This includes personalizing content and advertising. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. Net income attributable to shareholders per share: Weighted average common shares outstanding: WEX INC. 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 also can use live chat or search hundreds of help articles directly from your online account. I think this could help us determine that the employee is correctly using the funds at the correct locations. Username Forgot Username? 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. 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. EPS increased 12.2% year over year. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Management uses the non-GAAP measures presented within this earnings release to evaluate the Companys performance on a comparable basis. Contact Participant Services by phone at 866-451-3399 or by email at customerservice@discoverybenefits.com. Healthcare support. WEX Inc. price-consensus-eps-surprise-chart | WEX Inc. Quote. Employee Wellness - WEX Benefits You After Feb. 26, go to wexinc.com, hover over Solutions and select Participants/Employees. Existing User. You can seethe complete list of todays Zacks #1 (Strong Buy) Rank stocks here. 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. Forgot 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. CONDENSED CONSOLIDATED BALANCE SHEETS 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. (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. How do I get help with my account? Benefits revenues of $164.9 million registered 36% year-over-year growth. The top line increased 1% year over year. 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. Equifax(EFX Quick QuoteEFX - Free Report) also reported a beat on both counts in its first-quarter 2023 results. Please see Exhibit 1 for a reconciliation of cash flows from operating activities to this non-GAAP measure. Want the latest recommendations from Zacks Investment Research? 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. 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. Average number of vehicles serviced was approximately 18.7 million, an increase of 9% from the first quarter of 2022. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating indiv idual securities. 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. Only the fastest, easiest, most secure B2B payments solution will do. Since 1988 it has more than doubled the S&P 500 with an average gain of +24.27% per year. 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). Transit Program Existing Users Username Forgot Username? WEX was formerly known as Discovery Benefits, LLC. 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. However, WEX Benefits is easier to set up and administer. ZacksTrade and Zacks.com are separate companies. New User. WEX [has] offered better service and better technology, and they customized their solutions to adapt to our highly specific needs. Our experts pride themselves on providing proactive insight and empathetic solutions to all of your needs. Benefits revenues of $164.9 million registered 36% year-over-year growth. WEX Health helps us accurately manage funding for FSAs and HSAs, and allows our employees to manage their own accounts. The top line increased 18.3% year over year, mainly driven by the positive impact of fuel prices and spreads. HR and benefits technology 45% of employees cited salary or employee benefits as their reason for leaving. Our continued business momentum gives me further confidence in our ability to execute against our growth strategy and achieve our long-term financial targets, even in dynamic macroeconomic environments.. 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. 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. . Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. Type a symbol or company name. The Cobra team at WEX is also easy to work with and professional. WEX's first-quarter 2023 revenues benefit . 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. Only Zacks Rank stocks included in Zacks hypothetical portfolios at the beginning of each month are included in the return calculations. WEX Vets Match your military skills Make WEX your next career move At WEX, we recognize the true value of experience-acquired skills. How do I access my account? That claim has now been approved, and the documentation for that claim was also used to offset and approve the 4 denied claims. Adjusted net income is now expected between $13.85 and $14.25 per share . 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. 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. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. Revenues of $4.8 billion missed the consensus mark by 1.3% and our estimate by a slight margin. The average number of vehicles serviced was around 18.7 million, up 9% from the year-ago quarters figure. Long-term debt was $2.6 billion compared with $2.5 billion at the end of the previous quarter. Period. Cash flows from operating activities through the first quarter of this year are $27.1 million. Adjusted earnings of $3.31 per share surpassed the Zacks Consensus Estimate by 3.4% and our estimate by 3.8%. Today, that discovery is still the heart of the Zacks Rank. Zacks Equity Research Offered employees an HSA with investment options. 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. We also use it to track the billing of COBRA for our former employees. They offered an easy-to-use website, and it was clear that they were serious about compliance and proper administration of benefits. We were not at all confident in their administration or compliance of FSAs, HSAs, or COBRA. If used at an IIAS merchant, simply swipe your card and it will automatically approve anything thats an eligible expense. We use WEX Health for our FSA, HSA, and COBRA administration. Zacks->. These returns cover a period from January 1, 1988 through April 3, 2023. Reviewers also preferred doing business with WEX Benefits overall. WEX Inc. Price, Consensus and EPS Surprise, WEX Inc. price-consensus-eps-surprise-chart, Free: See Our Top Stock and 4 Runners Up >>, Do Not Sell My Personal Information (CA Residents Only). Individual salaries will vary depending on the job, department, and location, as well as the employee's level of education, certifications, and additional skills. 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. Total revenues of $1.3 billion surpassed the consensus estimate by 1.5% but decreased 4.5% year over year. Participant services. Technology? A replay of the webcast and the accompanying slides will be available on the Company's website. 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. These symbols will be available throughout the site during your session. It's great to have all of our HSA, FSA and COBRA on one software. This allows us to see the company through a different lens or perspective than we normally would. What if additional documentation is required? ADP Workforce Now is a cloud-based HR platform for mid-sized businesses. Corporate Payments revenues of $104.8 million were up 36% year over year. The top line decreased 7.6% year over year. 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. Client services. WEX data shows that a contribution of as little as $50 or more by employers will encourage HSA participation by employees. WEX solutions reduce your administrative burdens. Today, you can download 7 Best Stocks for the Next 30 Days. WEX Inc. (WEX) Q1 2023 Earnings Call Transcript NYSE and AMEX data is at least 20 minutes delayed. In addition, the benefit of excess free cash flow in the fourth quarter of last year reversed during the first quarter of 2023. Real time prices by BATS. Benefitsolver vs WEX benefits platform 2023 - Feature and Pricing New users can create a new account to get started. 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. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS If your needs fall somewhere in-between, weve got you covered. Keep tabs on all your benefit accounts by quickly checking your balances and details using our secure mobile app. Choosing an HDHP versus a PPO/traditional health plan, 9 ways your benefits administration partner should be supporting you, Inventory Information Approval System (IIAS). Robert W. Baird increased their price objective on WEX from $222.00 to $236.00 in a research note on Friday. This page has not been authorized, sponsored, or otherwise approved or endorsed by the companies represented herein. 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. With real-time access and intuitive navigation to all your important account information, our app includes the following features: Easy, Convenient & Secure WEX INC. Management's Discussion and Analysis of Financial Condition and Results Only 15% of employers changed their benefits in 2021 as a result of COVID-19. Adjusted net income is now expected between $13.85 and $14.25 per . Participants/employees. Mobility revenues were up 7% year over year to $342.3 million. 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. You can view the status of your claims and upload documentation easily with our benefits mobile app or through your online account. 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). 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. Benefits administration Benefits accounts. Well administer HSAs, FSAs, COBRA, and more on your behalf. For the portions of our business that earn revenue based on margin spreads, revenue was adjusted to the comparable margin from the prior year, net of non-controlling interests and applicable taxes. 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. Q1 2023 WEX Inc Earnings Call - Yahoo Finance 1 Debit card for multiple accounts (HSA and commuter benefits accounts). 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. 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. However, general IT issues seem to have plagued my experience using WEX. WEX has created a powerful ecosystem that offers seamlessly embedded, personalized solutions for its customers around the world. WEX Health works well for us. To read this article on Zacks.com click here. 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. You also can log into your account through the Discovery Benefits mobile app, using your existing username and password. WEX | Reset Password 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. of Operations. WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. It would be nice to see the exact date the funds were withdrawn and where the funds were spent. If used at an IIAS merchant, simply swipe your card and it will automatically approve anything thats an eligible expense. Administrative fee invoices and plan funding balances at your fingertips. Email. A wealth of resources for individual investors is available at www.zacks.com. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. Companies can't remove reviews or game the system. WEX Inc. price-consensus-eps-surprise-chart | WEX Inc. Quote. WEX data shows that a contribution of as little as $50 or more by employers will encourage HSA participation by employees. The following table reconciles GAAP cash flows from operating activities to adjusted free cash flow: Cash flows from operating activities, as reported. The WEX Difference Customizable dashboard reporting and analytics to learn account trends. WEX Health also helps us manage all the necessary communications for COBRA administration while keeping us compliant with government rules and regulations. Corporate Payments purchase volume surged 58% year over year to $18.6 billion. The midpoint of the guided range is the same as the current Zacks Consensus Estimate of $2.47 billion. If used elsewhere, you may need to upload supporting documentation (depending on your benefits plan). See Exhibit 1 for a reconciliation of GAAP operating income to total segment adjusted operating income. 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. 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. The top line increased 18.3% year over year, mainly driven by the positive impact of fuel prices and spreads. WEX Benefits | 15,040 followers on LinkedIn. MANs adjusted earnings of $1.61 per share lagged the consensus mark by 0.6% but matched our estimate. 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. Were here to help your business succeed. WEX Benefits Login | WEX customer login | WEX Inc. WEX provides robust solutions for benefits administration, reimbursement accounts, and COBRA administration. Were ready to simplify your business. ERGs drive diversity by fostering new bonds and communities across the company. We use cookies to understand how you use our site and to improve your experience. The COVID-19 National Emergency is over. Privacy Policy | No cost, no obligation to buy anything ever. WEX is a good organization that works well with the business office for ease of providing funding and record keeping. Revenues of $4.8 billion missed the consensus mark by 1.3% and our estimate by a slight margin. 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. r/personalfinance on Reddit: HSA withdrawal from WEX Mobility revenues were up 7% year over year to $342.3 million. EFXs adjusted earnings came in at $1.43, beating the consensus mark by 4.4% but declining 35.6% from the year-ago figure. 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. GAAP operating income margin for the first quarter of 2023 was 25.2% compared to 23.6% for the prior year comparable period. 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. Explore our fleet and mobility solutions for any size or type of business. Integration Platform as a Service (iPaaS), Government Administration Company, 51-200 employees, Computer Software Company, 201-500 employees, Premium Consulting / Integration Services. Corporate Payments revenues of $104.8 million were up 36% year over year. We formerly used TASC and it was a nightmare. Many veterans and those with military service have found rewarding and long careers at WEX.