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. WEX provides robust solutions for benefits administration, reimbursement accounts, and COBRA administration. Where does it work? Global commerce platform simplifying business complexity | WEX Inc. (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. Existing User. I personally have been on the phone with their staff and was thoroughly impressed with their professionalism and empathy. We formerly used TASC and it was a nightmare. The average salary for Wex International Inc employees is around $91,884 per year, or $44 per hour. 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. 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. See our report's 7 new picks today, absolutely FREE. (form 10-Q), https://www.businesswire.com/news/home/20230425006008/en/. The Company does not allocate certain corporate expenses to our operating segments, as these items are centrally controlled and are not directly attributable to any reportable segment. Get the latest Health Trends & Insights news in your inbox. Offered employees educational content about HSAs, FSAs, etc. 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 Inc.WEX delivered better-than-expected first-quarter 2023 results. WEX Inc. price-consensus-eps-surprise-chart | WEX Inc. Quote. C-Level Executive in Finance and Accounting. Step 1 of 3. Benefits revenues of $164.9 million registered 36% year-over-year growth. 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. To read this article on Zacks.com click here. This earnings release includes forward-looking statements including, but not limited to, statements about managements plans, goals, and guidance and assumptions with respect to future financial performance of the Company. How do I get help with my account? 3910 Keswick Rd., Suite N2600, Baltimore, MD. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. WEX Inc. (WEX) Q1 2023 Earnings Call Transcript From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. We estimate the year-over-year impact of fuel prices increased segment revenue by approximately $1 million, including a benefit . We are renaming our existing segments in connection with a rebranding initiative. Adjusted earnings of $3.31 per share surpassed the Zacks Consensus Estimate by 3.4% and our estimate by 3.8%. When your card expires, or you report your card lost or stolen, you will receive a WEX benefits card. Benefits of AWS Built services that were instantly scalable and highly deliverable Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Looking for your Discovery Benefits Login? WEX helps you innovate at scale. As a result, there will be upcoming brand changes that will impact your flexible spending, health savings, and commuter benefits accounts. Adjusted net income is now expected between $13.85 and $14.25 per share . Username. 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. . ERGs drive diversity by fostering new bonds and communities across the company. GAAP operating income margin for the first quarter of 2023 was 25.2% compared to 23.6% for the prior year comparable period. Save money and manage fleet operations with our modern business mobility solutions, including a broad array of fuel cards for any size fleet. 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. Our wide market share allows WEX to provide insight like this across the benefits administration landscape. You could save money by investing in benefits and wellness to reduce employee turnover. If you wish to go to ZacksTrade, click OK. What is WEX Benefits? It is well suited to help us see exactly which employee and which company the employee is with and how much they employee spent. Your current debit cards and previous correspondence should already have WEX name and logo. Mobility payment processing transactions were up 4% year over year to 137.5 million. Management uses the non-GAAP measures presented within this earnings release to evaluate the Companys performance on a comparable basis. Auto-renewal made easy with an intuitive setup and renewal wizard Direct access to our service experts 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. MANs adjusted earnings of $1.61 per share lagged the consensus mark by 0.6% but matched our estimate. Tax savings. (9) Purchase volume represents the total dollar value of all transactions where interchange is earned by WEX. Benefits accounts & COBRA (6) Late fee revenue represents fees charged for payments not made within the terms of the customer agreement based upon the outstanding customer receivable balance. Zacks Ranks stocks can, and often do, change throughout the month. and the Health and Employee Benefits Solutions segment will now be renamed to Benefits. 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. Find the right solution, Benefits partners NASDAQ data is at least 15 minutes delayed. Copyright 2023 Zacks Investment Research | 10 S Riverside Plaza Suite #1600 | Chicago, IL 60606. 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. Total segment adjusted operating income incorporates these same adjustments and further excludes unallocated corporate expenses. Put the power of our intelligent commerce platform to work in your own payments solution. Check out all our insights on staffing, benefits offerings, and retention techniques on our Benefits Trends report. Mobility payment processing transactions were up 4% year over year to 137.5 million. Create your Watchlist to save your favorite quotes on Nasdaq.com. These returns cover a period from January 1, 1988 through April 3, 2023. 45% of employees cited salary or employee benefits as their reason for leaving. Focusing on diversity also means focusing on inclusion. Focusing on diversity also means focusing on inclusion. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. 2023, Nasdaq, Inc. All Rights Reserved. WEX solutions reduce your administrative burdens. Our card works at a variety of merchants. 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. 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. 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. Well administer HSAs, FSAs, COBRA, and more on your behalf. Technology? Setting AP department goals and measuring performance, Choosing an HDHP versus a PPO/traditional health plan, Inventory Information Approval System (IIAS). Long-term debt was $2.6 billion compared with $2.5 billion at the end of the previous quarter. The average number of vehicles serviced was around 18.7 million, up 9% from the year-ago quarters figure. Reconciliation of GAAP Operating Income to Total Segment Adjusted Operating Income and Adjusted Operating Income, Acquisition-related intangible amortization. Zacks Equity Research Real time prices by BATS. This page has not been authorized, sponsored, or otherwise approved or endorsed by the companies represented herein. Total volume across the company came in at $52.3 billion, up 17% year over year. Full benefits administration. EquifaxEFXalso reported a beat on both counts in its first-quarter 2023 results. At the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors. WEX Benefits vs. Workday HCM | G2 Our guidance assumes approximately 45.2 million fully diluted shares outstanding for the full year. Funds contributed in 2022 are being added to the WEX Benefits . We also use it to track the billing of COBRA for our former employees. Healthcare support. Benefits administration 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). I would like notifications that there are new reports out on WEX's website for those who have used their HSA and FSA accounts. WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. Zacks->. We believe this is a useful measure for investors to further evaluate the results of operations. Third party administrators Weve got it. WEX | ADP Marketplace Email. WEX | Reset Password (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. It would be nice to see the exact date the funds were withdrawn and where the funds were spent. Contact Participant Services by phone at 866-451-3399 or by email at customerservice@discoverybenefits.com. Long-term debt was $2.6 billion compared with $2.5 billion at the end of the previous quarter. 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. 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. See Exhibit 1 for a reconciliation of GAAP operating income to total segment adjusted operating income. Gusto is scaled for small to mid-sized businesses, and emphasizes an easy to use interface. WEX Health works well for us. Effective June 2022 Benefit Express, that currently manages all Transit and Flexible Spending Accounts (Health, Limited and Dependent Care), will now go by WEX Health Inc. or simply WEX. Login - WEX Health I think this could help us determine that the employee is correctly using the funds at the correct locations. All rights reserved. WEX shares have gained 4.2% in the past year against the 3.1% decline of theindustryit belongs to. WEX Inc. price-consensus-eps-surprise-chart | WEX Inc. Quote. Simplifying Benefits for Everyone | WEX Inc. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. If used at an IIAS merchant, simply swipe your card and it will automatically approve anything thats an eligible expense. Copy and paste multiple symbols separated by spaces. However I would like to see more details. Now, I'd like to recap our business. You'll notice changes in brand name and logos to the online account and mobile app, including where you go to log in. Please see Exhibit 1 for a reconciliation of cash flows from operating activities to this non-GAAP measure. Explore our fleet and mobility solutions for any size or type of business. 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. What if additional documentation is required? For more information, please visit www.wexinc.com. 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. Choosing an HDHP versus a PPO/traditional health plan, 9 ways your benefits administration partner should be supporting you, Inventory Information Approval System (IIAS). Reviewers also preferred doing business with WEX Benefits overall. Corporate Payments revenues of $104.8 million were up 36% year over year. Our customers bring us their complex challenges. However, WEX Benefits is easier to set up and administer. (in millions, except per share data) 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. 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. ManpowerGroupMAN reported lower-than-expected first-quarter 2023 results. I never signed up for it they were just like we opened this for you free money! For example, a cash salary generally has a fixed and unvarying cash cost. Its a little-known chemical company thats up 65% over last year, yet still dirt cheap. The raised range is above the Zacks Consensus Estimate of $13.79. WEX is our administrator of several employee benefits, including Health Savings Accounts, commuter benefit accounts, an COBRA. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service. 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. HSA Day - National HSA Awareness Day If your needs fall somewhere in-between, weve got you covered. (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. 3 reasons we see people flipping to a fuel card: Apply Now Skip to content. Transit Program The following table reconciles GAAP cash flows from operating activities to adjusted free cash flow: Cash flows from operating activities, as reported. . 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.
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