Of our clients continue to partner with us during renewal because of the experience and support we provide them and their employees. 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. We also realized approximately $37 million in revenue from the custodial HSA cash deposits that were invested by WEX Bank and funds held at third-party banks compared to $9.5 million last year. Starting with the second quarter, we expect to report revenue in the range of $613 million to $623 million. 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. So those direct accounts would come in at a higher rate, which is one of the reasons we go direct there. The freight market is an area we continue to watch closely. Can you elaborate a little bit -- I guess, it's also on lines of M&A. If you look across the business, I would agree, the over-the-road customers, we're hearing from them certainly continued weakness within their marketplace as spot rates are continuing to be lower. Adjusted earnings of $3.31 per share surpassed the Zacks Consensus Estimate by 3.4% and our . I would also like to remind you that we will discuss forward-looking statements under the Private Securities Litigation Reform Act of 1995. 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. Will employer services numbers stay the same? They were not a party to our credit facility nor counterparties to our hedging relationships. Think of that as a customer, typically someone who is highly sophisticated, is embedding an API payment stream within their workflow, and they are taking advantage of either our virtual card technology or other payment modalities. Your session has been timed out due to inactivity. 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 . We've definitely looked at this business similar to the way that we look at everything else. WEX Inc. is a provider of payment processing and information management services to the United States commercial and government vehicle fleet industry. Just my quick follow-up. 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 . Track fuel expenses automatically. No action is needed by you and you can keep the notice for your records. WEX Company Profile - Office Locations, Competitors, Revenue - Craft And she's doing some amazing work with our technology and commercial teams and really looking at how we can, from an end-to-end perspective, look at that customer experience and even greater digitize that experience, which has a super benefit. Discovery Benefits is now a part of WEXinc and you can log into your account using the links below. WEX Inc. (WEX Quick Quote WEX - Free Report) delivered better-than-expected first-quarter 2023 results. 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. We will also notify participants when their new login page is live and include any other relevant changes to contact information. WEX Inc. WEX delivered better-than-expected first-quarter . 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. We have, again, seen stability within the portfolio. Yes. So we start with that because I think that there's still meaningful opportunity there, both in the United States and outside the United States. WEX Inc. (WEX) Q1 2023 Earnings Call Transcript (Operator Instructions) I will now turn the conference over to Steve Elder. 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. We expect ANI EPS to be between $3.45 and $3.55 per diluted share. One connector exchanges demographic, enrollment and contribution data. 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. Mihir, I would say that the contracts that Melissa talked about are factored into the guidance we've given out. Those assets tend to be much smaller in size. Working at WEX Inc.: 52 Reviews about Pay & Benefits - Indeed We signed one of the largest administrators of multiemployer benefit funds in the Midwest. It was maybe 70%, 80% or whatever it looked like. I just want to make sure I understood that no impact on deposit funding from a WEX Bank standpoint. It's been a great part of our business. benefitexpress is a leader in cloud-based solutions for benefits administration. Glassdoor has salaries, wages, tips, bonuses, and hourly pay based upon employee reports and estimates. Like how are you thinking about M&A right now? So how do we think about -- first of all, just if you could reiterate what's really driving that, what the strategy is for that business going forward and the kind of growth profile we can assume into the second half of the year, especially as this Midwest manager comes out as well. Powered by WEX Health. So any of these individual contracts are relatively small in terms of the contribution to 2023. 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. I assume just the natural progression is not going to stay quite that strong. Your WEX benefits debit card makes it easy to spend your funds on eligible expenses. 78%. Access your WEX benefits account Click the links below to log in to a participant or employer accounts (formerly Discovery Benefits, LLC, a WEX Company). Just in the Benefits business, you've had a couple of really strong open enrollment seasons, and obviously, these new wins. Existing User. Turning now to Corporate Payments. WEX has offices in 14 countries and employs approximately 5,600 people around the world. WexLocationCode.setTransientValue("wex02"); Most of these expanded relationships are Mobility customers to whom we were able to sell a Benefits solution. We've got some benefit from the ExxonMobil portfolio that we had purchased last year. . Manager in Human Resources. And I guess I'm wondering if that's sustainable. And if I could just ask one follow-up to that. So we should see these kind of interchange levels as we flow through the year. We expect ANI EPS to be between $13.85 and $14.25 per diluted share. In Corporate Payments, we signed a part of one of the largest health care systems in the United States. So as Jagtar said, we had a really strong open enrollment season. Inventory Information Approval System (IIAS). WEX is a financial services company that is headquartered in South Portland, Maine. benefitexpress, a WEX Company 1700 E Golf Rd. Professional Development Benefits. 1983. With that, operator, please open the line for questions. What's it like in April? This concludes the conference call. Like are we thinking that's like second quarter or back half of 2023 thing? WEX - Remote Work From Home Jobs & Careers | FlexJobs And I would say that travel will be the higher of that, and Corporate Payments would be on the lower side. But we feel like we have a good foundation that we continue to build upon. WEX Inc. (WEX) Company Profile & Facts - Yahoo Finance Over 90% of our clients come to us seeking a better benefits experience for them and their employees. There's been the ongoing slowdown in the freight industry with spot rates declining. Okay. And we'll continue to look at where should we build, where should we partner, where should we buy. WEX Benefits Login Simply select your account type below and you'll be sent to the login page for your Benefits account.