This administrator has more than 100 multiemployer clients, allowing for a large market reach. Like I understand your guidance is for a slowdown in the back half, but have you seen any actual slowdown yet across your businesses? We brought in our Chief Digital Officer, first time we've had one, a little over a year ago. Simply select your account type below and you'll be sent to the login page for your Benefits account. Women play an important role at WEX. WEX Benefits Login Simply select your account type below and you'll be sent to the login page for your Benefits account. Will you be providing new service contracts? But then when you migrate across the rest of the portfolio, our fleet mobility customers in our North American fleet business was actually up 2.5%. 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 . We had anticipated the trend of higher late fee rates that we saw at the end of last year to continue in Q1. The beginning of each year is typically a weak time for cash flow due to the timing of some payments. This represents a 15% increase over the prior year. WEX Inc. (WEX Quick Quote WEX - Free Report) delivered better-than-expected first-quarter 2023 results. We have 2 primary products that we have within the Corporate Payments space. [We lose] less customers coming through but also at a lower cost. As the banking industry cope with significant movement in deposit flows since the recent bank failures, our custodial HSA cash deposits and certificates of deposit have shown themselves to be extremely stable. It's a better customer experience. 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. Those assets tend to be much smaller in size. Our mission is to help our clients and their businesses flourish both financially and personally by becoming trusted advisors that care about them as people first, and then by providing accurate and reliable financial reporting and read more in Accountants, Tax Services, Bookkeepers Location & Hours 4321 20th Ave S Fargo, ND 58103 Get directions 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. 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. Expediting changes and reducing questions and discrepancies. This increase of $94 million year-over-year was primarily driven by the growth of 36% in both our Corporate Payments and Benefits segment. Thank you, operator, and good morning, everyone. There are no changes to what is included in each segment. Where does it work? The press release we issued earlier this morning and a slide deck to walk through our prepared remarks have been posted to the Investor Relations section of our website at wexinc.com. So some of that impacts 2023. Discovery Benefits is now a part of WEXinc and you can log into your account using the links below. Get special fuel discounts and save on products and services for your business. New coupons will be mailed to you as needed. WEX to Benefit from benefitexpress Acquisition: Here's How The delinquency rates are improving, and we expect loss rates to trend down going forward. If you have a spending or savings account, you can also initiate a chat session directly from your online account. Next, let me turn to our operational improvement. Yes. Is it finding some kind of adjacency expansion capabilities? We currently have approximately 85% of our cloud migration completed. Incorporated, Research Division, Mihir Bhatia; VP in Equity Research & Research Analyst; BofA Securities, Research Division, Nikolai Chrin Cremo; Research Analyst; Crdit Suisse AG, Research Division, Ramsey Clark El-Assal; Research Analyst; Barclays Bank PLC, Research Division, Robert Paul Napoli; Partner and Co-Group Head of Financial Services & Technology; William Blair & Company L.L.C., Research Division, Sanjay Harkishin Sakhrani; MD; Keefe, Bruyette, & Woods, Inc., Research Division, Tien-Tsin Huang; Senior Analyst; JPMorgan Chase & Co, Research Division. Other than macro factors like fuel prices and interest rates, we are largely maintaining our previous guidance for everything else. We have $776 million of available borrowing capacity and corporate cash of $149 million as defined under the company's credit agreement at quarter end. The take rate was down over last quarter primarily because of the scheme fees that we called out last quarter. Thanks, Tien-Tsin, for the question. Okay. Yes. Sure. Our message to customers centered on WEX' unique ability to address the challenges they see in their businesses. WEX - Remote Work From Home Jobs & Careers | FlexJobs Yes. 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. WEX benefits account resources Participants HSA, FSA, HRA/Wellness & Commuter login Non-employer Individual HSA login COBRA, Retiree & Leave of Absence Member login Participant Knowledgebase 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. We're also encouraged by early cross-sell conversations as we begin the new year. Is there a change to where I mail my COBRA premiums and can I continue to use my current COBRA/retiree premium payment coupons? WEX (NYSE: WEX) is a leading financial technology service provider. Verified User. We have pipelines that are continuing to fill and feel good about the close rates we have this year, which will more largely impact revenue next year. WEX Inc. Reports Fourth Quarter and Full Year 2021 Financial Results Powered by WEX Health. Will customer service numbers stay the same? 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. Do I need a new debit card? WEX Benefits Platform | West Fargo ND - Facebook And then on the Corporate Payments space, we are anticipating continuing at that single-digit growth rate in the course of this year, which is a combination of where we are with ramping up customers and starting this process of adding new customers with the ramp of our direct sales force. Get the latest Health Trends & Insights news in your inbox. A reminder that we view this as an important metric since it represents the underlying growth in usage of the platform and drives other areas of the business, such as payment processing and HSA deposit growth. The travel segment, WEX Virtual, helps online travel agencies facilitate cross-border payments through virtual cards, allowing online travel agencies to automate back-end accounting practices. And so those things, combined, have been a really great contribution to the overall business. Existing User. 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? We do feel good about the products that we have. The company provides revenue guidance on a GAAP basis and earnings guidance on a non-GAAP basis due to the uncertainty and the indeterminate amount of certain elements that are included in reported GAAP earnings. Non-GAAP adjusted net income was $145.8 million or $3.31 per diluted share. 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. 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 today is here to stay. Allow employees to log in and review the details of their employee benefits program elections 24/7 and make changes and enroll in benefits as required. Is there an ex EV opportunity, I don't know, internationally, and even in the U.S. ex EV, where are there still compelling opportunities in the market? 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. And we'll continue to look at where should we build, where should we partner, where should we buy. 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. Pros and Cons of WEX Benefits 2023 - TrustRadius And we will evaluate whether or not we should continue to do that from a build perspective or if there are opportunities to buy. So we -- this is something we watch closely, given the overall discussion about the macro economy. Powered by WEX Health. So we do have some escalator clauses that are built into our contracts. If used at an IIAS merchant, simply swipe your card and it will automatically approve anything thats an eligible expense. I know you mentioned a few times building out the direct sales force, inking 40 new deals. 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. But so far, in April, things are trending well for us. Government Administration Company, 51-200 employees. And we've started ramping salespeople. Military veterans possess invaluable leadership skills and business acumen. 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. You should not place undue reliance on these forward-looking statements, all of which speak only as of today. View all pros & cons. Fill up company vehicles anywhere. Women play an important role at WEX. We are pleased with this result and are working diligently to continue on this track. Year If you look across the business, I would agree, the over-the-road customers, we're hearing from them certainly continued weakness within their marketplace as spot rates are continuing to be lower. Great. I'm asking because I'm just always trying to learn the difference between the volume growth and the revenue growth. WEX - Overview, News & Competitors | ZoomInfo.com 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.