Administrative fee invoices and plan funding balances at your fingertips. WexLocationCode.setTransientValue("wex02"); It is a great tool for our employees to easily sign up and . The top line increased 1% year over year. Zacks Ranks stocks can, and often do, change throughout the month. Get Started 3 reasons we see people flipping to a fuel card: Apply Now The average number of vehicles serviced was around 18.7 million, up 9% from the year-ago quarters figure. Higher Education Company, 501-1000 employees, Telecommunications Company, 501-1000 employees, Great core products, poor IT/website and support experiences. We have created a powerful ecosystem that offers seamlessly embedded, personalized solutions for . Currently, WEX carries a Zacks Rank #4 (Sell). HR and benefits technology WEX Inc. price-consensus-eps-surprise-chart | WEX Inc. Quote. 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 could save money by investing in benefits and wellness to reduce employee turnover. Military veterans possess invaluable leadership skills and business acumen. Email. EFXs adjusted earnings came in at $1.43, beating the consensus mark by 4.4% but declining 35.6% from the year-ago figure. 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. Only the fastest, easiest, most secure B2B payments solution will do. 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. Adjusted net income is expected between $3.45 and $3.55 per share. 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). Participants Accounts HSA, FSA, HRA/Wellness & Commuter For more information, please visit www.wexinc.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20230425006008/en/. I personally have been on the phone with their staff and was thoroughly impressed with their professionalism and empathy. Real time prices by BATS. Corporate Payments revenues of $104.8 million were up 36% year over year. Overall, we continue to execute well on all fronts, and Im pleased to share that we are raising our full year guidance.. This allows us to see the company through a different lens or perspective than we normally would. Visit www.zacksdata.com to get our data and content for your mobile app or website. WEX's first-quarter 2023 revenues benefit . The travel industry is evolving. Total volume across all segments was $52.3 billion, an increase of 17% from the first quarter of 2022. 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. Learn how your business can generate revenue by adopting digital payments technology. 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. 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. Easy-to-complete non-discrimination testing to keep your plans compliant. Total revenues of $1.3 billion surpassed the consensus estimate by 1.5% but decreased 4.5% year over year. (in millions) Average number of vehicles serviced was approximately 18.7 million, an increase of 9% from the first quarter of 2022. WEX helps you innovate at scale. ManpowerGroupMAN reported lower-than-expected first-quarter 2023 results. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. 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. You can view the status of your claims and upload documentation easily with our benefits mobile app or through your online account. Benefits revenues of $164.9 million registered 36% year-over-year growth. We also continued to opportunistically return capital to shareholders, repurchasing $93 million of shares during the quarter. Initial roll out of member cards could be delivered earlier. Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. Now, I'd like to recap our business. Written by Please see Exhibit 1 for a reconciliation of cash flows from operating activities to this non-GAAP measure. What if additional documentation is required? You retain service and administration while depending on our benefits platform. Robert W. Baird increased their price objective on WEX from $222.00 to $236.00 in a research note on Friday. 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. Financial institutions Partner account executives. Tax savings. Reconciliation of GAAP Operating Cash Flow to Adjusted Free Cash Flow. GAAP operating income margin for the first quarter of 2023 was 25.2% compared to 23.6% for the prior year comparable period. Currently, 35% of employers who use the WEX benefits platform provide an HSA contribution. During the first quarter of 2023 the Company repurchased approximately 525,000 shares of its stock for a total cost of approximately $93 million. WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. (in millions, except per share data) Reconciliation of GAAP Operating Income to Total Segment Adjusted Operating Income and Adjusted Operating Income, Acquisition-related intangible amortization. The midpoint of the guided range is the same as the current Zacks Consensus Estimate of $2.47 billion. With real-time access and intuitive navigation to all your important account information, our app includes the following features: Easy, Convenient & Secure Healthcare support. ManpowerGroup(MAN Quick QuoteMAN - Free Report) reported lower-than-expected first-quarter 2023 results. WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. WEX Inc. price-consensus-eps-surprise-chart | WEX Inc. Quote. 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. Employees can save on hundreds of eligible healthcare expenses, like over-the-counter medications, routine healthcare visits, eyeglasses, contact lenses, sunscreen, and more. You also can use live chat or search hundreds of help articles directly from your online account. Focusing on diversity also means focusing on inclusion. Remember Me Next. We believe this is a useful measure for investors to further evaluate the results of operations. (4) Net payment processing rate represents the percentage of each payment processing dollar of fuel transaction that WEX records as revenue from merchants, less certain discounts given to customers and network fees. Total volume across the company came in at $52.3 billion, up 17% year over year. The fuel prices referenced above are based on the applicable NYMEX futures price from the week of April 17, 2023. You can seethe complete list of todays Zacks #1 (Strong Buy) Rank stocks here. 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. Public sector Adjusted net income is now expected between $13.85 and $14.25 per share . (1) Adjusted operating income margin is derived by dividing adjusted operating income by total revenues of the entire Company as shown on the Condensed Consolidated Statement of Operations. Mobility revenues were up 7% year over year to $342.3 million. Funds contributed in 2022 are being added to the WEX Benefits . WEX really help simplify and uniforms the whole process and help streamline all HSA, FSA and COBRA processes. 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. 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. Gusto is scaled for small to mid-sized businesses, and emphasizes an easy to use interface. A simple, equally-weighted average return of all Zacks Rank stocks is calculated to determine the monthly return. From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. Its a little-known chemical company thats up 65% over last year, yet still dirt cheap. The top line increased 18.3% year over year, mainly driven by the positive impact of fuel prices and spreads. We use WEX Health for our FSA, HSA, and COBRA administration. 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. I would like to see where exactly the employees spent their FSA funds. 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. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. Revenues of $4.8 billion missed the consensus mark by 1.3% and our estimate by a slight margin. WEX INC. Management's Discussion and Analysis of Financial Condition and Results Where does it work? We power your product, but you retain some responsibilities in-house. 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). We were not at all confident in their administration or compliance of FSAs, HSAs, or COBRA. 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. Recent stocks from this report have soared up to +178.7% in 3 months - this month's picks could be even better. Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. 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. 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. Were here to help your business succeed. Adjusted earnings of $3.31 per share surpassed the Zacks Consensus Estimate by 3.4% and our estimate by 3.8%. Total revenues of $612 million surpassed the consensus mark by 1.5% and our estimate by 1.7%. Reviewers also preferred doing business with WEX Benefits overall. For 2023, revenues are now expected between $2.45 billion and $2.49 billion compared with the previous expectation of $2.43-$2.47 billion. However, WEX Benefits is easier to set up and administer. I really like the reports that it generates and the detail it gives. Anyway, kept getting emails periodically and decided to register and view my account finally. 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. EFXs adjusted earnings came in at $1.43, beating the consensus mark by 4.4% but declining 35.6% from the year-ago figure. You can seethe complete list of todays Zacks #1 (Strong Buy) Rank stocks here. 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. (in millions) Listen (or watch) and subscribe to Benefits Buzz Apple Spotify 1Q revenue increased 18% year-over-year to a first quarter record $612 million, 1Q GAAP net income was $1.56 per diluted share, down 42% year-over-year; 1Q adjusted net income attributable to shareholders increased 15% year-over-year to $3.31 per diluted share, 1Q GAAP operating income margin of 25.2% and adjusted operating income margin of 37.6%, Total volume increased 17% year-over-year to $52.3 billion. (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). Check out all our insights on staffing, benefits offerings, and retention techniques on our Benefits Trends report. The bottom line increased 14.9% year over year. Auto-renewal made easy with an intuitive setup and renewal wizard Direct access to our service experts Today, that discovery is still the heart of the Zacks Rank. ZacksTrade and Zacks.com are separate companies. These returns cover a period from January 1, 1988 through April 3, 2023. If used elsewhere, you may need to upload supporting documentation (depending on your benefits plan). We run report off of it and it helps us track how much employees have spent out of their own individual accounts. Copy and paste multiple symbols separated by spaces. We used multiple vendors and our employees a variety of vendors and banks they could set up their accounts with. (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. 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. See Exhibit 1 for a reconciliation of GAAP operating income to total segment adjusted operating income. This includes personalizing content and advertising. 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.. Long-term debt was $2.6 billion compared with $2.5 billion at the end of the previous quarter. Welcome to WEX! 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 ADP Workforce Now is a cloud-based HR platform for mid-sized businesses. 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. 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. At the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors. Each partner, employer, and employee has unique needs. Explore our fleet and mobility solutions for any size or type of business. Your WEX benefits debit card makes it easy to spend your funds on eligible expenses. 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. How does it work? Zacks is the leading investment research firm focusing on stock research, analysis and recommendations. For employees the WEX Flex benefit phone app was one of the best I have seen for this industry. I would like notifications that there are new reports out on WEX's website for those who have used their HSA and FSA accounts. Third party administrators Any statements in this earnings release that are not statements of historical facts are forward-looking statements. Remember Me Next New User? After Feb. 26, go to wexinc.com, hover over Solutions and select Participants/Employees. NYSE and AMEX data is at least 20 minutes delayed. 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. WEX Inc.WEX delivered better-than-expected first-quarter 2023 results. Integration Platform as a Service (iPaaS), Government Administration Company, 51-200 employees, Computer Software Company, 201-500 employees, Premium Consulting / Integration Services. (unaudited), Change in fair value of contingent consideration, Net unrealized (loss) gain on financial instruments, Less: Net income from non-controlling interests, Change in value of redeemable non-controlling interest. It makes me feel I have a partner I can trust.. Client services. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service. WexBocaLink.setUrl("locations-flyout", "WEXFleetUniversal", "cc1"); Save money and manage fleet operations with our modern business mobility solutions, including a broad array of fuel cards for any size fleet. 3910 Keswick Rd., Suite N2600, Baltimore, MD. See Exhibit 5 for information on the calculation of adjusted operating income margin. 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. What that means for COBRA, FSAs, and more. 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 The top line decreased 7.6% year over year. Employers Our 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. Only Zacks Rank stocks included in Zacks hypothetical portfolios at the beginning of each month are included in the return calculations. Total net revenue for the first quarter of 2023 increased 18% to $612.0 million from $517.5 million for the first quarter of 2022. 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. 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. Average HSA custodial cash assets in the first quarter of 2023 were $3,676 million which is 25% higher than $2,950 million a year ago. Username Forgot Username? How does it work? WexLocationCode.setTransientValue("wex02"); WEX will transform your employee benefits experience through innovative technology, simplified benefits administration, and empathetic service. 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. WEX Health (formerly Evolution1) is a great organization for organizations that offer Flexible benefits. 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. Omnicom OMC reported better-than-expected first-quarter 2023 results. (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. You'll notice changes in brand name and logos to the online account and mobile app, including where you go to log in. Mobility revenues were up 7% year over year to $342.3 million. The Company's non-GAAP adjusted net income attributable to shareholders excludes unrealized gains and losses on financial instruments, net foreign currency gains and losses, change 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, adjustments attributable to our non-controlling interests, and certain tax related items. Mobility payment processing transactions were up 4% year over year to 137.5 million. 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! Corporate Payments purchase volume surged 58% year over year to $18.6 billion. Our wide market share allows WEX to provide insight like this across the benefits administration landscape. Skip to content. It allows a good amount of visibility for FSAs and COBRA communications. How do I get help with my account? 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. As a user , WEX Health (formerly Evolution1) provided the organization with Flex benefit management and Cobra. 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. New users can create a new account to get started. . There are no changes to the business conducted in each segment. Do I need a new debit card? I remember the frustrations experienced by employees submitting receipts with other providers. When your card expires, or you report your card lost or stolen, you will receive a WEX benefits card. Individual salaries will vary depending on the job, department, and location, as well as the employee's level of education, certifications, and additional skills. 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. Offered employees educational content about HSAs, FSAs, etc. 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. Benefits revenues of $164.9 million registered 36% year-over-year growth. NASDAQ data is at least 15 minutes delayed. WEX Benefits is a suite of benefits administration solutions, positioned to help employers provide healthcare benefit management for their employees. . 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. WEX is a good organization that works well with the business office for ease of providing funding and record keeping. 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. (10) Average number of SaaS accounts represents the number of active consumer-directed health, COBRA, and billing accounts on our SaaS platforms. Transit Program

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