morning, everyone. and you, Thank good Melissa,
As headwinds. this of on our the XXXX strong a continuing face you strategic results make heard, progress to we The business in just economic again while demonstrated of resiliency financial objectives. the in results number of financial quarter the delivered
Total as and with X.X% the midpoint our $XXX.X guidance came results. for quarter the by was margin was million. the income the volume in with while This In primary was significantly a guidance, year. well half drivers margins the items. company credit XX% this of Payzer, which due X was nature. as of a and in our corporate balances XX.X%, XX.X% to more contribution High QX beneficial from total, revenue outperformance last revenue adjusted losses over interest which the margin improved in November the not other Half start variety increase of of Let's increase. were on than custodial and is quarter included $X on million, up of recurring exceeded earned XXXX of for at on operating closed the fraud incremental small cash payments
share, $XXX.X From basis, and the per would million this income a million an adjusted had net per we earnings $X.XX increase diluted share or of in year. income was overall XX% were GAAP XX% was of results a year-over-year perspective, environment. in the to of or attributable to net over on $XX.X represents reflect QX. $X.XX Non-GAAP diluted to I XXXX while QX prior XXX QX prices shareholders rate XXXX. in of the the basis these on Fuel macroeconomic QX, the end context the from to federal up moment like take down funds points end an
cost interest volatility about fuel significantly up we which Our impact million was overall prices financing of and our on and and Yet interest reduced grew earnings have and the demonstrates revenue of $XX almost we operating rate reflects the results talked resiliency repeatedly. year-over-year.
approximately in was fuel starting with the million. The compared segment Mobility $X.XX quarter the prior million, versus Mobility. $XX.X Now XXXX. in to reduced fuel for let's by move a year. $X.XX was to X% QX revenue revenue segment prices results, in price decline domestic QX $XXX.X This decrease
for lower prior In fee late the dramatically The late addition, fees fuel fuel years X.XX%, revenue due contractual in reflects to moment. These was to fuel will and The outweigh growth lower of to with is the despite is to I the compared the rate fuel prices. and that to interest at interchange $XX fees, $X.XX sensitivity net million past made discuss annualized net financially note sensitivity from was $X.XX of late business. basis to gross with an by our net contracts last the the changes merchants revenue. mobility It in impact now mobility also led and year. rates increases lower higher of impact losses and increase The volumes some reflect change credit have success the up year and which improved which impacted EPS changes a lower means in increasing combined in in prices credit the which renegotiated EPS over in important revenue is that higher our mobility XX points of the to the stands a impact rate. prices several interchange growing policies we growth rate increase
earnings Our of increasing is the an sensitivity as our overall than earnings is overall to lower nonfuel-related portion mix. fuel past revenue price
fee Again, attribute credit significantly we earlier. stricter I that was year the remainder higher loss late and quarter by interest below the of XX% in is adjusted fuel late rate fee compared for you was metrics, year hurt the new margin during to outweighs see our while credit in this segment the last transitioned policies Overall, to versus while revenue. year prior income The was As due rates down finance revenue net far partially operating offset improvement XX.X%. the prices margins, increased the QX, mentioned lost results. lower it from instances of latency in period, down to number late X.X% that decline instances. XX% and Much at the was higher fuel prices this transition fee last had fee a decline losses the which emphasizing portfolio to this us although operating lower Lower rates. credit
acquisition points. million revenue which X margin adjusted decreased In essentially $X.X in Payzer, addition, by segment of XX its contributed income with operating basis the
sequentially network This Corporate of grew customer as up prior due growth their revenue emphasize well and is Turning Revenue the Europe strength net points, points Payments. travel cards this basis types year incentives payments the there Travel-related versus segment our rate support. was reflects $XX.X was consumer XX% increased from we believe year of million. and continued interchange more predominantly XX year, that expand travel-related volume We at further. travel. to Breaking billion are XX% versus grew for now continue and in adoption purchase room an customers full issued the segment the segment we by to was last Nontravel-related U.S. quarter was growing performance. up $XX.X volume the X%. recognition merchant last in able $XXX compared volume to XX% to up last as customer down of and in this XX prior on as basis for year. which demand to based year. of XX% customers revenue OTA from WEX versus year. Purchase and is virtual to billion, that increase XX% model, The was Total
growth in revenue continuing the channel. Volume half partner approximately was importantly, growth but strength from by the led our direct channel, came
Our direct segment. during adjusted this positive as results business we is and XX.X%. improvement the invested starting see margins margin the was accelerated. to segment we The volume last There in year income operating an have the important channel has are these the in that last XX.X% to over been over of year significant up year
is of to increase flowed in a row the quarter fact, operating through year-over-year adjusted income XXX% second In than the where this more margin. revenue
at Finally, let's a take Benefits segment. the look
growth drive remainder strong XX% in $XXX.X growth purchase year. volume over the base QX from increases million. account to due is half represents custodial from of of This continue with to revenue assets, $XX.X growth. We revenue or Approximately increase the contributions acquisition, Ascensus an the and is the and the prior in million
realized Representing in deposits XX%. held was with approximately banks increase total last SaaS processing was $X.X assets, to X% sheet, including increased approximately WEX in million $X.X these on increase account Custodial from revenue $XX.X leading QX payment an volume at versus third-party year. last versus prior remainder balance year. average held were the billion a We in XX%, the off of Benefits billion and $XX.X versus million growth those QX at in the cash QX on Of segment billion total, revenue. X% $X Bank. in in $X.X year. billion
million of consistent yield Compared balances in the contributed those rates full to year, our census of higher of well. $XX.X increase that blended first to during million. the of million interest revenue, contributed Recall census was with while which In $X.X X.X% our integration The is with yield QX. assets process QX, the contributed in last expectations in declined line customer for revenue, market quarter going Although $XX.X ownership, prior a quarter. the acquisition. was was the
already were during on our planned came accounts all the the platform So integration through XXXX. technology of remainder
The remain is in increase quarter to our high and invested balance cash. operating on income XXXX. the of margins. now update deposits revenue the was from position adjusted an HSA in on driver The XX.X%, the and million XX.X% margin $XXX compared with I the Shifting the financial in primary Benefits flow-through We gears ended provide will a sheet position. liquidity healthy the in segment
We defined capacity have $XXX the million cash credit and was In end. line of corporate at X.Xx on an to leading The the revolver billion. company's as target exited The on revolving which available the at is end agreement borrowing bottom loans credit X.Xx. under and quarter long-term $XXX agreement of December, million X.Xx at of balance stands as term cash total positions outstanding ratio, leverage of $X.X of immediate our $XX defined and hedge rate interest our million. of to we in our the benefit
changes the to prior segment. net interest rates the in calls, discussed as custodial in in Benefits company-wide our As grown exposure has we've assets cash declined
$XX we shareholders terms. to we to the hedges As hedges see through share the a hedges accelerated over already return upfront unnecessary time, which repurchased result, to to repurchases, million date expected at them intend XXXX. favorable these we were last and through could Exiting we determined exit we have than week to rather benefit cash from that in the and
be the increase the and would expected As when highest costs to will cash the benefit want in time earlier this especially this an XXXX, that interest midyear. receiving see emphasize were of the a otherwise in QX shareholders. set to of with to hedges elimination rates reflects result, are already we our expire than I cash our we in sooner have returning of to money and value belief in
our and to continue strategy overall adjustments interest as our rate we necessary. exposures forward, intend hedging to Going to evaluate make annually
interest by billion of XXXX of below savings over This successfully lead $X.X sulfur debt. more January, $X spread points this no on to changes term basis There we other XX repriced the agreement. will credit During removed price the in loans, than reducing the million of and spread were adjustment.
reversed reminder, compares Next, cash. I income price free would a generates of $XXX flow. adjusted is increased at expect. account, which turn amount I XXXX. to adjusted what previously, this cash million million the our cash of $XXX like cash net during that we Taking adjusted to Using to as fuel significant than WEX declines which of have flow XXXX This normally for $XXX flow is flow million. our discussed about million net free end for adjusted $XXX definition, rapid would to adjusted slightly by that less cash income, was XXXX free A XXXX. year, into
to overall our rates. committed deploying shares own are and long-term maintaining driving of business in investing strong repurchasing and by an We strong with our generation goal cash it growth both
the a we For million $XXX quarter. repurchased year, cost at approximately fourth of total the approximately X.X in including shares million $XXX million,
we X.XX a million diluted As to year. a by the reduced $XXX also extinguished which further count prior QX compared convertible in in reminder, share debt million fully QX,
expect forward, cash adjusted allocate to shares. a free to of we to repurchase flow portion Going continue
and Finally, guidance let's and quarter. for full revenue with XXXX the quarter first the first the move Starting year. to earnings
of million million. to revenue We in $XXX report the $XXX expect to range
EPS net income $X.XX $X.XX share. be diluted between per and adjusted We expect to
For range billion. to in $X.X the the full of report year, we revenue $X.XX billion expect to
income be We expect EPS adjusted between share. $XX.XX $XX.XX diluted per net and to
couple in a minutes through spend guidance. me larger Let our going assumptions the of some of
assumptions. macro First, a high-level of couple
on in basing for have growth guidance are expectations. our our We GDP of taken growth which account around X.X% year, U.S. we the into
We X.X rates the line which are market, interest decline with point also the in during implies expecting rate cuts year. to
have in already and for in is high prices, are XXXX X% end Fuel we to fuel long-term embedded in X% our change revenue to them. XXXX, be which headwind guidance. including X%, included is prices excluding our which contribution not Payzer. except a share approximately future earnings activity of announced than is have revenue the in expected in to is expected that the M&A lower be growth, or repurchases, to We target, the any Mobility as at
for price and the compares full average $X.XX and an assuming in $X.XX for the $X.XX are which to first We fuel the XXXX. XXXX QX of year, $X.XX year quarter, for
mentioned fuel and year is the per impact drivers including share which and some the XXXX full which and $XX for the lower to growth Melissa $X.XX million credit a of sales Payzer new already late using our I in reduce will made mentioned sensitivity policy to of price revenue million reiterate, price continuing approximately compared earnings The impact from that by this year embedded $X.XX earlier. in will share is pricing engine, earlier, from share we reduce strong and fuel and our the decline saw expected optimization, per that full $XX fees portfolio QX benefit I drag Again, year in in guidance. per ago, the changes stabilization XXXX. revenue also
see due Corporate high improve to to demand mix. slightly, interchange segment net customer mainly single expected for to rate expect XXXX We nontravel Payments come grow revenue travel is in to digits. results, expect XXXX. the down and Similar significant we growth
Benefits the to expected segment grow Finally, to XX%. XX% is
customer. giving confidence the than from Advantage Medicare census Anticipated the more growth of assets We are loss offset organic individual expected and in growth the an enrollment continued have season, in tailwinds open acquisition in this completed growth of custodial and the business. to us
outlined. previously track operating on remove end basis run million of $XXX costs on of rate as are a we by We to XXXX the
and the measures of earlier. to cost operating impact savings we Melissa these scale the of adjusted through the and benefit year that up expect pricing income initiatives as about spoke margins trend that We get --
the share As full expense XXXX. I and The per our for interest in Again, reflected mentioned year. higher but decision to guidance. $X.XX $X.XX the our cash swaps, in impact in pulled share also is exit earlier, results is per forward, in this QX
to this As floating we changes earnings we material that fixed to assets impacts benchmark and to we such and not would liabilities segments. year if be could have changes rate although in are aim overall there rates, expect there interest discussed, our individual balance adjusted
adjusted XX%. to growth of fuel leads XX%, of the this All in XX% isolating would be the we to and EPS to to out range EPS price X% of in growth expect FX, range degradation our
again As I we QX results our like complete outlook emphasize our my to prepared pleased and how for would XXXX. I were remarks, with
that, our have new With expand continued the long-term ability leading operator, please customers, products of to market We all with the new confidence line existing win great questions. growth for in and to open customers bring to company.
