What if additional documentation is required? 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. WEX Vets Match your military skills Make WEX your next career move At WEX, we recognize the true value of experience-acquired skills. Since 1988 it has more than doubled the S&P 500 with an average gain of +24.27% per year. New users can create a new account to get started. The top line decreased 7.6% year over year. WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. . WEX shares have gained 4.2% in the past year against the 3.1% decline of theindustryit belongs to. Visit Performance Disclosure for information about the performance numbers displayed above. WEX offers technology and customized solutions that meet employers end-to-end benefits needs and power partners thriving benefits offerings. Offered employees an HSA with investment options. Corporate Payments revenues of $104.8 million were up 36% year over year. WEX COBRA Account Login For Benefits Currently, 35% of employers who use the WEX benefits platform provide an HSA contribution. 87% more employers changed their benefits in 2022 versus 2021. Adjusted earnings of $3.31 per share surpassed the Zacks Consensus Estimate by 3.4% and our estimate by 3.8%. However, WEX Benefits is easier to set up and administer. Total revenues of $612 million surpassed the consensus mark by 1.5% and our estimate by 1.7%. Contact Participant Services by phone at 866-451-3399 or by email at customerservice@discoverybenefits.com. WEX was formerly known as Discovery Benefits, LLC. OMCs earnings of $1.56 per share beat the Zacks Consensus Estimate by 13% and our estimate by 11.4%. Omnicom OMC reported better-than-expected first-quarter 2023 results. Women play an important role at WEX. 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. Username Forgot Username? You can view the status of your claims and upload documentation easily with our benefits mobile app or through your online account. WEX helps you innovate at scale. 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. 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. Only Zacks Rank stocks included in Zacks hypothetical portfolios at the beginning of each month are included in the return calculations. Total volume across the company came in at $52.3 billion, up 17% year over year. (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. The phone app is one of the best I have seen and would be great to roll out to those submitting receipts. The bottom line increased 14.9% year over year. 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. 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. MANs adjusted earnings of $1.61 per share lagged the consensus mark by 0.6% but matched our estimate. Save HSAs are employee-owned and all funds carry over, so employees can build their balances to prepare for big expenses. Average number of vehicles serviced was approximately 18.7 million, an increase of 9% from the first quarter of 2022. The top line increased 1% year over year. What if additional documentation is required? WEX Engaged Employer Overview 750 Reviews 214 Jobs 1.3K Salaries 109 Interviews 315 Benefits 4 Photos 305 Diversity + Add a Review WEX Employee Reviews about "benefit" Updated Apr 24, 2023 Search Reviews Clear All Full-time, Part-time English Filter Found 157 of over 751 reviews Sort Popular Popular COVID-19 Related Highest Rating Lowest Rating 3 key themes from WEX SPARK 2023 to help you simplify the business of If your needs fall somewhere in-between, weve got you covered. Administrative fee invoices and plan funding balances at your fingertips. Transit Program 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. 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. EFXs adjusted earnings came in at $1.43, beating the consensus mark by 4.4% but declining 35.6% from the year-ago figure. WEX really help simplify and uniforms the whole process and help streamline all HSA, FSA and COBRA processes. The raised range is above the Zacks Consensus Estimate of $13.79. 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. 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). April 28, 2023, MAN Quick QuoteMAN OMC Quick QuoteOMC EFX Quick QuoteEFX WEX Quick QuoteWEX. Benefits of AWS Built services that were instantly scalable and highly deliverable Learn how your business can generate revenue by adopting digital payments technology. 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. 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. Delayed Nyse (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. Welcome to your single source for all you need to know about your benefit account (s). WEX INC. Gusto offers payroll, benefits and compliance capabilities. of Operations. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. You can view the status of your claims and upload documentation easily with our benefits mobile app or through your online account. 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 end-to-end solution has proven to work for partners and clients with all sorts of needs everything from full benefits admin to account management to call center services, and everything in between. 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. 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. Your WEX benefits debit card makes it easy to spend your funds on eligible expenses. Stay up-to-date on the latest trends and insight regarding your employee benefits on our blog or subscribe to our podcast. 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. A benefits administrator who provides service you can depend on. Transit Benefit: Human Resources: Loyola University Chicago 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 used at an IIAS merchant, simply swipe your card and it will automatically approve anything thats an eligible expense. Get the latest Health Trends & Insights news in your inbox. 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. Organisation ID. If used elsewhere, you may need to upload supporting documentation (depending on your benefits plan). . CONDENSED CONSOLIDATED BALANCE SHEETS Long-term debt was $2.6 billion compared with $2.5 billion at the end of the previous quarter. Skip to content. 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. 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. (9) Purchase volume represents the total dollar value of all transactions where interchange is earned by WEX. ADP Workforce Now is a cloud-based HR platform for mid-sized businesses. 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. Focusing on diversity also means focusing on inclusion. I personally have been on the phone with their staff and was thoroughly impressed with their professionalism and empathy. Benefits revenues of $164.9 million registered 36% year-over-year growth. Save money and manage fleet operations with our modern business mobility solutions, including a broad array of fuel cards for any size fleet. 1 During the quarters ended March 31, 2023 and 2022, the dilutive impact of convertible notes has been calculated under the 'if-converted' method. There are no changes to the business conducted in each segment. The monthly returns are then compounded to arrive at the annual return. Currently, WEX carries a Zacks Rank #4 (Sell). See Exhibit 1 for a reconciliation of GAAP operating income to total segment adjusted operating income. You can continue to use the debit card you currently have. 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. Citigroup increased their price target on shares of WEX from $190.00 to $230.00 and gave the stock a "buy" rating in a research report on Monday, February 13th. Zacks->. These returns cover a period from January 1, 1988 through April 3, 2023. 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. We also use it to track the billing of COBRA for our former employees. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. 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 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. (7) Purchase volume represents the total dollar value of all WEX-issued transactions that use WEX corporate card products and virtual card products. Get Started You can seethe complete list of todays Zacks #1 (Strong Buy) Rank stocks here. Overall, we continue to execute well on all fronts, and Im pleased to share that we are raising our full year guidance.. The live conference call also can be accessed by dialing (888) 510-2008 or (646) 960-0306. Forgot Password. 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.. Only 15% of employers changed their benefits in 2021 as a result of COVID-19. Recent stocks from this report have soared up to +178.7% in 3 months - this month's picks could be even better. Participants/employees. Get Started Contact Us - Call . Long-term debt was $2.6 billion compared with $2.5 billion at the end of the previous quarter. WEST FARGO WEX Inc., a payment systems company based in Portland, Maine, downsized its operation through wide-ranging layoffs on Friday, Oct. 14, including in North Dakota. We use cookies to understand how you use our site and to improve your experience. Total revenues of $1.3 billion surpassed the consensus estimate by 1.5% but decreased 4.5% year over year. This includes personalizing content and advertising. 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. Gusto is scaled for small to mid-sized businesses, and emphasizes an easy to use interface. We offer partners the ability to configure their security and fraud prevention infrastructure in a way that best serves them. Total revenues of $3.4 billion surpassed the consensus estimate by 2.3% and our estimate by 1.4%. 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 retain service and administration while depending on our benefits platform. (10) Average number of SaaS accounts represents the number of active consumer-directed health, COBRA, and billing accounts on our SaaS platforms. Login. EPS increased 12.2% year over year. Military veterans possess invaluable leadership skills and business acumen. Currently, WEX carries a Zacks Rank #4 (Sell). Discovery Benefits is now a part of WEXinc and you can log into your account using the links below. Our benefits administration 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. And, we provide them with access to analysis, benchmarks, and trends drawn from one of the industrys largest pools of data. Benefits revenues of $164.9 million registered 36% year-over-year growth. 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. Copyright 2023 Surperformance. WEX provides robust solutions for benefits administration, reimbursement accounts, and COBRA administration. If used at an IIAS merchant, simply swipe your card and it will automatically approve anything thats an eligible expense. Any statements in this earnings release that are not statements of historical facts are forward-looking statements. Explore our fleet and mobility solutions for any size or type of business. Zacks Ranks stocks can, and often do, change throughout the month. Taft-Hartley Recruiting and retention tools. (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. This dedication to giving investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system. 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. Working with WEX has been a win-win., WEX and Mastercard have been partners for an incredibly long time and we've both grown together to fundamentally develop this industry., This feels like a partnership. Funds contributed in 2022 are being added to the WEX Benefits . 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. The balance is $1500 can I just withdraw that because it seems like I can? HR and benefits technology March 03, 2021. Your WEX benefits debit card makes it easy to spend your funds on eligible expenses. Cash flows from operating activities through the first quarter of this year are $27.1 million. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service. WEX Health (formerly Evolution1) is a great organization for organizations that offer Flexible benefits. . Type a symbol or company name. Weve simplified the experience from all angles with streamlined administration, insightful employer analytics, and intuitive participant access points. When we were looking for a new third party administrator to replace TASC, we were immediately drawn to WEX Health. 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. Benefits administration Benefits accounts. Corporate Payments purchase volume surged 58% year over year to $18.6 billion. You also can log into your account through the Discovery Benefits mobile app, using your existing username and password. WEX Inc.(WEX Quick QuoteWEX - Free Report) delivered better-than-expected first-quarter 2023 results. 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. The employee's options to upload receipts seem difficult for some. 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. Initial roll out of member cards could be delivered earlier. Find the right solution, Benefits partners For more information, please visit www.wexinc.com. Easy-to-complete non-discrimination testing to keep your plans compliant. WEX Inc. (WEX) Q1 2023 Earnings Call Transcript Our card works at a variety of merchants. Today, that discovery is still the heart of the Zacks Rank. Participant services. NYSE and AMEX data is at least 20 minutes delayed. WEX Benefits | LinkedIn WEX Health helps us accurately manage funding for FSAs and HSAs, and allows our employees to manage their own accounts. This page has not been authorized, sponsored, or otherwise approved or endorsed by the companies represented herein. 3910 Keswick Rd., Suite N2600, Baltimore, MD. Where does it work? 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. Corporate Payments revenues of $104.8 million were up 36% year over year. 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. 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; Net foreign currency gains and losses primarily result from the remeasurement to functional currency of cash, accounts receivable and accounts payable balances, certain intercompany notes denominated in foreign currencies and any gain or loss on foreign currency economic hedges relating to these items. The top line increased 18.3% year over year, mainly driven by the positive impact of fuel prices and spreads. Our card works at a variety of merchants. Companies can't remove reviews or game the system. Employee Wellness - WEX Benefits You EquifaxEFXalso reported a beat on both counts in its first-quarter 2023 results. 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. You'll notice changes in brand name and logos to the online account and mobile app, including where you go to log in. Discovery Benefits | WEX Inc. It is easy to use (you don't have to be super tech savvy). Full benefits administration. Were here to help your business succeed. ManpowerGroupMAN reported lower-than-expected first-quarter 2023 results. Our experts picked 7 Zacks Rank #1 Strong Buy stocks with the best chance to skyrocket within the next 30-90 days. 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). The average number of vehicles serviced was around 18.7 million, up 9% from the year-ago quarters figure. 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. (in millions, except per share data) Zacks Equity Research Type a symbol or company name. Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. Total volume across all segments was $52.3 billion, an increase of 17% from the first quarter of 2022. Our continued business momentum gives me further confidence in our ability to execute against our growth strategy and achieve our long-term financial targets, even in dynamic macroeconomic environments.. 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. Invest WEX announces company-wide layoffs; West Fargo employees impacted
Ancient Egyptian Wedding Traditions,
1950 10 Pfennig Value In Us Dollars,
Tortoise Adoption Alabama,
Okay Surefeed Vs D&h,
Warwick Economics Alumni,
Articles W