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. WEX Health helps us accurately manage funding for FSAs and HSAs, and allows our employees to manage their own accounts. (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. Corporate Payments purchase volume grew 58% to $18.6 billion from $11.8 billion in the first quarter of 2022. Robust benefits administration and enrollment solutions help your employees get the most value from their benefits. Mobility payment processing transactions increased 4% from the first quarter of 2022 to 137.5 million. WEX data shows that a contribution of as little as $50 or more by employers will encourage HSA participation by employees. 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. OMCs earnings of $1.56 per share beat the Zacks Consensus Estimate by 13% and our estimate by 11.4%. Total revenues of $3.4 billion surpassed the consensus estimate by 2.3% and our estimate by 1.4%. Existing User. Transit Program 87% more employers changed their benefits in 2022 versus 2021. Adjusted operating income margin was 37.6% in the first quarter of 2023 compared to 39.2% for the prior year comparable period. It would be nice to see the exact date the funds were withdrawn and where the funds were spent. Copyright 2023 Surperformance. I would like to see where exactly the employees spent their HSA funds. As a user of WEX who has a Health Savings Account and who used to have a commuter benefits account, I can say that using the accounts is easy. 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. There are no changes to the business conducted in each segment. WEX shares have gained 4.2% in the past year against the 3.1% decline of theindustryit belongs to. Offered employees an HSA with investment options. In 1978, our founder discovered the power of earnings estimate revisions to enable profitable investment decisions. With real-time access and intuitive navigation to all your important account information, our app includes the following features: Easy, Convenient & Secure It is a great tool for our employees to easily sign up and . Total revenues of $612 million surpassed the consensus mark by 1.5% and our estimate by 1.7%. 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. WEX provides robust solutions for benefits administration, reimbursement accounts, and COBRA administration. See Exhibit 1 for a reconciliation of GAAP operating income to total segment adjusted operating income. When we were looking for a new third party administrator to replace TASC, we were immediately drawn to WEX Health. WEX Health works well for us. Benefits revenues of $164.9 million registered 36% year-over-year growth. Only 15% of employers changed their benefits in 2021 as a result of COVID-19. 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.. Their support team is also not helpful, as getting the information I needed to complete my taxes for my HSA proved to be very difficult. In addition, the benefit of excess free cash flow in the fourth quarter of last year reversed during the first quarter of 2023. You'll notice changes in brand name and logos to the online account and mobile app, including where you go to log in. Recent stocks from this report have soared up to +178.7% in 3 months - this month's picks could be even better. To determine the estimated adjusted net income attributable to shareholders impact of PPG, revenue and certain variable expenses impacted by changes in fuel prices were adjusted based on the average retail price of fuel for the same period in the prior year for the portion of our business that earns revenue based on a percentage of fuel spend, net of applicable taxes, exclusive of revenue and expenses derived from acquisitions for one year following the acquisition dates. WEX INC. 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. Currently, 35% of employers who use the WEX benefits platform provide an HSA contribution. Our easy-to-use APIs in our developer portal give you access to the most complete embedded payment platforms and fintech offerings. We offer partners the ability to configure their security and fraud prevention infrastructure in a way that best serves them. The top line increased 18.3% year over year, mainly driven by the positive impact of fuel prices and spreads. With other vendors, I feel like a client. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS The adjusted operating income margin was 37.6%, down 160 basis points year over year. WEX COBRA Account Login For Benefits 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. Many veterans and those with military service have found rewarding and long careers at WEX. WEX Inc. price-consensus-eps-surprise-chart | WEX Inc. Quote. The Company disclaims any obligation to update any forward-looking statements as a result of new information, future events or otherwise. Where does it work? Zacks is the leading investment research firm focusing on stock research, analysis and recommendations. 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. 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 will transform your employee benefits experience through innovative technology, simplified benefits administration, and empathetic service. Create your Watchlist to save your favorite quotes on Nasdaq.com. This dedication to giving investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system. Technology? Contact Participant Services by phone at 866-451-3399 or by email at customerservice@discoverybenefits.com. Adjusted earnings of $3.31 per share surpassed the Zacks Consensus Estimate by 3.4% and our estimate by 3.8%. (3) Payment processing $ of fuel represents the total dollar value of the fuel purchased by fleets that have a payment processing relationship with WEX. Only the fastest, easiest, most secure B2B payments solution will do. Corporate Payments purchase volume surged 58% year over year to $18.6 billion. Adjusted net income is now expected between $13.85 and $14.25 per . Username Forgot Username? ManpowerGroup(MAN Quick QuoteMAN - Free Report) reported lower-than-expected first-quarter 2023 results. 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. 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). Adjusted net income is expected between $3.45 and $3.55 per share. WEX Benefits Login Simply select your account type below and you'll be sent to the login page for your Benefits account. Adjusted free cash flow, which is a non-GAAP measure, is negative $61.4 million for the same period, which is typically seasonally low. . 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. Gusto offers payroll, benefits and compliance capabilities. Our wide market share allows WEX to provide insight like this across the benefits administration landscape. We believe this is a useful measure for investors to further evaluate the results of operations. The raised range is above the Zacks Consensus Estimate of $13.79. This includes personalizing content and advertising. NASDAQ data is at least 15 minutes delayed. Discovery Benefits is now known as WEX. Benefits of AWS Built services that were instantly scalable and highly deliverable 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. WEX offers complete benefits administration, including benefits accounts such as HSAs, FSAs, HRAs, LSAs, COBRA, and more | Set your business free by . Save HSAs are employee-owned and all funds carry over, so employees can build their balances to prepare for big expenses. Total net revenue for the first quarter of 2023 increased 18% to $612.0 million from $517.5 million for the first quarter of 2022. WEX offers technology and customized solutions that meet employers end-to-end benefits needs and power partners thriving benefits offerings. EFXs adjusted earnings came in at $1.43, beating the consensus mark by 4.4% but declining 35.6% from the year-ago figure. Delayed Nyse Benefits revenues of $164.9 million registered 36% year-over-year growth. 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. 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. To learn more, click here. WEX Health (formerly Evolution1) is a great organization for organizations that offer Flexible benefits. 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. The midpoint of the guided range is the same as the Zacks Consensus Estimate of $3.50. Browse our category menus to discover hundreds of online resources frequently used by faculty and staff, or use the search to find people. Please see Exhibit 1 for a reconciliation of cash flows from operating activities to this non-GAAP measure. 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. 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. Copy and paste multiple symbols separated by spaces. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS If used at an IIAS merchant, simply swipe your card and it will automatically approve anything thats an eligible expense. In addition, since debt issuance cost amortization is dependent upon the financing method, which can vary widely company to company, we believe that excluding these costs helps to facilitate comparison to historical results as well as to other companies within our industry; The adjustments attributable to non-controlling interests, including adjustments to the redemption value of a non-controlling interest, have no significant impact on the ongoing operations of the business; The tax related items are the difference between the Companys GAAP tax provision and a pro forma tax provision based upon the Companys adjusted net income attributable to shareholders before taxes as well as the impact from certain discrete tax items. Find the right solution, Benefits partners Public sector Recruiting and retention tools. EPS increased 12.2% year over year. To determine the impact of price per gallon of fuel (PPG) on revenue, revenue subject to changes in fuel prices was calculated based on the average retail price of fuel for the same period in the prior year for the portion of our business that earns revenue based on a percentage of fuel spend, exclusive of revenue derived from acquisitions for one year following the acquisition dates. I think this could help us determine that the employee is correctly using the funds at the correct locations. (10) Average number of SaaS accounts represents the number of active consumer-directed health, COBRA, and billing accounts on our SaaS platforms. Through its rich data and specialized expertise in simplifying benefits, reimagining mobility, and paying and getting paid, WEX aims to make it easy for companies to overcome complexity and reach their full potential. NYSE and AMEX data is at least 20 minutes delayed. The midpoint of the guided range is the same as the Zacks Consensus Estimate of $3.50. 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 (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. You can seethe complete list of todays Zacks #1 (Strong Buy) Rank stocks here. 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). For the second quarter of 2023, the Company expects revenue in the range of $613 million to $623 million and adjusted net income attributable to shareholders in the range of $3.45 to $3.55 per diluted share. The highest earners in the top 75th percentile are paid over $104,051. of Operations. WEX has created a powerful ecosystem that offers seamlessly embedded, personalized solutions for its customers around the world. 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. The ease of submitting receipts is a positive impact (happy employees). HSA withdrawal from WEX My company insurance plan came with this HSA. Since we cover a range of employee benefits needs, we can adapt our solution as your goals change. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. 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. 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. Type a symbol or company name. Were ready to simplify your business. What if additional documentation is required? This allows us to see the company through a different lens or perspective than we normally would. To read this article on Zacks.com click here. Total volume across the company came in at $52.3 billion, up 17% year over year. 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! Our experts pride themselves on providing proactive insight and empathetic solutions to all of your needs. Learn how your business can generate revenue by adopting digital payments technology. WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. Reviewers felt that Workday HCM meets the needs of their business better than WEX Benefits. Email. You can continue to use the debit card you currently have. The employee's options to upload receipts seem difficult for some. WEX Health also helps us manage all the necessary communications for COBRA administration while keeping us compliant with government rules and regulations. ERGs drive diversity by fostering new bonds and communities across the company. Reconciliation of GAAP Operating Cash Flow to Adjusted Free Cash Flow. You'll notice changes in brand name and logos to the online account and mobile app, including where you go to log in. Welcome to your single source for all you need to know about your benefit account (s). 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.. However, WEX Benefits is easier to set up and administer. For the portions of our business that earn revenue based on margin spreads, revenue was calculated utilizing the comparable margin from the prior year. Benefits administration Your WEX benefits debit card makes it easy to spend your funds on eligible expenses. For employees the WEX Flex benefit , We use WEX Health for our employees HSA, FSA and COBRA accounts and tracking. What that means for COBRA, FSAs, and more. How does it work? (in millions) Your WEX benefits debit card makes it easy to spend your funds on eligible expenses. WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. These symbols will be available throughout the site during your session. In addition, adjusted free cash flow as used by WEX may not be comparable to similarly titled measures employed by other companies. 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. 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. 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. This company could rival or surpass other recent Zacks Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one 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.
Natalie Mariduena Swimsuit,
How To Respond To A Shirtless Picture,
Who Owns The Utility Pole On My Property,
Alternative To Hair Wrap Strips,
Newborn Kitten Making Clicking Noise,
Articles W
