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. Looking for your Discovery Benefits Login? WEX | ADP Marketplace 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. History WEX Benefits Platform | West Fargo ND - Facebook . If used at an IIAS merchant, simply swipe your card and it will automatically approve anything thats an eligible expense. 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. At the same time, we've been moving aggressively to the cloud, which increases [fleet to market of] innovation and enhance scalability for our customers. 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. So any of these individual contracts are relatively small in terms of the contribution to 2023. We were very pleased with our SaaS accounts growth, which was up 14% in Q1 versus the prior year. Next, let me turn to our operational improvement. Our business model here is very strong and revenue drop-through for this segment is high given our relatively fixed cost base. We have $776 million of available borrowing capacity and corporate cash of $149 million as defined under the company's credit agreement at quarter end. We remain in a very healthy financial position and ended the quarter with $922 million in cash. And so an area that we will continue to invest and evolve. We have, again, seen stability within the portfolio. 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. We've continued our long track record of delivering exceptional financial results and performing well across dynamic macroeconomic environment. WEX Inc. - Wikipedia 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. Will my service experience change? WEX - Remote Work From Home Jobs & Careers | FlexJobs Is that where you see the largest future growth opportunity? In 2014, WEX acquired Evolution1,[16] a cloud-based health industry payments provider, later renaming it to WEX Health. The biggest piece of that is some of the larger customers. 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. 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. Inside of Mobility, I think you mentioned the slowdown in factoring revenue being a big driver of that finance and late fee yield. The second product that we have is an AP direct product, where we have just started ramping a direct sales force. 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. WEX is a financial services company that is headquartered in South Portland, Maine. During the event, our leaders shared some of these pain points to our audience of about 1,200 attendees gathered in San . I guess can you help us think through the timing and impact of not only implementing those deals kind of more tactically but also the degree over the longer term, whether we should expect more of a mix shift to direct and whether that could have an impact on segment yields over time, a positive impact? 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. The Benefits segment adjusted operating income margin was 39.1% compared to 29.3% in 2022. And as you talk to our customers that are in travel, this continues to be an area of rebound where we see strength there continuing as well as if you go into our Benefits business. Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. First Republic in limbo as US regulators juggle bank's fate, Sony shares tumble on weaker-than-expected annual outlook, 'Waste of time': Community college transfers derail students, Asia Stocks Rise, Treasuries Dip in Cautious Trade: Markets Wrap, Poll: Americans fault news media for dividing country. Click the links below to log in to a participant or employer accounts (formerly Discovery Benefits, LLC, a WEX Company). Q1 2023 WEX Inc Earnings Call - Yahoo Finance Government Administration Company, 51-200 employees. The majority pay is between $82,985 to $107,380 per year. 3 reasons we see people flipping to a fuel card: Apply Now That was a place where we're seeing positive same-store sales during the bulk of the pandemic. We continue to see travel volumes in April in line with our forecast. We estimate the year-over-year impact of fuel prices increase segment revenue by approximately $1 million, including a benefit . 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. Working at WEX Inc.: 52 Reviews about Pay & Benefits - Indeed 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. With me today is Melissa Smith, our Chair, CEO and President; and Jagtar Narula, our CFO. We are positioned to create a community that sustains and supports us as individuals and leaders, while also helping us to drive positive impact to our business. 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. Adjusted earnings of $3.31 per share surpassed the Zacks Consensus Estimate by 3.4% and our . This administrator has more than 100 multiemployer clients, allowing for a large market reach. We have hundreds of customers that are using the product. And in each of our areas of our business, we're really focused on each of those things, making sure that we retain our existing customers and are maximizing from that, implementing and then signing new customers. WEX is off to a great start in 2023. Thanks for the question. With that, I'll turn the call over to Melissa. I talked about the fact that we've had 40 signings in the quarter.
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