They also will see the WEX logo and reminders about the brand change on the online account banner image. 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. 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 I think that was about $5 million. Your benefit plans set up in WEX automatically feed over to ADP, preventing duplicate setups. Will customer service numbers stay the same? Is it in Benefits? And so our expectation right now is that we will continue to grow ex PPG, ex FX at our target growth rate of 4% to 8%. And I guess I'm wondering if that's sustainable. 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. 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? Women play an important role at WEX. It is an area that we continue to take market share. ERGs drive diversity by fostering new bonds and communities across the company. 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. We've also had some renewals come through, and we've been very pleased with the renewal rates we're getting, which has been up in certain cases, which also drove the higher interchange rate.There was really -- the onetime item in the quarter was really market movement in Europe, which was worth about 4 basis points of that interchange rate. 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. Okay. Our card works at a variety of merchants. And kind of how do you think that is going to go through the year? Looking for your Discovery Benefits Login? As I complete my prepared remarks, I would like to emphasize how pleased we were with our Q1 results. 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. 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 . 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. Adjusted earnings of $3.31 per share surpassed the Zacks Consensus Estimate by 3.4% and our . WEX Virtual launched in 2000 [14] in support of customers including HitchHiker,[15] HotelTonight, Expedia, and Priceline. We will continue to manage capital allocation between organic investment, M&A and returning capital to shareholders. These challenges are experienced across many industry verticals and include personalizing employee benefits, navigating the complexity of mixed fleet [interests] and removing the friction caused by inefficient payment processes and systems. WEX Inc. is a provider of payment processing and information management services to the United States commercial and government vehicle fleet industry. This concludes the question-and-answer session. 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. The company traces its origins to A.R. Given this more challenging fundraising environment, are you seeing more interesting opportunities on the M&A side? benefitexpress Benefit Express Services LLC. But we feel like we have a good foundation that we continue to build upon. The company continues to have a significant presence in South Portland. Okay. 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. I talked about some of the reasons for it in our prepared remarks. WEX is off to a great start in 2023. Jagtar talked about the fact we've seen that stabilize within our portfolio. It operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. Finally, before turning the call over to Jagtar, I want to highlight that we will host an investor event to provide an in-depth understanding of our Benefits segment, including the product set, opportunities and financial profile. 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. 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 appreciate you joining us today. Mihir, I would just add, like I said, the travel trend into April continues as expected, and we've seen the same thing with fleet gallons as well has continued into April, in line with our expectations. Yes. And so when you think about that business, you do a lot of your onboarding before you start the year. Do you feel like you have the capabilities internally at this point that you need to grow that direct business? Skip to content. Our payments platform technologies give you everything you need to run an advanced payments program in one place, including the expertise to make payments smarter, faster, and more profitable. 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. Specifically in the Corporate Payments space, I'd say it's more acute there than some of the other areas of the business. Thank you. What's it like in April? Yes. Again, this is consistent with our strategy of ensuring electric vehicles can be charged conveniently while simplifying payments and reimbursement for organizations. And I'd say those contract expectations would have been built into that. Yes. 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. Do I need to create a new account? 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. WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. WEX is our administrator of several employee benefits, including Health Savings Accounts, commuter benefit accounts, an COBRA. 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%. And we saw a negative 2% same-store sales within the over-the-road business. 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! It operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. And it should play into the 1% to 2% growth we have slated for new product revenue and our long-term growth framework. 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. Can you elaborate a little bit -- I guess, it's also on lines of M&A. You should not place undue reliance on these forward-looking statements, all of which speak only as of today. You will not need to make any changes to your recurring ACH schedule. 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. Strong quarterly revenue, paired with the scalability of our business model and a superior funding model, resulted in adjusted net income per diluted share of $3.31, an increase of 15% compared to the same quarter last year. Thanks, Tien-Tsin, for the question. I just want to make sure I understood that no impact on deposit funding from a WEX Bank standpoint. Yes. (formerly known as Wright Express Corporation) is a provider of financial technology solutions. I mean that's obviously impressive. There's been the ongoing slowdown in the freight industry with spot rates declining. Now I'd like to recap our business highlights in the quarter. 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 biggest piece of that is some of the larger customers. That was a place where we're seeing positive same-store sales during the bulk of the pandemic. How does it work? We signed one of the largest administrators of multiemployer benefit funds in the Midwest. So as Jagtar said, we had a really strong open enrollment season. . As part of this initiative, we've been looking closely at a number of areas of our company using improved processes, data and technology. 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. Reported anonymously by WEX employees. But so far, in April, things are trending well for us. Good results here. [9] WEX Fleet also partners with GasBuddy,[10] OnDeck Capital,[11] and Chevron,[12] among other companies, to provide services to customers. Our primary use of free cash flow this year has been to repurchase shares. Got it. So we should see these kind of interchange levels as we flow through the year. Got it. I know you mentioned a few times building out the direct sales force, inking 40 new deals. The first quarter was a very good quarter for us. We're excited to be able to really go a bit deeper in that business, make sure that people have the visibility and can really understand the products we have in the marketplace, how we compete. 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. In 2017, WEX Fleet launched a new telematics platform, ClearView Advanced.[13]. . Historically, we've sold that product through a partner channel. So I think that we've gotten the benefit of that. Your next question comes from the line of Darrin Peller with Wolfe Research. [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. And just one follow-up question for Jagtar. In the 1980s, A.R. And we have made changes with our credit approval processes, both for the over-the-road business and our traditional retail business, to tighten credit standards in keeping with this idea that we're anticipating or planning for a slow-growth environment in the second half of the year. 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. We have the ability to settle throughout the world in a number of different -- over 20 currencies. Sure. We brought in our Chief Digital Officer, first time we've had one, a little over a year ago. But when you look into the individual SIC code, like construction still grew same-store sales 2% year-over-year. And we'll continue to look at where should we build, where should we partner, where should we buy. Focusing on diversity also means focusing on inclusion. WEX is a financial services company that is headquartered in South Portland, Maine. The domestic fuel price in Q1 2023 was $3.86 versus $3.95 in Q1 2022. A little bit elevated still knowing that there's pent-up demand. 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! And then on the negative side was the factoring item that you mentioned. Plenty of room for advancement They're asking us for simplified solutions to manage their next fleet and are looking for a single card or app on a single credit line on a single data set, all managed and controlled through a single view. History This company is wonderful great pay great benefits and you are treated as a person as opposed to a number. So we have ramped the investments that we've made in that part of the business over the last couple of years. A piece of that is also coming from this anticipation that we'll continue to benefit from the custodial deposits that we have. Payment processing & information management service company, Ocean Gateway International Marine Passenger Terminal, "Why Wright Express Changed Its Name to WEX", "Wright Express Corporation Announces Pricing of Initial Public Offering", "WEX Opens Global Headquarters In Portland", "Roux Institute partners with WEX on a new facility in Portland", "WEX Partnering with Gas Buddy on Fuel Data Pact", "BRIEF-Wex and OnDeck announce strategic partnership", "WEX launches ClearView Advanced platform for fuel savings", "Jim Pratt: How WEX Ignited B2B Travel Payments", "SnapShot marketplace, TravelClick gets chatty, and more", "Eureka Innovation Award Winner Wex Health", "#WorkTrends Recap: Building Successful Business Partnerships", "Travelport Agrees to Sell Enett to Wex at a Bargain Price", https://en.wikipedia.org/w/index.php?title=WEX_Inc.&oldid=1129342157, Companies listed on the New York Stock Exchange, Companies based in Cumberland County, Maine, Short description is different from Wikidata, Wikipedia indefinitely semi-protected pages, Official website different in Wikidata and Wikipedia, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 24 December 2022, at 20:47. sophie van oostenbrugge net worth, virgin pineapple daiquiri recipe,
Hungarian Cimbalom For Sale,
Nordstrom Chicken Salad Sandwich Recipe,
Articles W