wex company benefits

So Ramsey, I mean, I think you asked a longer-term question. Welcome to WEX! Will my recurring payment for premiums continue? So how do we think about -- first of all, just if you could reiterate what's really driving that, what the strategy is for that business going forward and the kind of growth profile we can assume into the second half of the year, especially as this Midwest manager comes out as well. When we've talked about the long-term growth rate of that being 15% to 20%, a piece of that comes from this continued shift to consumer-directed health care. 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. WEX Benefits Reviews & Ratings 2023 - trustradius.com Okay. 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. The take rate was down over last quarter primarily because of the scheme fees that we called out last quarter. How Much Does WEX Pay in 2023? (1,334 Salaries) | Glassdoor 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). We have 2 primary products that we have within the Corporate Payments space. No. And one of the things that we find interesting about that part of the business is it's also really resilient. The Company's adjusted net income attributable to shareholders, which is a non-GAAP measure, was $145.8 million for the first quarter of 2023, or $3.31 per diluted share, up 15% per diluted share from $131.1 million or $2.88 per diluted share for the same period last year. Yes. 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 . An executive may or may not realize all of the Total Co mpensation during their tenure at the Company. Wright, a coal and later heating oil business in South Portland, Maine. Of our clients choose us because theyre looking for a better service experience for themselves and their employees. The domestic fuel price in Q1 2023 was $3.86 versus $3.95 in Q1 2022. So as Jagtar said, we had a really strong open enrollment season. 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. (866) 451-3399. srehr@discoverybenefits.com. Aside from the base salary, Wex Bank offers its employees a list of benefits. So Flume is still -- I'd say, still early days, and we've had -- we started this about 15 months ago. You will not need to make any changes to your recurring ACH schedule. Jagtar talked about the fact we've seen that stabilize within our portfolio. You can also access your account from the COBRA mobile app. Like are we thinking that's like second quarter or back half of 2023 thing? WEX "benefit" Reviews | Glassdoor So we are continuing to build the direct sales force. At the same time, we've been moving aggressively to the cloud, which increases [fleet to market of] innovation and enhance scalability for our customers. History Shifting gears now, I will provide an update on the balance sheet and our liquidity position. Will you be communicating these changes to participants? document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Keep more of your money in your business, where it belongs.Apply for a fleet card today! You can also access your account from the WEX benefits mobile app. 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. I mean that's obviously impressive. And as you talk to our customers that are in travel, this continues to be an area of rebound where we see strength there continuing as well as if you go into our Benefits business. WEX is off to a great start in 2023. Plenty of room for advancement WEX Inc. Reports First Quarter 2023 Financial Results Verified User. 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 drive strong growth, resulting in Q1 revenue of $164.9 million. So those direct accounts would come in at a higher rate, which is one of the reasons we go direct there. WEX - 12 Photos & 264 Reviews - 4321 20th Ave S, Fargo, North - Yelp 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've seen lots of opportunities behind that. Your next question comes from the line of Andrew Jeffrey with Truist. The custodial revenue from the invested HSA cash deposits is the primary driver of the increase in margin. Focusing on diversity also means focusing on inclusion. Discovery Benefits, A WEX Company Business Data. And so it's been negative for a few quarters now. WEX Benefits Platform | West Fargo ND - Facebook We will also notify participants when their new login page is live and include any other relevant changes to contact information. We just held that same assumption. Turning to our performance in the first quarter, revenue increased 18% year-over-year to $612 million. 78%. WEX is a financial services company that is headquartered in South Portland, Maine. Thank you. So we should see these kind of interchange levels as we flow through the year. Year The second product that we have is an AP direct product, where we have just started ramping a direct sales force. Historically, we've sold that product through a partner channel. WEX Benefits | LinkedIn Adjusted earnings of $3.31 per share surpassed the Zacks Consensus Estimate by 3.4% and our . WEX Q1 Earnings and Revenues Beat Estimates, Increase Y/Y Yes, thanks, Sanjay. 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. And so I think we're continuing to get a little bit of benefit of that. I think that was about $5 million. ERGs drive diversity by fostering new bonds and communities across the company. Posted 11:56:46 AM. Yes, sure. So there's a couple of things that are happening within that segment. Continue to use any premium payment coupons you already have and continue to mail them to the address located on the coupon. Do I need a new debit card? Great. Finally, let's move to revenue and earnings guidance for the second quarter and the full year. Before jumping into our performance for the quarter, I'd like to quickly address the recent disruption in the banking industry. WEX | UKG Marketplace 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. Working At WEX: Employee Reviews And Culture - Zippia We expect ANI EPS to be between $3.45 and $3.55 per diluted share. 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. 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. Existing Users Username Forgot Username? Yes. We continue to invest in our platform to help our customers meet the demands of their markets, employees and customer [bids]. This was led by continued growth in the partner channel. The products in the marketplace right now, I talked about in the prepared remarks, or the ability to move our customers letting them by as they are on the go, having this charging network, reimbursement capability and then eventually depot capability, those are really, for us, the starting points because we know, from talking to our customers, they want one integrated bill, one system of record. Fill up company vehicles anywhere. Please see Exhibit 1 of the press release for an explanation and reconciliation of these non-GAAP measures. A piece of that is also coming from this anticipation that we'll continue to benefit from the custodial deposits that we have. They were not a party to our credit facility nor counterparties to our hedging relationships. I know the net interchange piece was down a little bit from incentives. Any clarity on how that spread might behave here in the next couple of quarters? What if additional documentation is required? We saw higher rates earned from a number of merchants due to renewals at favorable terms, the impact of interest rate escalator clauses contained in various merchant contracts and the rate impact from a reduction in fuel prices versus Q4. Read More. We look at scale plays, so the assets that are larger in size, which are more just financially accretive, less about the product. And she's doing some amazing work with our technology and commercial teams and really looking at how we can, from an end-to-end perspective, look at that customer experience and even greater digitize that experience, which has a super benefit. And we've talked about 25% to 30% growth for the year for the Benefits segment. Yes. [8], WEX Fleet provides vehicle fleet customers with fuel cards and data and telematics offerings for drivers. Yes. WexLocationCode.setTransientValue("wex02"); (Operator Instructions) I will now turn the conference over to Steve Elder. You may now disconnect your lines. Each account that is available on the debit card is referred to as a "purse". But I'm going to start, and I'm sure Jagtar will add on to this. 1 Debit card for multiple accounts (HSA and commuter benefits accounts) HSA financial accounting features. 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. WEX Inc. Employee Benefits | Built In We are aware in monitoring what's happening within the marketplace. WEX can help simplify these challenges today, and we are innovating to anticipate and address those of tomorrow. Benefits Total WEX Inc. Three months ended March 31, 2023 2022 2023 . And you also asked about rate. 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. Remember Me Next. And I think -- I mean, related, but you had called out weakness in smaller customers within Mobility last quarter. Participants Accounts HSA, FSA, HRA/Wellness & Commuter Existing User. Will my service experience change? 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 card works at a variety of merchants. Your session has been timed out due to inactivity. Working at WEX Inc.: 211 Employee Reviews | Indeed.com So we're continuing to sell in the marketplace. So again, not necessarily because we're seeing that trend within our portfolio, but consistent with what we had said in the last quarter. We've continued our long track record of delivering exceptional financial results and performing well across dynamic macroeconomic environment. Or is this more likely 2024 contributors? Click the links below to log in to a participant or employer accounts (formerly Discovery Benefits, LLC, a WEX Company). We feel good about considering the amount of capital that we're deploying into that sales force results that we've seen so far, and it's an area that we expect we'll continue to ramp. How do my employees reach you? So I think that gives a lot of comfort to depositors with us. 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. Sure. So really, really strong still conversations within our customer base. We remain in a very healthy financial position and ended the quarter with $922 million in cash. Reported anonymously by WEX employees. WEX Benefits hiring Client Support Specialist in Schaumburg, Illinois 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). 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. WexLocationCode.setTransientValue("wex02"); HSA funds are payroll-deducted (and company-matched, if applicable) and loaded to the employee's WEX account. 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. Your next question comes from the line of Mihir Bhatia of Bank of America. WEX (NYSE: WEX) is a leading financial technology service provider. Website: Size: 50 - 100 Revenue: $10M - $50M . We are assuming that you see a trail off in travel growth in the second half of the year. benefitexpress is based in Schaumburg, Illinois. . 211 reviews from WEX Inc. employees about WEX Inc. culture, salaries, benefits, work-life balance, management, job security, and more. 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). 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 . 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. I talked about the fact that we've had 40 signings in the quarter. New users can create a new account to get started. As part of this initiative, we've been looking closely at a number of areas of our company using improved processes, data and technology. File a claim, view account balance and summary information, sign up for FREE direct deposit, get email notifications, and more! Is that where you see the largest future growth opportunity? Fitness Subsidies. benefitexpress, a WEX Company 1700 E Golf Rd. How does it work? I talked about some of the reasons for it in our prepared remarks. Neither of these banks were customers or partners of WEX, and we had minimal deposit exposure. WEX Engaged Employer Overview 750 Reviews 214 Jobs 1.3K Salaries 109 Interviews 315 Benefits 4 Photos 305 Diversity + Add a Review WEX Employee Reviews about "benefit" Updated Apr 24, 2023 Search Reviews Clear All Full-time, Part-time English Filter Found 157 of over 751 reviews Sort Popular Popular COVID-19 Related Highest Rating Lowest Rating WEX is our administrator of several employee benefits, including Health Savings Accounts, commuter benefit accounts, an COBRA. The Benefits segment adjusted operating income margin was 39.1% compared to 29.3% in 2022. If you have a spending or savings account, you can also initiate a chat session directly from your online account. The only place that we've seen a slowdown is in that of the over-the-road customer base, and I talked about same-store sales being negative 2%. No, I think it's a market that will continue to evolve. 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. So we're continuing to see strength within the North American fleet business. Was this review helpful? When we look at our deposit base and a lot of the banking turmoil that we've seen has been basically people worried about non-FDIC-insured deposits. Powered by WEX Health. Diversity Program. Purchase volume issued by WEX was $18.6 billion, which was an increase of 58% versus last year. WEX Company Profile | Management and Employees List - Datanyze It's also, if you look across the whole deposit portfolio, we have over 95% of our deposits are FDIC-insured. So I said there were some puts and takes in that finance fee revenue. There's been the ongoing slowdown in the freight industry with spot rates declining. This highlighted the ongoing transformation of our business as we discuss unifying product themes around data, payments and digitization. So any of these individual contracts are relatively small in terms of the contribution to 2023. Username Forgot Username? Tuition Reimbursement. And the team is focused on each of those areas.So when we talk about that segment, kind of the long-term growth rate that we've had for that segment is 10% to 15%. This allows us to see the company through a different lens or perspective than we normally would. [9] WEX Fleet also partners with GasBuddy,[10] OnDeck Capital,[11] and Chevron,[12] among other companies, to provide services to customers. Our card works at a variety of merchants. So for example, the Benefits contract that you mentioned, I mean, we've talked about the 25% to 30% growth in our guidance. Total segment revenue for the quarter increased 36% to $104.8 million. . Higher credit losses versus the prior year were the primary reasons for the lower margin. 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 . Okay. And that product itself, highly tech-enabled, really important that has strong uptime. Thank you, Steve, and good morning, everyone. [5] In 2012, it adopted the name WEX, signaling a shift away from focusing on fuel cards and expanding into other payment solutions. WEX Inc. - Wikipedia As you've seen our metrics, the net late fee rate was up slightly versus the prior year mostly as a result of the new ExxonMobil small business portfolio added late last year. Get Started Contact Us - Call . 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? With that, I'll turn the call over to Melissa. Got you. WEX Salaries | Comparably Looking for your Discovery Benefits Login? It went public in 2005. We expect to reach our overall cloud goals later this year, allowing us to further leverage shared technologies across product set. We provide payment solutions to businesses of all sizes across a wide spectrum of sectors, including fleet, corporate payments, travel and health. About 150. And so working through those, looking at assets we want to invest in. This income makes us less sensitive to interest rates of the company as the revenue offsets higher interest expense in other parts of the business and serves as a natural hedge. So we -- this is something we watch closely, given the overall discussion about the macro economy. Will employer services numbers stay the same? The segment adjusted operating income margin for the quarter was 40.5%, down from 50.2% in Q1 2022. Non-GAAP adjusted net income was $145.8 million or $3.31 per diluted share. Manager in Human Resources. You can also mail or email a Discovery Benefits claim form to us for processing. (formerly known as Wright Express Corporation) is a provider of financial technology solutions. So our interchange rate was up nicely this quarter. And we're fine doing that if we see an opportunity within that space. First Republic in limbo as US regulators juggle bank's fate, Sony shares tumble on weaker-than-expected annual outlook, 'Waste of time': Community college transfers derail students, Asia Stocks Rise, Treasuries Dip in Cautious Trade: Markets Wrap, Poll: Americans fault news media for dividing country. Do you feel like you have the capabilities internally at this point that you need to grow that direct business?

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