ADP Workforce Now is a cloud-based HR platform for mid-sized businesses. Step 1 of 3. 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. You can seethe complete list of todays Zacks #1 (Strong Buy) Rank stocks here. 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. About 150 employees. How does your program . The adjusted operating income margin was 37.6%, down 160 basis points year over year. Total volume across all segments was $52.3 billion, an increase of 17% from the first quarter of 2022. 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 top line increased 1% year over year. If used elsewhere, you may need to upload supporting documentation (depending on your benefits plan). The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. Our card works at a variety of merchants. Written by WEX data shows that a contribution of as little as $50 or more by employers will encourage HSA participation by employees. WEX INC. Want the latest recommendations from Zacks Investment Research? Click to get this free report, ManpowerGroup Inc. (MAN) : Free Stock Analysis Report, Omnicom Group Inc. (OMC) : Free Stock Analysis Report, Equifax, Inc. (EFX) : Free Stock Analysis Report, WEX Inc. (WEX) : Free Stock Analysis Report. This includes personalizing content and advertising. Long-term debt was $2.6 billion compared with $2.5 billion at the end of the previous quarter. Omnicom OMC reported better-than-expected first-quarter 2023 results. WEX was formerly known as Discovery Benefits, LLC. WEX helps leading travel intermediaries efficiently and securely pay travel suppliers anywhere in the world. ManpowerGroup(MAN Quick QuoteMAN - Free Report) reported lower-than-expected first-quarter 2023 results. We are unable to reconcile our adjusted net income attributable to shareholders guidance to the comparable GAAP measure without unreasonable effort because of the difficulty in predicting the amounts to be adjusted, including, but not limited to, foreign currency exchange rates, unrealized gains and losses on financial instruments, and acquisition and divestiture related items, which may have a significant impact on our financial results. Learn how your business can generate revenue by adopting digital payments technology. See Exhibit 1 for a reconciliation of GAAP operating income to total segment adjusted operating income. The midpoint of the guided range is the same as the current Zacks Consensus Estimate of $2.47 billion. (10) Average number of SaaS accounts represents the number of active consumer-directed health, COBRA, and billing accounts on our SaaS platforms. This allows us to see the company through a different lens or perspective than we normally would. Login. Copy and paste multiple symbols separated by spaces. 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. In addition, adjusted free cash flow as used by WEX may not be comparable to similarly titled measures employed by other companies. Save HSAs are employee-owned and all funds carry over, so employees can build their balances to prepare for big expenses. We use WEX Health for our FSA, HSA, and COBRA administration. Benefits revenues of $164.9 million registered 36% year-over-year growth. The Company believes that excluding acquisition-related costs and gains or losses on divestitures facilitates the comparison of our financial results to the Companys historical operating results and to other companies in our industry; Stock-based compensation is different from other forms of compensation, as it is a non-cash expense. WEX benefits platform VISIT PROFILE Pricing Not provided by vendor View Pricing Guide with similar products Free Trial Free Version SEE ALL PRICING Starting from $ 1.15 /Per-Month Pricing Model: Flat Rate Free Trial Free Version SEE ALL PRICING Best for 501-1000+ users WEX helps you innovate at scale. WEX Health works well for us. From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. We believe this is a useful measure for investors to further evaluate the results of operations. Healthcare support. 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. 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. The balance is $1500 can I just withdraw that because it seems like I can? Our experts pride themselves on providing proactive insight and empathetic solutions to all of your needs. 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. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. There are no changes to the business conducted in each segment. Choosing an HDHP versus a PPO/traditional health plan, 9 ways your benefits administration partner should be supporting you, Inventory Information Approval System (IIAS). NYSE and AMEX data is at least 20 minutes delayed. If you wish to go to ZacksTrade, click OK. WEX shares have gained 4.2% in the past year against the 3.1% decline of theindustryit belongs to. Total revenues of $1.3 billion surpassed the consensus estimate by 1.5% but decreased 4.5% year over year. 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. 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). Since 1988 it has more than doubled the S&P 500 with an average gain of +24.27% per 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! 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. Average HSA custodial cash assets in the first quarter of 2023 were $3,676 million which is 25% higher than $2,950 million a year ago. We use WEX Health for our employees HSA, FSA and COBRA accounts and tracking. Mobility payment processing transactions were up 4% year over year to 137.5 million. 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. Great professional staff for the Flex benefits, Communication between Flex and Cobra team could use a little improvement. WexLocationCode.setTransientValue("wex02"); Integration Platform as a Service (iPaaS), Government Administration Company, 51-200 employees, Computer Software Company, 201-500 employees, Premium Consulting / Integration Services. I think this could help us determine that the employee is correctly using the funds at the correct locations. While accounting software has revolutionized accounting functions across businesses large and small, manual processes still play a big role in a huge number of accounts payable operations. WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. The top line increased 18.3% year over year, mainly driven by the positive impact of fuel prices and spreads. Higher Education Company, 501-1000 employees, Telecommunications Company, 501-1000 employees, Great core products, poor IT/website and support experiences. 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. 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. The top line increased 1% year over year. WEX provides end-to-end solutions and so much more. Debt restructuring 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. PORTLAND, Maine, April 27, 2023--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 . Note that the login experience for COBRA and direct bill participants will not change on Feb. 26. WEX Inc.(WEX Quick QuoteWEX - Free Report) delivered better-than-expected first-quarter 2023 results. You can seethe complete list of todays Zacks #1 (Strong Buy) Rank stocks here. 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. 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. 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. 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. Omnicom (OMC Quick QuoteOMC - Free Report) reported better-than-expected first-quarter 2023 results. The average salary for Wex International Inc employees is around $91,884 per year, or $44 per hour. WEX shares have gained 4.2% in the past year against the 3.1% decline of theindustryit belongs to. Equifax(EFX Quick QuoteEFX - Free Report) also reported a beat on both counts in its first-quarter 2023 results. WEX Vets Match your military skills Make WEX your next career move At WEX, we recognize the true value of experience-acquired skills. WEX Health (formerly Evolution1) is a great organization for organizations that offer Flexible benefits. 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. MANs adjusted earnings of $1.61 per share lagged the consensus mark by 0.6% but matched our estimate. (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. Our first quarter results were excellent as we achieved solid top-line growth, underpinned by continued execution against our strategic priorities, said Jagtar Narula, WEXs Chief Financial Officer. Copyright 2023 Surperformance. It makes me feel I have a partner I can trust.. WEX [has] offered better service and better technology, and they customized their solutions to adapt to our highly specific needs. 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. See our report's 7 new picks today, absolutely FREE. Employers Benefits accounts & COBRA WEX is a good organization that works well with the business office for ease of providing funding and record keeping. I remember the frustrations experienced by employees submitting receipts with other providers. When your card expires, or you report your card lost or stolen, you will receive a WEX benefits card. With other vendors, I feel like a client. Your current debit cards and previous correspondence should already have WEX name and logo. The tables below show the impact of certain macro factors on reported revenue: To determine the impact of foreign exchange translation (FX) on revenue, revenue from entities whose functional currency is not denominated in U.S. dollars, as well as revenue from purchase volume transacted in non-U.S. denominated currencies, were translated using the weighted average exchange rates for the same period in the prior year, exclusive of revenue derived from acquisitions for one year following the acquisition dates. WEX Health helps us accurately manage funding for FSAs and HSAs, and allows , WEX is our administrator of several employee benefits, including Health Savings Accounts, commuter benefit accounts, an COBRA. 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. Management uses the non-GAAP measures presented within this earnings release to evaluate the Companys performance on a comparable basis. Corporate Payments purchase volume grew 58% to $18.6 billion from $11.8 billion in the first quarter of 2022. (in millions, except per share data) Zacks Equity Research for 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. WEX really help simplify and uniforms the whole process and help streamline all HSA, FSA and COBRA processes. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating indiv idual securities. I would like to see where exactly the employees spent their HSA funds. Third party administrators 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. Currently, 35% of employers who use the WEX benefits platform provide an HSA contribution. WEX offers complete benefits administration, including benefits accounts such as HSAs, FSAs, HRAs, LSAs, COBRA, and more | Set your business free by . 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. Adjusted net income is now expected between $13.85 and $14.25 per . 87% more employers changed their benefits in 2022 versus 2021. For additional information and timing of these changes, visit this webpage. Looking to manage employee benefits, streamline how you pay and get paid by suppliers, save on fuel costs, or modernize how you manage your fleet? The COVID-19 National Emergency is over. John Levitsky, executive vice president, Mastercard. For the portions of our business that earn revenue based on margin spreads, revenue was calculated utilizing the comparable margin from the prior year. Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. The average number of vehicles serviced was around 18.7 million, up 9% from the year-ago quarters figure. Military veterans possess invaluable leadership skills and business acumen. I think this could help us determine that the employee is correctly using the funds at the correct locations. Zacks Ranks stocks can, and often do, change throughout the month. 3 reasons we see people flipping to a fuel card: Apply Now 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. WEX INC. Management's Discussion and Analysis of Financial Condition and Results Visit www.zacksdata.com to get our data and content for your mobile app or website. 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. We run report off of it and it helps us track how much employees have spent out of their own individual accounts. 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! You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. File a claim, view account balance and summary information, sign up for FREE direct deposit, get email notifications, and more! Reviewers felt that Workday HCM meets the needs of their business better than WEX Benefits. 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. Total revenues of $3.4 billion surpassed the consensus estimate by 2.3% and our estimate by 1.4%. 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. See Exhibit 1 for a reconciliation of GAAP operating income to total segment adjusted operating income. We formerly used TASC and it was a nightmare. Check out all our insights on staffing, benefits offerings, and retention techniques on our Benefits Trends report. Now, I'd like to recap our business. EPS increased 12.2% year over year. 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. Companies can't remove reviews or game the system. You also can log into your account through the Discovery Benefits mobile app, using your existing username and password. Our passion for continuous innovation and our unparalleled level of service were further fueled when Discovery Benefits . 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. However I would like to see more details. A simple, equally-weighted average return of all Zacks Rank stocks is calculated to determine the monthly return. Benefits average number of Software-as-a-Service accounts were up 14% to 20.3 million year over year. Since we cover a range of employee benefits needs, we can adapt our solution as your goals change. Listen (or watch) and subscribe to Benefits Buzz Apple Spotify The bottom line increased 14.9% year over year. 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 The travel industry is evolving. ManpowerGroupMAN reported lower-than-expected first-quarter 2023 results. WEX Health (formerly Evolution1) provided the organization with Flex benefit management and Cobra. 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. ERGs drive diversity by fostering new bonds and communities across the company. CONDENSED CONSOLIDATED BALANCE SHEETS We provide our partners with a proven benefits and COBRA administration platform thats built to meet their needs. and the Health and Employee Benefits Solutions segment will now be renamed to Benefits. Reconciliation of GAAP Net Income Attributable to Shareholders to Adjusted Net Income Attributable to Shareholders, Unrealized loss (gain) on financial instruments, Acquisitionrelated intangible amortization, Other acquisition and divestiture related items, Debt restructuring and debt issuance cost amortization, ANI adjustments attributable to noncontrolling interests, Adjusted net income attributable to shareholders. You can view the status of your claims and upload documentation easily with our benefits mobile app or through your online account. Zacks->. Average number of vehicles serviced was approximately 18.7 million, an increase of 9% from the first quarter of 2022. Through meaningful networking, innovative learning, and strategic discussions at SPARK 2023, leaders collectively help simplify the complexities of payment systems. Stay up-to-date on the latest trends and insight regarding your employee benefits on our blog or subscribe to our podcast. Adjusted net income is now expected between $13.85 and $14.25 per share . 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. 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. The bottom line increased 14.9% year over year. Benefits revenues of $164.9 million registered 36% year-over-year growth. 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. Total volume across the company came in at $52.3 billion, up 17% year over year. Currently, WEX carries a Zacks Rank #4 (Sell). Women play an important role at WEX. I personally have been on the phone with their staff and was thoroughly impressed with their professionalism and empathy. WEX Benefits is a suite of benefits administration solutions, positioned to help employers provide healthcare benefit management for their employees. Initial roll out of member cards could be delivered earlier. Auto-renewal made easy with an intuitive setup and renewal wizard Direct access to our service experts The top line increased 18.3% year over year, mainly driven by the positive impact of fuel prices and spreads. We are continuously looking for top talent with diverse backgrounds and experience to join our team. Find the right solution, Benefits partners 1 Debit card for multiple accounts (HSA and commuter benefits accounts). I would like notifications that there are new reports out on WEX's website for those who have used their HSA and FSA accounts. Cash flows from operating activities through the first quarter of this year are $27.1 million. Adjusted operating income increased 13.4% to $230.1 million from the year-ago quarters $202.9 million. Copyright 2023 Zacks Investment Research | 10 S Riverside Plaza Suite #1600 | Chicago, IL 60606. We used multiple vendors and our employees a variety of vendors and banks they could set up their accounts with. Revenues of $4.8 billion missed the consensus mark by 1.3% and our estimate by a slight margin. 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). It would be nice to see the exact date the funds were withdrawn and where the funds were spent. 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. This allows us to see the company through a different lens or perspective than we normally would. Financial institutions 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. Total segment adjusted operating income incorporates these same adjustments and further excludes unallocated corporate expenses. With real-time access and intuitive navigation to all your important account information, our app includes the following features: Easy, Convenient & Secure 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. 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. 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. A wealth of resources for individual investors is available at www.zacks.com. 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. How does your program compare? 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. Privacy Policy | No cost, no obligation to buy anything ever. Adjusted net income is expected between $3.45 and $3.55 per share. 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. At the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors. What is WEX Benefits? The live conference call also can be accessed by dialing (888) 510-2008 or (646) 960-0306. Offered employees educational content about HSAs, FSAs, etc. Recent stocks from this report have soared up to +178.7% in 3 months - this month's picks could be even better. The domestic fuel price in Q1 2023 was $3.86 versus $3.90 in 2022. Revenues of $4.8 billion missed the consensus mark by 1.3% and our estimate by a slight margin. 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.
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