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Get Started Contact Us - Call . You can better control these large expenses and streamline your mixed fleet operations with automation and insights from WEX. 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. 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. Average number of vehicles serviced was approximately 18.7 million, an increase of 9% from the first quarter of 2022. 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. 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. A simple, equally-weighted average return of all Zacks Rank stocks is calculated to determine the monthly return. (3) Payment processing $ of fuel represents the total dollar value of the fuel purchased by fleets that have a payment processing relationship with WEX. 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. Find the right solution, Benefits partners How do I get help with my account? New users can create a new account to get started. 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.. Public sector 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. 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. ManpowerGroupMAN reported lower-than-expected first-quarter 2023 results. Client services. Your current debit cards and previous correspondence should already have WEX name and logo. Each partner, employer, and employee has unique needs. Want the latest recommendations from Zacks Investment Research? WEX Inc. WEX delivered better-than-expected . OMCs earnings of $1.56 per share beat the Zacks Consensus Estimate by 13% and our estimate by 11.4%. Cash flows from operating activities through the first quarter of this year are $27.1 million. Email. Choosing an HDHP versus a PPO/traditional health plan, 9 ways your benefits administration partner should be supporting you, Inventory Information Approval System (IIAS). 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. A benefits administrator who provides service you can depend on. Offered employees educational content about HSAs, FSAs, etc. At the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors. 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. WEX helps you innovate at scale. 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. We use WEX Health for our employees HSA, FSA and COBRA accounts and tracking. Existing Users Username Forgot Username? Total volume across the company came in at $52.3 billion, up 17% year over year. 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. Gusto offers payroll, benefits and compliance capabilities. Mobility payment processing transactions were up 4% year over year to 137.5 million. Any statements in this earnings release that are not statements of historical facts are forward-looking statements. 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 Benefits is a suite of benefits administration solutions, positioned to help employers provide healthcare benefit management for their employees. MANs adjusted earnings of $1.61 per share lagged the consensus mark by 0.6% but matched our estimate. 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. 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. You can continue to use the debit card you currently have. WEX Inc.(WEX Quick QuoteWEX - Free Report) delivered better-than-expected first-quarter 2023 results. 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. What that means for COBRA, FSAs, and more. Corporate Payments revenues of $104.8 million were up 36% year over year. 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. Benefits administration 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. Welcome to WEX! By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service. Weve simplified the experience from all angles with streamlined administration, insightful employer analytics, and intuitive participant access points. For the portions of our business that earn revenue based on margin spreads, revenue was calculated utilizing the comparable margin from the prior year. 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. The adjusted operating income margin was 37.6%, down 160 basis points year over year. Save money and manage fleet operations with our modern business mobility solutions, including a broad array of fuel cards for any size fleet. EquifaxEFXalso reported a beat on both counts in its first-quarter 2023 results. Many veterans and those with military service have found rewarding and long careers at WEX. 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. 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. WEX is a good organization that works well with the business office for ease of providing funding and record keeping. Username Forgot Username? We use WEX Health for our FSA, HSA, and COBRA administration. 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). 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. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating indiv idual securities. We provide our partners with a proven benefits and COBRA administration platform thats built to meet their needs. WEX provides robust solutions for benefits administration, reimbursement accounts, and COBRA administration. 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. 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. John Levitsky, executive vice president, Mastercard. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS That claim has now been approved, and the documentation for that claim was also used to offset and approve the 4 denied claims. What if additional documentation is required? 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). Username. Benefits revenues of $164.9 million registered 36% year-over-year growth. 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. Reviewers also preferred doing business with WEX Benefits overall. (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. 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. A replay of the webcast and the accompanying slides will be available on the Company's website. 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. These symbols will be available throughout the site during your session. Forgot Password. . The bottom line increased 14.9% year over year. 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. 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. Invest Save HSAs are employee-owned and all funds carry over, so employees can build their balances to prepare for big expenses. April 28, 2023, MAN Quick QuoteMAN OMC Quick QuoteOMC EFX Quick QuoteEFX WEX Quick QuoteWEX. Delayed quotes by FIS. 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. Debt restructuring costs are not consistently occurring and do not reflect expected future operating expense, nor do they provide insight into the fundamentals of current or past operations of our business. 3 reasons we see people flipping to a fuel card: Apply Now 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. OMCs earnings of $1.56 per share beat the Zacks Consensus Estimate by 13% and our estimate by 11.4%. Welcome to your single source for all you need to know about your benefit account (s). Only Zacks Rank stocks included in Zacks hypothetical portfolios at the beginning of each month are included in the return calculations. Period. Currently, WEX carries a Zacks Rank #4 (Sell). I would like to see where exactly the employees spent their HSA funds. Currently, WEX carries a Zacks Rank #4 (Sell). Looking for your Discovery Benefits Login? Great professional staff for the Flex benefits, Communication between Flex and Cobra team could use a little improvement. How does it work? 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. Benefits revenues of $164.9 million registered 36% year-over-year growth. I would like to see where exactly the employees spent their FSA funds. and the Health and Employee Benefits Solutions segment will now be renamed to Benefits. (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. This includes personalizing content and advertising. WEX is our administrator of several employee benefits, including Health Savings Accounts, commuter benefit accounts, an COBRA. Browse our category menus to discover hundreds of online resources frequently used by faculty and staff, or use the search to find people. All rights reserved. To locate past Hub and Hub at Work articles, use the search function at the top of the page. Through meaningful networking, innovative learning, and strategic discussions at SPARK 2023, leaders collectively help simplify the complexities of payment systems. We believe this is a useful measure for investors to further evaluate the results of operations. The average salary for Wex International Inc employees is around $91,884 per year, or $44 per hour. Robust benefits administration and enrollment solutions help your employees get the most value from their benefits. Get the latest Health Trends & Insights news in your inbox. Our wide market share allows WEX to provide insight like this across the benefits administration landscape. 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. WEX's first-quarter 2023 revenues benefit . Equifax(EFX Quick QuoteEFX - Free Report) also reported a beat on both counts in its first-quarter 2023 results. WexLocationCode.setTransientValue("wex02"); Benefits of AWS Built services that were instantly scalable and highly deliverable I think this could help us determine that the employee is correctly using the funds at the correct locations. 1 MarketScreener is worth more than 1000 Influencers! EFXs adjusted earnings came in at $1.43, beating the consensus mark by 4.4% but declining 35.6% from the year-ago figure. Remember Me Next New User? In addition, adjusted free cash flow as used by WEX may not be comparable to similarly titled measures employed by other companies. Robert W. Baird increased their price objective on WEX from $222.00 to $236.00 in a research note on Friday. WEX solutions reduce your administrative burdens. Employers Currently, 35% of employers who use the WEX benefits platform provide an HSA contribution. How does your program . 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. 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. (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. 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. Total revenues of $612 million surpassed the consensus mark by 1.5% and our estimate by 1.7%. 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. (in millions, except per share data) Total revenues of $3.4 billion surpassed the consensus estimate by 2.3% and our estimate by 1.4%. See Exhibit 5 for information on the calculation of adjusted operating income margin. WEX offers complete benefits administration, including benefits accounts such as HSAs, FSAs, HRAs, LSAs, COBRA, and more | Set your business free by . Zacks->. Corporate Payments purchase volume grew 58% to $18.6 billion from $11.8 billion in the first quarter of 2022. (in millions) Management believes that investors may find these measures useful for the same purposes, but cautions that they should not be considered a substitute for, or superior to, disclosure in accordance with GAAP. We power your product, but you retain some responsibilities in-house. 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. Were here to help your business succeed. Zacks Equity Research The top line decreased 7.6% year over year. Visit www.zacksdata.com to get our data and content for your mobile app or website. 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 We run report off of it and it helps us track how much employees have spent out of their own individual accounts. Get Started 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. For employees the WEX Flex benefit , We use WEX Health for our employees HSA, FSA and COBRA accounts and tracking. We are renaming our existing segments in connection with a rebranding initiative. Only the fastest, easiest, most secure B2B payments solution will do. The Company's forward-looking statements do not reflect the potential future impact of any alliance, merger, acquisition, disposition or stock repurchases. 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. Where does it work? 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. 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. Check out all our insights on staffing, benefits offerings, and retention techniques on our Benefits Trends report. 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. Long-term debt was $2.6 billion compared with $2.5 billion at the end of the previous quarter. (10) Average number of SaaS accounts represents the number of active consumer-directed health, COBRA, and billing accounts on our SaaS platforms. We also continued to opportunistically return capital to shareholders, repurchasing $93 million of shares during the quarter. Weve developed a technology platform and solutions that can be quickly customized for you to achieve your employee benefits goals. HR and benefits technology The top line increased 1% year over year. (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. Entry-level set up fee? We estimate the year-over-year impact of fuel prices increased segment revenue by approximately $1 million, including a benefit . 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. Contact Participant Services by phone at 866-451-3399 or by email at customerservice@discoverybenefits.com. Discovery Benefits is now known as WEX. WEX Vets Match your military skills Make WEX your next career move At WEX, we recognize the true value of experience-acquired skills. Adjusted earnings of $3.31 per share surpassed the Zacks Consensus Estimate by 3.4% and our estimate by 3.8%. Offered employees an HSA with investment options. Discovery Benefits is now a part of WEXinc and you can log into your account using the links below. 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. As a result, there will be upcoming brand changes that will impact your flexible spending, health savings, and commuter benefits accounts. 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.

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