Participants/employees. We reported strong results in the first quarter, exceeding our expectations for revenue and adjusted net income attributable to shareholders, with strength across our ecosystem of solutions, said Melissa Smith, WEXs Chair, Chief Executive Officer, and President. Our solutions solve employers end-to-end benefits needs including HSA, FSA, and COBRA, help employees get the most value from their benefits, and power partners business growth. Cash flows from operating activities through the first quarter of this year are $27.1 million. As a user of WEX, I set up my account online, set up my Health Savings Account and commuter benefits account after open enrollment, received and activated a debit card to use for my Health Savings Account and commuter benefits account, viewed account statements, and made investment decisions for my HSA. (2) Payment processing gallons of fuel represents the total number of gallons of fuel purchased by fleets that have a payment processing relationship with WEX. (1) Segment adjusted operating income margin is derived by dividing segment adjusted operating income by the revenue of the corresponding segment (or the entire Company in the case of total segment adjusted operating income). The average number of vehicles serviced was around 18.7 million, up 9% from the year-ago quarters figure. EFXs adjusted earnings came in at $1.43, beating the consensus mark by 4.4% but declining 35.6% from the year-ago figure. WexLocationCode.setTransientValue("wex02"); The following factors, among others, could cause actual results to differ materially from those contained in forward-looking statements made in this earnings release and in oral statements made by our authorized officers: the impact of fluctuations in demand for fuel and volatility of fuel prices, including fuel spreads in the Companys international markets, and the resulting impact on the Companys revenues and net income; the effects of general economic conditions, including a decline in demand for fuel, corporate payment services, travel related services, or health care related products and services; the impact and size of credit losses, including fraud losses, and other adverse effects if the Company fails to adequately assess and monitor credit risk or fraudulent use of our payment cards or systems; failure to implement new technology and products; breaches of, or other issues with, the Companys technology systems or those of its third-party service providers and any resulting negative impact on its reputation, liabilities or relationships with customers or merchants; the actions of regulatory bodies, including banking and securities regulators, or possible changes in banking or financial regulations impacting the Companys industrial bank, the Company as the corporate parent or other subsidiaries or affiliates; the failure to maintain or renew key customer and partner agreements and relationships, or to maintain volumes under such agreements; the effect of adverse financial conditions affecting the banking system; the failure to adequately safeguard custodial HSA assets; the failure of corporate investments to result in anticipated strategic value; the extent to which unpredictable events in the locations in which the Company or the Companys customers operate or elsewhere may adversely affect the Companys employees, ability to conduct business, results of operations and financial condition; the failure to comply with the applicable requirements of Mastercard or Visa contracts and rules; the failure to comply with the Treasury Regulations applicable to non-bank custodians; changes in interest rates and the rate of inflation; the ability to attract and retain employees; the ability of the Company to protect its proprietary rights; limitations on or compression of interchange fees; the effects of the Companys business expansion and acquisition efforts; the impact of changes to the Companys credit standards; the impact of foreign currency exchange rates on the Companys operations, revenue and income and other risks associated with operations outside the United States; the impact of the Companys debt instruments on the Companys operations; the impact of leverage on the Companys operations, results or borrowing capacity generally, and as a result of acquisitions specifically; the impact of sales or dispositions of significant amounts of the Companys outstanding common stock into the public market, or the perception that such sales or dispositions could occur; the impact of regulatory capital requirements and other regulatory requirements on the operations of WEX Bank or its ability to make payments to WEX Inc.; the possible dilution to the Companys stockholders caused by the issuance of additional shares of common stock or equity-linked securities, whether as a result of the Companys Convertible Notes or otherwise; the incurrence of impairment charges if the Companys assessment of the fair value of certain of its reporting units changes; the uncertainties of litigation; as well as other risks and uncertainties identified in Item 1A of the Companys Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission on February 28, 2023. Benefits revenues of $164.9 million registered 36% year-over-year growth. (9) Purchase volume represents the total dollar value of all transactions where interchange is earned by WEX. Technology? 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. WEX's first-quarter 2023 revenues benefit . You can continue to use the debit card you currently have. WEX Benefits is a suite of benefits administration solutions, positioned to help employers provide healthcare benefit management for their employees. Only the fastest, easiest, most secure B2B payments solution will do. View source version on businesswire.com: https://www.businesswire.com/news/home/20230425006008/en/. The adjusted operating income margin was 37.6%, down 160 basis points year over year. Global commerce platform simplifying business complexity | WEX Inc. Effective June 2022 Benefit Express, that currently manages all Transit and Flexible Spending Accounts (Health, Limited and Dependent Care), will now go by WEX Health Inc. or simply WEX. 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. Total volume across the company came in at $52.3 billion, up 17% year over year. Discovery Benefits is now known as WEX. We have created a powerful ecosystem that offers seamlessly embedded, personalized solutions for . Discovery Benefits is now known as WEX. Higher Education Company, 501-1000 employees, Telecommunications Company, 501-1000 employees, Great core products, poor IT/website and support experiences. There are no changes to the business conducted in each segment. WEX Health (formerly Evolution1) provided the organization with Flex benefit management and Cobra. Adjusted net income is expected between $3.45 and $3.55 per share. WEX INC. Management's Discussion and Analysis of Financial Condition and Results 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. Participants Accounts HSA, FSA, HRA/Wellness & Commuter You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. 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. (6) Late fee revenue represents fees charged for payments not made within the terms of the customer agreement based upon the outstanding customer receivable balance. Focusing on diversity also means focusing on inclusion. Companies can't remove reviews or game the system. See Exhibit 1 for a reconciliation of GAAP operating income to total segment adjusted operating income. If used elsewhere, you may need to upload supporting documentation (depending on your benefits plan). And, we provide them with access to analysis, benchmarks, and trends drawn from one of the industrys largest pools of data. WEX Benefits Login | WEX customer login | WEX Inc. WEX INC. WEX Inc. price-consensus-eps-surprise-chart | WEX Inc. Quote. Corporate Payments revenues of $104.8 million were up 36% year over year. If used elsewhere, you may need to upload supporting documentation (depending on your benefits plan). Login. The Conference ID number is 2237921. Organisation ID. Type a symbol or company name. 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. ERGs drive diversity by fostering new bonds and communities across the company. We offer partners the ability to configure their security and fraud prevention infrastructure in a way that best serves them. (form 10-Q), https://www.businesswire.com/news/home/20230425006008/en/. The midpoint of the guided range is the same as the current Zacks Consensus Estimate of $2.47 billion. You can seethe complete list of todays Zacks #1 (Strong Buy) Rank stocks here. Gusto is scaled for small to mid-sized businesses, and emphasizes an easy to use interface. WEX Inc.WEX delivered better-than-expected first-quarter 2023 results. How do I access my account? Total revenues of $1.3 billion surpassed the consensus estimate by 1.5% but decreased 4.5% year over year. Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. Military veterans possess invaluable leadership skills and business acumen. WEX provides robust solutions for benefits administration, reimbursement accounts, and COBRA administration. 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! 87% more employers changed their benefits in 2022 versus 2021. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. 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 Case Study Delayed quotes by FIS. A replay of the webcast and the accompanying slides will be available on the Company's website. To read this article on Zacks.com click here. To provide investors with additional insight into its operational performance, WEX has included in this earnings release: in Exhibit 1, reconciliations of non-GAAP measures referenced in this earnings release; in Exhibit 2, tables illustrating the impact of foreign currency rates and fuel prices for each of our reportable segments for the three months ended March 31, 2023; and in Exhibit 3, a table of selected other metrics for the quarter ended March 31, 2023 and the four preceding quarters. How does it work? 3 reasons we see people flipping to a fuel card: Apply Now 1 During the quarters ended March 31, 2023 and 2022, the dilutive impact of convertible notes has been calculated under the 'if-converted' method. You can better control these large expenses and streamline your mixed fleet operations with automation and insights from WEX. Adjusted free cash flow, which is a non-GAAP measure, is negative $61.4 million for the same period, which is typically seasonally low. Our end-to-end solution has proven to work for partners and clients with all sorts of needs everything from full benefits admin to account management to call center services, and everything in between. Auto-renewal made easy with an intuitive setup and renewal wizard Direct access to our service experts Taft-Hartley This earnings release includes forward-looking statements including, but not limited to, statements about managements plans, goals, and guidance and assumptions with respect to future financial performance of the Company. 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. When used in this earnings release, the words anticipate, believe, continue, could, estimate, expect, intend, may, plan, project, will and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. Overall, we continue to execute well on all fronts, and Im pleased to share that we are raising our full year guidance.. I want to make a difference and make people feel like they belong here and WEXPats empowers me to do that by giving me a community of people who have the shared experience of immigrating to a new country for work and the passion to make the transition easier for others. It allows a good amount of visibility for FSAs and COBRA communications. Total revenues of $1.3 billion surpassed the consensus estimate by 1.5% but decreased 4.5% 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. It is a great tool for our employees to easily sign up and manage their HSA and FSA accounts. WEX offers complete benefits administration, including benefits accounts such as HSAs, FSAs, HRAs, LSAs, COBRA, and more | Set your business free by . WEX Inc. Reports First Quarter 2023 Financial Results Reconciliation of GAAP Operating Cash Flow to Adjusted Free Cash Flow. WEX announces company-wide layoffs; West Fargo employees impacted WexLocationCode.setTransientValue("wex02"); The midpoint of the guided range is the same as the current Zacks Consensus Estimate of $2.47 billion. Today, you can download 7 Best Stocks for the Next 30 Days. WEX | Reset Password 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 Benefit Solutions. and the Health and Employee Benefits Solutions segment will now be renamed to Benefits. Equifax(EFX Quick QuoteEFX - Free Report) also reported a beat on both counts in its first-quarter 2023 results. Mobility payment processing transactions were up 4% year over year to 137.5 million. You can view the status of your claims and upload documentation easily with our benefits mobile app or through your online account. 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. Weve simplified the experience from all angles with streamlined administration, insightful employer analytics, and intuitive participant access points. Financial institutions Health plans The top line increased 18.3% year over year, mainly driven by the positive impact of fuel prices and spreads. To learn more, click here. 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. Women play an important role at WEX. Our wide market share allows WEX to provide insight like this across the benefits administration landscape. (7) Purchase volume represents the total dollar value of all WEX-issued transactions that use WEX corporate card products and virtual card products. Written by WEX Benefits is a suite of benefits administration solutions, positioned to help employers provide healthcare benefit management for their employees. Listen (or watch) and subscribe to Benefits Buzz Apple Spotify WEX Inc. Reports First Quarter 2023 Financial Results Remember Me Next. For example, they seem to require you to make a new password every few months, which made even just logging in a nightmare (I don't like to save passwords for financial accounts to my browser). Our benefits administration solutions solve employers end-to-end benefits needs including HSA, FSA, and COBRA, help employees get the most value from their benefits, and power partners business growth. If you wish to go to ZacksTrade, click OK. April 28, 2023, MAN Quick QuoteMAN OMC Quick QuoteOMC EFX Quick QuoteEFX WEX Quick QuoteWEX. The travel industry is evolving. Zacks Ranks stocks can, and often do, change throughout the month. This page has not been authorized, sponsored, or otherwise approved or endorsed by the companies represented herein. I would like to see where exactly the employees spent their FSA funds. Choosing an HDHP versus a PPO/traditional health plan, 9 ways your benefits administration partner should be supporting you, Inventory Information Approval System (IIAS). OMCs earnings of $1.56 per share beat the Zacks Consensus Estimate by 13% and our estimate by 11.4%. That claim has now been approved, and the documentation for that claim was also used to offset and approve the 4 denied claims. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. We believe this is a useful measure for investors to further evaluate the results of operations. The Cobra team at WEX is also easy to work with and professional. To determine the estimated adjusted net income attributable to shareholders impact of FX on revenue and expenses from entities whose functional currency is not denominated in U.S. dollars, as well as revenue and variable expenses from purchase volume transacted in non-U.S. denominated currencies, amounts were translated using the weighted average exchange rates for the same period in the prior year, net of tax, exclusive of revenue and expenses derived from acquisitions for one year following the acquisition dates. Simplifying Benefits for Everyone | WEX Inc. Powered by WEX Health. Total revenues of $612 million surpassed the consensus mark by 1.5% and our estimate by 1.7%. Please see Exhibit 1 for a reconciliation of cash flows from operating activities to this non-GAAP measure. Access your WEX benefits account Click the links below to log in to a participant or employer accounts (formerly Discovery Benefits, LLC, a WEX Company). Explore our fleet and mobility solutions for any size or type of business. WEX provides end-to-end solutions and so much more. 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. We are continuously looking for top talent with diverse backgrounds and experience to join our team. 45% of employees cited salary or employee benefits as their reason for leaving. We bring together some of the sharpest and innovative thinkers in the industry to talk leadership, recruiting/retention, employee benefits, effective communication, and more! The highest earners in the top 75th percentile are paid over $104,051. 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. The total number of shares used in calculating adjusted net income attributable to shareholders per diluted share as of March 31, 2023 and 2022 is 45.2 million and 46.9 million, respectively. You'll notice changes in brand name and logos to the online account and mobile app, including where you go to log in. The bottom line increased 14.9% year over year. 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. Our experts pride themselves on providing proactive insight and empathetic solutions to all of your needs. Benefits administration WEX Health works well for us. MANs adjusted earnings of $1.61 per share lagged the consensus mark by 0.6% but matched our estimate. However, WEX Benefits is easier to set up and administer. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. We were not at all confident in their administration or compliance of FSAs, HSAs, or COBRA. We are a mid-size organization with about 175 employees. Many veterans and those with military service have found rewarding and long careers at WEX. 3910 Keswick Rd., Suite N2600, Baltimore, MD. Our continued business momentum gives me further confidence in our ability to execute against our growth strategy and achieve our long-term financial targets, even in dynamic macroeconomic environments.. WEX helps you innovate at scale. These are just a few of the dedicated teams we have in place to ensure you have the best experience. The Company's non-GAAP adjusted operating income excludes acquisition-related intangible amortization, other acquisition and divestiture related items, stock-based compensation, and other costs. Third party administrators Benefits administration Benefits accounts. WEX is a good organization that works well with the business office for ease of providing funding and record keeping. Check out all our insights on staffing, benefits offerings, and retention techniques on our Benefits Trends report. 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. WEX data shows that a contribution of as little as $50 or more by employers will encourage HSA participation by employees. The Company's non-GAAP adjusted net income attributable to shareholders excludes unrealized gains and losses on financial instruments, net foreign currency gains and losses, change in fair value of contingent consideration, acquisition-related intangible amortization, other acquisition and divestiture related items, stock-based compensation, other costs, debt restructuring and debt issuance cost amortization, adjustments attributable to our non-controlling interests, and certain tax related items. Copyright 2023 Zacks Investment Research | 10 S Riverside Plaza Suite #1600 | Chicago, IL 60606. Adjusted net income is now expected between $13.85 and $14.25 per . 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. WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. Welcome to WEX! WEX Benefits vs. Workday HCM | G2 Zacks->. This allows us to see the company through a different lens or perspective than we normally would. The forward-looking statements speak only as of the date of the initial filing of this earnings release and undue reliance should not be placed on these statements. Our card works at a variety of merchants. EPS increased 12.2% year over year. EPS increased 12.2% year over year. The COVID-19 National Emergency is over. Find the right solution, Benefits partners See our report's 7 new picks today, absolutely FREE. I never signed up for it they were just like we opened this for you free money! Type a symbol or company name. Offered employees an HSA with investment options. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. What if additional documentation is required? We used multiple vendors and our employees a variety of vendors and banks they could set up their accounts with. 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. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service. (1) Payment processing transactions represents the total number of purchases made by fleets that have a payment processing relationship with WEX where the Company maintains the receivable for the total purchase. WEXers approach every opportunity with ingenuity, curiosity, and tenacity.

Surf Club Wrightsville Beach Wedding, Delta Solenoid 62767, Rose Court Mansion Hillsborough, Ca 94010, How Do The Aleutian Volcanoes Differ From The Cascades Volcanoes?, Planning Inspectorate Non Salaried Inspectors, Articles W