WEX has created a powerful ecosystem that offers seamlessly embedded, personalized solutions for its customers around the world. Focusing on diversity also means focusing on inclusion. 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 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. We power your product, but you retain some responsibilities in-house. 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. 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. . Corporate Payments revenues of $104.8 million were up 36% year over year. Were ready to simplify your business. Adjusted operating income increased 13.4% to $230.1 million from the year-ago quarters $202.9 million. WEXers approach every opportunity with ingenuity, curiosity, and tenacity. 1 Debit card for multiple accounts (HSA and commuter benefits accounts). 1 During the quarters ended March 31, 2023 and 2022, the dilutive impact of convertible notes has been calculated under the 'if-converted' method. WEX beats them all. 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. of Operations. We also use it to track the billing of COBRA for our former employees. 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. 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 WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. View source version on businesswire.com: https://www.businesswire.com/news/home/20230425006008/en/. Benefits revenues of $164.9 million registered 36% year-over-year growth. 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. Benefits accounts & COBRA Client services. Adjusted free cash flow, which is a non-GAAP measure, is negative $61.4 million for the same period, which is typically seasonally low. Overall, we continue to execute well on all fronts, and Im pleased to share that we are raising our full year guidance.. Women play an important role at WEX. As a user , WEX Health (formerly Evolution1) provided the organization with Flex benefit management and Cobra. 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. A replay of the webcast and the accompanying slides will be available on the Company's website. OMCs earnings of $1.56 per share beat the Zacks Consensus Estimate by 13% and our estimate by 11.4%. We use WEX Health for our FSA, HSA, and COBRA administration. Auto-renewal made easy with an intuitive setup and renewal wizard Direct access to our service experts April 28, 2023, MAN Quick QuoteMAN OMC Quick QuoteOMC EFX Quick QuoteEFX WEX Quick QuoteWEX. Reconciliation of GAAP Operating Cash Flow to Adjusted Free Cash Flow. Get Started Recent stocks from this report have soared up to +178.7% in 3 months - this month's picks could be even better. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service. I would like to see where exactly the employees spent their HSA funds. We are renaming our existing segments in connection with a rebranding initiative. Initial roll out of member cards could be delivered earlier. And, we provide them with access to analysis, benchmarks, and trends drawn from one of the industrys largest pools of data. Anyway, kept getting emails periodically and decided to register and view my account finally. Benefits administration Benefits accounts. (10) Average number of SaaS accounts represents the number of active consumer-directed health, COBRA, and billing accounts on our SaaS platforms. Full benefits administration. 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. 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. Revenues of $4.8 billion missed the consensus mark by 1.3% and our estimate by a slight margin. Username Forgot Username? Only the fastest, easiest, most secure B2B payments solution will do. The ease of submitting receipts is a positive impact (happy employees). 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. We estimate the year-over-year impact of fuel prices increased segment revenue by approximately $1 million, including a benefit . 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. March 03, 2021. Women play an important role at WEX. Total segment adjusted operating income incorporates these same adjustments and further excludes unallocated corporate expenses. Your WEX benefits debit card makes it easy to spend your funds on eligible expenses. Type a symbol or company name. Segment Adjusted Operating Income and Adjusted Operating Income Margin Information. Find the right solution, Benefits partners Healthcare support. Our card works at a variety of merchants. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Corporate Payments purchase volume surged 58% year over year to $18.6 billion. 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. Learn how your business can generate revenue by adopting digital payments technology. I think this could help us determine that the employee is correctly using the funds at the correct locations. Focusing on diversity also means focusing on inclusion. Discovery Benefits is now a part of WEXinc and you can log into your account using the links below. ERGs drive diversity by fostering new bonds and communities across 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. For additional information and timing of these changes, visit this webpage. The midpoint of the guided range is the same as the Zacks Consensus Estimate of $3.50. The average salary for Wex International Inc employees is around $91,884 per year, or $44 per hour. We are a mid-size organization with about 175 employees. The midpoint of the guided range is the same as the current Zacks Consensus Estimate of $2.47 billion. 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. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. The following table reconciles GAAP cash flows from operating activities to adjusted free cash flow: Cash flows from operating activities, as reported. Each partner, employer, and employee has unique needs. Copyright 2023 Zacks Investment Research | 10 S Riverside Plaza Suite #1600 | Chicago, IL 60606. If you do not, click Cancel. 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. Mobility payment processing transactions increased 4% from the first quarter of 2022 to 137.5 million. Employers Participant services. 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). (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. 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 web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. WexLocationCode.setTransientValue("wex02"); This allows us to see the company through a different lens or perspective than we normally would. Weve got it. Adjusted net income is expected between $3.45 and $3.55 per share. 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. GAAP operating income margin for the first quarter of 2023 was 25.2% compared to 23.6% for the prior year comparable period. (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. These returns cover a period from January 1, 1988 through April 3, 2023. The Company's forward-looking statements do not reflect the potential future impact of any alliance, merger, acquisition, disposition or stock repurchases. In conjunction with this announcement, WEX will host a conference call today, April 27, 2023, at 10:00 a.m. (ET). NYSE and AMEX data is at least 20 minutes delayed. Visit www.zacksdata.com to get our data and content for your mobile app or website. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating indiv idual securities. Participants Accounts HSA, FSA, HRA/Wellness & Commuter Where does it work? I never signed up for it they were just like we opened this for you free money! 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. Written by You also can use live chat or search hundreds of help articles directly from your online account. See Exhibit 1 for a reconciliation of GAAP operating income to total segment adjusted operating income. 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. Many veterans and those with military service have found rewarding and long careers at WEX. All fields must be completed unless marked (optional). 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. 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. (3) Payment processing $ of fuel represents the total dollar value of the fuel purchased by fleets that have a payment processing relationship with WEX. Adjusted net income is now expected between $13.85 and $14.25 per . In addition, adjusted free cash flow as used by WEX may not be comparable to similarly titled measures employed by other companies. It is a great tool for our employees to easily sign up and . I would like notifications that there are new reports out on WEX's website for those who have used their HSA and FSA accounts. 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. Setting AP department goals and measuring performance, Choosing an HDHP versus a PPO/traditional health plan, Inventory Information Approval System (IIAS). Funds contributed in 2022 are being added to the WEX Benefits . Net income attributable to shareholders per share: Weighted average common shares outstanding: WEX INC. A wealth of resources for individual investors is available at www.zacks.com. As a result, there will be upcoming brand changes that will impact your flexible spending, health savings, and commuter benefits accounts. 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. Technology? The midpoint of the guided range is the same as the Zacks Consensus Estimate of $3.50. There are no changes to the business conducted in each segment. 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. 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. Discovery Benefits is now known as WEX. Total revenues of $1.3 billion surpassed the consensus estimate by 1.5% but decreased 4.5% year over year. WEX's first-quarter 2023 revenues benefit . The employee's options to upload receipts seem difficult for some. Total volume across the company came in at $52.3 billion, up 17% year over year. Forgot Password. (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. You also can log into your account through the Discovery Benefits mobile app, using your existing username and password. How does your program compare? (form 10-Q), https://www.businesswire.com/news/home/20230425006008/en/. ERGs drive diversity by fostering new bonds and communities across the company. Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. EFXs adjusted earnings came in at $1.43, beating the consensus mark by 4.4% but declining 35.6% from the year-ago figure. The phone app is one of the best I have seen and would be great to roll out to those submitting receipts. If used at an IIAS merchant, simply swipe your card and it will automatically approve anything thats an eligible expense. Today, that discovery is still the heart of the Zacks Rank. Explore our fleet and mobility solutions for any size or type of business. (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. Copy and paste multiple symbols separated by spaces. 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. 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. Our wide market share allows WEX to provide insight like this across the benefits administration landscape. 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. New users can create a new account to get started. 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. We use cookies to understand how you use our site and to improve your experience. ManpowerGroup Inc. (MAN) - free report >>, Omnicom Group Inc. (OMC) - free report >>. ManpowerGroupMAN reported lower-than-expected first-quarter 2023 results. Want the latest recommendations from Zacks Investment Research? If you are enrolled in a Total Rewards savings or spending account* through Discovery Benefits, Inc. (DBI), you have been notified that DBI is now known as WEX. Step 1 of 3. They offered an easy-to-use website, and it was clear that they were serious about compliance and proper administration of benefits. For employees the WEX Flex benefit phone app was one of the best I have seen for this industry. 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. WEX Benefits is a suite of benefits administration solutions, positioned to help employers provide healthcare benefit management for their employees. Great professional staff for the Flex benefits, Communication between Flex and Cobra team could use a little improvement. Well administer HSAs, FSAs, COBRA, and more on your behalf. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Revenues of $4.8 billion missed the consensus mark by 1.3% and our estimate by a slight margin. The raised range is above the Zacks Consensus Estimate of $13.79. If used elsewhere, you may need to upload supporting documentation (depending on your benefits plan). ADP Workforce Now is a cloud-based HR platform for mid-sized businesses. WEX data shows that a contribution of as little as $50 or more by employers will encourage HSA participation by employees. 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. The highest earners in the top 75th percentile are paid over $104,051. Cash flows from operating activities through the first quarter of this year are $27.1 million. The WEX Difference Customizable dashboard reporting and analytics to learn account trends. Benefits average number of Software-as-a-Service accounts were up 14% to 20.3 million year over year. 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. logos in act 2 of julius caesar,
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