Buy vs Sell. 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. We are pleased with this result and are working diligently to continue on this track. WEX Inc. Reports Fourth Quarter and Full Year 2021 Financial Results And you also asked about rate. And in Mobility, we recently signed a renewal with one of the most populous states in the country, [demonstrating] that our array of products continues to be a leading value proposition. Expediting changes and reducing questions and discrepancies. This represents a 15% increase over the prior year. New users can create a new account to get started. 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.. Looking for your Discovery Benefits Login? While our name and branding will change, your service experience will not be impacted by these changes. 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 . You should not place undue reliance on these forward-looking statements, all of which speak only as of today. Yes. Spot rates went down. 88 were here. There's many different use cases that are emerging even now in this early part of this process that we think that we can help facilitate. Women play an important role at WEX. 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! If used elsewhere, you may need to upload supporting documentation (depending on your benefits plan). These updated ranges represent an increase of $20 million in revenue and $0.25 of EPS compared to the midpoint of our previous guidance. Your next question comes from the line of Mihir Bhatia of Bank of America. We expect ANI EPS to be between $13.85 and $14.25 per diluted share. Continue to log in to your online account like you do today with your existing username and password at https://benefitslogin.wexhealth.com. Our card works at a variety of merchants. 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. Your next question comes from the line of Bob Napoli with William Blair. 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. Working at WEX | Glassdoor New coupons will be mailed to you as needed. Thanks, Melissa, and good morning, everyone. Your next question comes from the line of Nik Cremo with Credit Suisse. So we expect some volume impacts from that as we go through the next couple of quarters. And so the growth with movement to HSAs has slowed, but it is still a strong grower. This reflects continued strength in the consumer travel demand, and we are very pleased with these results. WEX Benefits Reviews & Ratings 2023 - trustradius.com Like I understand your guidance is for a slowdown in the back half, but have you seen any actual slowdown yet across your businesses? We have hundreds of customers that are using the product. Our focus on cross-sell continues to gain traction with more than 60 signed contracts during Q1. Yes, sure. benefitexpress Benefit Express Services LLC. In the 1980s, A.R. I know the net interchange piece was down a little bit from incentives. We're excited to do that highlight. . We look at scale plays, so the assets that are larger in size, which are more just financially accretive, less about the product. We continue to add to the product set that we have in the marketplace. First, it's worth noting that failures of Silicon Valley Bank and Signature Bank had very minimal impact to our business. WEX Completes Acquisition of Discovery Benefits, Inc. WEX Salaries | Comparably Please login again. No, I think it's a market that will continue to evolve. In Benefits, primarily, the conversation is around still employee retention and how we're making sure we're offering benefits within the marketplace that are attractive and continue to evolve in the way that the marketplace expects. There seems to be some ongoing spot rate stabilization in the freight industry, but we're expecting these kind of rates going forward. So to the extent that, that becomes a larger mix of the total, you would expect that to be a positive benefit to the rate. Historically, we've sold that product through a partner channel. And then we continue to have the assumption within our guidance that we'd have a slow growth environment in the second half of the year. One connector exchanges demographic, enrollment and contribution data. Melissa, I like the color on the direct Corporate Payments offerings. Our primary use of free cash flow this year has been to repurchase shares. Suite 600 Schaumburg, IL 60173 PHONE: 877-837-5017 EMAIL: help@mybenefitexpress.com News 04/14/2023 Employee Benefit Acronyms Part 3 of 3 Everybody in the employee benefits field uses acronyms like ALE, MLR, and ACA, but what do these and other employee benefits acronyms stand for? Let me add a couple of comments there. So one thing I would point out, just at a top level, you'll see that our deposits increased about $1 billion from the end of Q4 to the end of Q1 this year. 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. Do I need to create a new account? Thank you, operator, and good morning, everyone. More 04/14/2023 I mean I know that this has been asked a bit, but I just want to understand a little bit more on the strategy of the business outside of the OTAs. We were very pleased with our SaaS accounts growth, which was up 14% in Q1 versus the prior year. Will my recurring payment for premiums continue? Sure. Military veterans possess invaluable leadership skills and business acumen. We remain in a very healthy financial position and ended the quarter with $922 million in cash. So some of that impacts 2023. The company provides revenue guidance on a GAAP basis and earnings guidance on a non-GAAP basis due to the uncertainty and the indeterminate amount of certain elements that are included in reported GAAP earnings. Registration for the webcast of the event will be available on the Investor Relations section of our website in the coming weeks. Remember Me Next New User? We are also continuing to work with the customers that we have on board to make sure that we are continuing to meet the needs that they have in the marketplace and to look for areas that we can further ramp that customer segment. . But it doesn't sound like you have to go out, in your mind, and buy something to have success there? 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. Simplifying benefits for everyone. I think some of that is continued rebound of people going back into the office, sales fleets being out and moving. Website: Size: 50 - 100 Revenue: $10M - $50M . Women play an important role at WEX. Breaking down the segment further, travel-related customer volume represented approximately 71% of the total spend and grew 84% compared to last year. ERGs drive diversity by fostering new bonds and communities across the company. And the -- when we think about opportunities, what we're looking at is either product extensions that we go through an analysis of do we want to build, partner or buy as we're doing our product evaluation. The average annual salary of Wex Bank is estimated to be approximate $94,668 per year. 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. WEX Virtual launched in 2000 [14] in support of customers including HitchHiker,[15] HotelTonight, Expedia, and Priceline. WEX Benefits Features | G2 We are aware in monitoring what's happening within the marketplace. For the first quarter, total revenue exceeded the midpoint of our guidance by $7 million due to a combination of strong Corporate Payments purchase volume and a very good open enrollment season in our Benefits segment. And then, I guess, secondly, travel volume, per your charts, look like -- whatever it was, it was big. With that, operator, please open the line for questions. WEX Benefits Platform | West Fargo ND But if this is excluded from both periods, the core operating margin would still have increased nearly 1%. 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). Welcome to benefitexpress, a WEX Company's Plan Document System
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