Thanks, Melissa, and good morning, everyone. I know there's seasonality to the yield likely, but maybe you could just help us think through that. Please login again. 88 were here. 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. Yes. Plenty of room for advancement 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 offset by lower margins in the Mobility segment. But they -- it cumulatively become quite meaningful for 2024. The Corporate Payments segment delivered an adjusted operating income margin of 46.9%, up from 36.7% in Q1 last year. (Say goodbye to paper implementations. Most of these expanded relationships are Mobility customers to whom we were able to sell a Benefits solution. Using our definition, adjusted free cash flow was negative $61 million through Q1, which is $16 million better than 2022. And we've started ramping salespeople. 3 reasons we see people flipping to a fuel card: Apply Now Will you be communicating these changes to participants? benefitexpress Mergers and Acquisitions Summary | Mergr Yes. We have 2 primary products that we have within the Corporate Payments space. We also had a period of time where people were less likely to make changes because of what was happening -- a bit of an overhang from the pandemic. Any clarity on how that spread might behave here in the next couple of quarters? You can also mail or email a Discovery Benefits claim form to us for processing. With a female CEO, an executive team with 30% female leadership, and global workforce that is nearly half female, women are a key part of WEXs business at all levels. 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 cobraadmin@wexhealth.com. I know the net interchange piece was down a little bit from incentives. 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. Yes. 4321 20th Ave S, Fargo, ND 58103. WEX Benefits Login | WEX customer login | WEX Inc. 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. 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 . And so the people that were newer in business and smaller in size, we've had a very targeted issue within that part of the portfolio. We expect to reach our overall cloud goals later this year, allowing us to further leverage shared technologies across product set. 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. Type: Company - Public (WEX) Industry: Investment & Asset Management. 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. Women play an important role at WEX. That's brought down both the number of instances on which we factor the number of invoices as well as the average dollars per invoice. Next, let me turn to our operational improvement. 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 look at scale plays, so the assets that are larger in size, which are more just financially accretive, less about the product. We just held that same assumption. Particularly, I think you mentioned some weakness in OTR. So really, really strong still conversations within our customer base. . So again, not necessarily because we're seeing that trend within our portfolio, but consistent with what we had said in the last quarter. WEX | ADP Marketplace 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 . And so those things, combined, have been a really great contribution to the overall business. And so I wouldn't describe it as weakness, I would say, more slowing of the growth instead. Aside from the base salary, Wex Bank offers its employees a list of benefits. Revenue from travel-related customers was up 87% versus Q1 2022. 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.. 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. Acquired by WEX, Inc. (Company) on 2021-04-14 . Participants Accounts HSA, FSA, HRA/Wellness & Commuter WEX Inc. Reports First Quarter 2023 Financial Results Your next question comes from the line of Darrin Peller with Wolfe Research. 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 empathetic service . I think the multiemployer administrator in Benefits, the large health system in Corporate Payments. Working At WEX: Employee Reviews And Culture - Zippia So I said there were some puts and takes in that finance fee revenue. If you need an employee benefits and COBRA administrator that will act as an extension of your HR staff, WEX has just the solution for you. 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. Nontravel-related Corporate Payments customer volume grew 17% versus last year, and revenue was up 4%. 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. Yes, sure. We estimate the year-over-year impact of fuel prices increased segment revenue by approximately $1 million, including a benefit . It's also, if you look across the whole deposit portfolio, we have over 95% of our deposits are FDIC-insured. 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. We had record attendance at SPARK, which shows the importance of our solutions and how they resonate with customers. Can you elaborate a little bit -- I guess, it's also on lines of M&A. 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.. Existing User. 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. 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 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. But then when you migrate across the rest of the portfolio, our fleet mobility customers in our North American fleet business was actually up 2.5%. WEX Completes Acquisition of Discovery Benefits, Inc. 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. We believe these new agreements will be a win-win for WEX and our network partners given the significant relationships we have (inaudible) with the government and large fleet. So we are continuing to build the direct sales force. Focusing on diversity also means focusing on inclusion. 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. WEX | ADP Marketplace And then what do we need to go get in the course of the year? So we're continuing to sell in the marketplace. On top of that, within the Mobility space, this conversion to EV, increasingly, we see this as an opportunity. How does it work? Each account that is available on the debit card is referred to as a "purse". 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. The Fleet Solutions segment . Is that -- are we still early enough in the secular shift to consumer-paid HSA that we can continue to expect big open enrollment seasons that provide momentum and visibility sort of year in and year out in your Benefits business? WEX Benefits Login Simply select your account type below and you'll be sent to the login page for your Benefits account. Our commitment to providing excellent customer service to both you and your employees is unwavering. But when you look into the individual SIC code, like construction still grew same-store sales 2% year-over-year. And as a result, I am pleased to share that we are raising our guidance for 2023 to reflect those results as well as the benefit of share repurchases completed to date. Our next phase will turn to at-home reimbursement. . And so it's been negative for a few quarters now. Thank you. Will customer service numbers stay the same? WEX Health Cloud helps to administer HSAs, HRAs, FSAs, VEBAs, COBRA, defined-contribution, wellness plans, and transit plans. Now let's turn to the financial results. Congrats on the strong results. Our primary use of free cash flow this year has been to repurchase shares. 3 key themes from WEX SPARK 2023 to help you simplify the business of Fitness Subsidies. Thank you, Steve, and good morning, everyone. Welcome to WEX! Reported anonymously by WEX employees. But if this is excluded from both periods, the core operating margin would still have increased nearly 1%. Your session has been timed out due to inactivity. [6], In 2019, WEX opened a new 100,000-square-foot headquarters across from the Ocean Gateway International Marine Passenger Terminal in Portland, Maine. So I think that provides evidence that our funding sources remain quite strong. Payment processing transactions were up 4% year-over-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. Some of that will impact 2024. So for example, the Benefits contract that you mentioned, I mean, we've talked about the 25% to 30% growth in our guidance. 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. 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).

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