Yes. 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. Your WEX benefits debit card makes it easy to spend your funds on eligible expenses. 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 Signs Agreement to Acquire Discovery Benefits So those direct accounts would come in at a higher rate, which is one of the reasons we go direct there. 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. The average annual salary of Wex Bank is estimated to be approximate $94,668 per year. Your next question comes from the line of Ramsey El-Assal with Barclays. As part of this initiative, we've been looking closely at a number of areas of our company using improved processes, data and technology. We had anticipated the trend of higher late fee rates that we saw at the end of last year to continue in Q1. There are no changes to what is included in each segment. ERGs drive diversity by fostering new bonds and communities across the company. 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? 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. Your session has been timed out due to inactivity. WEX salary ranges from $47k to $284k. (Say goodbye to paper implementations. Sure. WEX - 12 Photos & 264 Reviews - 4321 20th Ave S, Fargo, North - Yelp I know the net interchange piece was down a little bit from incentives. Login - WEX Health What's it like in April? 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 . Is it Corporate Payments? Yes, sure. I will turn the call to Steve Elder. WEX Q1 Earnings and Revenues Beat Estimates, Increase Y/Y 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. And so I'd say, so far so good in what we're seeing with that business, and it's something we're going to continue to learn and evolve. Thank you, operator, and good morning, everyone. I mean for a good reason, you're prioritizing electric vehicles. 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. That's brought the whole sort of factoring item down, and we're expecting that to continue at least for the next couple of quarters. And so when we think about growth within that part of the business, it's a combination of growth from the existing customer base that we already have, ramping on the direct side and then continued benefit from the existing partners that we have in the marketplace. This is thanks, in part, to contractual limitations to early withdrawals, and it's also evidence that the market for these funding vehicles continues to remain strong. Benefits segment purchase volume increased 18%, leading to an 18% increase in payment processing revenue. 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. Our commitment to providing excellent customer service to both you and your employees is unwavering. We also realized approximately $37 million in revenue from the custodial HSA cash deposits that were invested by WEX Bank and funds held at third-party banks compared to $9.5 million last year. WEX: Employee Benefits and Perks | Glassdoor WEX - Overview, News & Competitors | ZoomInfo.com Fleet fuel cards have many impactful benefits like data-tracking capabilities and more. More 04/14/2023 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. Simply select your account type below and you'll be sent to the login page for your Benefits account. Company Outings. (formerly known as Wright Express Corporation) is a provider of financial technology solutions. And we keep that in mind as we're working through all of this. [5] In 2012, it adopted the name WEX, signaling a shift away from focusing on fuel cards and expanding into other payment solutions. And so with the rise of interest rates, we saw the impact of that. benefitexpress is a cloud-based platform for employee benefits and health exchange services. And we will evaluate whether or not we should continue to do that from a build perspective or if there are opportunities to buy. Working At WEX: Employee Reviews And Culture - Zippia 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. Great. Got you. It's been a great part of our business. WEX Completes Acquisition of Discovery Benefits, Inc. Self-Service Portal. Do I need to create a new account? And so we have a whole separate work stream that we've added over the last year. I wanted to maybe just start with just your intraquarter volume trends. One, is the embedded payments product, which is what is used within our travel customer base. Discovery Benefits is now a part of WEXinc and you can log into your account using the links below. In our case, greater than 95% of our deposits are FDIC-insured. No, that's prudent and makes sense. Yes. This company is wonderful great pay great benefits and you are treated as a person as opposed to a number. File a claim, view account balance and summary information, sign up for FREE direct deposit, get email notifications, and more! We brought in our Chief Digital Officer, first time we've had one, a little over a year ago. During the event, our leaders shared some of these pain points to our audience of about 1,200 attendees gathered in San . WEX Inc. - Wikipedia 3 reasons we see people flipping to a fuel card: Apply Now WEX offers complete benefits administration, including benefits accounts such as HSAs, FSAs, HRAs, LSAs, COBRA, and more | Set your business free by . How do my employees reach you? While we may update forward-looking statements in the future, we disclaim any obligations to do so. Existing Users Username Forgot Username? And I think -- I mean, related, but you had called out weakness in smaller customers within Mobility last quarter. Where does it work? Our card works at a variety of merchants. 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? How much do Wex Bank employees make? | Salary.com WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. So it gives you really good visibility in terms of what's going to play out in the course of the year. 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. WEX Health, Inc. - Health Plan Alliance We currently have approximately 85% of our cloud migration completed. As with prior quarters, this quarter shows the strength of our global commerce platform, the competitiveness of our offerings and the power of our business model. SOUTH PORTLAND, Maine-- ( BUSINESS WIRE )-- WEX Inc. (NYSE: WEX), a leading financial technology service provider, announced today that it has . 88 were here. 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. 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 It operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. You will notice some changes to your online account like our updated logo and colors, but the functionality and ease of use of your account that youve come to love is here to stay. And M&A is something, obviously, we're always active. And then maybe you could just remind us what you guys are incorporating into the guidance? Finally, let's move to revenue and earnings guidance for the second quarter and the full year. Our business model here is very strong and revenue drop-through for this segment is high given our relatively fixed cost base. The net interchange rate in the Mobility segment was 1.21%, which is up 10 basis points from Q4 of last year. Okay. 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? 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. Your benefit plans set up in WEX automatically feed over to ADP, preventing duplicate setups. WEX Overview Industry Business Services Revenue $2.4B Headquarters South Portland, ME Employees 3,500 Founded In 1983 Website www.wexinc.com Organization Type Public WEX Inc. gives you precise financial and information management solutions to help your company strengthen its balance sheet and achieve unparalleled control and security. But they -- it cumulatively become quite meaningful for 2024. 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. Great job at ensuring payments are made in a timely fashion with recurring payments! Okay. 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. 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. A lot of focus that we've had has been on building out digital capability, and we've talked about that a lot over the last couple of years. And we're fine doing that if we see an opportunity within that space. Good results here. And I'd say those contract expectations would have been built into that. WEX Signs Definitive Agreement to Acquire benefitexpress So any of these individual contracts are relatively small in terms of the contribution to 2023. 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). I mean, I think you guys have an investor event coming up around that, right, which we'll go into more detail. [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. Login. 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. 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. Welcome to WEX! Yes. We do feel good about the products that we have. Wright, a coal and later heating oil business in South Portland, Maine. You may now disconnect your lines. But I wanted to understand how fast do these signings contribute to revenues? And we think of that with multiple levers. Okay. 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. 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? 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. If used at an IIAS merchant, simply swipe your card and it will automatically approve anything thats an eligible expense. We estimate the year-over-year impact of fuel prices increase segment revenue by approximately $1 million, including a benefit . The first quarter was a very good quarter for us. There seems to be some ongoing spot rate stabilization in the freight industry, but we're expecting these kind of rates going forward. Is that where you see the largest future growth opportunity? We have mailed a notice of assignment regarding our brand and legal entity name to the physical address we have on file for your company. 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. 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. [9] WEX Fleet also partners with GasBuddy,[10] OnDeck Capital,[11] and Chevron,[12] among other companies, to provide services to customers. And I would say that's true across every part of the business, so that's the [vetting] process.

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