Adjusted operating income margin was 37.6% in the first quarter of 2023 compared to 39.2% for the prior year comparable period. 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. As a result, there will be upcoming brand changes that will impact your flexible spending, health savings, and commuter benefits accounts. 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. To read this article on Zacks.com click here. WEX service and relationship managers are dedicated to helping partners and employers at all stages, including efficient onboarding, product launch, business growth, employee education and engagement, and more. 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. The balance is $1500 can I just withdraw that because it seems like I can? Remember Me Next New User? This also includes non-recurring professional service costs, costs related to certain identified initiatives, including restructuring and technology initiatives, to further streamline the business, improve the Companys efficiency, create synergies and globalize the Companys operations, all with an objective to improve scale and efficiency and increase profitability going forward; Debt restructuring and debt issuance cost amortization are unrelated to the continuing operations of the Company. Great professional staff for the Flex benefits, Communication between Flex and Cobra team could use a little improvement. Full benefits administration. We also continued to opportunistically return capital to shareholders, repurchasing $93 million of shares during the quarter. These symbols will be available throughout the site during your session. We offer partners the ability to configure their security and fraud prevention infrastructure in a way that best serves them. As a result, there will be upcoming brand changes that will impact your flexible spending, health savings, and commuter benefits accounts. 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. Please see Exhibit 1 for a reconciliation of cash flows from operating activities to this non-GAAP measure. Step 1 of 3. A wealth of resources for individual investors is available at www.zacks.com. WEX Inc. price-consensus-eps-surprise-chart | WEX Inc. Quote. Existing Users Username Forgot Username? Benefits revenues of $164.9 million registered 36% year-over-year growth. EPS increased 12.2% year over year. The midpoint of the guided range is the same as the current Zacks Consensus Estimate of $2.47 billion. See our report's 7 new picks today, absolutely FREE. Easy-to-complete non-discrimination testing to keep your plans compliant. I really like the reports that it generates and the detail it gives. The raised range is above the Zacks Consensus Estimate of $13.79. 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. 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. What that means for COBRA, FSAs, and more. Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. Cash flows from operating activities through the first quarter of this year are $27.1 million. 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. Skip to content. Check out all our insights on staffing, benefits offerings, and retention techniques on our Benefits Trends report. The fuel prices referenced above are based on the applicable NYMEX futures price from the week of April 17, 2023. We believe this is a useful measure for investors to further evaluate the results of operations. 1 During the quarters ended March 31, 2023 and 2022, the dilutive impact of convertible notes has been calculated under the 'if-converted' method. New users can create a new account to get started. Username Forgot Username? WEX provides end-to-end solutions and so much more. CONDENSED CONSOLIDATED BALANCE SHEETS Email. The COVID-19 National Emergency is over. 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). Benefits revenues of $164.9 million registered 36% year-over-year growth. . 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. 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. Learn how your business can generate revenue by adopting digital payments technology. Total volume across the company came in at $52.3 billion, up 17% year over year. Copyright 2023 Zacks Investment Research | 10 S Riverside Plaza Suite #1600 | Chicago, IL 60606. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 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. It allows a good amount of visibility for FSAs and COBRA communications. WEX beats them all. Since 1988 it has more than doubled the S&P 500 with an average gain of +24.27% per year. 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. WEX INC. Management's Discussion and Analysis of Financial Condition and Results A benefits administrator who provides service you can depend on. WEX provides robust solutions for benefits administration, reimbursement accounts, and COBRA administration. There are no changes to the business conducted in each segment. Benefits administration Benefits accounts. This company could rival or surpass other recent Zacks Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year. Adjusted net income is expected between $3.45 and $3.55 per share. Get the latest Health Trends & Insights news in your inbox. The highest earners in the top 75th percentile are paid over $104,051. Currently, WEX carries a Zacks Rank #4 (Sell). 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. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. Type a symbol or company name. The average salary for Wex International Inc employees is around $91,884 per year, or $44 per hour. Currently, WEX carries a Zacks Rank #4 (Sell). 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. Our easy-to-use APIs in our developer portal give you access to the most complete embedded payment platforms and fintech offerings. (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. WEX is our administrator of several employee benefits, including Health Savings Accounts, commuter benefit accounts, an COBRA. Adjusted net income is now expected between $13.85 and $14.25 per . Existing User. To learn more, click here. Organisation ID. 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. . Omnicom OMC reported better-than-expected first-quarter 2023 results. (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. The total number of shares used in calculating adjusted net income attributable to shareholders per diluted share as of March 31, 2023 and 2022 is 45.2 million and 46.9 million, respectively. B2B payments can save you money, help you negotiate better terms, build supplier loyalty, and even boost your revenue. The midpoint of the guided range is the same as the Zacks Consensus Estimate of $3.50. 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. Higher Education Company, 501-1000 employees, Telecommunications Company, 501-1000 employees, Great core products, poor IT/website and support experiences. These are just a few of the dedicated teams we have in place to ensure you have the best experience. Client services. 2 Net activity on debt includes: borrowings on revolving credit facility; repayments on revolving credit facility; repayments on term loans; net borrowing of federal funds; and net (repayments) borrowings on other debt. Want the latest recommendations from Zacks Investment Research? Taft-Hartley Transit Program Explore our fleet and mobility solutions for any size or type of business. Offered employees an HSA with investment options. This includes personalizing content and advertising. Total revenues of $1.3 billion surpassed the consensus estimate by 1.5% but decreased 4.5% year over year. 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 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.. 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. If used at an IIAS merchant, simply swipe your card and it will automatically approve anything thats an eligible expense. With other vendors, I feel like a client. WexLocationCode.setTransientValue("wex02"); The average number of vehicles serviced was around 18.7 million, up 9% from the year-ago quarters figure. Our experts pride themselves on providing proactive insight and empathetic solutions to all of your needs. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. 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. Save HSAs are employee-owned and all funds carry over, so employees can build their balances to prepare for big expenses. WEX shares have gained 4.2% in the past year against the 3.1% decline of theindustryit belongs to. With real-time access and intuitive navigation to all your important account information, our app includes the following features: Easy, Convenient & Secure We are positioned to create a community that sustains and supports us as individuals and leaders, while also helping us to drive positive impact to our business. Currently, 35% of employers who use the WEX benefits platform provide an HSA contribution. Adjusted free cash flow, which is a non-GAAP measure, is negative $61.4 million for the same period, which is typically seasonally low. (7) Purchase volume represents the total dollar value of all WEX-issued transactions that use WEX corporate card products and virtual card products. For more information, please visit www.wexinc.com. For additional information and timing of these changes, visit this webpage. How do I get help with my account? (in millions, except per share data) and the Health and Employee Benefits Solutions segment will now be renamed to Benefits. 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. 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. Discovery Benefits is now known as WEX. Its a little-known chemical company thats up 65% over last year, yet still dirt cheap. Health plans Do I need a new debit card? It is well suited to help us see exactly which employee and which company the employee is with and how much they employee spent. Our wide market share allows WEX to provide insight like this across the benefits administration landscape. Administrative fee invoices and plan funding balances at your fingertips. (4) Net payment processing rate represents the percentage of each payment processing dollar of fuel transaction that WEX records as revenue from merchants, less certain discounts given to customers and network fees. Benefits average number of Software-as-a-Service accounts were up 14% to 20.3 million year over year. 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. 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. 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. Copy and paste multiple symbols separated by spaces. 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. Our customers bring us their complex challenges. We provide our partners with a proven benefits and COBRA administration platform thats built to meet their needs. And, we provide them with access to analysis, benchmarks, and trends drawn from one of the industrys largest pools of data. WEX Benefits is a suite of benefits administration solutions, positioned to help employers provide healthcare benefit management for their employees. Username. WEX Health helps us accurately manage funding for FSAs and HSAs, and allows our employees to manage their own accounts. Long-term debt was $2.6 billion compared with $2.5 billion at the end of the previous quarter. Drawn from diverse cultures and experiences, we always seek a better way. 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. See Exhibit 1 for a reconciliation of GAAP operating income to total segment adjusted operating income. March 03, 2021. The top line increased 18.3% year over year, mainly driven by the positive impact of fuel prices and spreads. The top line decreased 7.6% year over year. If you do not, click Cancel. (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). WEX benefits account resources Participants HSA, FSA, HRA/Wellness & Commuter login Non-employer Individual HSA login COBRA, Retiree & Leave of Absence Member login Participant Knowledgebase 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. Corporate Payments purchase volume grew 58% to $18.6 billion from $11.8 billion in the first quarter of 2022. Create your Watchlist to save your favorite quotes on Nasdaq.com. Our card works at a variety of merchants. ADP Workforce Now is a cloud-based HR platform for mid-sized businesses. Keep tabs on all your benefit accounts by quickly checking your balances and details using our secure mobile app. NASDAQ data is at least 15 minutes delayed. In addition, adjusted free cash flow as used by WEX may not be comparable to similarly titled measures employed by other companies. Mobility payment processing transactions increased 4% from the first quarter of 2022 to 137.5 million. WEX Benefits Login Simply select your account type below and you'll be sent to the login page for your Benefits account. In addition, since debt issuance cost amortization is dependent upon the financing method, which can vary widely company to company, we believe that excluding these costs helps to facilitate comparison to historical results as well as to other companies within our industry; The adjustments attributable to non-controlling interests, including adjustments to the redemption value of a non-controlling interest, have no significant impact on the ongoing operations of the business; The tax related items are the difference between the Companys GAAP tax provision and a pro forma tax provision based upon the Companys adjusted net income attributable to shareholders before taxes as well as the impact from certain discrete tax items.
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