We've got some benefit from the ExxonMobil portfolio that we had purchased last year. Turning to our performance in the first quarter, revenue increased 18% year-over-year to $612 million. Wex (WEX) Q1 2023 Earnings Call Transcript | The Motley Fool We brought in our Chief Digital Officer, first time we've had one, a little over a year ago. 211 reviews from WEX Inc. employees about WEX Inc. culture, salaries, benefits, work-life balance, management, job security, and more. Yes. And we're fine doing that if we see an opportunity within that space. These updated ranges represent an increase of $20 million in revenue and $0.25 of EPS compared to the midpoint of our previous guidance. We're also encouraged by early cross-sell conversations as we begin the new year. 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. Our message to customers centered on WEX' unique ability to address the challenges they see in their businesses. Most Common Benefits for Wex Bank. WEX offers complete benefits administration, including benefits accounts such as HSAs, FSAs, HRAs, LSAs, COBRA, and more | Set your business free by . We had record attendance at SPARK, which shows the importance of our solutions and how they resonate with customers. PORTLAND, Maine-- (BUSINESS WIRE)-- WEX (NYSE: WEX), a leading financial technology service provider, today announced that it has completed the acquisition of benefitexpress, a leading provider of highly configurable, cloud-based benefits administration technologies and services. So any of these individual contracts are relatively small in terms of the contribution to 2023. [We lose] less customers coming through but also at a lower cost. Advances WEXs employee benefits platform with the addition of one of the fastest-growing solutions providers in the marketplace Complements WEXs technology platform with leading benefits account technology Jan. 17, 2019- WEX (NYSE:WEX), a leading financial technology service provider, today announced the signing of an agreement to acquire Discovery Benefits, Inc. (DBI), a high-growth employee . 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. Sure. Inventory Information Approval System (IIAS). Simplifying benefits for everyone. So we do have some escalator clauses that are built into our contracts. Congrats on the strong results. Our commitment to providing excellent customer service to both you and your employees is unwavering. We also saw volume growth in our direct channel, and we are pleased to sign more than 40 new direct Corporate Payment customers in the quarter. And we're providing critical flexibility that allows them to choose from a suite of customized solutions that best set the unique needs of their business. 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. 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. Existing User. Revenue: $1 to $5 billion (USD) Competitors: FLEETCOR, Comdata, U.S. Bank. Verified User. But if this is excluded from both periods, the core operating margin would still have increased nearly 1%. Ashley Seitz - Discovery Benefits, A WEX Company, Fargo, North Dakota Yes. 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 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. But as Melissa just mentioned, we also expect the other segments to continue to grow as well. Focusing on diversity also means focusing on inclusion. SPARK has historically been focused on our Benefits business, but was held as a joint conference across all of our solutions for the first time this year. I just wanted to thank everyone again for hanging with us as we go a couple of minutes long here, and we look forward to speaking with you again in about 3 months. 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. I mean for a good reason, you're prioritizing electric vehicles. Youll continue to use the same online account and mobile app you use today. Where do I log in to my online account? The Benefits segment adjusted operating income margin was 39.1% compared to 29.3% in 2022. WEX Inc. WEX yesterday announced that it has inked a deal to purchase benefitexpress for a sum total of nearly $275 million. 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. They were not a party to our credit facility nor counterparties to our hedging relationships. I'm proud of our strong execution this quarter and believe we remain well positioned for the future as we deliver on our strategic priorities. Yes, sure. We continue to drive strong growth, resulting in Q1 revenue of $164.9 million. Looking for your Discovery Benefits Login? 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. WEX: Employee Benefits and Perks | Glassdoor Fitness Subsidies. 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. I think the multiemployer administrator in Benefits, the large health system in Corporate Payments. With that, operator, please open the line for questions. We remain focused on enhancing the scalability of our platform and are on track to capture $100 million in run rate operating efficiencies by the end of 2024 with approximately half of these savings being reinvested in the business. In 2017, WEX Fleet launched a new telematics platform, ClearView Advanced.[13]. We provide payment solutions to businesses of all sizes across a wide spectrum of sectors, including fleet, corporate payments, travel and health. This was led by continued growth in the partner channel. And so we feel good about how we've gone through open enrollment, the combination of the products that we have in the marketplace, the distribution channels that we have. New User. The Fleet Solutions segment . Your next question comes from the line of Mihir Bhatia of Bank of America. We are assuming that you see a trail off in travel growth in the second half of the year. I will turn the call to Steve Elder. In 2014, WEX acquired Evolution1,[16] a cloud-based health industry payments provider, later renaming it to WEX Health. And we will evaluate whether or not we should continue to do that from a build perspective or if there are opportunities to buy. WEX | ADP Marketplace About 150. No action is needed by you and you can keep the notice for your records. 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. Is that where you see the largest future growth opportunity? 88 were here. And then, I guess, secondly, travel volume, per your charts, look like -- whatever it was, it was big. WEX Inc. (WEX Quick Quote WEX - Free Report) delivered better-than-expected first-quarter 2023 results. It operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. We have a product road map of what we intend to deliver into the marketplace. 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. We have, again, seen stability within the portfolio. WEX Signs Definitive Agreement to Acquire benefitexpress We expect to reach our overall cloud goals later this year, allowing us to further leverage shared technologies across product set. I know the net interchange piece was down a little bit from incentives. Data within our platforms are aligned on Day 1 and updated daily. If you have a spending or savings account, you can also initiate a chat session directly from your online account. The domestic fuel price in Q1 2023 was $3.86 versus $3.95 in Q1 2022. Now let's turn to the financial results. Okay. 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. 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 . WEX is a financial services company that is headquartered in South Portland, Maine. That was a place where we're seeing positive same-store sales during the bulk of the pandemic. Please login again. WEX Benefits Features | G2 First, it's worth noting that failures of Silicon Valley Bank and Signature Bank had very minimal impact to our business. You can also access your account from the COBRA mobile app. The first quarter was a very good quarter for us. Working At WEX: Employee Reviews And Culture - Zippia Thank you, operator, and good morning, everyone. And so those are really the predominant products we have in the Corporate Payments 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. Do I need to create a new account? Melissa, I like the color on the direct Corporate Payments offerings. You can view the status of your claims and upload documentation easily with our benefits mobile app or through your online account. So it would be growth in most any environment because you get the benefit of this movement to consumer-directed health care, you've got benefit costs continuing to go up, and then we continue to build upon our distribution channel. Is that a fair statement when we not only look across Mobility, but just across WEX? The elevated loss rate in the over-the-road trucking business that we have seen over the past 2 quarters are starting to abate. We have a solution that is live in Europe and United States. Plenty of room for advancement We've continued our long track record of delivering exceptional financial results and performing well across dynamic macroeconomic environment. 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. And if I could just ask one follow-up to that. Looking for your Discovery Benefits Login? It's a better customer experience. The Fleet Solutions segment will now be renamed to Mobility, the Travel and Corporate Solutions segment will now be renamed to Corporate Payments and the Health and Employee Benefit Solutions segment will now be renamed to Benefits. Working at WEX | Glassdoor WEX announces the acquisition of Discovery Benefits, Discovery Benefits Facebook and Twitter accounts merge with WEX, Participants start getting notifications about upcoming brand changes, DiscoveryBenefits.com content moves to wexinc.com, New WEX-branded participant/employer login pages, Consumer benefits and COBRA online accounts, mobile apps, and benefits platform-generated emails updated to WEX branding. 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. We continue to see travel volumes in April in line with our forecast. We were very pleased with our SaaS accounts growth, which was up 14% in Q1 versus the prior year. 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. 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. 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. I know there's seasonality to the yield likely, but maybe you could just help us think through that. Can you elaborate a little bit -- I guess, it's also on lines of M&A. I know both of you talked about a little bit, just the stresses on the banking system and all the banking turmoil and deposit activity, it sounds like you managed it well. We do feel good about the products that we have. Nontravel-related Corporate Payments customer volume grew 17% versus last year, and revenue was up 4%. We'd expect kind of normal seasonality going into Q2 and Q3 on the travel side. 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. The company is headquartered in Portland, Maine[2][3] and provides services in the United States, Canada, South America, Europe, Asia, and Australia. Where does it work? Melissa, appreciate all of the color on business development. Just my quick follow-up. 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.
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