By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service. How does it work? Visit www.zacksdata.com to get our data and content for your mobile app or website. 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. Healthcare support. 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. WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. 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. 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. In addition, adjusted free cash flow as used by WEX may not be comparable to similarly titled measures employed by other companies. I would like notifications that there are new reports out on WEX's website for those who have used their HSA and FSA accounts. (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). Employees can save on hundreds of eligible healthcare expenses, like over-the-counter medications, routine healthcare visits, eyeglasses, contact lenses, sunscreen, and more. Zacks is the leading investment research firm focusing on stock research, analysis and recommendations. 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. Total volume across the company came in at $52.3 billion, up 17% year over year. Step 1 of 3. Our customers bring us their complex challenges. 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. Corporate Payments purchase volume surged 58% year over year to $18.6 billion. . WEX Inc. price-consensus-eps-surprise-chart | WEX Inc. Quote. 3 reasons we see people flipping to a fuel card: Apply Now Learn how your business can generate revenue by adopting digital payments technology. They offered an easy-to-use website, and it was clear that they were serious about compliance and proper administration of benefits. WEX is our administrator of several employee benefits, including Health Savings Accounts, commuter benefit accounts, an COBRA. The Company's non-GAAP adjusted operating income excludes acquisition-related intangible amortization, other acquisition and divestiture related items, stock-based compensation, and other costs. I would like to see where exactly the employees spent their FSA funds. WEX Inc. price-consensus-eps-surprise-chart | WEX Inc. Quote. Only 15% of employers changed their benefits in 2021 as a result of COVID-19. Looking to manage employee benefits, streamline how you pay and get paid by suppliers, save on fuel costs, or modernize how you manage your fleet? Benefits Buzz Podcast - WEX Benefits You A weekly pulse on what's happening in the world of employee benefits. Only Zacks Rank stocks included in Zacks hypothetical portfolios at the beginning of each month are included in the return calculations. (3) Payment processing $ of fuel represents the total dollar value of the fuel purchased by fleets that have a payment processing relationship with WEX. New users can create a new account to get started. Invest 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. To read this article on Zacks.com click here. Were ready to simplify your business. If used at an IIAS merchant, simply swipe your card and it will automatically approve anything thats an eligible expense. To determine the estimated adjusted net income attributable to shareholders impact of PPG, revenue and certain variable expenses impacted by changes in fuel prices were adjusted based on the average retail price of fuel for the same period in the prior year for the portion of our business that earns revenue based on a percentage of fuel spend, net of applicable taxes, exclusive of revenue and expenses derived from acquisitions for one year following the acquisition dates. Transit Program Adjusted operating income increased 13.4% to $230.1 million from the year-ago quarters $202.9 million. Powered by WEX Health. We believe this is a useful measure for investors to further evaluate the results of operations. OMCs earnings of $1.56 per share beat the Zacks Consensus Estimate by 13% and our estimate by 11.4%. A wealth of resources for individual investors is available at www.zacks.com. It is easy to use (you don't have to be super tech savvy). Revenues of $4.8 billion missed the consensus mark by 1.3% and our estimate by a slight margin. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. However, WEX Benefits is easier to set up and administer. (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. We used multiple vendors and our employees a variety of vendors and banks they could set up their accounts with. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. The domestic fuel price in Q1 2023 was $3.86 versus $3.90 in 2022. Through meaningful networking, innovative learning, and strategic discussions at SPARK 2023, leaders collectively help simplify the complexities of payment systems. 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. WEX provides end-to-end solutions and so much more. You may continue to use your account (s) for qualified expenses, and you will receive the same outstanding customer service you have come to expect from DBI, now WEX. In 1978, our founder discovered the power of earnings estimate revisions to enable profitable investment decisions. 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. Employers 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. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Username. Zacks->. The Conference ID number is 2237921. Employers turn to us for their employee benefits, reimbursement account, and COBRA administration for a number of reasons including industry-leading technology, an intuitive and personalized participant experience, a multi-account debit card, access to ongoing benefits education resources, and empathetic customer service. . I personally have been on the phone with their staff and was thoroughly impressed with their professionalism and empathy. 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. Management uses the non-GAAP measures presented within this earnings release to evaluate the Companys performance on a comparable basis. Average number of vehicles serviced was approximately 18.7 million, an increase of 9% from the first quarter of 2022. Find the right solution, Benefits partners This dedication to giving investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system. 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 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. NYSE and AMEX data is at least 20 minutes delayed. EPS increased 12.2% year over year. 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. Reviewers felt that Workday HCM meets the needs of their business better than WEX Benefits. The Fleet Solutions segment will now be renamed to Mobility, the Travel and Corporate Solutions segment will now be renamed to Corporate Payments, and the Health and Employee Benefits Solutions segment will now be renamed to Benefits. It makes me feel I have a partner I can trust.. We run report off of it and it helps us track how much employees have spent out of their own individual accounts. 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). Corporate Payments purchase volume surged 58% year over year to $18.6 billion. All rights reserved. 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. GAAP operating income margin for the first quarter of 2023 was 25.2% compared to 23.6% for the prior year comparable period. Corporate Payments purchase volume grew 58% to $18.6 billion from $11.8 billion in the first quarter of 2022. Get the latest Health Trends & Insights news in your inbox. The ease of submitting receipts is a positive impact (happy employees). It's great to have all of our HSA, FSA and COBRA on one software. Now, I'd like to recap our business. 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.. Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. What is WEX Benefits? Your WEX benefits debit card makes it easy to spend your funds on eligible expenses. WEX beats them all. Existing Users Username Forgot Username? Adjusted earnings of $3.31 per share surpassed the Zacks Consensus Estimate by 3.4% and our estimate by 3.8%. 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 raised range is above the Zacks Consensus Estimate of $13.79. For the portions of our business that earn revenue based on margin spreads, revenue was calculated utilizing the comparable margin from the prior year. 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. WexLocationCode.setTransientValue("wex02"); The tables below show the impact of certain macro factors on reported revenue: To determine the impact of foreign exchange translation (FX) on revenue, revenue from entities whose functional currency is not denominated in U.S. dollars, as well as revenue from purchase volume transacted in non-U.S. denominated currencies, were translated using the weighted average exchange rates for the same period in the prior year, exclusive of revenue derived from acquisitions for one year following the acquisition dates. I think this could help us determine that the employee is correctly using the funds at the correct locations. 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. Written by ZacksTrade and Zacks.com are separate companies. MANs adjusted earnings of $1.61 per share lagged the consensus mark by 0.6% but matched our estimate. WEX Vets Match your military skills Make WEX your next career move At WEX, we recognize the true value of experience-acquired skills. Through its rich data and specialized expertise in simplifying benefits, reimagining mobility, and paying and getting paid, WEX aims to make it easy for companies to overcome complexity and reach their full potential. 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. Do I need a new debit card? Initial roll out of member cards could be delivered earlier. 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. The top line increased 1% year over year. PORTLAND, Maine, April 27, 2023--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 . WEX Benefits is a suite of benefits administration solutions, positioned to help employers provide healthcare benefit management for their employees. 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. (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 top line increased 18.3% year over year, mainly driven by the positive impact of fuel prices and spreads. Women play an important role at WEX. OMCs earnings of $1.56 per share beat the Zacks Consensus Estimate by 13% and our estimate by 11.4%. 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 employee's options to upload receipts seem difficult for some. Total revenues of $1.3 billion surpassed the consensus estimate by 1.5% but decreased 4.5% year over year. The forward-looking statements speak only as of the date of the initial filing of this earnings release and undue reliance should not be placed on these statements. The phone app is one of the best I have seen and would be great to roll out to those submitting receipts. Where does it work? You'll notice changes in brand name and logos to the online account and mobile app, including where you go to log in. The top line decreased 7.6% year over year. WexLocationCode.setTransientValue("wex02"); (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. NASDAQ data is at least 15 minutes delayed. Only the fastest, easiest, most secure B2B payments solution will do. Copy and paste multiple symbols separated by spaces. 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. Recent stocks from this report have soared up to +178.7% in 3 months - this month's picks could be even better. 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. 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. (in millions, except per share data) Individual salaries will vary depending on the job, department, and location, as well as the employee's level of education, certifications, and additional skills. Reconciliation of GAAP Operating Income to Total Segment Adjusted Operating Income and Adjusted Operating Income, Acquisition-related intangible amortization. ManpowerGroup(MAN Quick QuoteMAN - Free Report) reported lower-than-expected first-quarter 2023 results.
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