wex company benefits

As with prior quarters, this quarter shows the strength of our global commerce platform, the competitiveness of our offerings and the power of our business model. We are pleased with this result and are working diligently to continue on this track. How do I submit claims for reimbursement? 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. 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 today is here to stay. [8], WEX Fleet provides vehicle fleet customers with fuel cards and data and telematics offerings for drivers. And that product itself, highly tech-enabled, really important that has strong uptime. Sure. Job Training & Conferences. Verified User. 3 reasons we see people flipping to a fuel card: Apply Now On top of that, within the Mobility space, this conversion to EV, increasingly, we see this as an opportunity. 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. Welcome to your single source for all you need to know about your benefit account(s). Participants Accounts HSA, FSA, HRA/Wellness & Commuter In 2017, WEX Fleet launched a new telematics platform, ClearView Advanced.[13]. View all pros & cons. (formerly known as Wright Express Corporation) is a provider of financial technology solutions. Please go ahead. When you switch to a WEX fleet card, you can eliminate fuel purchases from employee . I would say -- I would just add that -- a reminder that we project -- we gave guidance of 10% to 15% growth rate for the travel and Corporate Payments or the Corporate Payments segment overall. And in terms of what we're assuming from a volume perspective, we are assuming that idea of having a slow growth environment. So it's really indicative of how we're running the business, where we think it's going strategically. 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! Discovery Benefits, A WEX Company Business Data. Manager in Human Resources. 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? While our name and branding will change, your service experience will not be impacted by these changes. [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. 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? Discovery Benefits is now WEX - WEX Benefits You Thanks for the question. WEX Inc. WEX delivered better-than-expected first-quarter . Yes. We'll build on this launch by focusing on learnings and rapidly innovating our offering for U.S.-based customers. Yes. This reflects continued strength in the consumer travel demand, and we are very pleased with these results. We continue to see travel volumes in April in line with our forecast. ERGs drive diversity by fostering new bonds and communities across the company. 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. And you can see that in the growth of vehicles that we've had within our base, and so we start with that. . 211 reviews from WEX Inc. employees about WEX Inc. culture, salaries, benefits, work-life balance, management, job security, and more. WEX offers complete benefits administration, including benefits accounts such as HSAs, FSAs, HRAs, LSAs, COBRA, and more | Set your business free by . Net income attributable to shareholders on . The employee's options to upload receipts seem difficult for some. But as Melissa just mentioned, we also expect the other segments to continue to grow as well. The freight market is an area we continue to watch closely. 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. Yes. Skip to content. 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. Login - WEX Health And we've had good success in selling that into the fintech community, ultimately in the United States. WEX - Remote Work From Home Jobs & Careers | FlexJobs 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. If used elsewhere, you may need to upload supporting documentation (depending on your benefits plan). 9 Best Gas Credit Cards for US Fleets in 2023 Reviewed - Expert Market US WexLocationCode.setTransientValue("wex02"); Self-Service Portal. Non-GAAP adjusted net income was $145.8 million or $3.31 per diluted share. Within that segment, what we'd expect is the normal puts and takes between travel and our nontravel business. . WEX Inc. - WEX Completes Acquisition of benefitexpress And so working through those, looking at assets we want to invest in. So we have ramped the investments that we've made in that part of the business over the last couple of years. And I think -- I mean, related, but you had called out weakness in smaller customers within Mobility last quarter. One, is the embedded payments product, which is what is used within our travel customer base. Wex (WEX) Q1 2023 Earnings Call Transcript | The Motley Fool The biggest piece of that is some of the larger customers. We estimate the year-over-year impact of fuel prices increased segment revenue by approximately $1 million, including a benefit . Okay. So we are continuing to build the direct sales force. We had anticipated the trend of higher late fee rates that we saw at the end of last year to continue in Q1. No. Continue to log in to your online account like you do today with your existing username and password at https://cobralogin.wexhealth.com. Thanks, Melissa, and good morning, everyone. And we're fine doing that if we see an opportunity within that space. WEX Benefits Platform | West Fargo ND . Specifically in the Corporate Payments space, I'd say it's more acute there than some of the other areas of the business. So we want to make sure that we are continuing to invest in that space. Remember Me Next. We remain in a very healthy financial position and ended the quarter with $922 million in cash. 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. During the event, our leaders shared some of these pain points to our audience of about 1,200 attendees gathered in San . I'm just trying to understand the onboarding process, the ramp when you do some of these big customer signings in different businesses. Any clarity on how that spread might behave here in the next couple of quarters? 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. Language links are at the top of the page across from the title. Yes, thanks, Sanjay. Existing Users Username Forgot Username? Yes. As part of this initiative, we've been looking closely at a number of areas of our company using improved processes, data and technology. 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. Is it Corporate Payments? Q1 2023 WEX Inc Earnings Call - Yahoo Finance Professional Development Benefits. Next, I would like to turn to cash flow. Wex Bank Company Overview. But we feel like we have a good foundation that we continue to build upon. The company is headquartered in Portland, Maine[2][3] and provides services in the United States, Canada, South America, Europe, Asia, and Australia. WEX Health Inc., a WEX Company is one of Maxwell Health's chosen providers for COBRA administration services. I'm asking because I'm just always trying to learn the difference between the volume growth and the revenue growth. 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. Again, this is consistent with our strategy of ensuring electric vehicles can be charged conveniently while simplifying payments and reimbursement for organizations. We've been listening closely to the evolving needs of our commercial customers. The domestic fuel price in Q1 2023 was $3.86 versus $3.95 in Q1 2022. 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 Health, Inc. - Health Plan Alliance We look at scale plays, so the assets that are larger in size, which are more just financially accretive, less about the product. Will my service experience change? Will employer services numbers stay the same? Yes. I know the net interchange piece was down a little bit from incentives. 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. 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. The take rate was down over last quarter primarily because of the scheme fees that we called out last quarter. Benefits Total WEX Inc. Three months ended March 31, 2023 2022 2023 . Discovery Benefits Transition to WEX Brand Timeline Jan 2020 WEX announces the acquisition of Discovery Benefits June 2020 Glassdoor has salaries, wages, tips, bonuses, and hourly pay based upon employee reports and estimates. We provide payment solutions to businesses of all sizes across a wide spectrum of sectors, including fleet, corporate payments, travel and health. I know there's seasonality to the yield likely, but maybe you could just help us think through that. It operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. And we've started ramping salespeople. The average salary for WEX is $121k per year, which includes an average base salary of $106k and an average bonus of $14k. 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. Got you. Turning now to Corporate Payments. The Fleet Solutions segment Read More Contact Who is WEX Headquarters 1 Hancock St, Portland, Maine, 04101, United States Phone Number (888) 824-7378 Website www.wexinc.com Revenue $2.4B Stock Symbol WEX Industry And so just to be specific, last quarter, we talked about weakness in the over-the-road customer segment, smaller. 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. Like I understand your guidance is for a slowdown in the back half, but have you seen any actual slowdown yet across your businesses? benefitexpress is a cloud-based platform for employee benefits and health exchange services. I wanted to ask on Corporate Payments, if that's okay, just thinking about rest of the year. With that, I'll turn the call over to Melissa. WEX salary ranges from $47k to $284k. We can help your team save time and money and eliminate stress. We have the ability to settle throughout the world in a number of different -- over 20 currencies. Continue to log in to your online account like you do today with your existing username and password at https://benefitslogin.wexhealth.com. And so we have a whole separate work stream that we've added over the last year. So again, not necessarily because we're seeing that trend within our portfolio, but consistent with what we had said in the last quarter. And then, I guess, secondly, travel volume, per your charts, look like -- whatever it was, it was big. WEX | ADP Marketplace Our business model here is very strong and revenue drop-through for this segment is high given our relatively fixed cost base. I think that was about $5 million. Data within our platforms are aligned on Day 1 and updated daily. And one of the things that we find interesting about that part of the business is it's also really resilient. Other than macro factors like fuel prices and interest rates, we are largely maintaining our previous guidance for everything else. 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. I wanted to maybe just start with just your intraquarter volume trends. ). I guess, is probably the way I'd say it as opposed to -- I don't think you can feel like we're done. You can continue to contact our Client Services team at 877-765-8810 Mondays through Fridays from 7 a.m. to 7 p.m. Central time, by emailing employerservices@wexhealth.com or by submitting a case anytime from your LEAP account. Using our definition, adjusted free cash flow was negative $61 million through Q1, which is $16 million better than 2022. An executive may or may not realize all of the Total Co mpensation during their tenure at the Company. 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. The Corporate Payments segment delivered an adjusted operating income margin of 46.9%, up from 36.7% in Q1 last year. So the second half of the year, because we assume that's going to be a slow growth environment, again, as we're going from really accelerated growth rates in Q1, dropping a little in Q2 but still some really strong growth rates in Q2 and our expectation in travel, with that trailing off into more of what, I would say, kind of the traditional growth environment. We remain focused on enhancing the scalability of our platform and are on track to capture $100 million in run rate operating efficiencies by the end of 2024 with approximately half of these savings being reinvested in the business. Login WEX has offices in 14 countries and employs approximately 5,600 people around the world. We continue to drive strong growth, resulting in Q1 revenue of $164.9 million. The rest of it, I would largely expect to be recurring in nature. Was this review helpful? What if additional documentation is required? It is an area that we continue to take market share. We estimate the year-over-year impact of fuel prices increase segment revenue by approximately $1 million, including a benefit . Most of these expanded relationships are Mobility customers to whom we were able to sell a Benefits solution. So yes, you're correct. There's a significant pipeline in development beyond that with an overall vision of enabling managers to grow their fleet and have a unified experience using our products no matter how their vehicles are powered. And we work across a number of different partners supporting them and growing their business and then also directly, and you can see the benefit of that coming through. Our card works at a variety of merchants. Should we think about that as being the predominant sequential change in that yield? Your session has been timed out due to inactivity. 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. Total segment revenue for the quarter increased 36% to $104.8 million. 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. So, no matter which WEX-branded fleet card you pick, you can rest assured that your drivers will always be close to somewhere to fill up on gas or diesel. We're also encouraged by early cross-sell conversations as we begin the new year. Self-Service for Employees. WEX Signs Definitive Agreement to Acquire benefitexpress We've seen lots of opportunities behind that. In terms of what we're seeing from a multiple perspective, there still is a disconnect between what we're seeing in private multiples and public multiples. WEX Inc. provides corporate card payment solutions in North and South America, the Asia Pacific, and Europe. Spot rates went down. WEX generates a significant amount of cash each year with Q1 typically being the lowest due to seasonality. We continue to add to the product set that we have in the marketplace. 4321 20th Ave S, Fargo, ND 58103. Our passion for continuous innovation and our unparalleled level of service were further fueled when Discovery Benefits who we partnered with for more than 15 years joined WEX in 2019. 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 . If you already use the app, just log in with your existing username and password. The local fleet customers in the U.S. continue to have marginally elevated loss rates compared to the last couple of years but are in a relatively normal range. Just my quick follow-up. One connector exchanges demographic, enrollment and contribution data. 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. And if I could just ask one follow-up to that. Higher credit losses versus the prior year were the primary reasons for the lower margin. Can you elaborate a little bit -- I guess, it's also on lines of M&A. (Operator Instructions) I will now turn the conference over to Steve Elder. Government Administration Company, 51-200 employees. And that's split roughly evenly between HSA deposits and non-HSA deposits. 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. ERGs drive diversity by fostering new bonds and communities across the company. Can you discuss your 2023 growth expectations for travel-related revenue and Corporate Payments-related revenue separately to arrive at the 7% to 11% guide? The elevated loss rate in the over-the-road trucking business that we have seen over the past 2 quarters are starting to abate. Hello, and welcome to the WEX Q1 2023 Earnings Call. We have pipelines that are continuing to fill and feel good about the close rates we have this year, which will more largely impact revenue next year. 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.

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wex company benefits

wex company benefits