Corporate Payments purchase volume grew 58% to $18.6 billion from $11.8 billion in the first quarter of 2022. 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). Client services. Long-term debt was $2.6 billion compared with $2.5 billion at the end of the previous quarter. How does it work? The ease of submitting receipts is a positive impact (happy employees). Were ready to simplify your business. Total revenues of $612 million surpassed the consensus mark by 1.5% and our estimate by 1.7%. WEX Inc. Price, Consensus and EPS Surprise, WEX Inc. price-consensus-eps-surprise-chart, Markets Close Flat After Eventful Day; MGM, NXPI, CHGG Beat in Q1, Buy the Opportunity in These Stocks After Earnings, Top Stock Reports for AMD, Cigna & Moderna, Market Leader NVIDIA Breaking Out on Volume. All rights reserved. Visit Performance Disclosure for information about the performance numbers displayed above. We use WEX Health for our FSA, HSA, and COBRA administration. Login - WEX Health Partner account executives. What if additional documentation is required? 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. Put the power of our intelligent commerce platform to work in your own payments solution. Gusto offers payroll, benefits and compliance capabilities. The adjusted operating income margin was 37.6%, down 160 basis points year over year. Existing Users Username Forgot Username? Save money and manage fleet operations with our modern business mobility solutions, including a broad array of fuel cards for any size fleet. Consultants/brokers 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. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. 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. 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. Our card works at a variety of merchants. The fuel prices referenced above are based on the applicable NYMEX futures price from the week of April 17, 2023. 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. If you are enrolled in a Total Rewards savings or spending account* through Discovery Benefits, Inc. (DBI), you have been notified that DBI is now known as WEX. ZacksTrade and Zacks.com are separate companies. Corporate Payments revenues of $104.8 million were up 36% year over year. Get the latest Health Trends & Insights news in your inbox. How do I access my account? All fields must be completed unless marked (optional). And were an industry leader in the technology and service you need. Welcome to WEX! Our guidance assumes approximately 45.2 million fully diluted shares outstanding for the full year. WEX has created a powerful ecosystem that offers seamlessly embedded, personalized solutions for its customers around the world. We are renaming our existing segments in connection with a rebranding initiative. The top line increased 18.3% year over year, mainly driven by the positive impact of fuel prices and spreads. Employee Wellness - WEX Benefits You Total revenues of $1.3 billion surpassed the consensus estimate by 1.5% but decreased 4.5% year over year. 87% more employers changed their benefits in 2022 versus 2021. 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. . Total volume across the company came in at $52.3 billion, up 17% year over year. Healthcare support. 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 Q1 Earnings and Revenues Beat Estimates, Increase Y/Y 1 Debit card for multiple accounts (HSA and commuter benefits accounts). WEX Q1 Earnings and Revenues Beat Estimates, Increase Y/Y Get Started WEX was formerly known as Discovery Benefits, LLC. 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. Discovery Benefits is now WEX | Hub In contrast, the expense associated with an equity-based award is generally unrelated to the amount of cash ultimately received by the employee, and the cost to the Company is based on a stock-based compensation valuation methodology and underlying assumptions that may vary over time; Other costs are not consistently occurring and do not reflect expected future operating expense, nor do they provide insight into the fundamentals of current or past operations of our business. HR and benefits technology 3910 Keswick Rd., Suite N2600, Baltimore, MD. The raised range is above the Zacks Consensus Estimate of $13.79. Organisation ID. I think this could help us determine that the employee is spending the funds at correct locations and help us when we do our reconciliations of these accounts. These are just a few of the dedicated teams we have in place to ensure you have the best experience. If you wish to go to ZacksTrade, click OK. Employers . This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. The Company's forward-looking statements do not reflect the potential future impact of any alliance, merger, acquisition, disposition or stock repurchases. The raised range is above the Zacks Consensus Estimate of $13.79. Drawn from diverse cultures and experiences, we always seek a better way. Adjusted earnings of $3.31 per share surpassed the Zacks Consensus Estimate by 3.4% and our estimate by 3.8%. 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. 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. WEX Health (formerly Evolution1) is a great organization for organizations that offer Flexible benefits. Benefits Buzz Podcast - WEX Benefits You Financial institutions Benefits administration Benefits accounts. Equifax(EFX Quick QuoteEFX - Free Report) also reported a beat on both counts in its first-quarter 2023 results. 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. If used at an IIAS merchant, simply swipe your card and it will automatically approve anything thats an eligible expense. If used elsewhere, you may need to upload supporting documentation (depending on your benefits plan). 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. Our passion for continuous innovation and our unparalleled level of service were further fueled when Discovery Benefits . Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. Benefits revenues of $164.9 million registered 36% year-over-year growth. Create your Watchlist to save your favorite quotes on Nasdaq.com. B2B payments can save you money, help you negotiate better terms, build supplier loyalty, and even boost your revenue. Entry-level set up fee? 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.. Total revenues of $612 million surpassed the consensus mark by 1.5% and our estimate by 1.7%. Adjusted net income is now expected between $13.85 and $14.25 per . You also can log into your account through the Discovery Benefits mobile app, using your existing username and password. WEX | ADP Marketplace Funds contributed in 2022 are being added to the WEX 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. 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. WEX Benefits | LinkedIn Adjusted net income is expected between $3.45 and $3.55 per share. Zacks Ranks stocks can, and often do, change throughout the month. WEXers approach every opportunity with ingenuity, curiosity, and tenacity. Long-term debt was $2.6 billion compared with $2.5 billion at the end of the previous quarter. OMCs earnings of $1.56 per share beat the Zacks Consensus Estimate by 13% and our estimate by 11.4%. WEX will transform your employee benefits experience through innovative technology, simplified benefits administration, and empathetic service. Companies can't remove reviews or game the system. You can better control these large expenses and streamline your mixed fleet operations with automation and insights from WEX. See our report's 7 new picks today, absolutely FREE. 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. WEX Benefits vs. Workday HCM | G2 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. Our experts picked 7 Zacks Rank #1 Strong Buy stocks with the best chance to skyrocket within the next 30-90 days. 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. We are a mid-size organization with about 175 employees. 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. It is a great tool for our employees to easily sign up and manage their HSA and FSA accounts. Its a little-known chemical company thats up 65% over last year, yet still dirt cheap. WEX Benefits is a suite of benefits administration solutions, positioned to help employers provide healthcare benefit management for their employees. Simplifying Benefits for Everyone | WEX Inc. WEX / Discovery Benefits COBRA Account Login Information 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. The midpoint of the guided range is the same as the Zacks Consensus Estimate of $3.50. WEX's first-quarter 2023 revenues benefit . Total revenues of $3.4 billion surpassed the consensus estimate by 2.3% and our estimate by 1.4%. You can view the status of your claims and upload documentation easily with our benefits mobile app or through your online account. I think this could help us determine that the employee is correctly using the funds at the correct locations. The bottom line increased 14.9% year over year. 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. Benefits administration 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. Check out all our insights on staffing, benefits offerings, and retention techniques on our Benefits Trends report. Military veterans possess invaluable leadership skills and business acumen. Adjusted net income is expected between $3.45 and $3.55 per share. WexBocaLink.setUrl("locations-flyout", "WEXFleetUniversal", "cc1"); WEX helps you save money on fuel and manage all your fleet needs, including both ICE and EV vehicles. 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.. It is a great tool for our employees to easily sign up and . WexLocationCode.setTransientValue("wex02"); 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. 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. (in millions, except per share data) Period. Mobility revenues were up 7% year over year to $342.3 million. WEX is a good organization that works well with the business office for ease of providing funding and record keeping. Segment Adjusted Operating Income and Adjusted Operating Income Margin Information. 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. Through meaningful networking, innovative learning, and strategic discussions at SPARK 2023, leaders collectively help simplify the complexities of payment systems. Forward-looking statements relate to our future plans, objectives, expectations and intentions and are not historical facts and accordingly involve known and unknown risks and uncertainties and other factors that may cause the actual results or performance to be materially different from future results or performance expressed or implied by these forward-looking statements. 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. 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. Revenues of $4.8 billion missed the consensus mark by 1.3% and our estimate by a slight margin. WEX Benefits Login Simply select your account type below and you'll be sent to the login page for your Benefits account. Benefits Buzz Podcast - WEX Benefits You A weekly pulse on what's happening in the world of employee benefits. Although non-GAAP adjusted free cash flow is not calculated in accordance with GAAP, we feel adjusted free cash flow is a useful measure because (i) adjusted free cash flow indicates the level of cash generated by the operations of the business, which excludes consideration paid on acquisitions, after appropriate reinvestment for recurring investments in property, equipment and capitalized software that are required to operate the business; (ii) changes in net deposits occur on a daily basis as a regular part of operations; and (iii) purchases of current investment securities are made as a result of deposits gathered operationally. 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. The employee's options to upload receipts seem difficult for some. In conjunction with this announcement, WEX will host a conference call today, April 27, 2023, at 10:00 a.m. (ET). Privacy Policy | No cost, no obligation to buy anything ever. WEX announces company-wide layoffs; West Fargo employees impacted Currently, 35% of employers who use the WEX benefits platform provide an HSA contribution. To locate past Hub and Hub at Work articles, use the search function at the top of the page. New users can create a new account to get started. Q1 2023 WEX Inc Earnings Call - Yahoo Finance The bottom line increased 14.9% year over year. We have created a powerful ecosystem that offers seamlessly embedded, personalized solutions for . WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. 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 (10) Average number of SaaS accounts represents the number of active consumer-directed health, COBRA, and billing accounts on our SaaS platforms. 3 reasons we see people flipping to a fuel card: Apply Now HSA Day - National HSA Awareness Day A replay of the webcast and the accompanying slides will be available on the Company's website. See Exhibit 5 for information on the calculation of adjusted operating income margin. and the Health and Employee Benefits Solutions segment will now be renamed to Benefits. WEX shares have gained 4.2% in the past year against the 3.1% decline of theindustryit belongs to. It allows a good amount of visibility for FSAs and COBRA communications. Easy-to-complete non-discrimination testing to keep your plans compliant. Initial roll out of member cards could be delivered earlier. As a user , WEX Health (formerly Evolution1) provided the organization with Flex benefit management and Cobra. It is well suited to help us see exactly which employee and which company the employee is with and how much they employee spent. (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. See Exhibit 1 for a reconciliation of GAAP operating income to total segment adjusted operating income. WEX Inc. price-consensus-eps-surprise-chart | WEX Inc. Quote. New User. WEX solutions reduce your administrative burdens. This page provides login buttons for accessing your online account along with helpful resources such as a benefits knowledge base, a link to current eligible expenses, and chat. 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. 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. Weve simplified the experience from all angles with streamlined administration, insightful employer analytics, and intuitive participant access points. of Operations. (2) Payment processing gallons of fuel represents the total number of gallons of fuel purchased by fleets that have a payment processing relationship with WEX. Offered employees educational content about HSAs, FSAs, etc. Type a symbol or company name. We also use it to track the billing of COBRA for our former employees. 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. 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. When your card expires, or you report your card lost or stolen, you will receive a WEX benefits card. You can seethe complete list of todays Zacks #1 (Strong Buy) Rank stocks here. 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. Adjusted net income attributable to shareholders is now expected to be in the range of $13.85 to $14.25 per diluted share, an increase from the prior guidance range of $13.55 to $14.05 per diluted share. And, we provide them with access to analysis, benchmarks, and trends drawn from one of the industrys largest pools of data. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Welcome to your single source for all you need to know about your benefit account (s). The WEX Difference Customizable dashboard reporting and analytics to learn account trends. Zacks Rank stock-rating system returns are computed monthly based on the beginning of the month and end of the month Zacks Rank stock prices plus any dividends received during that particular month. 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