Participant services. This allows us to see the company through a different lens or perspective than we normally would. You also can use live chat or search hundreds of help articles directly from your online account. EPS increased 12.2% year over year. When your card expires, or you report your card lost or stolen, you will receive a WEX benefits card. . WEX [has] offered better service and better technology, and they customized their solutions to adapt to our highly specific needs. Privacy Policy | No cost, no obligation to buy anything ever. Equifax(EFX Quick QuoteEFX - Free Report) also reported a beat on both counts in its first-quarter 2023 results. How do I access my account? 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. Our first quarter results were excellent as we achieved solid top-line growth, underpinned by continued execution against our strategic priorities, said Jagtar Narula, WEXs Chief Financial Officer. Benefits of AWS Built services that were instantly scalable and highly deliverable 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. Robust benefits administration and enrollment solutions help your employees get the most value from their benefits. . You can better control these large expenses and streamline your mixed fleet operations with automation and insights from WEX. See Exhibit 1 for a reconciliation of GAAP operating income to total segment adjusted operating income. WEX will transform your employee benefits experience through innovative technology, simplified benefits administration, and empathetic service. Want the latest recommendations from Zacks Investment Research? 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.. Consultants/brokers of Operations. 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. Through meaningful networking, innovative learning, and strategic discussions at SPARK 2023, leaders collectively help simplify the complexities of payment systems. Adjusted net income is now expected between $13.85 and $14.25 per . Save time and hassles with Benefits by WEX! Total revenues of $3.4 billion surpassed the consensus estimate by 2.3% and our estimate by 1.4%. If your needs fall somewhere in-between, weve got you covered. We estimate the year-over-year impact of fuel prices increased segment revenue by approximately $1 million, including a benefit . Adjusted net income is expected between $3.45 and $3.55 per share. WEX Health has made administration of FSA, HSA, and COBRA so much easier, I feel confident that WEX Health is compliant, as a company, and that they keep us compliant, We are always able to call and talk to a knowledgeable representative when we have questions. (in millions) Benefits revenues of $164.9 million registered 36% year-over-year growth. WEX Inc.(WEX Quick QuoteWEX - Free Report) delivered better-than-expected first-quarter 2023 results. 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. WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. 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. Zacks->. Your current debit cards and previous correspondence should already have WEX name and logo. The top line increased 1% year over year. The Conference ID number is 2237921. Reviewers also preferred doing business with WEX Benefits overall. (10) Average number of SaaS accounts represents the number of active consumer-directed health, COBRA, and billing accounts on our SaaS platforms. The top line increased 18.3% year over year, mainly driven by the positive impact of fuel prices and spreads. WEX INC. Corporate Payments purchase volume surged 58% year over year to $18.6 billion. Written by The top line decreased 7.6% year over year. WEX Vets Match your military skills Make WEX your next career move At WEX, we recognize the true value of experience-acquired skills. WEX beats them all. WEX Inc. price-consensus-eps-surprise-chart | WEX Inc. Quote. Get the latest Health Trends & Insights news in your inbox. WEX Health works well for us. The midpoint of the guided range is the same as the Zacks Consensus Estimate of $3.50. NASDAQ data is at least 15 minutes delayed. Robert W. Baird increased their price objective on WEX from $222.00 to $236.00 in a research note on Friday. The Company believes that excluding acquisition-related costs and gains or losses on divestitures facilitates the comparison of our financial results to the Companys historical operating results and to other companies in our industry; Stock-based compensation is different from other forms of compensation, as it is a non-cash expense. You retain service and administration while depending on our benefits platform. Now, I'd like to recap our business. 87% more employers changed their benefits in 2022 versus 2021. WEXers approach every opportunity with ingenuity, curiosity, and tenacity. Omnicom (OMC Quick QuoteOMC - Free Report) reported better-than-expected first-quarter 2023 results. For example, a cash salary generally has a fixed and unvarying cash cost. The top line decreased 7.6% year over year. You can continue to use the debit card you currently have. Were here to help your business succeed. (in millions) 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. 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. Our wide market share allows WEX to provide insight like this across the benefits administration landscape. It is a great tool for our employees to easily sign up and . We bring together some of the sharpest and innovative thinkers in the industry to talk leadership, recruiting/retention, employee benefits, effective communication, and more! Certain Zacks Rank stocks for which no month-end price was available, pricing information was not collected, or for certain other reasons have been excluded from these return calculations. 1 MarketScreener is worth more than 1000 Influencers! We make it easy to pay and get paid across your entire organization. NYSE and AMEX data is at least 20 minutes delayed. Mobility payment processing transactions were up 4% year over year to 137.5 million. MANs adjusted earnings of $1.61 per share lagged the consensus mark by 0.6% but matched our estimate. Focusing on diversity also means focusing on inclusion. Explore our fleet and mobility solutions for any size or type of business. New users can create a new account to get started. Technology? A replay of the webcast and the accompanying slides will be available on the Company's website. The Company's non-GAAP adjusted net income attributable to shareholders excludes unrealized gains and losses on financial instruments, net foreign currency gains and losses, change 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, adjustments attributable to our non-controlling interests, and certain tax related items. We run report off of it and it helps us track how much employees have spent out of their own individual accounts. Entry-level set up fee? Reconciliation of GAAP Operating Income to Total Segment Adjusted Operating Income and Adjusted Operating Income, Acquisition-related intangible amortization. WEX Benefits Login Simply select your account type below and you'll be sent to the login page for your Benefits account. Powered by WEX Health. We use WEX Health for our FSA, HSA, and COBRA administration. Reconciliation of GAAP Net Income Attributable to Shareholders to Adjusted Net Income Attributable to Shareholders, Unrealized loss (gain) on financial instruments, Acquisitionrelated intangible amortization, Other acquisition and divestiture related items, Debt restructuring and debt issuance cost amortization, ANI adjustments attributable to noncontrolling interests, Adjusted net income attributable to shareholders. 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! We used multiple vendors and our employees a variety of vendors and banks they could set up their accounts with. Mobility revenues were up 7% year over year to $342.3 million. 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. Health plans Listen (or watch) and subscribe to Benefits Buzz Apple Spotify (5) Net late fee rate represents late fee revenue as a percentage of fuel purchased by fleets that have a payment processing relationship with WEX. Financial institutions WEX data shows that a contribution of as little as $50 or more by employers will encourage HSA participation by employees. (7) Purchase volume represents the total dollar value of all WEX-issued transactions that use WEX corporate card products and virtual card products. Mobility payment processing transactions increased 4% from the first quarter of 2022 to 137.5 million. WEX helps you innovate at scale. Forgot Password. WEX has created a powerful ecosystem that offers seamlessly embedded, personalized solutions for its customers around the world. Today, that discovery is still the heart of the Zacks Rank. Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. WEX COBRA Account Login For Benefits Revenues of $4.8 billion missed the consensus mark by 1.3% and our estimate by a slight margin. 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. We are renaming our existing segments in connection with a rebranding initiative. There are no changes to the business conducted in each segment. New users can create a new account to get started. Today, you can download 7 Best Stocks for the Next 30 Days. Recruiting and retention tools. 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. The adjusted operating income margin was 37.6%, down 160 basis points year over year. Browse our category menus to discover hundreds of online resources frequently used by faculty and staff, or use the search to find people. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 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.. 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. WEX Benefits | 15,040 followers on LinkedIn. In conjunction with this announcement, WEX will host a conference call today, April 27, 2023, at 10:00 a.m. (ET). See Exhibit 1 for a full explanation and reconciliation of adjusted net income attributable to shareholders, adjusted net income attributable to shareholders per diluted share, and adjusted operating income to the most directly comparable GAAP financial measures. Save money and manage fleet operations with our modern business mobility solutions, including a broad array of fuel cards for any size fleet. 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. It makes me feel I have a partner I can trust.. Only the fastest, easiest, most secure B2B payments solution will do. The top line increased 18.3% year over year, mainly driven by the positive impact of fuel prices and spreads. 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. Employees can save on hundreds of eligible healthcare expenses, like over-the-counter medications, routine healthcare visits, eyeglasses, contact lenses, sunscreen, and more.
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