WEX is our administrator of several employee benefits, including Health Savings Accounts, commuter benefit accounts, an COBRA. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service. If used elsewhere, you may need to upload supporting documentation (depending on your benefits plan). WEX service and relationship managers are dedicated to helping partners and employers at all stages, including efficient onboarding, product launch, business growth, employee education and engagement, and more. In addition, the benefit of excess free cash flow in the fourth quarter of last year reversed during the first quarter of 2023. Companies can't remove reviews or game the system. Total volume across the company came in at $52.3 billion, up 17% year over year. For additional information and timing of these changes, visit this webpage. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. 45% of employees cited salary or employee benefits as their reason for leaving. The bottom line increased 14.9% year over year. For more information, please visit www.wexinc.com. WEX offers technology and customized solutions that meet employers end-to-end benefits needs and power partners thriving benefits offerings. Only 15% of employers changed their benefits in 2021 as a result of COVID-19. Third party administrators You can seethe complete list of todays Zacks #1 (Strong Buy) Rank stocks here. 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. Benefits Buzz Podcast - WEX Benefits You A weekly pulse on what's happening in the world of employee benefits. WEX provides end-to-end solutions and so much more. Public sector Partner account executives. WEX was formerly known as Discovery Benefits, LLC. The Conference ID number is 2237921. They offered an easy-to-use website, and it was clear that they were serious about compliance and proper administration of benefits. Ms. Smith added, We continued to drive technological innovation throughout the business while enhancing the scalability of our platform to win new customers and diversify our offerings. Written by ERGs drive diversity by fostering new bonds and communities across the company. Additionally, the non-cash, mark-to-market adjustments on financial instruments are difficult to forecast accurately, making comparisons across historical and future quarters difficult to evaluate; The Company considers certain acquisition-related costs, including certain financing costs, investment banking fees, warranty and indemnity insurance, certain integration related expenses and amortization of acquired intangibles, as well as gains and losses from divestitures to be unpredictable, dependent on factors that may be outside of our control and unrelated to the continuing operations of the acquired or divested business or the Company. (in millions) 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. For the portions of our business that earn revenue based on margin spreads, revenue was calculated utilizing the comparable margin from the prior year. In conjunction with this announcement, WEX will host a conference call today, April 27, 2023, at 10:00 a.m. (ET). There are no changes to the business conducted in each segment. HSA withdrawal from WEX My company insurance plan came with this HSA. You can continue to use the debit card you currently have. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. WEX INC. Military veterans possess invaluable leadership skills and business acumen. Corporate Payments revenues of $104.8 million were up 36% year over year. About 150 employees. Specifically, in addition to evaluating the Company's performance on a GAAP basis, management evaluates the Company's performance on a non-GAAP basis that excludes the items specified above for the reasons discussed below: For the same reasons, WEX believes that adjusted net income attributable to shareholders, adjusted operating income and total segment adjusted operating income may also be useful to investors when evaluating the Companys performance. Recent stocks from this report have soared up to +178.7% in 3 months - this month's picks could be even better. Although adjusted net income attributable to shareholders, adjusted operating income, and total segment adjusted operating income are not calculated in accordance with GAAP, these non-GAAP measures are integral to the Company's reporting and planning processes and the chief operating decision maker of the Company uses total segment adjusted operating income to allocate resources among our operating segments. It is a great tool for our employees to easily sign up and manage their HSA and FSA accounts. In addition, the size and complexity of an acquisition, which often drives the magnitude of acquisition-related costs, may not be indicative of such future costs. Through meaningful networking, innovative learning, and strategic discussions at SPARK 2023, leaders collectively help simplify the complexities of payment systems. The midpoint of the guided range is the same as the current Zacks Consensus Estimate of $2.47 billion. (9) Purchase volume represents the total dollar value of all transactions where interchange is earned by WEX. Our customers bring us their complex challenges. Management uses the non-GAAP measures presented within this earnings release to evaluate the Companys performance on a comparable basis. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. Mobility revenues were up 7% year over year to $342.3 million. Participants/employees. Additionally, the non-cash, mark-to-market adjustments on financial instruments are difficult to forecast accurately, making comparisons across historical and future quarters difficult to evaluate; Net foreign currency gains and losses primarily result from the remeasurement to functional currency of cash, accounts receivable and accounts payable balances, certain intercompany notes denominated in foreign currencies and any gain or loss on foreign currency economic hedges relating to these items. You could save money by investing in benefits and wellness to reduce employee turnover. Great professional staff for the Flex benefits, Communication between Flex and Cobra team could use a little improvement. 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. The average number of vehicles serviced was around 18.7 million, up 9% from the year-ago quarters figure. Today, you can download 7 Best Stocks for the Next 30 Days. WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. Net income attributable to shareholders per share: Weighted average common shares outstanding: WEX INC. WEX Health (formerly Evolution1) provided the organization with Flex benefit management and Cobra. Total revenues of $3.4 billion surpassed the consensus estimate by 2.3% and our estimate by 1.4%. See segment revenue for the three months ended March 31, 2023 and 2022 in Exhibit 4 and information regarding segment adjusted operating income margin and adjusted operating income margin in Exhibit 5. Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. We offer partners the ability to configure their security and fraud prevention infrastructure in a way that best serves them. Consultants/brokers WEX SPARK 2023 is our annual learning and networking event that focuses on new technologies and emerging industry trends meant to simplify payments, fleet management, and benefits administration and help fuel business growth. What is WEX Benefits? Employees can save on hundreds of eligible healthcare expenses, like over-the-counter medications, routine healthcare visits, eyeglasses, contact lenses, sunscreen, and more. It makes me feel I have a partner I can trust.. Second quarter and full year 2023 guidance is based on assumed average U.S. retail fuel prices of $3.85 and $3.83 per gallon, respectively. Were here to help your business succeed. The midpoint of the guided range is the same as the Zacks Consensus Estimate of $3.50. Corporate Payments purchase volume surged 58% year over year to $18.6 billion. Adjusted operating income margin was 37.6% in the first quarter of 2023 compared to 39.2% for the prior year comparable period. Specifically, you can use it anywhere with an Inventory Information Approval System (IIAS) or at merchants that meet the IRS 90 percent rule (where 90% of gross sales meet eligibility requirements). CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS You'll notice changes in brand name and logos to the online account and mobile app, including where you go to log in. And, we provide them with access to analysis, benchmarks, and trends drawn from one of the industrys largest pools of data. 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. When your card expires, or you report your card lost or stolen, you will receive a WEX benefits card. 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. Your WEX benefits debit card makes it easy to spend your funds on eligible expenses. 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. The top line decreased 7.6% year over year. In contrast, the expense associated with an equity-based award is generally unrelated to the amount of cash ultimately received by the employee, and the cost to the Company is based on a stock-based compensation valuation methodology and underlying assumptions that may vary over time; Other 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. 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. We power your product, but you retain some responsibilities in-house. Discovery Benefits is now known as WEX. We formerly used TASC and it was a nightmare. Looking for your Discovery Benefits Login? Employers Cash flows from operating activities through the first quarter of this year are $27.1 million. 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. Get Started Email. The adjusted operating income margin was 37.6%, down 160 basis points year over year. I think this could help us determine that the employee is correctly using the funds at the correct locations. Powered by WEX Health. The Fleet Solutions segment will now be renamed to Mobility, the Travel and Corporate Solutions segment will now be renamed to Corporate Payments, and the Health and Employee Benefits Solutions segment will now be renamed to Benefits. Well administer HSAs, FSAs, COBRA, and more on your behalf. With real-time access and intuitive navigation to all your important account information, our app includes the following features: Easy, Convenient & Secure The balance is $1500 can I just withdraw that because it seems like I can? However, because adjusted net income attributable to shareholders, adjusted operating income and total segment adjusted operating income are non-GAAP measures, they should not be considered as a substitute for, or superior to, net income, operating income or cash flows from operating activities as determined in accordance with GAAP. Individual salaries will vary depending on the job, department, and location, as well as the employee's level of education, certifications, and additional skills. The employee's options to upload receipts seem difficult for some. 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. We use WEX Health for our employees HSA, FSA and COBRA accounts and tracking. WEX beats them all. For the portions of our business that earn revenue based on margin spreads, revenue was adjusted to the comparable margin from the prior year, net of non-controlling interests and applicable taxes. Transcript : WEX Inc., Q1 2023 Earnings Call, Apr 27, 2023, WEX's Q1 Adjusted Earnings, Revenue Increase; Raises 2023 Guidance, Wex Inc. : Results of Operations and Financial Condition (form 8-K), Earnings Flash (WEX) WEX Reports Q1 Revenue $612M, vs. Street Est of $604.4M, Earnings Flash (WEX) WEX Reports Q1 EPS $3.31, vs. Street Est of $3.20, Citigroup Adjusts WEX Price Target to $230 From $190, Maintains Buy Rating. EFXs adjusted earnings came in at $1.43, beating the consensus mark by 4.4% but declining 35.6% from the year-ago figure. Any statements in this earnings release that are not statements of historical facts are forward-looking statements. WexBocaLink.setUrl("locations-flyout", "WEXFleetUniversal", "cc1"); WEX helps you save money on fuel and manage all your fleet needs, including both ICE and EV vehicles. You can better control these large expenses and streamline your mixed fleet operations with automation and insights from WEX. Login. Reconciliation of GAAP Operating Cash Flow to Adjusted Free Cash Flow. As a result, there will be upcoming brand changes that will impact your flexible spending, health savings, and commuter benefits accounts. CONDENSED CONSOLIDATED BALANCE SHEETS Healthcare support. Certain Zacks Rank stocks for which no month-end price was available, pricing information was not collected, or for certain other reasons have been excluded from these return calculations. 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! Auto-renewal made easy with an intuitive setup and renewal wizard Direct access to our service experts See Exhibit 1 for a reconciliation of GAAP operating income to total segment adjusted operating income. 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. It is a great tool for our employees to easily sign up and . Adjusted earnings of $3.31 per share surpassed the Zacks Consensus Estimate by 3.4% and our estimate by 3.8%. Corporate Payments purchase volume grew 58% to $18.6 billion from $11.8 billion in the first quarter of 2022. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating indiv idual securities. WEX shares have gained 4.2% in the past year against the 3.1% decline of theindustryit belongs to. Your current debit cards and previous correspondence should already have WEX name and logo. Real time prices by BATS. Benefits average number of Software-as-a-Service accounts were up 14% to 20.3 million year over year. MANs adjusted earnings of $1.61 per share lagged the consensus mark by 0.6% but matched our estimate. We are renaming our existing segments in connection with a rebranding initiative. WEX Benefits | 15,040 followers on LinkedIn. HR and benefits technology We also continued to opportunistically return capital to shareholders, repurchasing $93 million of shares during the quarter. Discovery Benefits is now a part of WEXinc and you can log into your account using the links below. The top line increased 18.3% year over year, mainly driven by the positive impact of fuel prices and spreads. WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. It's great to have all of our HSA, FSA and COBRA on one software. Our wide market share allows WEX to provide insight like this across the benefits administration landscape. To read this article on Zacks.com click here. of Operations. 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. ZacksTrade and Zacks.com are separate companies. 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. We are a mid-size organization with about 175 employees. There are no changes to the business conducted in each segment. Adjusted operating income increased 13.4% to $230.1 million from the year-ago quarters $202.9 million. Privacy Policy | No cost, no obligation to buy anything ever. Our first quarter results were excellent as we achieved solid top-line growth, underpinned by continued execution against our strategic priorities, said Jagtar Narula, WEXs Chief Financial Officer. Total volume across all segments was $52.3 billion, an increase of 17% from the first quarter of 2022. Total revenues of $1.3 billion surpassed the consensus estimate by 1.5% but decreased 4.5% year over year. Explore our fleet and mobility solutions for any size or type of business. ManpowerGroup(MAN Quick QuoteMAN - Free Report) reported lower-than-expected first-quarter 2023 results. You can seethe complete list of todays Zacks #1 (Strong Buy) Rank stocks here. 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. Today, that discovery is still the heart of the Zacks Rank. To locate past Hub and Hub at Work articles, use the search function at the top of the page. For the full year 2023, the Company now expects revenue in the range of $2.45 billion to $2.49 billion, up from the prior guidance range of $2.43 billion to $2.47 billion. However, general IT issues seem to have plagued my experience using WEX. WEX is a good organization that works well with the business office for ease of providing funding and record keeping. It is easy to use (you don't have to be super tech savvy). A replay of the webcast and the accompanying slides will be available on the Company's website. If used at an IIAS merchant, simply swipe your card and it will automatically approve anything thats an eligible expense. ManpowerGroup Inc. (MAN) - free report >>, Omnicom Group Inc. (OMC) - free report >>. Transit Program Many veterans and those with military service have found rewarding and long careers at WEX. WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. What if additional documentation is required? Weve developed a technology platform and solutions that can be quickly customized for you to achieve your employee benefits goals. WEX will transform your employee benefits experience through innovative technology, simplified benefits administration, and empathetic service. File a claim, view account balance and summary information, sign up for FREE direct deposit, get email notifications, and more! Total revenues of $3.4 billion surpassed the consensus estimate by 2.3% and our estimate by 1.4%. 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. New users can create a new account to get started. Adjusted net income is expected between $3.45 and $3.55 per share. Adjusted operating income increased 13.4% to $230.1 million from the year-ago quarters $202.9 million. Welcome to WEX! Easy-to-complete non-discrimination testing to keep your plans compliant. 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. It allows a good amount of visibility for FSAs and COBRA communications. Save HSAs are employee-owned and all funds carry over, so employees can build their balances to prepare for big expenses. Organisation ID. WEX has created a powerful ecosystem that offers seamlessly embedded, personalized solutions for its customers around the world. See our report's 7 new picks today, absolutely FREE. Our easy-to-use APIs in our developer portal give you access to the most complete embedded payment platforms and fintech offerings. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS WEX Inc. Price, Consensus and EPS Surprise, WEX Inc. price-consensus-eps-surprise-chart, Free: See Our Top Stock and 4 Runners Up >>, Do Not Sell My Personal Information (CA Residents Only). Financial institutions 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. 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. When we were looking for a new third party administrator to replace TASC, we were immediately drawn to WEX Health. Get the latest Health Trends & Insights news in your inbox. ERGs drive diversity by fostering new bonds and communities across the company. WEX Vets Match your military skills Make WEX your next career move At WEX, we recognize the true value of experience-acquired skills. The Companys non-GAAP adjusted free cash flow is calculated as operating cash flow, adjusted for net purchases of current investment securities, capital expenditures, the change in net deposits and certain other adjustments, which for the three months ended March 31, 2023, reflects an adjustment for contingent consideration paid to sellers in excess of acquisition-date fair value. of Op.. Tranche Update on WEX Inc.'s Equity Buyback Plan announced on August 23, 2022. Check out all our insights on staffing, benefits offerings, and retention techniques on our Benefits Trends report. WEX Inc.(WEX Quick QuoteWEX - Free Report) delivered better-than-expected first-quarter 2023 results. Military veterans possess invaluable leadership skills and business acumen. If you do not, click Cancel. The top line increased 18.3% year over year, mainly driven by the positive impact of fuel prices and spreads. (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. Offered employees educational content about HSAs, FSAs, etc. Save time and hassles with Benefits by WEX! Mobility payment processing transactions were up 4% year over year to 137.5 million. Username Forgot Username? Each of the company logos represented herein are trademarks of Microsoft Corporation; Dow Jones & Company; Nasdaq, Inc.; Forbes Media, LLC; Investor's Business Daily, Inc.; and Morningstar, Inc. Zacks Equity Research Adjusted net income is expected between $3.45 and $3.55 per share. Robert W. Baird increased their price objective on WEX from $222.00 to $236.00 in a research note on Friday. Your WEX benefits debit card makes it easy to spend your funds on eligible expenses. Omnicom (OMC Quick QuoteOMC - Free Report) reported better-than-expected first-quarter 2023 results. Delayed Nyse However, because adjusted free cash flow is a non-GAAP measure, it should not be considered as a substitute for, or superior to, operating cash flow as determined in accordance with GAAP. Existing Users Username Forgot Username? All rights reserved. EquifaxEFXalso reported a beat on both counts in its first-quarter 2023 results. Long-term debt was $2.6 billion compared with $2.5 billion at the end of the previous quarter. WEX Benefits vs Workday HCM When assessing the two solutions, reviewers found Workday HCM easier to use. What that means for COBRA, FSAs, and more. A simple, equally-weighted average return of all Zacks Rank stocks is calculated to determine the monthly return. 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. Total revenues of $612 million surpassed the consensus mark by 1.5% and our estimate by 1.7%. The top line increased 1% year over year. Corporate Payments purchase volume surged 58% year over year to $18.6 billion. The monthly returns are then compounded to arrive at the annual return. The Company disclaims any obligation to update any forward-looking statements as a result of new information, future events or otherwise. WEX solutions reduce your administrative burdens. A wealth of resources for individual investors is available at www.zacks.com. Entry-level set up fee? (form 10-Q), https://www.businesswire.com/news/home/20230425006008/en/. WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. WEX offers complete benefits administration, including benefits accounts such as HSAs, FSAs, HRAs, LSAs, COBRA, and more | Set your business free by . (in millions) WEX data shows that a contribution of as little as $50 or more by employers will encourage HSA participation by employees.
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