morning, good and everyone. Melissa, Thanks,
EPS. results revenue segment revenue. fell mentioned in charge PPG along through to Melissa and related earlier, of unplanned shortly, our sales the the was declining prior but guidance noise including walk quarter macro third isolated details largely to and adjusted same-store short of this trends, with our As Mobility from fee an finance I'll
balance, quite which it and growth growth show range. important from and buybacks strong On solid significant high record strong our I rates note we leverage in segments. Further, Benefits continued maintaining accelerated our remains this allocation bottom rate as quarter that revenue of quarter. capital while end both had adjusted the of evidenced to to especially with at pleased EPS its underlying is prior by cash the to generation share the achieved Mobility growth. We was Mobility, QX
the with details start quarter the of results. let's Now
was For of the X% revenue total nature. the revenue million, more in QX increase than quarter, quarter XX% for over a with $XXX.X third recurring XXXX
had growth As I Benefits rates in Mobility mentioned earlier, we solid and both segments.
processing and we margin for and increased the reminder, factoring In adjusted and year. from assets, prior Benefits HSA business, margins a company recurring was Mobility income from income transaction up other is cash fees custodial year. XX.X% both compared revenue XX%, As items. the revenue as from smaller servicing last Segment define operating in our revenue, to total, which payment account processing
per perspective, share. lower which million taxes. net and after $XXX.X diluted prices over includes a in net we From $X.XX a is of of income year was QX on adjusted share, basis, $X.XX from an earnings an X% $XXX.X GAAP $X.XX of had per approximately negative or income increase impact or diluted last Non-GAAP million per share fuel
starting increase to Mobility. a was revenue with the move quarter year. X% results, prior from let's for $XXX.X Now Mobility segment the million,
average with this in in the average fuel change $X.XX approximately $X.XX our quarter to in price retreated Fuel accelerated compared price the $X.XX rate expected, As and last has the compared to guidance domestic guidance. versus reduced revenue FX each for was QX year. fuel normalizing our for $X QX prices compared prices revenue and to increased have rates, QX by we fuel The year growth million and quarter QX in of lower in third XXXX. XX%
processing transactions year, Payment up Local X.X% X.X% and compared in U.S. to versus last customers increased over-the-road payment the processing levels. transactions year-over-year. increased were X.X% year-ago
to OTR year-over-year lighter allowed our market than were these While pleased us to as evident growth soft these ongoing in anticipated, cash The grow to our we index markets. remains are headwinds. see freight but despite has solid continue execution
take Now performance Mobility segment to the on let me in moment expectations. our relative to touch a the volume
saying have with either have material our anything, sales I customers. to First, there Mobility changes by rates year-over-year. new metrics will start those been not or improved retention If that
To local we anticipated. have they into not existing deterioration. September. However, fewer than not seen extended deceleration gallons in date our customer in fleet bought August, was further per to business which last base We day notice a year, began which did October,
stabilization. we has it expectation with are So while of an monitoring softness the continued,
In the the volume this, seen here factors. like they slowdown we our been associated macro to That when geographies. changes broad would with segments well as across past, industry and across have be case the as seem was have
an volume and quickly, not softness the been there broader of happened slowdown. indications economic However, have
the at exited into same later. and incorporated discuss base the a we watching we QX assumption guidance We is QX, has been this Clearly, are rate are softness into continue this trend expected volume will will assuming we closely. the
prices basis late mentioned fee fees. and or lower of unplanned items, late significantly turn decreased increased $X charge to finance would Finance to result fees the these revenue been the due million the let's earlier. year. X versus have fee fuel primarily a Without pricing point The X% isolated prior rate Next, as net up changes.
unplanned contract earned in rate and largely is which pricing XXXX interchange the the prior higher The basis reducing net to over with reflects increase item was from up rate an interchange segment points higher helping. rates smaller our up X Compared also due primarily points, merchant X.XX%, lower QX, favorable The terms is this net Mobility at items to rate. prices and isolated renewals quarter. fuel basis some XX
XX.X%, result Mobility margin for The XX.X% as partially our increase was the prices. as The savings cost lower quarter due income expenses in segment margin is up of XXXX. as losses, well to lower adjusted in operating credit QX from a offset by program lower fuel
range we rates Lower shortfall we segment last We were below were basis the of to than lower better Moving were points the X to versus on, points pleased guidance. the continued one revenue guidance QX during guidance. last the of primary at $X loss in credit Mobility the X led spend of EPS compared million and losses significantly impact much expenses to volume the expected year. see perform in to decreased able our basis reduce to to quarter and of our were charge-offs year, reasons
adjusted Turning to issued Total an of QX and for decreased we the largely down a income billion, versus Purchase operating is of to I volume dynamics. year, a in XX% was this offerings some model segment noise XX.X% processing The large rate transition The to last by underlying $XXX.X note change revenue, transactions revenue an all X% short-term our are we delivered that past important segment, of platform strength million. which Corporate in those year. of for is prior now segment to growth WEX increased including than growth Corporate decrease the from once due our the our quarter XX.X%, a to the Payments the OTA model rather X% the segment earn year. future Payments. last amount of interchange $XX.X that sequentially. points to The compared customer. for expectations the flat volume this where on that in Note creating margin is change total It dollar segment. was mentioned interchange fee sustained a net
accounts, year-over-year, Finally, again or QX segment. this achieved Medicare let's increased $XX.X year of to grew exemplified the accounts ] consistent which underlying core QX the dynamics growth, X% results prior versus of in year look Our at [ the to We increase QX. the decline QX. ] $XX.X Segment was is are million volume $XXX.X million, segment in which X% The with X% revenue by Benefits compared the strong this [ over an X.X% year. million, by as purchase the Advantage of strong with market SaaS account prior with excluding business also consistent in quarter. prior
We several last interest We year HSA-related relatively of believe realized to by because invested X% year. approximately held banks years these X.X% balances investments changes. rate from this custodial be on believe increased to the future $XX funds last from deposits from protect in million rate $XX this stable WEX XX% deployed for average next cash were rate in laddered fixed HSA million interest will Bank from we the our investments that are third-party rate revenue at earned and year. revenue compared The that
as We expect offset interest rate by will rates be of lower-yielding investments short-term reinvestment remaining banks at includes deposits higher impacts partially they in mature. which fixed-rate third-party the portfolio, the at
from sheet company rate movements from hedge our overall balance To in macro impact earnings. segment materially summarize, is full revenue interest from rates guard and the the previously, as impacting changes our overall the interest discussed we've Benefits of protected
income. income versus adjusted compared by Benefits flow-through margin high was segment XX.X% driven margin The increase of operating to in year Turning The is in the now XXXX. custodial last XX.X% to margin.
$XXX We company's agreement million of position. available as The our provide sheet the at balance remain healthy quarter and $XXX credit present of the I and borrowing term million in and revolving cash. billion. $X.X million corporate defined capacity and quarter position end. line our in of financial was $XXX total an the loans outstanding cash under ended had balance Now update a will with on liquidity We on
the the is X.Xx. as in at leverage X.X of agreement end ratio, low defined target of The long-term X.Xx, stands at credit our which to
puts return capital us invest Our business conservative in enviable while the to in maintaining to an and shareholders debt ability position. levels
like of significant million was turn Using WEX would cash $XXX to through to a year. I September. generates free Next, adjusted cash flow. cash flow each year-to-date our amount definition,
the operating will our and You item flow. deposits was cash net of at offset is additional payable, note of to line in there Bank by activity in The our reconciliation the GAAP changes accounts on receivable WEX historical that assumption underlying is an combination calculation that accounts investments.
was Bank assumption at that capital In immaterial. simpler was terms, change working the the WEX
we this adjusted historically, free changes seeing more presents cash that in have our more change we As feel this working we flow are accurately. metric significant capital
shares primary spend repurchased of far this million Our discretionary repurchase $XXX of been first to QX. X use $XXX We of our cash own shares. has months so during million the XXXX, year during including
in will on We expect the result and in the final share additional previously next count. our week ASR an announced settlement share in occur reduction will
in believe acquired already cost long-term only has reinitiating to $X.X the which the have XX%. and we a including $XXX of reduced cost equates We count our million share share. average shares repurchases X.X XXXX business WEX subject an the in by momentum to billion, approximately of at per settlement, our final since shares This ASR approximately received of share under
returning remain allocation M&A committed we to shareholders. between excess and capital organic investment, to forward, capital Looking managing
earnings full year. revenue and for guidance to move quarter let's Finally, the and fourth
to many what we of third most to trends revising [indiscernible]. are in guidance continue been quarter reflect expect have the the we the and our XXXX primarily We from seeing
expect range in we million revenue to million. report Starting quarter, with the to $XXX fourth of $XXX the
per between expect $X.XX to be share. We EPS diluted ANI $X.XX and
full we $X.XX range billion. report year, the revenue of $X.XX to the billion expect For in to
per expect ANI and between to share. We EPS be $XX.XX $XX.XX diluted
Benefits. to a the factors a well QX decrease decrease The compared previous a $XX of macro Mobility includes from our as midpoint of results segment of in represent and year, the the of updated reduction to full of to impact actual related with in smaller midpoint impact EPS the revenue these For $X.XX the as million ranges QX our guidance. guidance
made represents Fuel Let have the prices portion of in price the since them. was the and factors of end million $X.XX and previous a for our July. decrease new guidance have assumptions year, the of with in lower moved which to significantly $X.XX the of recognized start of at a $XX revenue we EPS, Compared QX. $X.XX me around average macro
In addition, rates lower. interest have also moved
the our curve anticipating cuts QX into approximately stress to I X rates billion. revenue year, interest more $X in the rates the reducing hedge rate sheet have updated current I incorporated not overall revenue that that guidance, guidance for to interest which is discussed given reduction this previously. by is lower have We want anticipated impacting our earnings balance
our reducing and for are opportunity for reduction of we change rather shorter-term any our not in does Benefits expectations volume Mobility Next, both but longer-term of expectation these in volume trends. impacts segments. the This recent businesses, reflect expectations
have earlier, seen of existing assuming base will from customers, I persist as Mobility, mentioned we transactions recently which we the fewer are fourth In our through quarter.
our In we have fees underperformed of expectations. late instances are revenue fee reducing late as outlook addition,
the adjusted growth we With be segment expect the now fuel changes year, X% Mobility prices. for these between changes, for to and X% in
Benefits the seeing revenue. are segment, a -- In of expected some delay we
happen the recognized for for track on to the which onboarding. they revenue would did are signings new not While as year have allowed midyear early in year, expected, be for as
to be range of to revenue the XXXX we a our the low XX% year. of As result, expect for closer growth to original XX% end
strategy our long As and XXXX. to additional mentioned updates head our we updated earlier, into as look QX and executing we for guidance, term full on the focused providing Melissa we forward while year are
line open please the questions. operator, for that, With
