Username Forgot Username? WEX Vets Match your military skills Make WEX your next career move At WEX, we recognize the true value of experience-acquired skills. The following factors, among others, could cause actual results to differ materially from those contained in forward-looking statements made in this earnings release and in oral statements made by our authorized officers: the impact of fluctuations in demand for fuel and volatility of fuel prices, including fuel spreads in the Companys international markets, and the resulting impact on the Companys revenues and net income; the effects of general economic conditions, including a decline in demand for fuel, corporate payment services, travel related services, or health care related products and services; the impact and size of credit losses, including fraud losses, and other adverse effects if the Company fails to adequately assess and monitor credit risk or fraudulent use of our payment cards or systems; failure to implement new technology and products; breaches of, or other issues with, the Companys technology systems or those of its third-party service providers and any resulting negative impact on its reputation, liabilities or relationships with customers or merchants; the actions of regulatory bodies, including banking and securities regulators, or possible changes in banking or financial regulations impacting the Companys industrial bank, the Company as the corporate parent or other subsidiaries or affiliates; the failure to maintain or renew key customer and partner agreements and relationships, or to maintain volumes under such agreements; the effect of adverse financial conditions affecting the banking system; the failure to adequately safeguard custodial HSA assets; the failure of corporate investments to result in anticipated strategic value; the extent to which unpredictable events in the locations in which the Company or the Companys customers operate or elsewhere may adversely affect the Companys employees, ability to conduct business, results of operations and financial condition; the failure to comply with the applicable requirements of Mastercard or Visa contracts and rules; the failure to comply with the Treasury Regulations applicable to non-bank custodians; changes in interest rates and the rate of inflation; the ability to attract and retain employees; the ability of the Company to protect its proprietary rights; limitations on or compression of interchange fees; the effects of the Companys business expansion and acquisition efforts; the impact of changes to the Companys credit standards; the impact of foreign currency exchange rates on the Companys operations, revenue and income and other risks associated with operations outside the United States; the impact of the Companys debt instruments on the Companys operations; the impact of leverage on the Companys operations, results or borrowing capacity generally, and as a result of acquisitions specifically; the impact of sales or dispositions of significant amounts of the Companys outstanding common stock into the public market, or the perception that such sales or dispositions could occur; the impact of regulatory capital requirements and other regulatory requirements on the operations of WEX Bank or its ability to make payments to WEX Inc.; the possible dilution to the Companys stockholders caused by the issuance of additional shares of common stock or equity-linked securities, whether as a result of the Companys Convertible Notes or otherwise; the incurrence of impairment charges if the Companys assessment of the fair value of certain of its reporting units changes; the uncertainties of litigation; as well as other risks and uncertainties identified in Item 1A of the Companys Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission on February 28, 2023. No setup fee Offerings Free Trial Free/Freemium Version Premium Consulting / Integration Services Our customers bring us their complex challenges. 3 reasons we see people flipping to a fuel card: Apply Now The balance is $1500 can I just withdraw that because it seems like I can? WEX offers technology and customized solutions that meet employers end-to-end benefits needs and power partners thriving benefits offerings. Get Started Contact Us - Call . Listen (or watch) and subscribe to Benefits Buzz Apple Spotify 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. The Company's non-GAAP adjusted operating income excludes acquisition-related intangible amortization, other acquisition and divestiture related items, stock-based compensation, and other costs. ERGs drive diversity by fostering new bonds and communities across the company. Discovery Benefits is now known as WEX. 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. 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. WexLocationCode.setTransientValue("wex02"); WEX shares have gained 4.2% in the past year against the 3.1% decline of theindustryit belongs to. Companies can't remove reviews or game the system. Total revenues of $3.4 billion surpassed the consensus estimate by 2.3% and our estimate by 1.4%. 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. The average number of vehicles serviced was around 18.7 million, up 9% from the year-ago quarters figure. 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. Adjusted operating income increased 13.4% to $230.1 million from the year-ago quarters $202.9 million. MANs adjusted earnings of $1.61 per share lagged the consensus mark by 0.6% but matched our estimate. (in millions) Remember Me Next. Discovery Benefits is now known as WEX. 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. 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. 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, WEX carries a Zacks Rank #4 (Sell). Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. 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. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Recent stocks from this report have soared up to +178.7% in 3 months - this month's picks could be even better. -, Truist Securities Adjusts Price Target on WEX to $190 From $185, Maintains Hold Rating, Baird Adjusts Price Target on WEX to $236 From $222, Maintains Outperform Rating, WEX INC. Management's Discussion and Analysis of Financial Condition and Results Q1 2023 WEX Inc Earnings Call - Yahoo Finance 1 During the quarters ended March 31, 2023 and 2022, the dilutive impact of convertible notes has been calculated under the 'if-converted' method. Robust benefits administration and enrollment solutions help your employees get the most value from their benefits. We run report off of it and it helps us track how much employees have spent out of their own individual accounts. This also includes non-recurring professional service costs, costs related to certain identified initiatives, including restructuring and technology initiatives, to further streamline the business, improve the Companys efficiency, create synergies and globalize the Companys operations, all with an objective to improve scale and efficiency and increase profitability going forward; Debt restructuring and debt issuance cost amortization are unrelated to the continuing operations of the Company. 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. Discovery Benefits is now WEX | Hub Technology? Delayed Nyse Please see Exhibit 1 for a reconciliation of cash flows from operating activities to this non-GAAP measure. Stay up-to-date on the latest trends and insight regarding your employee benefits on our blog or subscribe to our podcast. WEX hiring Information Management Specialist Intern in United States 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.. (7) Purchase volume represents the total dollar value of all WEX-issued transactions that use WEX corporate card products and virtual card products. It is a great tool for our employees to easily sign up and manage their HSA and FSA accounts. March 03, 2021. You could save money by investing in benefits and wellness to reduce employee turnover. (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. WEX Inc.WEX delivered better-than-expected first-quarter 2023 results. 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. 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. (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. 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. The raised range is above the Zacks Consensus Estimate of $13.79. A replay of the webcast and the accompanying slides will be available on the Company's website. 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. . Zacks->. The midpoint of the guided range is the same as the current Zacks Consensus Estimate of $2.47 billion. We are continuously looking for top talent with diverse backgrounds and experience to join our team. EPS increased 12.2% year over year. 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. We believe this is a useful measure for investors to further evaluate the results of operations. Gusto is scaled for small to mid-sized businesses, and emphasizes an easy to use interface. OMCs earnings of $1.56 per share beat the Zacks Consensus Estimate by 13% and our estimate by 11.4%. We use WEX Health for our FSA, HSA, and COBRA administration. Today, you can download 7 Best Stocks for the Next 30 Days. 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. 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. 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 . Benefits administration This dedication to giving investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system. 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. 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 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. Client services. 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). You may continue to use your account (s) for qualified expenses, and you will receive the same outstanding customer service you have come to expect from DBI, now WEX. April 28, 2023, MAN Quick QuoteMAN OMC Quick QuoteOMC EFX Quick QuoteEFX WEX Quick QuoteWEX. Contact Participant Services by phone at 866-451-3399 or by email at customerservice@discoverybenefits.com. WEX data shows that a contribution of as little as $50 or more by employers will encourage HSA participation by employees. WEX Inc. Reports First Quarter 2023 Financial Results Consultants/brokers See Exhibit 5 for information on the calculation of adjusted operating income margin. 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. The top line decreased 7.6% year over year. In addition, the benefit of excess free cash flow in the fourth quarter of last year reversed during the first quarter of 2023. and the Health and Employee Benefits Solutions segment will now be renamed to Benefits. WEX Inc. price-consensus-eps-surprise-chart | WEX Inc. Quote. Benefits revenues of $164.9 million registered 36% year-over-year growth. With a female CEO, an executive team with 30% female leadership, and global workforce that is nearly half female, women are a key part of WEXs business at all levels. We make it easy to pay and get paid across your entire organization. CONDENSED CONSOLIDATED BALANCE SHEETS Your health plan drives many of your decisions during open Over the past few years, the risk of a cyber attack has become Find the best fuel card or fleet mobility management solution to save money and meet the evolving needs of any type of fleet or size of business. HSA withdrawal from WEX My company insurance plan came with this HSA. Each partner, employer, and employee has unique needs. If you wish to go to ZacksTrade, click OK. Weve got it. WEX service and relationship managers are dedicated to helping partners and employers at all stages, including efficient onboarding, product launch, business growth, employee education and engagement, and more. 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. 3910 Keswick Rd., Suite N2600, Baltimore, MD. 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). Existing User. Employee Wellness - WEX Benefits You WEX will transform your employee benefits experience through innovative technology, simplified benefits administration, and empathetic service. We provide our partners with a proven benefits and COBRA administration platform thats built to meet their needs. Management uses the non-GAAP measures presented within this earnings release to evaluate the Companys performance on a comparable basis. We have created a powerful ecosystem that offers seamlessly embedded, personalized solutions for . Our wide market share allows WEX to provide insight like this across the benefits administration landscape. I really like the reports that it generates and the detail it gives. 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. Where does it work? 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. We used multiple vendors and our employees a variety of vendors and banks they could set up their accounts with. The Company's adjusted net income attributable to shareholders guidance, which is a non-GAAP measure, excludes unrealized gains and losses on financial instruments, net foreign currency gains and losses, changes 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, and certain tax related items. How much do Wex International Inc employees make? | Salary.com If used at an IIAS merchant, simply swipe your card and it will automatically approve anything thats an eligible expense. Skip to content. Robert W. Baird increased their price objective on WEX from $222.00 to $236.00 in a research note on Friday. Omnicom OMC reported better-than-expected first-quarter 2023 results. 1 The change in restricted cash payable for the three months ended March 31, 2022 has been reclassified from net cash provided by operating activities to net cash provided by financing activities to conform to the current period presentation. What if additional documentation is required? The Cobra team at WEX is also easy to work with and professional. Women play an important role at WEX. 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. (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.
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