Third party administrators 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. Benefits average number of Software-as-a-Service accounts were up 14% to 20.3 million year over year. File a claim, view account balance and summary information, sign up for FREE direct deposit, get email notifications, and more! 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. The midpoint of the guided range is the same as the Zacks Consensus Estimate of $3.50. If your needs fall somewhere in-between, weve got you covered. Our passion for continuous innovation and our unparalleled level of service were further fueled when Discovery Benefits . In conjunction with this announcement, WEX will host a conference call today, April 27, 2023, at 10:00 a.m. (ET). We are renaming our existing segments in connection with a rebranding initiative. Auto-renewal made easy with an intuitive setup and renewal wizard Direct access to our service experts Save money and manage fleet operations with our modern business mobility solutions, including a broad array of fuel cards for any size fleet. A replay of the webcast and the accompanying slides will be available on the Company's website. 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. Mobility payment processing transactions were up 4% year over year to 137.5 million. We use WEX Health for our employees HSA, FSA and COBRA accounts and tracking. However, general IT issues seem to have plagued my experience using WEX. 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. WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. of Op.. Tranche Update on WEX Inc.'s Equity Buyback Plan announced on August 23, 2022. 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. WEX was formerly known as Discovery Benefits, LLC. Where does it work? We believe this is a useful measure for investors to further evaluate the results of operations. All rights reserved. It is a great tool for our employees to easily sign up and . How does your program . (7) Purchase volume represents the total dollar value of all WEX-issued transactions that use WEX corporate card products and virtual card products. To read this article on Zacks.com click here. WEX Health works well for us. Higher Education Company, 501-1000 employees, Telecommunications Company, 501-1000 employees, Great core products, poor IT/website and support experiences. WEX Inc.(WEX Quick QuoteWEX - Free Report) delivered better-than-expected first-quarter 2023 results. WEX helps leading travel intermediaries efficiently and securely pay travel suppliers anywhere in the world. The average number of vehicles serviced was around 18.7 million, up 9% from the year-ago quarters figure. Omnicom OMC reported better-than-expected first-quarter 2023 results. 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! When we were looking for a new third party administrator to replace TASC, we were immediately drawn to WEX Health. 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 is a good organization that works well with the business office for ease of providing funding and record keeping. Health plans Zacks->. Benefits of AWS Built services that were instantly scalable and highly deliverable ZacksTrade and Zacks.com are separate companies. (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. Our end-to-end solution has proven to work for partners and clients with all sorts of needs everything from full benefits admin to account management to call center services, and everything in between. Username. Offered employees educational content about HSAs, FSAs, etc. How does it work? 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). Great professional staff for the Flex benefits, Communication between Flex and Cobra team could use a little improvement. WEX benefits platform VISIT PROFILE Pricing Not provided by vendor View Pricing Guide with similar products Free Trial Free Version SEE ALL PRICING Starting from $ 1.15 /Per-Month Pricing Model: Flat Rate Free Trial Free Version SEE ALL PRICING Best for 501-1000+ users -, 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 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. 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. WEX Inc. price-consensus-eps-surprise-chart | WEX Inc. Quote. WEX SPARK 2023 is our annual learning and networking event that focuses on new technologies and emerging industry trends meant to simplify payments, fleet management, and benefits administration and help fuel business growth. ERGs drive diversity by fostering new bonds and communities across the company. 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. 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. 1 During the quarters ended March 31, 2023 and 2022, the dilutive impact of convertible notes has been calculated under the 'if-converted' method. We provide our partners with a proven benefits and COBRA administration platform thats built to meet their needs. 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. I remember the frustrations experienced by employees submitting receipts with other providers. If you wish to go to ZacksTrade, click OK. Benefits revenues of $164.9 million registered 36% year-over-year growth. ManpowerGroupMAN reported lower-than-expected first-quarter 2023 results. We never really had one place for all of our HSA, FSA and COBRA needs. 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. . We estimate the year-over-year impact of fuel prices increased segment revenue by approximately $1 million, including a benefit . 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. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 87% more employers changed their benefits in 2022 versus 2021. Military veterans possess invaluable leadership skills and business acumen. It is a great tool for our employees to easily sign up and manage their HSA and FSA accounts. Adjusted operating income increased 13.4% to $230.1 million from the year-ago quarters $202.9 million. WEX Inc. (WEX) Q1 2023 Earnings Call Transcript Client services. WEX Health (formerly Evolution1) is a great organization for organizations that offer Flexible benefits. 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. WEX | ADP Marketplace WEX Benefits vs Workday HCM When assessing the two solutions, reviewers found Workday HCM easier to use. During the first quarter of 2023 the Company repurchased approximately 525,000 shares of its stock for a total cost of approximately $93 million. Consultants/brokers 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 reconciliation of GAAP operating income to total segment adjusted operating income. CONDENSED CONSOLIDATED BALANCE SHEETS You can view the status of your claims and upload documentation easily with our benefits mobile app or through your online account. With real-time access and intuitive navigation to all your important account information, our app includes the following features: Easy, Convenient & Secure WEX COBRA Account Login For Benefits WEX really help simplify and uniforms the whole process and help streamline all HSA, FSA and COBRA processes. OMCs earnings of $1.56 per share beat the Zacks Consensus Estimate by 13% and our estimate by 11.4%. Total revenues of $3.4 billion surpassed the consensus estimate by 2.3% and our estimate by 1.4%. Step 1 of 3. Reviewers also preferred doing business with WEX Benefits overall. HSA Day - National HSA Awareness Day WEX's first-quarter 2023 revenues benefit . From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. Corporate Payments revenues of $104.8 million were up 36% year over year. Total revenues of $1.3 billion surpassed the consensus estimate by 1.5% but decreased 4.5% year over year. You can seethe complete list of todays Zacks #1 (Strong Buy) Rank stocks here. Benefits average number of Software-as-a-Service accounts were up 14% to 20.3 million year over year. For employees the WEX Flex benefit , We use WEX Health for our employees HSA, FSA and COBRA accounts and tracking. ManpowerGroup Inc. (MAN) - free report >>, Omnicom Group Inc. (OMC) - free report >>. Skip to content. If used elsewhere, you may need to upload supporting documentation (depending on your benefits plan). Adjusted earnings of $3.31 per share surpassed the Zacks Consensus Estimate by 3.4% and our estimate by 3.8%. Adjusted earnings of $3.31 per share surpassed the Zacks Consensus Estimate by 3.4% and our estimate by 3.8%. Our easy-to-use APIs in our developer portal give you access to the most complete embedded payment platforms and fintech offerings. 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. WEX hiring Information Management Specialist Intern in United States The bottom line increased 14.9% year over year. Net income attributable to shareholders on a GAAP basis decreased by $54.8 million to a net income of $68.0 million, or $1.56 per diluted share for the first quarter of 2023, down 42% compared with net income of $122.8 million, or $2.71 per diluted share, for the first quarter of 2022. GAAP operating income margin for the first quarter of 2023 was 25.2% compared to 23.6% for the prior year comparable period. Copyright 2023 Zacks Investment Research | 10 S Riverside Plaza Suite #1600 | Chicago, IL 60606. (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. (1) Segment adjusted operating income margin is derived by dividing segment adjusted operating income by the revenue of the corresponding segment (or the entire Company in the case of total segment adjusted operating income). Military veterans possess invaluable leadership skills and business acumen. For additional information and timing of these changes, visit this webpage. Companies can't remove reviews or game the system. 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. Organisation ID. WEX provides robust solutions for benefits administration, reimbursement accounts, and COBRA administration. Participants Accounts HSA, FSA, HRA/Wellness & Commuter And were an industry leader in the technology and service you need. You can continue to use the debit card you currently have. Equifax(EFX Quick QuoteEFX - Free Report) also reported a beat on both counts in its first-quarter 2023 results. Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. How much do Wex International Inc employees make? | Salary.com Healthcare support. (8) Net interchange rate represents the percentage of the dollar value of each payment processing transaction that WEX records as revenue from merchants, less certain discounts given to customers and network fees. Were ready to simplify your business. ERGs drive diversity by fostering new bonds and communities across the company. We also continued to opportunistically return capital to shareholders, repurchasing $93 million of shares during the quarter. You'll notice changes in brand name and logos to the online account and mobile app, including where you go to log in. Period. The methodology utilized for calculating the Companys adjusted net income attributable to shareholders tax provision is the same methodology utilized in calculating the Companys GAAP tax provision; and. 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. EFXs adjusted earnings came in at $1.43, beating the consensus mark by 4.4% but declining 35.6% from the year-ago figure. How does it work? You also can log into your account through the Discovery Benefits mobile app, using your existing username and password. ManpowerGroup(MAN Quick QuoteMAN - Free Report) reported lower-than-expected first-quarter 2023 results. (9) Purchase volume represents the total dollar value of all transactions where interchange is earned by 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. Women play an important role at WEX. Employers Benefits revenues of $164.9 million registered 36% year-over-year growth. A wealth of resources for individual investors is available at www.zacks.com. We power your product, but you retain some responsibilities in-house. Please see Exhibit 1 for a reconciliation of cash flows from operating activities to this non-GAAP measure. 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. I would like to see where exactly the employees spent their HSA funds. We also use it to track the billing of COBRA for our former employees. 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. Well administer HSAs, FSAs, COBRA, and more on your behalf. Focusing on diversity also means focusing on inclusion. Q1 2023 WEX Inc Earnings Call - Yahoo Finance 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. With other vendors, I feel like a client. Currently, 35% of employers who use the WEX benefits platform provide an HSA contribution. Want the latest recommendations from Zacks Investment Research? Anyway, kept getting emails periodically and decided to register and view my account finally. WEX Q1 Earnings and Revenues Beat Estimates, Increase Y/Y WEX Health helps us accurately manage funding for FSAs and HSAs, and allows our employees to manage their own accounts. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. Delayed Nyse You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. Benefits by WEX on the App Store