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. Type a symbol or company name. 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. Transit Program Employers Anyway, kept getting emails periodically and decided to register and view my account finally. Long-term debt was $2.6 billion compared with $2.5 billion at the end of the previous quarter. 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. Remember Me Next New User? We offer partners the ability to configure their security and fraud prevention infrastructure in a way that best serves them. . You'll notice changes in brand name and logos to the online account and mobile app, including where you go to log in. WEX Vets Match your military skills Make WEX your next career move At WEX, we recognize the true value of experience-acquired skills. 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. WEX offers technology and customized solutions that meet employers end-to-end benefits needs and power partners thriving benefits offerings. Full benefits administration. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. (in millions, except per share data) (form 10-Q), https://www.businesswire.com/news/home/20230425006008/en/. After Feb. 26, go to wexinc.com, hover over Solutions and select Participants/Employees. The top line increased 1% year over year. Its a little-known chemical company thats up 65% over last year, yet still dirt cheap. Login. And, we provide them with access to analysis, benchmarks, and trends drawn from one of the industrys largest pools of data. We bring together some of the sharpest and innovative thinkers in the industry to talk leadership, recruiting/retention, employee benefits, effective communication, and more! Employees can save on hundreds of eligible healthcare expenses, like over-the-counter medications, routine healthcare visits, eyeglasses, contact lenses, sunscreen, and more. Total segment adjusted operating income incorporates these same adjustments and further excludes unallocated corporate expenses. WexLocationCode.setTransientValue("wex02"); 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. We estimate the year-over-year impact of fuel prices increased segment revenue by approximately $1 million, including a benefit . 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. What is WEX Benefits? The average salary for Wex International Inc employees is around $91,884 per year, or $44 per hour. 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. Offered employees an HSA with investment options. You can better control these large expenses and streamline your mixed fleet operations with automation and insights from WEX. They offered an easy-to-use website, and it was clear that they were serious about compliance and proper administration of benefits. Adjusted earnings of $3.31 per share surpassed the Zacks Consensus Estimate by 3.4% and our estimate by 3.8%. Privacy Policy | No cost, no obligation to buy anything ever. 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. Our card works at a variety of merchants. The raised range is above the Zacks Consensus Estimate of $13.79. WexLocationCode.setTransientValue("wex02"); EquifaxEFXalso reported a beat on both counts in its first-quarter 2023 results. Weve developed a technology platform and solutions that can be quickly customized for you to achieve your employee benefits goals. 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. Access your WEX benefits account Click the links below to log in to a participant or employer accounts (formerly Discovery Benefits, LLC, a WEX Company). 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. C-Level Executive in Finance and Accounting. 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! There are no changes to the business conducted in each segment. Recruiting and retention tools. 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. Type a symbol or company name. 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. What if additional documentation is required? I would like to see where exactly the employees spent their HSA funds. Since we cover a range of employee benefits needs, we can adapt our solution as your goals change. 45% of employees cited salary or employee benefits as their reason for leaving. The adjusted operating income margin was 37.6%, down 160 basis points year over year. WEX was formerly known as Discovery Benefits, LLC. April 28, 2023, MAN Quick QuoteMAN OMC Quick QuoteOMC EFX Quick QuoteEFX WEX Quick QuoteWEX. of Operations. From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. Higher Education Company, 501-1000 employees, Telecommunications Company, 501-1000 employees, Great core products, poor IT/website and support experiences. Total revenues of $3.4 billion surpassed the consensus estimate by 2.3% and our estimate by 1.4%. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS We reported strong results in the first quarter, exceeding our expectations for revenue and adjusted net income attributable to shareholders, with strength across our ecosystem of solutions, said Melissa Smith, WEXs Chair, Chief Executive Officer, and President. Delayed quotes by FIS. Second quarter and full year 2023 guidance is based on assumed average U.S. retail fuel prices of $3.85 and $3.83 per gallon, respectively. WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. 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. See Exhibit 1 for a reconciliation of GAAP operating income to total segment adjusted operating income. 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; The Company considers certain acquisition-related costs, including certain financing costs, investment banking fees, warranty and indemnity insurance, certain integration related expenses and amortization of acquired intangibles, as well as gains and losses from divestitures to be unpredictable, dependent on factors that may be outside of our control and unrelated to the continuing operations of the acquired or divested business or the Company. Were ready to simplify your business. 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 also can use live chat or search hundreds of help articles directly from your online account. EPS increased 12.2% year over year. You can seethe complete list of todays Zacks #1 (Strong Buy) Rank stocks here. Contact Participant Services by phone at 866-451-3399 or by email at customerservice@discoverybenefits.com. Powered by the belief that complex payment systems can be made simple, WEX (NYSE: WEX) is a leading financial technology service provider across a wide spectrum of sectors, including fleet, corporate payments, and healthcare. When we were looking for a new third party administrator to replace TASC, we were immediately drawn to WEX Health. 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. 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. Period. 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. WEX Health helps us accurately manage funding for FSAs and HSAs, and allows our employees to manage their own accounts. File a claim, view account balance and summary information, sign up for FREE direct deposit, get email notifications, and more! 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. (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. Focusing on diversity also means focusing on inclusion. Integration Platform as a Service (iPaaS), Government Administration Company, 51-200 employees, Computer Software Company, 201-500 employees, Premium Consulting / Integration Services. It would be nice to see the exact date the funds were withdrawn and where the funds were spent. WEX helps leading travel intermediaries efficiently and securely pay travel suppliers anywhere in the world. Mobility payment processing transactions were up 4% year over year to 137.5 million. The Company disclaims any obligation to update any forward-looking statements as a result of new information, future events or otherwise. To that end, we were excited to expand our annual SPARK conference to bring together customers across the mobility, corporate payments, and benefits industries, showcasing how we can help companies simplify the business of running a business with data, payments, and digitization. The highest earners in the top 75th percentile are paid over $104,051. Women play an important role at WEX. I would like to see where exactly the employees spent their FSA funds. Discovery Benefits is now known as WEX. 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. 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 use WEX Health for our employees HSA, FSA and COBRA accounts and tracking. For additional information and timing of these changes, visit this webpage. It allows a good amount of visibility for FSAs and COBRA communications. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Explore our fleet and mobility solutions for any size or type of business. Note that the login experience for COBRA and direct bill participants will not change on Feb. 26. Only 15% of employers changed their benefits in 2021 as a result of COVID-19. WEX enables businesses to run a modern B2B payments program to maximize efficiencies, save money, and help unlock the full revenue potential of digital payments. You'll notice changes in brand name and logos to the online account and mobile app, including where you go to log in. Zacks Equity Research for Adjusted earnings of $3.31 per share surpassed the Zacks Consensus Estimate by 3.4% and our estimate by 3.8%. And were an industry leader in the technology and service you need. 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. Corporate Payments revenues of $104.8 million were up 36% year over year. These symbols will be available throughout the site during your session. Mobility payment processing transactions increased 4% from the first quarter of 2022 to 137.5 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. Health plans With other vendors, I feel like a client. -, 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 We also continued to opportunistically return capital to shareholders, repurchasing $93 million of shares during the quarter. Step 1 of 3. 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 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. Robust benefits administration and enrollment solutions help your employees get the most value from their benefits. As a user of WEX who has a Health Savings Account and who used to have a commuter benefits account, I can say that using the accounts is easy. I think this could help us determine that the employee is correctly using the funds at the correct locations. Benefits revenues of $164.9 million registered 36% year-over-year growth. 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. I think this could help us determine that the employee is correctly using the funds at the correct locations. 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. 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 make it easy to pay and get paid across your entire organization.
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