Total revenues of $612 million surpassed the consensus mark by 1.5% and our estimate by 1.7%. Funds contributed in 2022 are being added to the WEX Benefits . When your card expires, or you report your card lost or stolen, you will receive a WEX benefits card. WEX INC. Management's Discussion and Analysis of Financial Condition and Results John Levitsky, executive vice president, Mastercard. Zacks->. 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. Although non-GAAP adjusted free cash flow is not calculated in accordance with GAAP, we feel adjusted free cash flow is a useful measure because (i) adjusted free cash flow indicates the level of cash generated by the operations of the business, which excludes consideration paid on acquisitions, after appropriate reinvestment for recurring investments in property, equipment and capitalized software that are required to operate the business; (ii) changes in net deposits occur on a daily basis as a regular part of operations; and (iii) purchases of current investment securities are made as a result of deposits gathered operationally. We have created a powerful ecosystem that offers seamlessly embedded, personalized solutions for . The Company provides revenue guidance on a GAAP basis and earnings guidance on a non-GAAP basis, due to the uncertainty and the indeterminate amount of certain elements that are included in reported GAAP earnings. 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. Transit Program Employers 1 Debit card for multiple accounts (HSA and commuter benefits accounts). During the first quarter of 2023 the Company repurchased approximately 525,000 shares of its stock for a total cost of approximately $93 million. Check out all our insights on staffing, benefits offerings, and retention techniques on our Benefits Trends report. Benefits administration Benefits accounts. 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. 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. Welcome to your single source for all you need to know about your benefit account (s). 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. 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. Today, you can download 7 Best Stocks for the Next 30 Days. 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. Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. We are a mid-size organization with about 175 employees. Robust benefits administration and enrollment solutions help your employees get the most value from their benefits. Only 15% of employers changed their benefits in 2021 as a result of COVID-19. I would like to see where exactly the employees spent their HSA funds. Delayed Nyse Revenues of $4.8 billion missed the consensus mark by 1.3% and our estimate by a slight margin. 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. 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. Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. Discovery Benefits is now known as WEX. Skip to content. There are no changes to the business conducted in each segment. The Conference ID number is 2237921. WEX Benefits | 15,040 followers on LinkedIn. 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. Adjusted operating income margin was 37.6% in the first quarter of 2023 compared to 39.2% for the prior year comparable period. WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. A replay of the webcast and the accompanying slides will be available on the Company's website. TheStreet upgraded shares of WEX from a "c" rating to a "b-" rating in a . Username Forgot Username? How does your program . If your needs fall somewhere in-between, weve got you covered. 1 The change in restricted cash payable for the three months ended March 31, 2022 has been reclassified from net cash provided by operating activities to net cash provided by financing activities to conform to the current period presentation. How do I get help with my account? This allows us to see the company through a different lens or perspective than we normally would. There are no changes to the business conducted in each segment. It can be easy to get caught up in a routine or a silo at WEX, but NexGen has given me the opportunity to connect with people in other functional areas that I otherwise would have never met.. WEX really help simplify and uniforms the whole process and help streamline all HSA, FSA and COBRA processes. Many veterans and those with military service have found rewarding and long careers at WEX. The midpoint of the guided range is the same as the current Zacks Consensus Estimate of $2.47 billion. 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. (10) Average number of SaaS accounts represents the number of active consumer-directed health, COBRA, and billing accounts on our SaaS platforms. We have a file feed connected to WEX Health from our HRIS, so it really helps us stay compliant automatically, with General Notices and Specific Rights Notices when we have new hires or terms. Weve got it. Benefits administration Remember Me Next New User? Discovery Benefits | WEX Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Welcome to WEX! Benefits revenues of $164.9 million registered 36% year-over-year growth. 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. 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. ManpowerGroupMAN reported lower-than-expected first-quarter 2023 results. Participants/employees. (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. WEX announces company-wide layoffs; West Fargo employees impacted WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. The travel industry is evolving. Copy and paste multiple symbols separated by spaces. WEX INC. 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. (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). 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. You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. Currently, WEX carries a Zacks Rank #4 (Sell). 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! 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). As a result, there will be upcoming brand changes that will impact your flexible spending, health savings, and commuter benefits accounts. WEX shares have gained 4.2% in the past year against the 3.1% decline of theindustryit belongs to. Mobility payment processing transactions increased 4% from the first quarter of 2022 to 137.5 million. Well administer HSAs, FSAs, COBRA, and more on your behalf. 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. Reviewers also preferred doing business with WEX Benefits overall. Existing Users Username Forgot Username? HSA Day - National HSA Awareness Day From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. Participants Accounts HSA, FSA, HRA/Wellness & Commuter Through meaningful networking, innovative learning, and strategic discussions at SPARK 2023, leaders collectively help simplify the complexities of payment systems. WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. Corporate Payments purchase volume surged 58% year over year to $18.6 billion. Want the latest recommendations from Zacks Investment Research? WEX Benefits is a suite of benefits administration solutions, positioned to help employers provide healthcare benefit management for their employees. (5) Net late fee rate represents late fee revenue as a percentage of fuel purchased by fleets that have a payment processing relationship with WEX. Offered employees an HSA with investment options. -, Truist Securities Adjusts Price Target on WEX to $190 From $185, Maintains Hold Rating, Baird Adjusts Price Target on WEX to $236 From $222, Maintains Outperform Rating, WEX INC. Management's Discussion and Analysis of Financial Condition and Results 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. 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. Pros and Cons of WEX Benefits 2023 - TrustRadius 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. WexLocationCode.setTransientValue("wex02"); WEX Inc. price-consensus-eps-surprise-chart | WEX Inc. Quote. Public sector You retain service and administration while depending on our benefits platform. 1 MarketScreener is worth more than 1000 Influencers! MANs adjusted earnings of $1.61 per share lagged the consensus mark by 0.6% but matched our estimate. File a claim, view account balance and summary information, sign up for FREE direct deposit, get email notifications, and more! Auto-renewal made easy with an intuitive setup and renewal wizard Direct access to our service experts Invest 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. 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. Mobility revenues were up 7% year over year to $342.3 million. Corporate Payments revenues of $104.8 million were up 36% year over year. The monthly returns are then compounded to arrive at the annual return. WEX Inc. Reports First Quarter 2023 Financial Results Remember Me Next. 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. You can continue to use the debit card you currently have. 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). However, WEX Benefits is easier to set up and administer. EquifaxEFXalso reported a beat on both counts in its first-quarter 2023 results. Delayed quotes by FIS. ManpowerGroup Inc. (MAN) - free report >>, Omnicom Group Inc. (OMC) - free report >>. All rights reserved. Tax savings. Our robust security options are supported by a team of expert consultants who are there to continually assess and enhance security and fraud prevention processes. WEX Benefits is a suite of benefits administration solutions, positioned to help employers provide healthcare benefit management for their employees. We never really had one place for all of our HSA, FSA and COBRA needs. 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. The midpoint of the guided range is the same as the current Zacks Consensus Estimate of $2.47 billion. WexBocaLink.setUrl("locations-flyout", "WEXFleetUniversal", "cc1"); Save money and manage fleet operations with our modern business mobility solutions, including a broad array of fuel cards for any size fleet. Corporate Payments purchase volume surged 58% year over year to $18.6 billion. Mobility revenues were up 7% year over year to $342.3 million. WEX SPARK 2023 brings together leaders across fleet, over-the-road trucking, corporate payments, and benefits industries to deliver on simplifying the business of running a business. 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 We use WEX Health for our FSA, HSA, and COBRA administration. Find the right solution, Benefits partners New users can create a new account to get started. (unaudited), Securitized accounts receivable, restricted, Prepaid expenses and other current assets, Property, equipment and capitalized software, Accrued expenses and other current liabilities, Total liabilities and stockholders equity, WEX INC. What is WEX Benefits? 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. Great professional staff for the Flex benefits, Communication between Flex and Cobra team could use a little improvement. Where does it work? 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. For employees the WEX Flex benefit , We use WEX Health for our employees HSA, FSA and COBRA accounts and tracking. The bottom line increased 14.9% year over year. This allows us to see the company through a different lens or perspective than we normally would. Type a symbol or company name. These symbols will be available throughout the site during your session. With other vendors, I feel like a client. Visit Performance Disclosure for information about the performance numbers displayed above. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. As a user , WEX Health (formerly Evolution1) provided the organization with Flex benefit management and Cobra. 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. WEX Health (formerly Evolution1) is a great organization for organizations that offer Flexible benefits. Zacks Ranks stocks can, and often do, change throughout the month. WEX Benefits vs. Workday HCM | G2 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. Healthcare support. Total revenues of $1.3 billion surpassed the consensus estimate by 1.5% but decreased 4.5% year over year. Adjusted operating income increased 13.4% to $230.1 million from the year-ago quarters $202.9 million. 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). All fields must be completed unless marked (optional). 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 Health (formerly Evolution1) provided the organization with Flex benefit management and Cobra. Discovery Benefits is now WEX | Hub WEX data shows that a contribution of as little as $50 or more by employers will encourage HSA participation by employees. WEX provides robust solutions for benefits administration, reimbursement accounts, and COBRA administration. WEX solutions reduce your administrative burdens. Choosing an HDHP versus a PPO/traditional health plan, 9 ways your benefits administration partner should be supporting you, Inventory Information Approval System (IIAS). 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. 1 During the quarters ended March 31, 2023 and 2022, the dilutive impact of convertible notes has been calculated under the 'if-converted' method. And were an industry leader in the technology and service you need. WEX hiring Information Management Specialist Intern in United States Global commerce platform simplifying business complexity | WEX Inc. GAAP operating income margin for the first quarter of 2023 was 25.2% compared to 23.6% for the prior year comparable period. WEST FARGO WEX Inc., a payment systems company based in Portland, Maine, downsized its operation through wide-ranging layoffs on Friday, Oct. 14, including in North Dakota. 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. Explore our fleet and mobility solutions for any size or type of business. (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. (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. After Feb. 26, go to wexinc.com, hover over Solutions and select Participants/Employees. In addition, the benefit of excess free cash flow in the fourth quarter of last year reversed during the first quarter of 2023. Cash flows from operating activities through the first quarter of this year are $27.1 million. (unaudited), Net cash provided by (used for) operating activities, Purchases of property, equipment and capitalized software, Purchases of available-for-sale debt securities, Sales and maturities of available-for-sale debt securities, Acquisitions, net of cash and restricted cash acquired, Net activity from share-based compensation plans, Net cash provided by financing activities, Effect of exchange rates on cash, cash equivalents and restricted cash, Net change in cash, cash equivalents and restricted cash, Cash, cash equivalents and restricted cash, beginning of period, Cash, cash equivalents and restricted cash, end of period. 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). WEX data shows that a contribution of as little as $50 or more by employers will encourage HSA participation by employees. 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. 45% of employees cited salary or employee benefits as their reason for leaving. 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. WEX Engaged Employer Overview 750 Reviews 214 Jobs 1.3K Salaries 109 Interviews 315 Benefits 4 Photos 305 Diversity + Add a Review WEX Employee Reviews about "benefit" Updated Apr 24, 2023 Search Reviews Clear All Full-time, Part-time English Filter Found 157 of over 751 reviews Sort Popular Popular COVID-19 Related Highest Rating Lowest Rating 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. Focusing on diversity also means focusing on inclusion. WEX helps leading travel intermediaries efficiently and securely pay travel suppliers anywhere in the world. The top line decreased 7.6% year over year. WEX was formerly known as Discovery Benefits, LLC. (in millions) Financial institutions WEX Benefits Login | WEX customer login | WEX Inc. Benefits revenues of $164.9 million registered 36% year-over-year growth. You could save money by investing in benefits and wellness to reduce employee turnover. Stay up-to-date on the latest trends and insight regarding your employee benefits on our blog or subscribe to our podcast. WEX Inc. WEX delivered better-than-expected . A benefits administrator who provides service you can depend on. WEX Health has made administration of FSA, HSA, and COBRA so much easier, I feel confident that WEX Health is compliant, as a company, and that they keep us compliant, We are always able to call and talk to a knowledgeable representative when we have questions.
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