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Now let's move to segment results, starting with Mobility. This reflects continued strength in the consumer travel demand, and we are very pleased with these results. Of our clients continue to partner with us during renewal because of the experience and support we provide them and their employees. We'll be piloting an at-home reimbursement product this quarter and expect to have a broader rollout in the second half of this year. One of the areas I am excited about is the planned improvement in the customer experience by creating a more seamless digital journey, which has the added benefit of saving costs. The segment adjusted operating income margin for the quarter was 40.5%, down from 50.2% in Q1 2022. 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. We expect ANI EPS to be between $13.85 and $14.25 per diluted share. And so I think we're continuing to get a little bit of benefit of that. Okay. There seems to be some ongoing spot rate stabilization in the freight industry, but we're expecting these kind of rates going forward. One connector exchanges demographic, enrollment and contribution data. www.discoverybenefits.com. Your benefit plans set up in WEX automatically feed over to ADP, preventing duplicate setups. COBRA, Retiree & Leave of Absence Member login, Learn more about the Discovery Benefits transition to WEX, Inventory Information Approval System (IIAS). [Delinquencies here] also continued to improve. And so we have a whole separate work stream that we've added over the last year. Just within the -- changing the name to Mobility Solutions at this point, Melissa, just is there a deeper strategic meaning behind that? Like how are you thinking about M&A right now? Non-GAAP adjusted net income was $145.8 million or $3.31 per diluted share. The custodial revenue from the invested HSA cash deposits is the primary driver of the increase in margin. Of our clients choose us because theyre looking for a better service experience for themselves and their employees. We've definitely looked at this business similar to the way that we look at everything else. 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. It operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. Melissa, appreciate all of the color on business development. . 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 . Inside of Mobility, I think you mentioned the slowdown in factoring revenue being a big driver of that finance and late fee yield. Military veterans possess invaluable leadership skills and business acumen. We have 2 primary products that we have within the Corporate Payments space. 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. M&A Summary. Well, when we talk about the segment internally in the businesses, we think of it as more mobility plays, and as we continue to expand what we're doing, even with our traditional fleet customers as we're moving into this mixed fleet environment, it migrates you into new offerings in that space. Our next phase will turn to at-home reimbursement. 1 Debit card for multiple accounts (HSA and commuter benefits accounts) HSA financial accounting features. Self-Service Portal. So we should see these kind of interchange levels as we flow through 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. Yes. We continue to see travel volumes in April in line with our forecast. 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. Benefits are decent, schedule flexibility, some good managers Cons Draining, don't pay their reps enough, not much room for growth, very hard to move up or laterally. Do you feel like you have the capabilities internally at this point that you need to grow that direct business? We are aware in monitoring what's happening within the marketplace. 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). So we're continuing to see strength within the North American fleet business. The delinquency rates are improving, and we expect loss rates to trend down going forward. Great. 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 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. And then on the negative side was the factoring item that you mentioned. Okay. From an earnings perspective, on a GAAP basis, we had net income attributable to shareholders of $68 million in Q1. So as Jagtar said, we had a really strong open enrollment season. 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. Got it. Acquired by WEX, Inc. (Company) on 2021-04-14 . Most Common Benefits for Wex Bank. Tuition Reimbursement. With that, operator, please open the line for questions. Thank you, Steve, and good morning, everyone. Will employer services numbers stay the same? 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. This represents a 15% increase over the prior year. . WEX Inc. is a provider of payment processing and information management services to the United States commercial and government vehicle fleet industry. Payment processing transactions were up 4% year-over-year. We expect to reach our overall cloud goals later this year, allowing us to further leverage shared technologies across product set. Yes. You can view the status of your claims and upload documentation easily with our benefits mobile app or through your online account. WEX offers complete benefits administration, including benefits accounts such as HSAs, FSAs, HRAs, LSAs, COBRA, and more | Set your business free by . WEX is a financial services company that is headquartered in South Portland, Maine. Inventory Information Approval System (IIAS). 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. An executive may or may not realize all of the Total Co mpensation during their tenure at the Company. Turning now to Corporate Payments. 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. ERGs drive diversity by fostering new bonds and communities across the company. 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. Actual results may differ materially from those forward-looking statements as a result of various factors, including those discussed in our press release and the risk factors identified in our annual report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 28, 2023, and subsequent SEC filings. And so an area that we will continue to invest and evolve. 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. Now let's start with the quarter results. We've continued our long track record of delivering exceptional financial results and performing well across dynamic macroeconomic environment. WexLocationCode.setTransientValue("wex02"); AllBiz Business Profile Search Background Check. Discovery Benefits is now a part of WEXinc and you can log into your account using the links below. And we've seen, as Melissa has mentioned, pretty robust demand for funding sources. And then, I guess, secondly, travel volume, per your charts, look like -- whatever it was, it was big. Our investments in data and advanced analytics, for example, are benefiting customers across our platform. No action is needed by you and you can keep the notice for your records. WEX is our administrator of several employee benefits, including Health Savings Accounts, commuter benefit accounts, an COBRA. The domestic fuel price in Q1 2023 was $3.86 versus $3.95 in Q1 2022. Total net revenue for the first quarter of 2023 increased 18% to $612.0 million from $517.5 million for the first quarter of 2022. 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. Powered by WEX Health. The Fleet Solutions segment offers fleet vehicle payment and transaction processing services. So we -- this is something we watch closely, given the overall discussion about the macro economy. The company is headquartered in Portland, Maine [2] [3] and provides services in the United States, Canada, South America, Europe, Asia, and Australia . You can also access your account from the WEX benefits mobile app. Thank you. So I guess 2 questions. The employee's options to upload receipts seem difficult for some. Yes. More 04/14/2023 Will you be communicating these changes to participants? And so just to be specific, last quarter, we talked about weakness in the over-the-road customer segment, smaller. 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 Flume is something that we think is really interesting in this space, and it's something we continue to build upon as well, with that being much more of a down market play within the marketplace. I assume just the natural progression is not going to stay quite that strong. Wright began allowing trucks to fuel up without having to pay an attendant by using a post-paid fuel card, leading to the creation of Wright Express Corporation in 1983. WEX Benefits Login Simply select your account type below and you'll be sent to the login page for your Benefits account. Based on 17 WEX Benefits reviews. 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 had anticipated the trend of higher late fee rates that we saw at the end of last year to continue in Q1. We had record attendance at SPARK, which shows the importance of our solutions and how they resonate with customers. No, that's prudent and makes sense. 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. So I said there were some puts and takes in that finance fee revenue. Self-Service for Employees. 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. 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. If we could touch on the Benefits segment for a minute, the account growth there obviously has been, strong mid-teens-type growth, and now you're adding the Midwest manager as well. Breaking down the segment further, travel-related customer volume represented approximately 71% of the total spend and grew 84% compared to last year. So it's really indicative of how we're running the business, where we think it's going strategically. Got it. WEX (NYSE: WEX) is a leading financial technology service provider. 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. It's also, if you look across the whole deposit portfolio, we have over 95% of our deposits are FDIC-insured. 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. So I think that gives a lot of comfort to depositors with us. Our objective is to create a universal network of EV charging stations similar to our fuel acceptance network. 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. Specifically in the Corporate Payments space, I'd say it's more acute there than some of the other areas of the business. (Say goodbye to paper implementations. Your next question comes from the line of Dave Koning with Baird. WEX Overview Industry Business Services Revenue $2.4B Headquarters South Portland, ME Employees 3,500 Founded In 1983 Website www.wexinc.com Organization Type Public WEX Inc. gives you precise financial and information management solutions to help your company strengthen its balance sheet and achieve unparalleled control and security. Thanks, Tien-Tsin, for the question. We continue to execute well on both growing revenue and becoming more efficient servicing our customers. As you will hear from Jagtar, we had terrific results in Benefits this quarter, and we're excited to share more about this sizable, fast-growing and profitable business with you on June 1. 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 from $131.1 million or $2.88 per diluted share for the same period last year. How do my employees reach you? 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 I guess I'm wondering if that's sustainable. So we do have some escalator clauses that are built into our contracts. The revenue increase in the quarter includes a $1.3 million favorable impact from fuel prices and spreads and a $4.3 million unfavorable impact from foreign exchange rates. Remember Me Next. Within that segment, what we'd expect is the normal puts and takes between travel and our nontravel business. 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? 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. 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. The travel segment, WEX Virtual, helps online travel agencies facilitate cross-border payments through virtual cards, allowing online travel agencies to automate back-end accounting practices. 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. The take rate was down over last quarter primarily because of the scheme fees that we called out last quarter. This allows us to see the company through a different lens or perspective than we normally would. Looking for your Discovery Benefits Login? Yes. But as Melissa just mentioned, we also expect the other segments to continue to grow as well. Yes. I know there's seasonality to the yield likely, but maybe you could just help us think through that. The beginning of each year is typically a weak time for cash flow due to the timing of some payments. Yes. Now let's turn to the financial results. Existing User. 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.

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