customer service delivered by empowered and knowledgeable employees. 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 customerservice@wexhealth.com. Your WEX benefits debit card makes it easy to spend your funds on eligible expenses. 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'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 I think that we've gotten the benefit of that. 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. We saw solid mid-single-digit growth from our local customers in the U.S., while we had a small decline in over-the-road transactions due to freight market conditions. Fitness Subsidies. 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. Is that a fair statement when we not only look across Mobility, but just across WEX? 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. We are pleased with this result and are working diligently to continue on this track. Yes. Remember Me Next New User? With that, I'll turn it over to Jagtar to walk you through this quarter's financial performance in more detail. We've been listening closely to the evolving needs of our commercial customers. It's also, if you look across the whole deposit portfolio, we have over 95% of our deposits are FDIC-insured. And then we look at geographic expansion capabilities, and so there's an active mix across those categories. 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. Your next question comes from the line of Mihir Bhatia of Bank of America. Official list of employee benefits from WEX Inc.. Health insurance benefits, vacation policy, retirement benefits and more. 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. Your session has been timed out due to inactivity. And so I think we're getting some of the benefit of those earlier moves that we've made and what we're seeing in the portfolio right now. You can continue to log in to your online account or mobile app to file a claim. Total volume across the company came in at $52.3 billion, up . Please go ahead. You can also log in and pay your COBRA/Retiree premiums directly from your online account with a recurring ACH payment or from your COBRA mobile app. With a WEX Health Visa/Mastercard-powered account, members enjoy easy access to funds for supplemental benefits like OTC, groceries, transportation, dental, vision, hearing, fitness, chiropractic, acupuncture, home services, utility bills, premium rebates, etc. Now let's turn to the financial results. But even the construction trades within our portfolio were up a couple of percent. Yes. Thank you, operator, and good morning, everyone. WEX benefits and perks, including insurance benefits, retirement benefits, and vacation policy. We're also encouraged by early cross-sell conversations as we begin the new year. 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. But it doesn't sound like you have to go out, in your mind, and buy something to have success there? No. And I think -- I mean, related, but you had called out weakness in smaller customers within Mobility last quarter. Particularly, I think you mentioned some weakness in OTR. Thank you, Steve, and good morning, everyone. Participants Accounts HSA, FSA, HRA/Wellness & Commuter We estimate the year-over-year impact of fuel prices increase segment revenue by approximately $1 million, including a benefit of approximately $6 million for European fuel price spreads. Is there a change to where I mail my COBRA premiums and can I continue to use my current COBRA/retiree premium payment coupons? 3 reasons we see people flipping to a fuel card: Apply Now 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. Thanks, Tien-Tsin, for the question. Existing User. This was led by continued growth in the partner channel. 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. Within that segment, what we'd expect is the normal puts and takes between travel and our nontravel business. ERGs drive diversity by fostering new bonds and communities across the company. While we may update forward-looking statements in the future, we disclaim any obligations to do so. 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. Remember Me Next. And we saw a negative 2% same-store sales within the over-the-road business. 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. Melissa, appreciate all of the color on business development. And so working through those, looking at assets we want to invest in. Let me add a couple of comments there. It tends to be a higher quarter for travel. 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. 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. WEX Inc. WEX yesterday announced that it has inked a deal to purchase benefitexpress for a sum total of nearly $275 million. And M&A is something, obviously, we're always active. 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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