Thanks, Melissa, and good morning, everyone.
achieving second top We of spite of decline prices. quarter, growth attractive reported the in headwinds the in a fuel line solid
results customers show, dependable with our have to expect. we come deliver shareholders employees, to our and execution As continue that partners,
results. with start quarter the we'll Now
recurring a payments second combination continuation came in at the revenue corporate prices of our with million, million results XXXX, the than exceeded Benefits fuel For of a a for increase nature. despite guidance than to revenue XX% QX lower record total $XXX.X and by segment. more midpoint in a in of level of $X QX quarter over great volume anticipated Total the we of purchase strong our quarter, due revenue X%
factoring reminder, custodial As from account recurring servicing cash processing fees transaction HSA payment our revenue business, from and other assets, smaller processing as a revenue define and revenue, items. income we
XX.X%, From had by income income In in payments company we for higher is net margins year on the which driven total, in corporate adjusted attributable in $XX.X segment. by benefits million an to operating or the share. GAAP basis, last QX earnings margins offset of down a perspective, the largely margin was lower and shareholders XX.X% mobility $X.XX from per
was X past macroeconomic the spite income were or strong per over that underscore experienced share. of I we would $XXX.X like diluted net results adjusted our Non-GAAP $X.XX significant year. in million headwinds to
the The decline that touched in on prices fuel year-over-year first significant is Melissa earlier.
increase in large XXX in Fed second is a the rate The with time rates increasing that points year-over-year basis interest period. funds
increases. balances company. impacted in including talked custodial business The those natural cash is mitigate diversity our creates about While rate strength corporate operating a debt resiliency increases and and to costs, of our of HSA the the those Melissa us allowed the business, hedges has that our
with the move QX Fuel record mobility. results, to the $XX starting We was Russian seen price Ukraine approximately million. revenue a in of price retreated for versus million, segment the XX% estimate let's the revenue segment of $XXX.X prior invasion year-over-year XXXX. after to from XX% decreased $X.XX the Now average year. last have fuel $X.XX year with Mobility compared decrease in highs by a quarter prices fuel domestic drop
The lower revenue reason year. the XX% primary prices versus by for growth segment segment last revenue fuel reducing in Mobility were the the decline,
onetime headwind We revenue the in million contributed year, last result revenue the revenue amendment prior onetime further price Together, a from a fuel a to also contract in had item year-over-year. decline. the million year $X.X combined item to to X% $XX and related which declines a
a strong business Payment and reflect late flat continues with quarter. were freight trucking market volumes processing fundamental increased while had at we in our a the transactions expectations small and combined due this However, revenue the stable small which with U.S. for a difficult Local with level, in was to over-the-road were in conditions last line customers transactions fee roughly model year-over-year impact with more quarter to interchange rates. flat year-over-year year, decline on fleets. the
line. segment, direct which see believe a bill other increase utilized fleets, In we trucking over-the-road our reflected this in larger by in did the model revenue transactions, is our an We has The an we is area moving freight now. to for market at we closely, watch larger market volumes reflects and continue the to fleets. low from stabilized shipping levels believe smaller
Next, turn fees. late to let's
up timing depressed prices rapid which versus the fuel fee basis in Finance year As our the was you year, the the XX can metrics, the see of late of in rate earned, the decline in prior points even as which a and a net revenue. mostly fee last increase to rate. revenue, year the higher XX%, is conditions related a XX% just mentioned our in decline caused with decreased I've revenue previously slowdown rate this prices mentioned the fuel market freight in result factoring
basis higher higher from at favorable up rate was which benefits from and interchange reflects rate clauses in various X.XX%, from rate fuel segment Mobility the compared prices XX points the from rates contract contained rate earned basis year interest to the QX The lower last escalator net points X merchant The last impact in interchange over merchant is renewals and contracts, terms. year.
offset better operating a rates The down the I XX.X% QX these year, higher segment prices, one-time in interest operating item offsetting to mentioned earlier and XX.X%, prior partially quarter on expense adjusted XXXX. due margin significantly Decline was in benefit the interest to higher margin for rate in losses. based lower The was credit the income fuel by increases. was from
that in basis last improvement were trucking the The rates me past business are in have experienced we rate Let points range quarters are losses the have this quarter reflected elevated a this are losses when normal norms. losses. Fraud back we to customers low improved to historical Likewise, quarter. the several of over-the-road loss XX better rates range briefly over in quarters credit in delinquency of fleet the which abating. address our in losses, local compared noted volume. the of than segment The elevated spend the several guidance seen following loss also close a U.S.
we loss will will the levels be As guidance, of the back year. in you remainder we for see normalized our believe to
down basis revenue a Purchase last travel the to The by $XXX.X QX. percentage Now Total is $XX.X million. X XX% billion, segment predominantly which sequentially, net the turning total was of volume increase XX% issued larger Payments. to due WEX quarter points rate increased customers interchange year. volume for in contributing of Corporate versus segment an was to versus
strength to and from the last improvement this demand, XXXX. reflects in from segment significant delivered total margins travel customer with in continued customers grew be margin Truck-related operating There QX Payments volume results. represented accelerates. and last out of versus further. segment Corporate XX.X% XX% This year. up we up volume as an of are Revenue QX consumer compared income adjusted Breaking The XX% to in very year. spend was travel-related continues these approximately pleased XX.X%, XX% these
business given relatively strong Our for revenue is this is base. fixed here model very segment drop-through high and cost our
the Finally, segment. let's look at Benefits
segment drive revenue. in QX strong Benefits The prior year. We resulting payment increase versus XX% growth, in account XX% prior increased processing purchase continue to an was year. $XXX.X volume revenue XX% QX up represents million. of million in XX%, increase the leading to over $XX.X the SaaS growth
invested cash approximately year. million year is and these the realized last year. to funds in HSA increasing also of compared deposits Approximately custodial third-party $XX.X average in increase to WEX this from revenue to revenue banks at were that this earned due last $XX rate from the the by Bank on interest segment held million We X.XX% million $XX balances X.XX%
mentioned revenue as my natural sensitive I serves our in interest beginning in makes enabling stability offsets cycles. the and rates less to is As expense as remarks, The highly well accretive XX.X% XX.X% us as compared margin Benefits The navigate was company to revenue to parts across rate of to hedge. and environments range segment interest some this earnings, a income the business of of a interest economic income providing in higher operating adjusted XXXX. a other to us perform
margin. invested margin the X%. custodial is it's periods, have The of HSA cash operating if increased in the both from primary from But driver the deposits revenue core increase excluded the still would
with quarter $XXX the will sheet update our remain ended position position. healthy a We an on cash. million provide I in now, and the gears liquidity Shifting and balance financial in
At of total the outstanding defined under company's credit, the quarter, balance corporate end convertible of of $X.X $XXX agreement the was end. as our million cash borrowing of loans have and capacity on at credit revolving line quarter million the We notes term billion. and $XXX available
term accessing of During accounts program of the QX, flexibility bank the due funds as Reserve to part our available strategy began funding we us. to and low funding Federal receivable cost
as is replacement credit in which X.Xx, the in a part our million strategy. increase is The long-term funding this for X.Xx. as X.X leverage short-term used is You leverage deposits a balance will see of effectively the and sheet on broker in defined our ratio, agreement $XXX as at to being stands target as it our debt, but it ratio, within of included
from of the our to but leverage QX the ability Fed due funding leverage the our the in term expected unwind future deposits. of quickly to or is because not bank brokered increased impact is of to have use increase capital on cost program, and in access to this Our program any to revert
an would to compared a like Next, year, increase through using generates million of flow $XXX WEX cash free $XXX each amount I which significant flow. adjusted is cash our QX, of turn cash was to to XXXX. million
shares. would some deal. borrowing so Our this of to Ascensus primary the free our use expect to flow cash capacity transaction the of been has closes, far year available close use When we to repurchase
between continue investment to to M&A and capital manage organic will We allocation and shareholders. returning capital
let's to and third year. full revenue earnings and Finally, guidance quarter for the move
to to as raising quarter The reflect results. second we are us, quarter XXXX am I pleased good was for a share a result, for guidance our those very that and
the in $XXX to with the expect quarter, third of million report we range Starting million. $XXX to revenue
diluted $X.XX to be and $X.XX between share. We EPS per expect ANI
$X.XX $X.X the year, to revenue billion in expect range billion. to of For we the full report
expect ANI diluted between be to share. EPS $XX.XX per and We $XX.XX
expectations to at ranges midpoint EPS the a the the prior and increasing of environment several our guidance year, of the the over including quarters. in seeing, moving match pieces loss of the For tiers represent incentive guidance. result in previous taken we assumption as reaching million and $XX to actions The year the higher the improvements expected credit these increase are further our an of around end travel of are compared rates $X.XX revenue to volumes we've last of major updated our compared full
to EPS despite of improved prior this a in in our prices of lower outlook expect the our result are year expectations fuel $X we half versus revenue providing and the $XX million fuel of to assumption. million back $X.XX which price lower We
complete with I how emphasize like As we my QX were remarks, our prepared pleased to results. I would
very despite prices. We to pleased drop to also are fuel increase a significant able in guidance be
With questions. We well becoming to and continue execute line please revenue growing more for operator, open that, both serving on efficient the customers. our
