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. 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. Your WEX benefits debit card makes it easy to spend your funds on eligible expenses. WEX helps you innovate at scale. NASDAQ data is at least 15 minutes delayed. WEX offers technology and customized solutions that meet employers end-to-end benefits needs and power partners thriving benefits offerings. EFXs adjusted earnings came in at $1.43, beating the consensus mark by 4.4% but declining 35.6% from the year-ago figure. Visit Performance Disclosure for information about the performance numbers displayed above. 1Q revenue increased 18% year-over-year to a first quarter record $612 million, 1Q GAAP net income was $1.56 per diluted share, down 42% year-over-year; 1Q adjusted net income attributable to shareholders increased 15% year-over-year to $3.31 per diluted share, 1Q GAAP operating income margin of 25.2% and adjusted operating income margin of 37.6%, Total volume increased 17% year-over-year to $52.3 billion. In addition, since debt issuance cost amortization is dependent upon the financing method, which can vary widely company to company, we believe that excluding these costs helps to facilitate comparison to historical results as well as to other companies within our industry; The adjustments attributable to non-controlling interests, including adjustments to the redemption value of a non-controlling interest, have no significant impact on the ongoing operations of the business; The tax related items are the difference between the Companys GAAP tax provision and a pro forma tax provision based upon the Companys adjusted net income attributable to shareholders before taxes as well as the impact from certain discrete tax items. The Company does not allocate certain corporate expenses to our operating segments, as these items are centrally controlled and are not directly attributable to any reportable segment. (7) Purchase volume represents the total dollar value of all WEX-issued transactions that use WEX corporate card products and virtual card products. WEX's first-quarter 2023 revenues benefit . Military veterans possess invaluable leadership skills and business acumen. You'll notice changes in brand name and logos to the online account and mobile app, including where you go to log in. I would like to see where exactly the employees spent their FSA funds. Save money and manage fleet operations with our modern business mobility solutions, including a broad array of fuel cards for any size fleet. The tables below show the impact of certain macro factors on reported revenue: To determine the impact of foreign exchange translation (FX) on revenue, revenue from entities whose functional currency is not denominated in U.S. dollars, as well as revenue from purchase volume transacted in non-U.S. denominated currencies, were translated using the weighted average exchange rates for the same period in the prior year, exclusive of revenue derived from acquisitions for one year following the acquisition dates. Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. Keep tabs on all your benefit accounts by quickly checking your balances and details using our secure mobile app. Administrative fee invoices and plan funding balances at your fingertips. There are no changes to the business conducted in each segment. See Exhibit 5 for information on the calculation of adjusted operating income margin. Full benefits administration. What if additional documentation is required? The Conference ID number is 2237921. Reviewers also preferred doing business with WEX Benefits overall. Remember Me Next. Please see Exhibit 1 for a reconciliation of cash flows from operating activities to this non-GAAP measure. If used at an IIAS merchant, simply swipe your card and it will automatically approve anything thats an eligible expense. If your needs fall somewhere in-between, weve got you covered. Weve simplified the experience from all angles with streamlined administration, insightful employer analytics, and intuitive participant access points. Today, that discovery is still the heart of the Zacks Rank. How do I access my account? Adjusted net income is expected between $3.45 and $3.55 per share. NYSE and AMEX data is at least 20 minutes delayed. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. To that end, we were excited to expand our annual SPARK conference to bring together customers across the mobility, corporate payments, and benefits industries, showcasing how we can help companies simplify the business of running a business with data, payments, and digitization. Type a symbol or company name. It makes me feel I have a partner I can trust.. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS These symbols will be available throughout the site during your session. I personally have been on the phone with their staff and was thoroughly impressed with their professionalism and empathy. Forward-looking statements relate to our future plans, objectives, expectations and intentions and are not historical facts and accordingly involve known and unknown risks and uncertainties and other factors that may cause the actual results or performance to be materially different from future results or performance expressed or implied by these forward-looking statements. What that means for COBRA, FSAs, and more. We run report off of it and it helps us track how much employees have spent out of their own individual accounts. This also includes non-recurring professional service costs, costs related to certain identified initiatives, including restructuring and technology initiatives, to further streamline the business, improve the Companys efficiency, create synergies and globalize the Companys operations, all with an objective to improve scale and efficiency and increase profitability going forward; Debt restructuring and debt issuance cost amortization are unrelated to the continuing operations of the Company. ADP Workforce Now is a cloud-based HR platform for mid-sized businesses. (10) Average number of SaaS accounts represents the number of active consumer-directed health, COBRA, and billing accounts on our SaaS platforms. During the quarter, we repurchased approximately 525,000 shares of WEX stock for roughly $93 million, resulting in a small EPS benefit in the quarter. The methodology utilized for calculating the Companys adjusted net income attributable to shareholders tax provision is the same methodology utilized in calculating the Companys GAAP tax provision; and. You could save money by investing in benefits and wellness to reduce employee turnover. Benefits average number of Software-as-a-Service accounts were up 14% to 20.3 million year over year. As a user , WEX Health (formerly Evolution1) provided the organization with Flex benefit management and Cobra. John Levitsky, executive vice president, Mastercard. The Cobra team at WEX is also easy to work with and professional. WEX (NYSE: WEX), the global commerce platform that simplifies the business of running a business, today reported financial results for the three months ended March 31, 2023. WEX Health helps us accurately manage funding for FSAs and HSAs, and allows , WEX is our administrator of several employee benefits, including Health Savings Accounts, commuter benefit accounts, an COBRA. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Keep more of your money in your business, where it belongs.Apply for a fleet card today! Copyright 2023 Zacks Investment Research | 10 S Riverside Plaza Suite #1600 | Chicago, IL 60606. I think this could help us determine that the employee is correctly using the funds at the correct locations. Looking for your Discovery Benefits Login? I think this could help us determine that the employee is correctly using the funds at the correct locations. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. 2023, Nasdaq, Inc. All Rights Reserved. If used elsewhere, you may need to upload supporting documentation (depending on your benefits plan). Our experts picked 7 Zacks Rank #1 Strong Buy stocks with the best chance to skyrocket within the next 30-90 days. Healthcare support. Net income attributable to shareholders per share: Weighted average common shares outstanding: WEX INC. Find the right solution, Benefits partners About WEX Powered by the belief that complex payment systems can be made simple, WEX is a leading financial technology service provider across a wide spectrum of sectors, including fleet, travel, and healthcare. With real-time access and intuitive navigation to all your important account information, our app includes the following features: Easy, Convenient & Secure New users can create a new account to get started. ERGs drive diversity by fostering new bonds and communities across the company. New users can create a new account to get started. Exclusion of the non-cash, mark-to-market adjustments on financial instruments, including interest rate swap agreements and investment securities, helps management identify and assess trends in the Companys underlying business that might otherwise be obscured due to quarterly non-cash earnings fluctuations associated with these financial instruments. (9) Purchase volume represents the total dollar value of all transactions where interchange is earned by WEX. As a user of WEX who has a Health Savings Account and who used to have a commuter benefits account, I can say that using the accounts is easy. The Company's adjusted net income attributable to shareholders, which is a non-GAAP measure, was $145.8 million for the first quarter of 2023, or $3.31 per diluted share, up 15% per diluted share from $131.1 million or $2.88 per diluted share for the same period last year. The average number of vehicles serviced was around 18.7 million, up 9% from the year-ago quarters figure. They give you a single debit card for both accounts and it automatically knows (based on the vendor) if a transaction should come out of your HSA or commuter benefits account. 3 reasons we see people flipping to a fuel card: Apply Now Benefits average number of Software-as-a-Service (SaaS) accounts grew 14% to 20.3 million from 17.8 million in the first quarter of 2022. Currently, WEX carries a Zacks Rank #4 (Sell). Net income attributable to shareholders on a GAAP basis decreased by $54.8 million to a net income of $68.0 million, or $1.56 per diluted share for the first quarter of 2023, down 42% compared with net income of $122.8 million, or $2.71 per diluted share, for the first quarter of 2022. Recruiting and retention tools. Client services. With a female CEO, an executive team with 30% female leadership, and global workforce that is nearly half female, women are a key part of WEXs business at all levels. The revenue increase in the quarter includes a $1.3 million favorable impact from fuel prices and spreads and a $4.3 million unfavorable impact from foreign exchange rates. 1 Debit card for multiple accounts (HSA and commuter benefits accounts). Benefits revenues of $164.9 million registered 36% year-over-year growth. We are renaming our existing segments in connection with a rebranding initiative. Total net revenue for the first quarter of 2023 increased 18% to $612.0 million from $517.5 million for the first quarter of 2022. WEX Benefits vs Workday HCM When assessing the two solutions, reviewers found Workday HCM easier to use. See Exhibit 1 for a reconciliation of GAAP operating income to total segment adjusted operating income. Mobility payment processing transactions increased 4% from the first quarter of 2022 to 137.5 million. For each period presented, $3.8 million of interest expense associated with our convertible notes, net of tax, was added back to adjusted net income attributable to shareholders, and approximately 1.6 million shares of the Companys common stock associated with the assumed conversion of the convertible notes were included in the calculation of adjusted net income attributable to shareholders per diluted share, as the effect of including such adjustments was dilutive. The top line increased 18.3% year over year, mainly driven by the positive impact of fuel prices and spreads. The Company's forward-looking statements do not reflect the potential future impact of any alliance, merger, acquisition, disposition or stock repurchases. Corporate Payments purchase volume surged 58% year over year to $18.6 billion. After Feb. 26, go to wexinc.com, hover over Solutions and select Participants/Employees. PORTLAND, Maine, April 27, 2023--WEX (NYSE: WEX), the global commerce platform that simplifies the business of running a business, today reported financial results for the three months ended March . To determine the estimated adjusted net income attributable to shareholders impact of PPG, revenue and certain variable expenses impacted by changes in fuel prices were adjusted based on the average retail price of fuel for the same period in the prior year for the portion of our business that earns revenue based on a percentage of fuel spend, net of applicable taxes, exclusive of revenue and expenses derived from acquisitions for one year following the acquisition dates. Your WEX benefits debit card makes it easy to spend your funds on eligible expenses. Funds contributed in 2022 are being added to the WEX Benefits . Public sector WEX shares have gained 4.2% in the past year against the 3.1% decline of theindustryit belongs to. WEX Vets Match your military skills Make WEX your next career move At WEX, we recognize the true value of experience-acquired skills. Looking to manage employee benefits, streamline how you pay and get paid by suppliers, save on fuel costs, or modernize how you manage your fleet? Our wide market share allows WEX to provide insight like this across the benefits administration landscape. It features customizable modules of various HR services that businesses can tailor to their specific needs, as well as regulatory monitoring and alerts to help businesses remain compliant. Learn how your business can generate revenue by adopting digital payments technology. In addition, adjusted net income attributable to shareholders, adjusted operating income and total segment adjusted operating income as used by WEX may not be comparable to similarly titled measures employed by other companies. 87% more employers changed their benefits in 2022 versus 2021. If used at an IIAS merchant, simply swipe your card and it will automatically approve anything thats an eligible expense. WEX exited the quarter with a cash and cash equivalents balance of $921.7 million compared with $922 million witnessed at the end of the prior quarter. Get the latest Health Trends & Insights news in your inbox. Average HSA custodial cash assets in the first quarter of 2023 were $3,676 million which is 25% higher than $2,950 million a year ago. The average salary for Wex International Inc employees is around $91,884 per year, or $44 per hour. Do I need a new debit card? Our passion for continuous innovation and our unparalleled level of service were further fueled when Discovery Benefits . Mobility payment processing transactions were up 4% year over year to 137.5 million. Note that the login experience for COBRA and direct bill participants will not change on Feb. 26. Total revenues of $612 million surpassed the consensus mark by 1.5% and our estimate by 1.7%. Written by MANs adjusted earnings of $1.61 per share lagged the consensus mark by 0.6% but matched our estimate. Participants Accounts HSA, FSA, HRA/Wellness & Commuter If you wish to go to ZacksTrade, click OK. For the second quarter of 2023, the Company expects revenue in the range of $613 million to $623 million and adjusted net income attributable to shareholders in the range of $3.45 to $3.55 per diluted share. Recent stocks from this report have soared up to +178.7% in 3 months - this month's picks could be even better. This allows us to see the company through a different lens or perspective than we normally would. Only 15% of employers changed their benefits in 2021 as a result of COVID-19. Powered by WEX Health. WEX benefits platform VISIT PROFILE Pricing Not provided by vendor View Pricing Guide with similar products Free Trial Free Version SEE ALL PRICING Starting from $ 1.15 /Per-Month Pricing Model: Flat Rate Free Trial Free Version SEE ALL PRICING Best for 501-1000+ users Were ready to simplify your business. WEX Health works well for us. (4) Net payment processing rate represents the percentage of each payment processing dollar of fuel transaction that WEX records as revenue from merchants, less certain discounts given to customers and network fees. I think this could help us determine that the employee is spending the funds at correct locations and help us when we do our reconciliations of these accounts. You can seethe complete list of todays Zacks #1 (Strong Buy) Rank stocks here. To locate past Hub and Hub at Work articles, use the search function at the top of the page. This dedication to giving investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system. WEX exited the quarter with a cash and cash equivalents balance of $921.7 million compared with $922 million witnessed at the end of the prior quarter. March 03, 2021. Any statements in this earnings release that are not statements of historical facts are forward-looking statements. Mobility revenues were up 7% year over year to $342.3 million. Our card works at a variety of merchants. The raised range is above the Zacks Consensus Estimate of $13.79. The Company considers these measures integral because they exclude the above specified items that the Company's management excludes in evaluating the Company's performance. Adjusted net income is now expected between $13.85 and $14.25 per share compared with the prior expectation of $13.55 and $14.05 per share. For 2023, revenues are now expected between $2.45 billion and $2.49 billion compared with the previous expectation of $2.43-$2.47 billion. View source version on businesswire.com: https://www.businesswire.com/news/home/20230425006008/en/. Existing User. It is easy to use (you don't have to be super tech savvy). Adjusted net income attributable to shareholders is now expected to be in the range of $13.85 to $14.25 per diluted share, an increase from the prior guidance range of $13.55 to $14.05 per diluted share. The midpoint of the guided range is the same as the Zacks Consensus Estimate of $3.50. WEX [has] offered better service and better technology, and they customized their solutions to adapt to our highly specific needs. Gusto is scaled for small to mid-sized businesses, and emphasizes an easy to use interface. And were an industry leader in the technology and service you need. We use WEX Health for our FSA, HSA, and COBRA administration. . Citigroup increased their price target on shares of WEX from $190.00 to $230.00 and gave the stock a "buy" rating in a research report on Monday, February 13th. Reconciliation of GAAP Net Income Attributable to Shareholders to Adjusted Net Income Attributable to Shareholders, Unrealized loss (gain) on financial instruments, Acquisitionrelated intangible amortization, Other acquisition and divestiture related items, Debt restructuring and debt issuance cost amortization, ANI adjustments attributable to noncontrolling interests, Adjusted net income attributable to shareholders. Omnicom (OMC Quick QuoteOMC - Free Report) reported better-than-expected first-quarter 2023 results. As previously announced, the conference call will be webcast live on the Internet, and can be accessed along with the accompanying slides at the Investor Relations section of the WEX website, www.wexinc.com. The top line increased 18.3% year over year, mainly driven by the positive impact of fuel prices and spreads. WEX (NYSE: WEX), the global commerce platform that simplifies the business of running a business, today reported financial results for the three months ended March 31, 2023. . Working with WEX has been a win-win., WEX and Mastercard have been partners for an incredibly long time and we've both grown together to fundamentally develop this industry., This feels like a partnership. At the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors. Participants/employees. Mobility revenues were up 7% year over year to $342.3 million. The exclusion of these items helps management compare changes in operating results between periods that might otherwise be obscured due to currency fluctuations; The change in fair value of contingent consideration, which is related to the acquisition of certain contractual rights to serve as custodian or sub-custodian to HSAs, is dependent upon changes in future interest rate assumptions and has no significant impact on the ongoing operations of the Company. The top line decreased 7.6% year over year. Zacks is the leading investment research firm focusing on stock research, analysis and recommendations. How do I get help with my account? The adjusted operating income margin was 37.6%, down 160 basis points year over year. Adjustments to cash flows from operating activities: Adjusted for certain investing and financing activities: Less: Purchases of current investment securities, net of sales and maturities, Impact of Certain Macro Factors on Reported Revenue and Adjusted Net Income Attributable to Shareholders. Delayed Nyse (8) Net interchange rate represents the percentage of the dollar value of each payment processing transaction that WEX records as revenue from merchants, less certain discounts given to customers and network fees. Only Zacks Rank stocks included in Zacks hypothetical portfolios at the beginning of each month are included in the return calculations. Partner account executives. WEX Inc. Price, Consensus and EPS Surprise, WEX Inc. price-consensus-eps-surprise-chart, Markets Close Flat After Eventful Day; MGM, NXPI, CHGG Beat in Q1, Buy the Opportunity in These Stocks After Earnings, Top Stock Reports for AMD, Cigna & Moderna, Market Leader NVIDIA Breaking Out on Volume. Were here to help your business succeed. See Exhibit 1 for a full explanation and reconciliation of adjusted net income attributable to shareholders, adjusted net income attributable to shareholders per diluted share, and adjusted operating income to the most directly comparable GAAP financial measures. Individual salaries will vary depending on the job, department, and location, as well as the employee's level of education, certifications, and additional skills. WEX INC. Management's Discussion and Analysis of Financial Condition and Results Zacks Ranks stocks can, and often do, change throughout the month. However, WEX Benefits is easier to set up and administer. Your health plan drives many of your decisions during open Over the past few years, the risk of a cyber attack has become Find the best fuel card or fleet mobility management solution to save money and meet the evolving needs of any type of fleet or size of business. Total revenues of $3.4 billion surpassed the consensus estimate by 2.3% and our estimate by 1.4%. While accounting software has revolutionized accounting functions across businesses large and small, manual processes still play a big role in a huge number of accounts payable operations. WEX COBRA Account Login For Benefits Total revenues of $3.4 billion surpassed the consensus estimate by 2.3% and our estimate by 1.4%. We used multiple vendors and our employees a variety of vendors and banks they could set up their accounts with. But you'll continue to use the same online account, mobile app, and debit card you have today, and will continue to contact the same participant services team. WEX Benefits is a suite of benefits administration solutions, positioned to help employers provide healthcare benefit management for their employees. (in millions) Focusing on diversity also means focusing on inclusion. Existing Users Username Forgot Username? WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. You can view the status of your claims and upload documentation easily with our benefits mobile app or through your online account. The top line decreased 7.6% year over year. 1 MarketScreener is worth more than 1000 Influencers! (1) Adjusted operating income margin is derived by dividing adjusted operating income by total revenues of the entire Company as shown on the Condensed Consolidated Statement of Operations. You can continue to use the debit card you currently have. All rights reserved. Corporate Payments revenues of $104.8 million were up 36% year over year. WEX Health (formerly Evolution1) provided the organization with Flex benefit management and Cobra. Debt restructuring costs are not consistently occurring and do not reflect expected future operating expense, nor do they provide insight into the fundamentals of current or past operations of our business. Easy-to-complete non-discrimination testing to keep your plans compliant. We formerly used TASC and it was a nightmare. Cash flows from operating activities through the first quarter of this year are $27.1 million. The domestic fuel price in Q1 2023 was $3.86 versus $3.90 in 2022. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. Offered employees educational content about HSAs, FSAs, etc. Employers WEX is our administrator of several employee benefits, including Health Savings Accounts, commuter benefit accounts, an COBRA. It allows a good amount of visibility for FSAs and COBRA communications. These are just a few of the dedicated teams we have in place to ensure you have the best experience. Powered by the belief that complex payment systems can be made simple, WEX (NYSE: WEX) is a leading financial technology service provider across a wide spectrum of sectors, including fleet, corporate payments, and healthcare. Welcome to WEX! We offer partners the ability to configure their security and fraud prevention infrastructure in a way that best serves them. All fields must be completed unless marked (optional). Total volume across the company came in at $52.3 billion, up 17% year over year. Great professional staff for the Flex benefits, Communication between Flex and Cobra team could use a little improvement. Since 1988 it has more than doubled the S&P 500 with an average gain of +24.27% per year. OMCs earnings of $1.56 per share beat the Zacks Consensus Estimate by 13% and our estimate by 11.4%. Remember Me Next New User? For example, a cash salary generally has a fixed and unvarying cash cost. Create your Watchlist to save your favorite quotes on Nasdaq.com. However I would like to see more details. For additional information and timing of these changes, visit this webpage. WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. HSA withdrawal from WEX My company insurance plan came with this HSA. How does it work? A replay of the webcast and the accompanying slides will be available on the Company's website. The top line increased 1% year over year. The COVID-19 National Emergency is over. When your card expires, or you report your card lost or stolen, you will receive a WEX benefits card. WEX data shows that a contribution of as little as $50 or more by employers will encourage HSA participation by employees. WEX Health helps us accurately manage funding for FSAs and HSAs, and allows our employees to manage their own accounts. You also can log into your account through the Discovery Benefits mobile app, using your existing username and password. Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. Put the power of our intelligent commerce platform to work in your own payments solution. WEX benefits account resources Participants HSA, FSA, HRA/Wellness & Commuter login Non-employer Individual HSA login COBRA, Retiree & Leave of Absence Member login Participant Knowledgebase See our report's 7 new picks today, absolutely FREE. Zacks Rank stock-rating system returns are computed monthly based on the beginning of the month and end of the month Zacks Rank stock prices plus any dividends received during that particular month. 2 Net activity on debt includes: borrowings on revolving credit facility; repayments on revolving credit facility; repayments on term loans; net borrowing of federal funds; and net (repayments) borrowings on other debt. The table below shows the impact of certain macro factors on adjusted net income attributable to shareholders: Segment Estimated Adjusted Net Income Attributable to Shareholders Impact. For the second quarter of 2023, WEX anticipates revenues in the range of $613-$623 million, higher than the current Zacks Consensus Estimate of $609.42 million. We believe this is a useful measure for investors to further evaluate the results of operations. Username Forgot Username? Check out all our insights on staffing, benefits offerings, and retention techniques on our Benefits Trends report. PORTLAND, Maine-- (BUSINESS WIRE)-- WEX (NYSE: WEX), a leading financial technology service provider, today announced that it has completed the acquisition of benefitexpress, a leading provider of highly configurable, cloud-based benefits administration technologies and services.
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