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. Equifax(EFX Quick QuoteEFX - Free Report) also reported a beat on both counts in its first-quarter 2023 results. We are renaming our existing segments in connection with a rebranding initiative. Note that the login experience for COBRA and direct bill participants will not change on Feb. 26. Login. For the second quarter of 2023, the Company expects revenue in the range of $613 million to $623 million and adjusted net income attributable to shareholders in the range of $3.45 to $3.55 per diluted share. New users can create a new account to get started. 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. However, WEX Benefits is easier to set up and administer. We use WEX Health for our employees HSA, FSA and COBRA accounts and tracking. As a result, there will be upcoming brand changes that will impact your flexible spending, health savings, and commuter benefits accounts. I would like to see where exactly the employees spent their HSA funds. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service. B2B payments can save you money, help you negotiate better terms, build supplier loyalty, and even boost your revenue. WEX provides end-to-end solutions and so much more. 1 Debit card for multiple accounts (HSA and commuter benefits accounts). Type a symbol or company name. WEXers approach every opportunity with ingenuity, curiosity, and tenacity. Total revenues of $1.3 billion surpassed the consensus estimate by 1.5% but decreased 4.5% year over year. With other vendors, I feel like a client. Wex (WEX) Q1 2023 Earnings Call Transcript | The Motley Fool Email. As a user , WEX Health (formerly Evolution1) provided the organization with Flex benefit management and Cobra. Visit www.zacksdata.com to get our data and content for your mobile app or website. 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. 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. 3910 Keswick Rd., Suite N2600, Baltimore, MD. Robert W. Baird increased their price objective on WEX from $222.00 to $236.00 in a research note on Friday. Benefits Buzz Podcast - WEX Benefits You WEX Health, Inc. | Complaints | Better Business Bureau Profile Please see Exhibit 1 for a reconciliation of cash flows from operating activities to this non-GAAP measure. I think this could help us determine that the employee is correctly using the funds at the correct locations. Employers 45% of employees cited salary or employee benefits as their reason for leaving. WEX | Reset Password EFXs adjusted earnings came in at $1.43, beating the consensus mark by 4.4% but declining 35.6% from the year-ago figure. ERGs drive diversity by fostering new bonds and communities across the company. WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. WEX helps leading travel intermediaries efficiently and securely pay travel suppliers anywhere in the world. Any statements in this earnings release that are not statements of historical facts are forward-looking statements. Adjusted operating income margin was 37.6% in the first quarter of 2023 compared to 39.2% for the prior year comparable period. WEX was formerly known as Discovery Benefits, LLC. Omnicom (OMC Quick QuoteOMC - Free Report) reported better-than-expected first-quarter 2023 results. 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. In addition, the benefit of excess free cash flow in the fourth quarter of last year reversed during the first quarter of 2023. We are continuously looking for top talent with diverse backgrounds and experience to join our team. WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. Now, I'd like to recap our business. Find the right solution, Benefits partners Our card works at a variety of merchants. Contact Participant Services by phone at 866-451-3399 or by email at customerservice@discoverybenefits.com. 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. Focusing on diversity also means focusing on inclusion. 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. 3 reasons we see people flipping to a fuel card: Apply Now No setup fee Offerings Free Trial Free/Freemium Version Premium Consulting / Integration Services 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. (9) Purchase volume represents the total dollar value of all transactions where interchange is earned by WEX. It makes me feel I have a partner I can trust.. The midpoint of the guided range is the same as the current Zacks Consensus Estimate of $2.47 billion. These returns cover a period from January 1, 1988 through April 3, 2023. 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. Currently, WEX carries a Zacks Rank #4 (Sell). Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. WEX Inc. Price, Consensus and EPS Surprise, WEX Inc. price-consensus-eps-surprise-chart, Markets Close Flat After Eventful Day; MGM, NXPI, CHGG Beat in Q1, Buy the Opportunity in These Stocks After Earnings, Top Stock Reports for AMD, Cigna & Moderna, Market Leader NVIDIA Breaking Out on Volume. To read this article on Zacks.com click here. Choosing an HDHP versus a PPO/traditional health plan, 9 ways your benefits administration partner should be supporting you, Inventory Information Approval System (IIAS). Real time prices by BATS. Discovery Benefits is now a part of WEXinc and you can log into your account using the links below. 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. WEX Health works well for us. From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. See segment revenue for the three months ended March 31, 2023 and 2022 in Exhibit 4 and information regarding segment adjusted operating income margin and adjusted operating income margin in Exhibit 5. The top line increased 1% year over year. Our wide market share allows WEX to provide insight like this across the benefits administration landscape. Long-term debt was $2.6 billion compared with $2.5 billion at the end of the previous quarter. We were not at all confident in their administration or compliance of FSAs, HSAs, or COBRA. How do I access my account? 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.. Remember Me Next New User? WEX Inc. Reports First Quarter 2023 Financial Results Only Zacks Rank stocks included in Zacks hypothetical portfolios at the beginning of each month are included in the return calculations. Participants Accounts HSA, FSA, HRA/Wellness & Commuter Long-term debt was $2.6 billion compared with $2.5 billion at the end of the previous quarter. Segment Adjusted Operating Income and Adjusted Operating Income Margin Information. The phone app is one of the best I have seen and would be great to roll out to those submitting receipts. This page has not been authorized, sponsored, or otherwise approved or endorsed by the companies represented herein. 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. I remember the frustrations experienced by employees submitting receipts with other providers. Pros and Cons of WEX Benefits 2023 - TrustRadius Delayed quotes by FIS. We use WEX Health for our FSA, HSA, and COBRA administration. ERGs drive diversity by fostering new bonds and communities across the company. Corporate Payments purchase volume grew 58% to $18.6 billion from $11.8 billion in the first quarter of 2022. 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. It's great to have all of our HSA, FSA and COBRA on one software. 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. The monthly returns are then compounded to arrive at the annual return. (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. The employee's options to upload receipts seem difficult for some. Financial institutions WEX shares have gained 4.2% in the past year against the 3.1% decline of theindustryit belongs to. (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. What if additional documentation is required? ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating indiv idual securities. The Cobra team at WEX is also easy to work with and professional. WEX Health (formerly Evolution1) is a great organization for organizations that offer Flexible benefits. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. The average number of vehicles serviced was around 18.7 million, up 9% from the year-ago quarters figure. 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. Setting AP department goals and measuring performance, Choosing an HDHP versus a PPO/traditional health plan, Inventory Information Approval System (IIAS). Where does it work? WEX solutions reduce your administrative burdens. 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.. Revenues of $4.8 billion missed the consensus mark by 1.3% and our estimate by a slight margin. WEX offers technology and customized solutions that meet employers end-to-end benefits needs and power partners thriving benefits offerings. 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. WEX Benefits | LinkedIn TheStreet upgraded shares of WEX from a "c" rating to a "b-" rating in a . The average number of vehicles serviced was around 18.7 million, up 9% from the year-ago quarters figure. This allows us to see the company through a different lens or perspective than we normally would. 1 MarketScreener is worth more than 1000 Influencers! Zacks is the leading investment research firm focusing on stock research, analysis and recommendations. EFXs adjusted earnings came in at $1.43, beating the consensus mark by 4.4% but declining 35.6% from the year-ago figure. Corporate Payments revenues of $104.8 million were up 36% year over year. Transit Program Total volume across all segments was $52.3 billion, an increase of 17% from the first quarter of 2022. Adjusted operating income increased 13.4% to $230.1 million from the year-ago quarters $202.9 million. You retain service and administration while depending on our benefits platform. Adjusted net income attributable to shareholders is now expected to be in the range of $13.85 to $14.25 per diluted share, an increase from the prior guidance range of $13.55 to $14.05 per diluted share. 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 WEX Inc. (WEX) Q1 2023 Earnings Call Transcript Gusto offers payroll, benefits and compliance capabilities. 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! The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. 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. . Overall, we continue to execute well on all fronts, and Im pleased to share that we are raising our full year guidance.. Transit Benefit: Human Resources: Loyola University Chicago Invest 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. 3 reasons we see people flipping to a fuel card: Apply Now The raised range is above the Zacks Consensus Estimate of $13.79. Get Started WexLocationCode.setTransientValue("wex02"); Zacks Ranks stocks can, and often do, change throughout the month. And were an industry leader in the technology and service you need. A simple, equally-weighted average return of all Zacks Rank stocks is calculated to determine the monthly return. Powered by WEX Health. Benefits Buzz Podcast - WEX Benefits You A weekly pulse on what's happening in the world of employee benefits. It is a great tool for our employees to easily sign up and . 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. Tax savings. ManpowerGroup Inc. (MAN) - free report >>, Omnicom Group Inc. (OMC) - free report >>. 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. Written by How does your program compare? 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. It is easy to use (you don't have to be super tech savvy). Corporate Payments revenues of $104.8 million were up 36% year over year. 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. Visit Performance Disclosure for information about the performance numbers displayed above.
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