wex company benefits

WEX Benefits Platform | West Fargo ND To this end, our Mobility team is currently expanding our DriverDash mobile app, which helps fleet [find fueling] locations on the go to include EV charging stations in Europe. They also will see the WEX logo and reminders about the brand change on the online account banner image. Next, let me turn to our operational improvement. Your next question comes from the line of Dave Koning with Baird. 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. Yes. Each account that is available on the debit card is referred to as a "purse". The elevated loss rate in the over-the-road trucking business that we have seen over the past 2 quarters are starting to abate. Fleet fuel cards have many impactful benefits like data-tracking capabilities and more. When we plan the year, we look at what do we have for existing customers to the kind of the run rate of revenue that come into the year. . Since 1987, WEX Benefits has been in the business of simplifying the administration of HSAs, FSAs, HRAs, Commuter Benefits, COBRA and more with innovative technology solutions. WEX SPARK 2023 is our annual learning and networking event that focuses on new technologies and emerging industry trends meant to simplify payments, fleet management, and benefits administration and help fuel business growth. Congrats on the strong results. We have hundreds of customers that are using the product. Just -- if you don't mind, just a quick follow-up on the Corporate Payments side also. But it doesn't sound like you have to go out, in your mind, and buy something to have success there? So we're continuing to sell in the marketplace. 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. benefitexpress Benefit Express Services LLC. Yes. In 2014, WEX acquired Evolution1,[16] a cloud-based health industry payments provider, later renaming it to WEX Health. Using our definition, adjusted free cash flow was negative $61 million through Q1, which is $16 million better than 2022. Government Administration Company, 51-200 employees. 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. 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. Looking for your Discovery Benefits Login? We continue to drive strong growth, resulting in Q1 revenue of $164.9 million. So we're continuing to see strength within the North American fleet business. 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. I know there's seasonality to the yield likely, but maybe you could just help us think through that. We were very pleased with our SaaS accounts growth, which was up 14% in Q1 versus the prior year. Shifting gears now, I will provide an update on the balance sheet and our liquidity position. benefitexpress is a leader in cloud-based solutions for benefits administration. 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. 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. The custodial revenue from the invested HSA cash deposits is the primary driver of the increase in margin. I think some of that is continued rebound of people going back into the office, sales fleets being out and moving. In Corporate Payments, we signed a part of one of the largest health care systems in the United States. Login. You can also access your account from the WEX benefits mobile app. Most Common Benefits for Wex Bank. 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. 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. 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. Your next question comes from the line of Ramsey El-Assal with Barclays. Now let's move to segment results, starting with Mobility. A copy of the release has also been included in an 8-K we filed with the SEC earlier this morning. 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 has 5 employees across 31 locations and $2.35 b in annual revenue in FY 2022. . So Flume is still -- I'd say, still early days, and we've had -- we started this about 15 months ago. WEX Benefits | 15,040 followers on LinkedIn. 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. 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. Discovery Benefits, A WEX Company Business Data. Your WEX benefits debit card makes it easy to spend your funds on eligible expenses. 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. Continue to use any premium payment coupons you already have and continue to mail them to the address located on the coupon. Sure. Just my quick follow-up. Read More. While our name and branding will change, your service experience will not be impacted by these changes. I know the net interchange piece was down a little bit from incentives. Military veterans possess invaluable leadership skills and business acumen. Yes. And we will evaluate whether or not we should continue to do that from a build perspective or if there are opportunities to buy. File a claim, view account balance and summary information, sign up for FREE direct deposit, get email notifications, and more! One connector exchanges demographic, enrollment and contribution data. Get the latest Health Trends & Insights news in your inbox. Now let's start with the quarter results. It operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. Non-GAAP adjusted net income was $145.8 million or $3.31 per diluted share. So we -- this is something we watch closely, given the overall discussion about the macro economy. Revenue from travel-related customers was up 87% versus Q1 2022. I'm just trying to understand the onboarding process, the ramp when you do some of these big customer signings in different businesses. 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? Continue to log in to your online account like you do today with your existing username and password at https://benefitslogin.wexhealth.com. I think that was about $5 million. The Fleet Solutions segment . 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. 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. This concludes the conference call. Total volume processed across the organization in the first quarter grew 17% year-over-year to $52.3 billion driven by strong performance in our Corporate Payments and Benefits segments. Existing User. Get Started Contact Us - Call . So we want to make sure that we are continuing to invest in that space. Melissa D. Smith; Chairman of the Board, President & CEO; WEX Inc. Steven Alan Elder; SVP of Global IR; WEX Inc. Andrew William Jeffrey; Director; Truist Securities, Inc., Research Division, Darrin David Peller; MD & Senior Analyst; Wolfe Research, LLC, David John Koning; Associate Director of Research & Senior Research Analyst; Robert W. Baird & Co. So there's a number of things that are really important to that customer base. If you already use the app, just log in with your existing username and password. [Delinquencies here] also continued to improve. 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. It is an area that we continue to take market share. So I said there were some puts and takes in that finance fee revenue. Yes. [4], Wright Express grew over the next several decades. Will you be providing new service contracts? You can continue to log in to your online account or mobile app to file a claim. 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 empathetic service . 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. 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. The net interchange rate in the Mobility segment was 1.21%, which is up 10 basis points from Q4 of last year. 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). We continue to add to the product set that we have in the marketplace. Is that a fair statement when we not only look across Mobility, but just across WEX? We look at scale plays, so the assets that are larger in size, which are more just financially accretive, less about the product. Existing Users Username Forgot Username? Inside of Mobility, I think you mentioned the slowdown in factoring revenue being a big driver of that finance and late fee yield. We appreciate you joining us today. Neither of these banks were customers or partners of WEX, and we had minimal deposit exposure. 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've continued our long track record of delivering exceptional financial results and performing well across dynamic macroeconomic environment. ERGs drive diversity by fostering new bonds and communities across the company. These challenges are experienced across many industry verticals and include personalizing employee benefits, navigating the complexity of mixed fleet [interests] and removing the friction caused by inefficient payment processes and systems. And we've talked about 25% to 30% growth for the year for the Benefits segment. It's also, if you look across the whole deposit portfolio, we have over 95% of our deposits are FDIC-insured. We estimate the year-over-year impact of fuel prices increased segment revenue by approximately $1 million, including a benefit . Retirement and Stock Option Benefits. 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. 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. We've been listening closely to the evolving needs of our commercial customers. As a user of WEX, I set up my account online, set up my Health Savings Account and commuter benefits account after open enrollment, received and activated a debit card to use for my Health Savings Account and commuter benefits account, viewed account statements, and . Youll continue to use the same online account and mobile app you use today. And then maybe you could just remind us what you guys are incorporating into the guidance? Any callouts with respect to volume and -- as well as yield? 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 . I guess can you help us think through the timing and impact of not only implementing those deals kind of more tactically but also the degree over the longer term, whether we should expect more of a mix shift to direct and whether that could have an impact on segment yields over time, a positive impact? Like I understand your guidance is for a slowdown in the back half, but have you seen any actual slowdown yet across your businesses? Let me add a couple of comments there. You can continue to contact our Client Services team at 877-765-8810 Mondays through Fridays from 7 a.m. to 7 p.m. Central time, by emailing employerservices@wexhealth.com or by submitting a case anytime from your LEAP account. While we may update forward-looking statements in the future, we disclaim any obligations to do so. Our card works at a variety of merchants. WEX Inc. WEX yesterday announced that it has inked a deal to purchase benefitexpress for a sum total of nearly $275 million. So for example, the Benefits contract that you mentioned, I mean, we've talked about the 25% to 30% growth in our guidance. It operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. 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? 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. How does it work? One, is the embedded payments product, which is what is used within our travel customer base. We are assuming that you see a trail off in travel growth in the second half of the year. We're also encouraged by early cross-sell conversations as we begin the new year. So I guess 2 questions. 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 . I talked about some of the reasons for it in our prepared remarks.

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