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. 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. 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. What if additional documentation is required? 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. 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. The midpoint of the guided range is the same as the current Zacks Consensus Estimate of $2.47 billion. Zacks Ranks stocks can, and often do, change throughout the month. 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). Omnicom (OMC Quick QuoteOMC - Free Report) reported better-than-expected first-quarter 2023 results. Looking for your Discovery Benefits Login? Exclusion of the non-cash, mark-to-market adjustments on financial instruments, including interest rate swap agreements and investment securities, helps management identify and assess trends in the Companys underlying business that might otherwise be obscured due to quarterly non-cash earnings fluctuations associated with these financial instruments. From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. Equifax(EFX Quick QuoteEFX - Free Report) also reported a beat on both counts in its first-quarter 2023 results. Partner account executives. 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. The average number of vehicles serviced was around 18.7 million, up 9% from the year-ago quarters figure. The WEX Difference Customizable dashboard reporting and analytics to learn account trends. What if additional documentation is required? 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 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. 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. We also use it to track the billing of COBRA for our former employees. Note that the login experience for COBRA and direct bill participants will not change on Feb. 26. These are just a few of the dedicated teams we have in place to ensure you have the best experience. Robust benefits administration and enrollment solutions help your employees get the most value from their benefits. HR and benefits technology 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! 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. 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). WEX provides robust solutions for benefits administration, reimbursement accounts, and COBRA administration. What is WEX Benefits? The midpoint of the guided range is the same as the Zacks Consensus Estimate of $3.50. The top line decreased 7.6% year over year. Listen (or watch) and subscribe to Benefits Buzz Apple Spotify We never really had one place for all of our HSA, FSA and COBRA needs. WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. Only the fastest, easiest, most secure B2B payments solution will do. ManpowerGroup Inc. (MAN) - free report >>, Omnicom Group Inc. (OMC) - free report >>. We have a file feed connected to WEX Health from our HRIS, so it really helps us stay compliant automatically, with General Notices and Specific Rights Notices when we have new hires or terms. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Type a symbol or company name. Adjusted operating income increased 13.4% to $230.1 million from the year-ago quarters $202.9 million. WEX Health works well for us. Benefits revenues of $164.9 million registered 36% year-over-year growth. To that end, we were excited to expand our annual SPARK conference to bring together customers across the mobility, corporate payments, and benefits industries, showcasing how we can help companies simplify the business of running a business with data, payments, and digitization. Anyway, kept getting emails periodically and decided to register and view my account finally. Funds contributed in 2022 are being added to the WEX Benefits . View source version on businesswire.com: https://www.businesswire.com/news/home/20230425006008/en/. Benefits accounts & COBRA HSA withdrawal from WEX My company insurance plan came with this HSA. See Exhibit 5 for information on the calculation of adjusted operating income margin. Organisation ID. 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. (10) Average number of SaaS accounts represents the number of active consumer-directed health, COBRA, and billing accounts on our SaaS platforms. WEX Health also helps us manage all the necessary communications for COBRA administration while keeping us compliant with government rules and regulations. The Conference ID number is 2237921. Total volume across all segments was $52.3 billion, an increase of 17% from the first quarter of 2022. WEX Benefits is a suite of benefits administration solutions, positioned to help employers provide healthcare benefit management for their employees. These returns cover a period from January 1, 1988 through April 3, 2023. We use WEX Health for our FSA, HSA, and COBRA administration. EFXs adjusted earnings came in at $1.43, beating the consensus mark by 4.4% but declining 35.6% from the year-ago figure. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Adjusted net income is expected between $3.45 and $3.55 per share. 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. 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. It makes me feel I have a partner I can trust.. (1) Segment adjusted operating income margin is derived by dividing segment adjusted operating income by the revenue of the corresponding segment (or the entire Company in the case of total segment adjusted operating income). The Company considers these measures integral because they exclude the above specified items that the Company's management excludes in evaluating the Company's performance. WEX Health helps us accurately manage funding for FSAs and HSAs, and allows our employees to manage their own accounts. Existing Users Username Forgot Username? 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. We are renaming our existing segments in connection with a rebranding initiative. 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. You'll notice changes in brand name and logos to the online account and mobile app, including where you go to log in. WEX COBRA Account Login For Benefits 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 Get Started Contact Us - Call . WEX INC. Management's Discussion and Analysis of Financial Condition and Results Corporate Payments revenues of $104.8 million were up 36% year over year. Find the right solution, Benefits partners Benefits average number of Software-as-a-Service (SaaS) accounts grew 14% to 20.3 million from 17.8 million in the first quarter of 2022. The midpoint of the guided range is the same as the current Zacks Consensus Estimate of $2.47 billion. Focusing on diversity also means focusing on inclusion. Client services. The travel industry is evolving. 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. This includes personalizing content and advertising. For example, a cash salary generally has a fixed and unvarying cash cost. I never signed up for it they were just like we opened this for you free money! 1 Debit card for multiple accounts (HSA and commuter benefits accounts). (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. As a user , WEX Health (formerly Evolution1) provided the organization with Flex benefit management and Cobra. 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. Benefits of AWS Built services that were instantly scalable and highly deliverable You also can use live chat or search hundreds of help articles directly from your online account. Cash flows from operating activities through the first quarter of this year are $27.1 million. WEX data shows that a contribution of as little as $50 or more by employers will encourage HSA participation by employees. The top line increased 18.3% year over year, mainly driven by the positive impact of fuel prices and spreads. 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. . ManpowerGroupMAN reported lower-than-expected first-quarter 2023 results. We power your product, but you retain some responsibilities in-house. WEX (NYSE:WEX) Price Target Raised to $190.00 - MarketBeat Learn how your business can generate revenue by adopting digital payments technology. We run report off of it and it helps us track how much employees have spent out of their own individual accounts. Mobility payment processing transactions were up 4% year over year to 137.5 million. CONDENSED CONSOLIDATED BALANCE SHEETS 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. Since we cover a range of employee benefits needs, we can adapt our solution as your goals change. 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. To provide investors with additional insight into its operational performance, WEX has included in this earnings release: in Exhibit 1, reconciliations of non-GAAP measures referenced in this earnings release; in Exhibit 2, tables illustrating the impact of foreign currency rates and fuel prices for each of our reportable segments for the three months ended March 31, 2023; and in Exhibit 3, a table of selected other metrics for the quarter ended March 31, 2023 and the four preceding quarters. You could save money by investing in benefits and wellness to reduce employee turnover. And, we provide them with access to analysis, benchmarks, and trends drawn from one of the industrys largest pools of data. How much do Wex International Inc employees make? | Salary.com Welcome to WEX! Consultants/brokers WEX INC. 1 MarketScreener is worth more than 1000 Influencers! 3910 Keswick Rd., Suite N2600, Baltimore, MD. Total volume across the company came in at $52.3 billion, up 17% year over year. A benefits administrator who provides service you can depend on. WEX | Reset Password OMCs earnings of $1.56 per share beat the Zacks Consensus Estimate by 13% and our estimate by 11.4%. WEX is a good organization that works well with the business office for ease of providing funding and record keeping. John Levitsky, executive vice president, Mastercard. 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. The employee's options to upload receipts seem difficult for some. Gusto is scaled for small to mid-sized businesses, and emphasizes an easy to use interface. Any statements in this earnings release that are not statements of historical facts are forward-looking statements. 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. EquifaxEFXalso reported a beat on both counts in its first-quarter 2023 results. I really like the reports that it generates and the detail it gives. Adjusted earnings of $3.31 per share surpassed the Zacks Consensus Estimate by 3.4% and our estimate by 3.8%. Our experts picked 7 Zacks Rank #1 Strong Buy stocks with the best chance to skyrocket within the next 30-90 days. Username Forgot Username? 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 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. 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. All fields must be completed unless marked (optional). WEX Q1 Earnings and Revenues Beat Estimates, Increase Y/Y I would like notifications that there are new reports out on WEX's website for those who have used their HSA and FSA accounts. EPS increased 12.2% year over year. 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. Weve developed a technology platform and solutions that can be quickly customized for you to achieve your employee benefits goals. 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. Total revenues of $1.3 billion surpassed the consensus estimate by 1.5% but decreased 4.5% year over year. You can continue to use the debit card you currently have. The Company provides revenue guidance on a GAAP basis and earnings guidance on a non-GAAP basis, due to the uncertainty and the indeterminate amount of certain elements that are included in reported GAAP earnings. We make it easy to pay and get paid across your entire organization. Adjusted net income is now expected between $13.85 and $14.25 per share . See our report's 7 new picks today, absolutely FREE. 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. I would like to see where exactly the employees spent their FSA funds. 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.. 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. 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. Employers turn to us for their employee benefits, reimbursement account, and COBRA administration for a number of reasons including industry-leading technology, an intuitive and personalized participant experience, a multi-account debit card, access to ongoing benefits education resources, and empathetic customer service. Reconciliation of GAAP Operating Cash Flow to Adjusted Free Cash Flow. Benefits average number of Software-as-a-Service accounts were up 14% to 20.3 million year over year. Adjusted earnings of $3.31 per share surpassed the Zacks Consensus Estimate by 3.4% and our estimate by 3.8%. WEX "benefit" Reviews | Glassdoor Type a symbol or company name. Benefits administration Benefits accounts. I would like to see where exactly the employees spent their HSA funds. Corporate Payments purchase volume surged 58% year over year to $18.6 billion. Reviewers also preferred doing business with WEX Benefits overall. 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. Benefits revenues of $164.9 million registered 36% year-over-year growth. 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. Great professional staff for the Flex benefits, Communication between Flex and Cobra team could use a little improvement. Discovery Benefits is now WEX | Hub WEX Benefits Login | WEX customer login | WEX Inc. Step 1 of 3. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS All rights reserved. WEX Case Study Were ready to simplify your business. Where does it work? 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. Recent stocks from this report have soared up to +178.7% in 3 months - this month's picks could be even better. WEX SPARK 2023 is our annual learning and networking event that focuses on new technologies and emerging industry trends meant to simplify payments, fleet management, and benefits administration and help fuel business growth. How does it work? The phone app is one of the best I have seen and would be great to roll out to those submitting receipts. GAAP operating income margin for the first quarter of 2023 was 25.2% compared to 23.6% for the prior year comparable period. Put the power of our intelligent commerce platform to work in your own payments solution. No setup fee Offerings Free Trial Free/Freemium Version Premium Consulting / Integration Services OMCs earnings of $1.56 per share beat the Zacks Consensus Estimate by 13% and our estimate by 11.4%. WEXers approach every opportunity with ingenuity, curiosity, and tenacity. . See Exhibit 1 for a full explanation and reconciliation of adjusted net income attributable to shareholders, adjusted net income attributable to shareholders per diluted share, and adjusted operating income to the most directly comparable GAAP financial measures. WexLocationCode.setTransientValue("wex02"); Tax savings. (in millions, except per share data) We are a mid-size organization with about 175 employees. NYSE and AMEX data is at least 20 minutes delayed. Today, you can download 7 Best Stocks for the Next 30 Days. Our customers bring us their complex challenges. Benefits revenues of $164.9 million registered 36% year-over-year growth. WEX hiring Information Management Specialist Intern in United States It's great to have all of our HSA, FSA and COBRA on one software. However, general IT issues seem to have plagued my experience using WEX. r/personalfinance on Reddit: HSA withdrawal from WEX The Companys non-GAAP adjusted free cash flow is calculated as operating cash flow, adjusted for net purchases of current investment securities, capital expenditures, the change in net deposits and certain other adjustments, which for the three months ended March 31, 2023, reflects an adjustment for contingent consideration paid to sellers in excess of acquisition-date fair value. You also can log into your account through the Discovery Benefits mobile app, using your existing username and password. The fuel prices referenced above are based on the applicable NYMEX futures price from the week of April 17, 2023. WEX Inc. WEX delivered better-than-expected . WEX offers technology and customized solutions that meet employers end-to-end benefits needs and power partners thriving benefits offerings. and the Health and Employee Benefits Solutions segment will now be renamed to Benefits. Zacks Equity Research Currently, 35% of employers who use the WEX benefits platform provide an HSA contribution. 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. 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. (5) Net late fee rate represents late fee revenue as a percentage of fuel purchased by fleets that have a payment processing relationship with WEX. C-Level Executive in Finance and Accounting. Want the latest recommendations from Zacks Investment Research? Zacks Equity Research for WEX Inc. price-consensus-eps-surprise-chart | WEX Inc. Quote. WEX Benefits | LinkedIn Net income attributable to shareholders per share: Weighted average common shares outstanding: WEX INC. 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. Copy and paste multiple symbols separated by spaces. There are no changes to the business conducted in each segment. WEX Benefits vs Workday HCM When assessing the two solutions, reviewers found Workday HCM easier to use. WEX Health, Inc. | Complaints | Better Business Bureau Profile 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. That claim has now been approved, and the documentation for that claim was also used to offset and approve the 4 denied claims. The top line increased 1% year over year. Each partner, employer, and employee has unique needs. 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 Inc. Reports First Quarter 2023 Financial Results WEX shares have gained 4.2% in the past year against the 3.1% decline of theindustryit belongs to. of Operations. The bottom line increased 14.9% year over year. Written by Gusto offers payroll, benefits and compliance capabilities. Net income attributable to shareholders on a GAAP basis decreased by $54.8 million to a net income of $68.0 million, or $1.56 per diluted share for the first quarter of 2023, down 42% compared with net income of $122.8 million, or $2.71 per diluted share, for the first quarter of 2022.
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