wex company benefitsobituaries humphrey, nebraska

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. Starting in January, participants will receive a message after they log into their online account letting them know Discovery Benefits will be known as WEX. Self-Service for Employees. So I guess 2 questions. I mean for a good reason, you're prioritizing electric vehicles. 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. You can also access your account from the WEX benefits mobile app. Wex Bank Company Overview. Melissa, I like the color on the direct Corporate Payments offerings. Benefits Total WEX Inc. Three months ended March 31, 2023 2022 2023 . I wanted to maybe just start with just your intraquarter volume trends. There seems to be some ongoing spot rate stabilization in the freight industry, but we're expecting these kind of rates going forward. 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. The fraud remediation activities that I've spoken about in prior quarters, which include working with the truck stop operators, continuing to enhance our fraud detection tools and releasing fraud-focused product enhancements appear to be delivering a fraud reduction impact as intended. The net interchange rate in the Mobility segment was 1.21%, which is up 10 basis points from Q4 of last year. And as we -- it looks like that has largely run its course. But we feel like we have a good foundation that we continue to build upon. 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. WEX is off to a great start in 2023. Existing User. This increase of $94 million year-over-year was primarily driven by the growth of 36% in both our Corporate Payments and Benefits segment. . Great. And in terms of what we're assuming from a volume perspective, we are assuming that idea of having a slow growth environment. 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. They're not talking about driver shortages in the way that they have in the past [inferring], but there's a slowdown within that customer base. 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. And you can see that in the growth of vehicles that we've had within our base, and so we start with that. We just held that same assumption. And then we look at geographic expansion capabilities, and so there's an active mix across those categories. 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. 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. Your next question comes from the line of Dave Koning with Baird. As a reminder, we will be discussing non-GAAP metrics, specifically: adjusted net income attributable to shareholders, which we refer to as adjusted net income, or ANI; and adjusted operating income and related margin; and adjusted free cash flow during our call. 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. We have a dedicated leader for this initiative, with dozens of cross-functional teams inside of WEX who are focused on execution and has the full support of me and my entire management team. We appreciate you joining us today. Like I understand your guidance is for a slowdown in the back half, but have you seen any actual slowdown yet across your businesses? WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. You may now disconnect your lines. 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 We're excited to do that highlight. And so I'd say, so far so good in what we're seeing with that business, and it's something we're going to continue to learn and evolve. And so it's been negative for a few quarters now. 3 reasons we see people flipping to a fuel card: Apply Now The acquisition is expected to be neutral to the company's adjusted . Discovery Benefits is now WEX - WEX Benefits You We are WEX We are excited and proud to share that in 2021, Discovery Benefits, LLC, a WEX Company will be known as WEX. Payment processing transactions were up 4% year-over-year. In 2012, WEX Fleet acquired Fleet One to provide fleet cards to drivers. 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 . And I think -- I mean, related, but you had called out weakness in smaller customers within Mobility last quarter. 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. So still decent growth we have in our underlying assumption because we know that there's still pent-up demand, but coming off the highs that we're seeing in first and second quarters. WEX SPARK 2023 is our annual learning and networking event that focuses on new technologies and emerging industry trends meant to simplify payments, fleet management, and benefits administration and help fuel business growth. It tends to be a higher quarter for travel. Thanks for the question. Some of that will impact 2024. Buy vs Sell. We've seen lots of opportunities behind that. So we do have some escalator clauses that are built into our contracts. Net income attributable to shareholders on . benefitexpress is a leader in cloud-based solutions for benefits administration. 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 . But when you look into the individual SIC code, like construction still grew same-store sales 2% year-over-year. The domestic fuel price in Q1 2023 was $3.86 versus $3.90 in 2022. And overall, as you can see from the chart in the appendix that we posted to our website, travel does have a lower take rate. 3 reasons we see people flipping to a fuel card: Apply Now 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. Fill up company vehicles anywhere. Congrats on the strong results. Our next phase will turn to at-home reimbursement. And we've had good success in selling that into the fintech community, ultimately in the United States. I know you mentioned a few times building out the direct sales force, inking 40 new deals. [4], Wright Express grew over the next several decades. Women play an important role at WEX. 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. (866) 451-3399. srehr@discoverybenefits.com. Continue to log in to your online account like you do today with your existing username and password at https://benefitslogin.wexhealth.com. . But even the construction trades within our portfolio were up a couple of percent. 1 Debit card for multiple accounts (HSA and commuter benefits accounts) HSA financial accounting features. 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. Before jumping into our performance for the quarter, I'd like to quickly address the recent disruption in the banking industry. Your benefit plans set up in WEX automatically feed over to ADP, preventing duplicate setups. Over 90% of our clients come to us seeking a better benefits experience for them and their employees. Okay. We'll build on this launch by focusing on learnings and rapidly innovating our offering for U.S.-based customers. No. We signed one of the largest administrators of multiemployer benefit funds in the Midwest. Existing Users Username Forgot Username? 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. Given this more challenging fundraising environment, are you seeing more interesting opportunities on the M&A side? 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 . 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. And then, I guess, secondly, travel volume, per your charts, look like -- whatever it was, it was big. WEX has 5 employees across 31 locations and $2.35 b in annual revenue in FY 2022. . And so those are a combination of CDs, which we used to fund the business, and then HSA deposits are the 2 largest pieces of that. A piece of that is also coming from this anticipation that we'll continue to benefit from the custodial deposits that we have. [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. 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. We had record attendance at SPARK, which shows the importance of our solutions and how they resonate with customers. Okay. We will be updating the login page for LEAP and will share a link to the new URL once it is live. 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 continue to drive strong growth, resulting in Q1 revenue of $164.9 million. Get the latest Health Trends & Insights news in your inbox. Prev Next Do I need a new debit card? Any clarity on how that spread might behave here in the next couple of quarters? And we will evaluate whether or not we should continue to do that from a build perspective or if there are opportunities to buy. I will turn the call to Steve Elder. (Operator Instructions) Your first question comes from the line of Sanjay Sakhrani with KBW. An executive may or may not realize all of the Total Co mpensation during their tenure at the Company. Self-Service Portal. We expect ANI EPS to be between $3.45 and $3.55 per diluted share. We have 2 primary products that we have within the Corporate Payments space. The WEX Health Card is a prepaid debit card that contains the value of your annual Health Care Flexible Spending Account (FSA) or Limited Health Care Flexible Spending Account elected amount. 1700 E. Golf Road, Suite 1000, Schaumburg . WEX Inc. WEX yesterday announced that it has inked a deal to purchase benefitexpress for a sum total of nearly $275 million. Powered by WEX Health. Yes. Type: Company - Public (WEX) Industry: Investment & Asset Management. 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. Spot rates went down. Is it Corporate Payments? Sales Based on 148 salaries Account Manager 22 salaries Regional Sales Manager WexBocaLink.setUrl("locations-flyout", "WEXFleetUniversal", "cc1"); Save money and manage fleet operations with our modern business mobility solutions, including a broad array of fuel cards for any size fleet. 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. Should we expect the Corporate Payments to kind of trend in the 4% range and, I guess, travel to decelerate materially just from where it's at relative to the guide? When your card expires, or you report your card lost or stolen, we will send you a new WEX benefits card. 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. This allows us to see the company through a different lens or perspective than we normally would. So I said there were some puts and takes in that finance fee revenue. Any callouts with respect to volume and -- as well as yield? Where do I log in to my account? Company Outings. 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 is here to stay. And one of the things that we find interesting about that part of the business is it's also really resilient. Each account that is available on the debit card is referred to as a "purse". Plenty of room for advancement If used elsewhere, you may need to upload supporting documentation (depending on your benefits plan). In total, adjusted operating income margin for the company was 37.6%, which is down from 39.2% last year, largely driven by much higher margins in both the Corporate Payments and Benefits segments . 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! I know there's seasonality to the yield likely, but maybe you could just help us think through that. 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. Can you just talk a little bit about where you are focusing on the M&A side right now? And so those things, combined, have been a really great contribution to the overall business. Jagtar talked about the fact we've seen that stabilize within our portfolio. And so working through those, looking at assets we want to invest in. The custodial revenue from the invested HSA cash deposits is the primary driver of the increase in margin. Will customer service numbers stay the same? Official list of employee benefits from WEX Inc.. Health insurance benefits, vacation policy, retirement benefits and more. Inside of Mobility, I think you mentioned the slowdown in factoring revenue being a big driver of that finance and late fee yield. Our focus on cross-sell continues to gain traction with more than 60 signed contracts during Q1. 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. And then maybe you could just remind us what you guys are incorporating into the guidance? Please see Exhibit 1 of the press release for an explanation and reconciliation of these non-GAAP measures. We can help your team save time and money and eliminate stress. WEX Virtual launched in 2000 [14] in support of customers including HitchHiker,[15] HotelTonight, Expedia, and Priceline. Again, this is consistent with our strategy of ensuring electric vehicles can be charged conveniently while simplifying payments and reimbursement for organizations. Government Administration Company, 51-200 employees. 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. Yes, you 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. 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, including fleet, corporate payments, and healthcare. I talked about the fact that we've had 40 signings in the quarter. Job Training & Conferences. 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. Yes. Where does it work? So I think that provides evidence that our funding sources remain quite strong. Thank you, Steve, and good morning, everyone. New User. You should not place undue reliance on these forward-looking statements, all of which speak only as of today. You can also mail or email a Discovery Benefits claim form to us for processing. And that's really -- what we're working towards is we're architecting both the way that we're thinking about go-to-market but also the products stuff. Please go ahead. WEX Benefits Login Simply select your account type below and you'll be sent to the login page for your Benefits account. They encourage questions and curiosity. www.discoverybenefits.com. Fleet fuel cards have many impactful benefits like data-tracking capabilities and more. Do you feel like you have the capabilities internally at this point that you need to grow that direct business? And we've seen, as Melissa has mentioned, pretty robust demand for funding sources. In 2017, WEX Fleet launched a new telematics platform, ClearView Advanced.[13]. 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. Of our clients continue to partner with us during renewal because of the experience and support we provide them and their employees. 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. Welcome to your single source for all you need to know about your benefit account(s). WEX Inc. (WEX Quick Quote WEX - Free Report) delivered better-than-expected first-quarter 2023 results. Particularly, I think you mentioned some weakness in OTR. The company has more than 3,500 team members throughout the world and supports more than 20 currencies and 10 countries, with locations in Asia, Japan, Australia, Europe, and Latin America. 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. We will also notify participants when their new login page is live and include any other relevant changes to contact information. This furthers our goal of putting tools in the hands of drivers that simplify the process of determining where, when and how to charge. Shifting gears now, I will provide an update on the balance sheet and our liquidity position. We've looked at a range of metrics around the banks we look at -- we work with, from what's the ratio of insured to uninsured deposits, credit default swaps, things like that, just to make sure that we're prudently managing money and moving it around where appropriate to banks that we're more comfortable with.

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