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 makes me feel I have a partner I can trust.. WEX Benefits is a suite of benefits administration solutions, positioned to help employers provide healthcare benefit management for their employees. We make it easy to pay and get paid across your entire organization. Overall, we continue to execute well on all fronts, and Im pleased to share that we are raising our full year guidance.. 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.. Skip to content. 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. 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. I never signed up for it they were just like we opened this for you free money! Adjusted net income is now expected between $13.85 and $14.25 per . Total revenues of $1.3 billion surpassed the consensus estimate by 1.5% but decreased 4.5% year over year. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Gusto offers payroll, benefits and compliance capabilities. Please see Exhibit 1 for a reconciliation of cash flows from operating activities to this non-GAAP measure. We were not at all confident in their administration or compliance of FSAs, HSAs, or COBRA. Mobility payment processing transactions were up 4% year over year to 137.5 million. The bottom line increased 14.9% year over year. Weve simplified the experience from all angles with streamlined administration, insightful employer analytics, and intuitive participant access points. You can seethe complete list of todays Zacks #1 (Strong Buy) Rank stocks here. (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. See our report's 7 new picks today, absolutely FREE. Reconciliation of GAAP Operating Income to Total Segment Adjusted Operating Income and Adjusted Operating Income, Acquisition-related intangible amortization. WEX beats them all. Mobility revenues were up 7% year over year to $342.3 million. WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. Forgot Password. Healthcare support. You'll notice changes in brand name and logos to the online account and mobile app, including where you go to log in. In addition, the benefit of excess free cash flow in the fourth quarter of last year reversed during the first quarter of 2023. Your WEX benefits debit card makes it easy to spend your funds on eligible expenses. 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. Your WEX benefits debit card makes it easy to spend your funds on eligible expenses. Total volume across all segments was $52.3 billion, an increase of 17% from the first quarter of 2022. We used multiple vendors and our employees a variety of vendors and banks they could set up their accounts with. Remember Me Next New User? The Conference ID number is 2237921. Gusto is scaled for small to mid-sized businesses, and emphasizes an easy to use interface. Welcome to WEX! Total revenues of $612 million surpassed the consensus mark by 1.5% and our estimate by 1.7%. I would like to see where exactly the employees spent their HSA funds. Transit Program Adjusted operating income increased 13.4% to $230.1 million from the year-ago quarters $202.9 million. TheStreet upgraded shares of WEX from a "c" rating to a "b-" rating in a . (in millions, except per share data) A wealth of resources for individual investors is available at www.zacks.com. Our guidance assumes approximately 45.2 million fully diluted shares outstanding for the full year. At the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors. 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. CONDENSED CONSOLIDATED BALANCE SHEETS WEX's first-quarter 2023 revenues benefit . Only Zacks Rank stocks included in Zacks hypothetical portfolios at the beginning of each month are included in the return calculations. See Exhibit 5 for information on the calculation of adjusted operating income margin. How does it work? It is well suited to help us see exactly which employee and which company the employee is with and how much they employee spent. We are renaming our existing segments in connection with a rebranding initiative. Our experts picked 7 Zacks Rank #1 Strong Buy stocks with the best chance to skyrocket within the next 30-90 days. This page has not been authorized, sponsored, or otherwise approved or endorsed by the companies represented herein. C-Level Executive in Finance and Accounting. Segment Adjusted Operating Income and Adjusted Operating Income Margin Information. Offered employees an HSA with investment options. Benefits Buzz Podcast - WEX Benefits You A weekly pulse on what's happening in the world of employee benefits. . Copy and paste multiple symbols separated by spaces. Find the right solution, Benefits partners WEX Health works well for us. Browse our category menus to discover hundreds of online resources frequently used by faculty and staff, or use the search to find people. When we were looking for a new third party administrator to replace TASC, we were immediately drawn to WEX Health. and the Health and Employee Benefits Solutions segment will now be renamed to Benefits. 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. EPS increased 12.2% year over year. Participants Accounts HSA, FSA, HRA/Wellness & Commuter 3 reasons we see people flipping to a fuel card: Apply Now 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. 1 Debit card for multiple accounts (HSA and commuter benefits accounts). Login. Long-term debt was $2.6 billion compared with $2.5 billion at the end of the previous quarter. Transcript : WEX Inc., Q1 2023 Earnings Call, Apr 27, 2023, WEX's Q1 Adjusted Earnings, Revenue Increase; Raises 2023 Guidance, Wex Inc. : Results of Operations and Financial Condition (form 8-K), Earnings Flash (WEX) WEX Reports Q1 Revenue $612M, vs. Street Est of $604.4M, Earnings Flash (WEX) WEX Reports Q1 EPS $3.31, vs. Street Est of $3.20, Citigroup Adjusts WEX Price Target to $230 From $190, Maintains Buy Rating. Discovery Benefits is now a part of WEXinc and you can log into your account using the links below. Existing User. In addition, adjusted free cash flow as used by WEX may not be comparable to similarly titled measures employed by other companies. Integration Platform as a Service (iPaaS), Government Administration Company, 51-200 employees, Computer Software Company, 201-500 employees, Premium Consulting / Integration Services. If your needs fall somewhere in-between, weve got you covered. WEX data shows that a contribution of as little as $50 or more by employers will encourage HSA participation by employees. Discovery Benefits is now known as WEX. It is a great tool for our employees to easily sign up and manage their HSA and FSA accounts. (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. About 150 employees. The live conference call also can be accessed by dialing (888) 510-2008 or (646) 960-0306. Save time and hassles with Benefits by WEX! WEX was formerly known as Discovery Benefits, LLC. For more information, please visit www.wexinc.com. Total volume across the company came in at $52.3 billion, up 17% year over year. of Operations. Our easy-to-use APIs in our developer portal give you access to the most complete embedded payment platforms and fintech offerings. Adjusted earnings of $3.31 per share surpassed the Zacks Consensus Estimate by 3.4% and our estimate by 3.8%. I think this could help us determine that the employee is correctly using the funds at the correct locations. Well administer HSAs, FSAs, COBRA, and more on your behalf. Participants/employees. (in millions) You also can log into your account through the Discovery Benefits mobile app, using your existing username and password. 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. Recruiting and retention tools. Visit www.zacksdata.com to get our data and content for your mobile app or website. The adjusted operating income margin was 37.6%, down 160 basis points year over year. You can continue to use the debit card you currently have. 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. The top line increased 18.3% year over year, mainly driven by the positive impact of fuel prices and spreads. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. We bring together some of the sharpest and innovative thinkers in the industry to talk leadership, recruiting/retention, employee benefits, effective communication, and more! How do I get help with my account? The fuel prices referenced above are based on the applicable NYMEX futures price from the week of April 17, 2023. Management uses the non-GAAP measures presented within this earnings release to evaluate the Companys performance on a comparable basis. 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. Copyright 2023 Zacks Investment Research | 10 S Riverside Plaza Suite #1600 | Chicago, IL 60606. The exclusion of these items helps management compare changes in operating results between periods that might otherwise be obscured due to currency fluctuations; The change in fair value of contingent consideration, which is related to the acquisition of certain contractual rights to serve as custodian or sub-custodian to HSAs, is dependent upon changes in future interest rate assumptions and has no significant impact on the ongoing operations of the Company. 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. 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. I think this could help us determine that the employee is spending the funds at correct locations and help us when we do our reconciliations of these accounts. However I would like to see more details. Adjusted net income is expected between $3.45 and $3.55 per share. Client services. And were an industry leader in the technology and service you need. Only 15% of employers changed their benefits in 2021 as a result of COVID-19. -, 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 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. The midpoint of the guided range is the same as the current Zacks Consensus Estimate of $2.47 billion. 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. Adjustments to cash flows from operating activities: Adjusted for certain investing and financing activities: Less: Purchases of current investment securities, net of sales and maturities, Impact of Certain Macro Factors on Reported Revenue and Adjusted Net Income Attributable to Shareholders. 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. Adjusted earnings of $3.31 per share surpassed the Zacks Consensus Estimate by 3.4% and our estimate by 3.8%. See Exhibit 1 for a reconciliation of GAAP operating income to total segment adjusted operating income. Invest Our wide market share allows WEX to provide insight like this across the benefits administration landscape. Choosing an HDHP versus a PPO/traditional health plan, 9 ways your benefits administration partner should be supporting you, Inventory Information Approval System (IIAS). I want to make a difference and make people feel like they belong here and WEXPats empowers me to do that by giving me a community of people who have the shared experience of immigrating to a new country for work and the passion to make the transition easier for others. The bottom line increased 14.9% year over year. Currently, WEX carries a Zacks Rank #4 (Sell). 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. This allows us to see the company through a different lens or perspective than we normally would. Contact Participant Services by phone at 866-451-3399 or by email at customerservice@discoverybenefits.com. 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. Entry-level set up fee? 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 Inc.(WEX Quick QuoteWEX - Free Report) delivered better-than-expected first-quarter 2023 results. 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. Our wide market share allows WEX to provide insight like this across the benefits administration landscape. 1 During the quarters ended March 31, 2023 and 2022, the dilutive impact of convertible notes has been calculated under the 'if-converted' method. Our card works at a variety of merchants. The highest earners in the top 75th percentile are paid over $104,051. Your current debit cards and previous correspondence should already have WEX name and logo. MANs adjusted earnings of $1.61 per share lagged the consensus mark by 0.6% but matched our estimate. 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). Higher Education Company, 501-1000 employees, Telecommunications Company, 501-1000 employees, Great core products, poor IT/website and support experiences. Looking for your Discovery Benefits Login? We offer partners the ability to configure their security and fraud prevention infrastructure in a way that best serves them. It would be nice to see the exact date the funds were withdrawn and where the funds were spent. All fields must be completed unless marked (optional). Create your Watchlist to save your favorite quotes on Nasdaq.com. WEX offers technology and customized solutions that meet employers end-to-end benefits needs and power partners thriving benefits offerings. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. If you wish to go to ZacksTrade, click OK. Benefits revenues of $164.9 million registered 36% year-over-year growth. Our experts pride themselves on providing proactive insight and empathetic solutions to all of your needs. EFXs adjusted earnings came in at $1.43, beating the consensus mark by 4.4% but declining 35.6% from the year-ago figure. of Op.. Tranche Update on WEX Inc.'s Equity Buyback Plan announced on August 23, 2022. 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20230425006008/en/. (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. We provide our partners with a proven benefits and COBRA administration platform thats built to meet their needs.
Otero County Arrests,
Staggered Approach In Project Management,
Benchmade Crooked River Backspacer,
Articles W