and Melissa, Thanks, morning, good everyone.
quarter results our our bit came of above guidance end the of fell EPS range. top while a short revenue, second in Our for adjusted
of positive with not we do are on seeing revenue, trends. a a also represent satisfied number we high, results record and While are they these
quarter. we is offset strong expected, last were persist volumes, accelerated for revenue which growth by from expectations. the our As also mobility And remainder segment travel-related softness with of our to in in Benefits year. line expect growth positives These revenue the
the highest a year-over-year of we results decline strategic show and quarter reported Our initiatives year against the execution fuel the have ever in continued EPS face the our adjusted second of in were for even prices.
the with of let's Now quarter the start details results.
over increase recurring X% For quarter, the an total for revenue was segments. of each in XXXX, than the second We with in quarter, rates revenue had more QX nature. of million, $XXX.X XX% growth solid the
define processing margin for processing XX.X% company As factoring a cash from smaller our payment last total, revenue, XX.X%, we operating assets, is servicing other and from recurring income account and revenue custodian as up reminder, from adjusted In transaction business, which items. HSA revenue income the was year. fees
and was on compared perspective, which earnings X% margins basis, $XXX corporate increase Segment adjusted per payments an is net or Non-GAAP an had prior share, in to diluted last benefits share. $X.XX over year. $X.XX net increased the in per of income QX, of we a $XX both or million GAAP million income year. From
was Mobility. domestic guidance starting quarter with Mobility our lower to Now retreated year. QX fuel slightly in average million, in price to Fuel a but versus revenue a our XXXX. $XXX.X are for $X.XX have was X% significant $X.XX but on year QX strong, let's move with prices the in The revenue the price did versus expectation. have on not compared than X% fuel prior of last increase results, the segment a impact
fuel end revenue As normalizing growth change at QX. full when remain the high in long-term on the for prices. year to fuel accelerated revenue rate taking our of into the in we growth track changes prices segment We QX account range compared deliver in expected, to
year-over-year, is credit ago. customers was with in compared payment U.S. the which changes following processing anticipated processing This QX since XXXX, year increased versus year. the were levels. a the last increased the transactions processing made in quarter transactions transactions have year over-the-road Payment reflecting Local ago up to of And our payment X.X% increased, policy stabilization expectations. first we the X% X.X% line
Next, The revenue increased late year. let's basis versus net prior the fees. X turn to point increased million Finance late or rate $X X%. fee fee
on policy last to in earned and the due stabilized to the compared expected, made late As changes we rate. related credit late lap is increase the revenue fee amount The slight year a have as each ago. rate primarily revenue year
QX, the a item mix the the primary to in was due and reducing for increase which prices X and Mobility operating benefits basis was benefit from reason clauses onetime to continued rate fuel XXXX down in from rate slightly decline The contained interchange fuel rate favorable the XX.X%, interchange our renewals for net merchant contracts, interest points the year mobility is QX lower X.XX%, Compared gallons diesel XXXX. merchant in this The over down current this escalator the net is rate income margin higher is for various segment The price from quarter earned domestic rates quarter. at segment reflects The contract terms. rate. up lower XX.X% margins. in the adjusted of
versus $X lower basis range guidance. Compared last QX expected, basis year. have as than rates what the policy to in were than volume now compared year loss were last XX the the points purchase to base, a made on, credit are decreased of losses Mobility in the Charge-offs were expense. and XX significantly ago. to the credit we at our was lapped during year Loss OTR below Moving better similar segment last in particularly million changes expected guidance also better customer leading rates points year, quarter
versus to WEX The increase basis the last XX% revenue billion, $XXX.X payments. guidance. increased XX% but sequentially. did net in in volume rate material corporate compared is have million. quarter Moving year. $XX.X segment Approximately of segment did this quarter. process Booking.com this X now testing revenue interchange a interchange processed Total under an points gain volume up for issued the arrangement not our of which the rate on Purchase QX by was new was impact new the $X billion to was in-sourcing the and to
smaller Consumer the the compared from growth OTA primarily XX% customer recently. quarter. in we travel volume our with demand Travel-related is which we expected grew significantly year, last was softer purchase than This rates customers. to seen have the in volume, basis is with Booking.com rate the X to incentive OTAs due lower-than-expected to of is due and for travel-related The from related interchange the point smaller airline spend. softness transition recognition. customers timing growth of QX done up
the in and rate basis purchase XX%, up customers net by Direct a customer in was above nontravel expectations QX. non-travel sequentially. U.S. Our driven perform XX% was revenue XX increase points continued interchange volume for in to up sales
onboard optimize sustained QX to enablement customer to as supplier continue acceleration new We a segment the income time XX.X%, it The takes driven we used up operating by XX.X% an adjusted last of grow programs. margin to as Payments from in in delivered process the these volume. well Corporate year,
We $XX which $XX.X or this look QX the results accounts again in growth, to let's of of the business year-over-year. revenue as $XXX.X exemplified this which prior excluding The segment. by million the Finally, XX% account are Advantage strong, at year. million, in achieved prior underlying SaaS of Benefits an versus segment core the accounts, QX X% increase Medicare was over strong year SaaS in grew with is million. dynamics declines X% market
volume segment X% leading increase pending processing increased Benefits X%, a purchase revenue. in to
to $XX We banks held Bank year. HSA million also cash were revenue funds invested at in deposits from realized compared custodial approximately the WEX and $XX by third-party million that last from
HSA-related from this interest of X.X% believe year. last The XX% next these in rate will year be years earned average deployed because stable laddered this balances We few the rate for X.X% investments Interest third-party portfolio on will relatively are in fixed banks revenue increased deposits our higher they at fixed-rate remaining the the future be rates invested by which lower-yielding interest protect of reinvestment rate at short-term that impacts investments held balanced rate includes as mature. changes. from to rate
movement macroeconomic well revenue summarize, interest To overall sheet from interest is we've shielded changes company impacting the materially rate is from in previously, business overall discussed our as hedge the rates. from And protects earnings. our benefits balance
turning flow-through increase high income. last the adjusted XX.X% Now versus is operating XX.X% in segment, historical year compared by of in The was income margins. to Benefits The margin driven margin XXXX. to
Now the provide $XXX remain financial million quarter position position. on balance I an our healthy will with cash. of sheet and update in ended a We the liquidity and
at end at and our is X.Xx. capacity term quarter $XXX We cash under loans borrowing corporate available at the have The as X.Xx $X as credit end. line billion. and was million credit agreement The target in the of $XXX of stands of defined outstanding and low credit X.X of of the ratio of agreement balance million company's long-term total which our leverage defined to revolving
while business conservative puts Our ability us return in position. the of and invest the shareholders in level to an maintaining debt end to capital also
Next, cash quarterly adjusted a free WEX flow. in I $XXX would each our significant like to cash Using amount turn flow of was generates year. definition, to million cash QX.
cash million $XXX to been Our first We has primary discretionary of during in so QX. $XXX the including the year of million half year own our use of shares far repurchase this shares. repurchased
$XX of July. we an addition, In have million common stock purchased additional during our
believe the at of business a remained decade. last compelling sound, price illustrated company of Earlier, we solid the the and the earnings WEX. momentum stock is growth revenue recent drivers the company value has believe business levels. and We have in seen The over long-term Melissa the
into to additional repurchase an a we near accelerated common at As to our the result, million of also agreement an share least in $XXX expect enter repurchase future stock.
cost million approximately equates At expected fourth share of X% shares shares reinitiating of to combined our approximately $XXX shares. recur this repurchase an to have XX% XXXX. present upfront quarter average million $XX already in these we acquired X.X a equates We in outstanding X% price, of July, And settlement in approximately $XXX Since million, final with per to share. our cost to outstanding. our of share shares the receive repurchased which with at XXXX, of expect shares of a of almost represents when
XXXX, our adjusted plan have We believe share our for is with income a reduced expected strong continued capital by a growth combined shareholders. of April we compelling allocation count net and Since revenue than X%. more story our prudent very
to remain and forward, between organic Looking investment, returning to capital we shareholders. committed capital allocation managing M&A
to guidance quarter the for revenue third full Finally, let's move year. and and earnings
the trends are of Corporate million. to many we continue, range the in with to to Starting and of primarily segment. to from in reflect the the we expect $XXX expect XXXX million second Payments revenue We report trends third updating the our quarter, quarter guidance $XXX
We expect ANI per $X.XX diluted be and to EPS $X.XX between share.
For report the expect full $X.XX of the revenue year, in to range to we $X.XX billion. billion
We expect $XX.XX between ANI per EPS and $XX.XX share. to diluted be
the and year, a updated EPS of our $X.XX previous midpoint in to shortfall decrease including midpoint compared full represent of guidance. the the For ranges the QX $XX million these of revenue, of
Although related segment. are decrease Mobility parts and small pleased in the there revenue second we primarily with nontravel the segment, guidance to moving segment, in quarter. which the are in Benefits Corporate accelerated of portion further is the the Payments Overall, the
customer we the softness reducing the volume year we in saw half anticipate travel for the are as we the our for of However, remainder the second purchase will smaller OTAs of expectations QX among continue year.
volume multiple we some seeing half second addition, payment are customers large weakness In options. with in purchase
our market. us the not spending decisions our business volume gave remain year. of half of customers but these the last grow impact customers over of and reflect of Some the wallet are believe balancing these We out high do in with ability the their any to months second longer-term these to short-term in confident we spend share XX a
the decline to we the of this strategic which is share revised expected lower our offset guidance. Note by in an changes measures in revenue in expect cost-cutting mobility of that amount have Much on expectations the a network of reflected I credit that year, impact that buybacks being earn losses variety incentives segment, the is also these discussed. and
Finally, one modeling note. other quick
in last in current business as revenue year. QX expect year versus the be are more X relatively We strong there days mobility to
open please operator, that, questions. With line the for
