wex company benefits

Thank you, operator, and good morning, everyone. We look at scale plays, so the assets that are larger in size, which are more just financially accretive, less about the product. How Much Does WEX Pay in 2023? (1,334 Salaries) | Glassdoor 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. Women play an important role at WEX. They also will see the WEX logo and reminders about the brand change on the online account banner image. Please login again. Welcome to WEX! But I'm going to start, and I'm sure Jagtar will add on to this. You will not need to make any changes to your recurring ACH schedule. Before jumping into our performance for the quarter, I'd like to quickly address the recent disruption in the banking industry. WEX Fuel Cards | Save Money With Fleet Cards & Business Gas Cards Is that weakness the same on the smaller versus the larger? I know the net interchange piece was down a little bit from incentives. 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? Other than macro factors like fuel prices and interest rates, we are largely maintaining our previous guidance for everything else. The segment adjusted operating income margin for the quarter was 40.5%, down from 50.2% in Q1 2022. That was a place where we're seeing positive same-store sales during the bulk of the pandemic. WEX Inc. - Wikipedia And I'd say those contract expectations would have been built into that. 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. (Operator Instructions) Your first question comes from the line of Sanjay Sakhrani with KBW. Expediting changes and reducing questions and discrepancies. 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. WEX Virtual launched in 2000 [14] in support of customers including HitchHiker,[15] HotelTonight, Expedia, and Priceline. WEX is transforming the complexity of employee benefits administration with innovative solutions and extraordinary customer service delivered by empowered and knowledgeable employees. 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? Username Forgot Username? As you may recall, we've added to our direct sales force in this business and are starting to see a positive return with more than 40 deals signed in the first quarter. This allows us to see the company through a different lens or perspective than we normally would. Nontravel-related Corporate Payments customer volume grew 17% versus last year, and revenue was up 4%. 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. Welcome to benefitexpress, a WEX Company's Plan Document System 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. It operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. And we're fine doing that if we see an opportunity within that space. 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. You may now disconnect your lines. The company operates in three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. 3 reasons we see people flipping to a fuel card: Apply Now Well, when we talk about the segment internally in the businesses, we think of it as more mobility plays, and as we continue to expand what we're doing, even with our traditional fleet customers as we're moving into this mixed fleet environment, it migrates you into new offerings in that space. And so just to be specific, last quarter, we talked about weakness in the over-the-road customer segment, smaller. Where do I log in to my online account? Is that where you see the largest future growth opportunity? When your card expires, or you report your card lost or stolen, we will send you a new WEX benefits card. 3 key themes from WEX SPARK 2023 to help you simplify the business of Do you feel like you have the capabilities internally at this point that you need to grow that direct business? This represents a 15% increase over the prior year. Your benefit plans set up in WEX automatically feed over to ADP, preventing duplicate setups. WEX "benefit" Reviews | Glassdoor And we've started ramping salespeople. Fleet fuel cards have many impactful benefits like data-tracking capabilities and more. Yes. We continue to invest in our platform to help our customers meet the demands of their markets, employees and customer [bids]. 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. If you already use the app, just log in with your existing username and password. And so working through those, looking at assets we want to invest in. But they -- it cumulatively become quite meaningful for 2024. Military veterans possess invaluable leadership skills and business acumen. They encourage questions and curiosity. Actual results may differ materially from those forward-looking statements as a result of various factors, including those discussed in our press release and the risk factors identified in our annual report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 28, 2023, and subsequent SEC filings. In the 1980s, A.R. It's a better customer experience. Should we think about that as being the predominant sequential change in that yield? You can view the status of your claims and upload documentation easily with our benefits mobile app or through your online account. 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. So I think that gives a lot of comfort to depositors with us. Continue to log in to your online account like you do today with your existing username and password at https://benefitslogin.wexhealth.com. We have also been very focused around EV innovation. WEX - Remote Work From Home Jobs & Careers | FlexJobs 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. WEX Health Cloud helps to administer HSAs, HRAs, FSAs, VEBAs, COBRA, defined-contribution, wellness plans, and transit plans. During the quarter, we repurchased approximately 525,000 shares of WEX stock for roughly $93 million, resulting in a small EPS benefit in the quarter. It can be easy to get caught up in a routine or a silo at WEX, but NexGen has given me the opportunity to connect with people in other functional areas that I otherwise would have never met.. 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. 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. WEX has 5 employees across 31 locations and $2.35 b in annual revenue in FY 2022. . The Benefits segment adjusted operating income margin was 39.1% compared to 29.3% in 2022. So yes, you're correct. Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. 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. 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. The Corporate Payments segment delivered an adjusted operating income margin of 46.9%, up from 36.7% in Q1 last year. We've definitely looked at this business similar to the way that we look at everything else. Can you elaborate a little bit -- I guess, it's also on lines of M&A. 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. Your next question comes from the line of Darrin Peller with Wolfe Research. Yes. Like are we thinking that's like second quarter or back half of 2023 thing? Yes. Job Training & Conferences. I know there's seasonality to the yield likely, but maybe you could just help us think through that. 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 have a solution that is live in Europe and United States. WEX Benefits Reviews 2023: Details, Pricing, & Features | G2 So I think that we've gotten the benefit of that. WEX Inc. (WEX) Q1 2023 Earnings Call Transcript Yes. Okay. WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. Participants Accounts HSA, FSA, HRA/Wellness & Commuter Benchmarked against 2019, we're seeing improvement versus Q4 in all regions with the largest gains coming from Europe. Can you just talk a little bit about where you are focusing on the M&A side right now? On top of that, within the Mobility space, this conversion to EV, increasingly, we see this as an opportunity. Okay. Now let's start with the quarter results. Melissa, appreciate all of the color on business development. But when you look into the individual SIC code, like construction still grew same-store sales 2% year-over-year. 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. So there's a number of things that are really important to that customer base. It is an area that we continue to take market share. Discovery Benefits | WEX Inc. So I feel good about the path that we're on because not only would we have the ability to continue to use the sales channels we have now but to enhance that with further digital capability. WEX Inc. Employee Benefits | Built In You can continue to use the debit card you have today. So we do have some escalator clauses that are built into our contracts. In 2012, WEX Fleet acquired Fleet One to provide fleet cards to drivers. 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. 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.

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