In 1978, our founder discovered the power of earnings estimate revisions to enable profitable investment decisions. Adjusted earnings of $3.31 per share surpassed the Zacks Consensus Estimate by 3.4% and our estimate by 3.8%. Our wide market share allows WEX to provide insight like this across the benefits administration landscape. We have created a powerful ecosystem that offers seamlessly embedded, personalized solutions for . Segment Adjusted Operating Income and Adjusted Operating Income Margin Information. Benefits accounts & COBRA Drawn from diverse cultures and experiences, we always seek a better way. What if additional documentation is required? Existing User. 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. WEX COBRA Account Login For Benefits For each period presented, $3.8 million of interest expense associated with our convertible notes, net of tax, was added back to adjusted net income attributable to shareholders, and approximately 1.6 million shares of the Companys common stock associated with the assumed conversion of the convertible notes were included in the calculation of adjusted net income attributable to shareholders per diluted share, as the effect of including such adjustments was dilutive. Choosing an HDHP versus a PPO/traditional health plan, 9 ways your benefits administration partner should be supporting you, Inventory Information Approval System (IIAS). Reviewers felt that Workday HCM meets the needs of their business better than WEX Benefits. The Cobra team at WEX is also easy to work with and professional. The following table reconciles GAAP cash flows from operating activities to adjusted free cash flow: Cash flows from operating activities, as reported. 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? Management believes that investors may find these measures useful for the same purposes, but cautions that they should not be considered a substitute for, or superior to, disclosure in accordance with GAAP. Our experts pride themselves on providing proactive insight and empathetic solutions to all of your needs. For additional information and timing of these changes, visit this webpage. 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. Total revenues of $3.4 billion surpassed the consensus estimate by 2.3% and our estimate by 1.4%. About 150 employees. WEX offers technology and customized solutions that meet employers end-to-end benefits needs and power partners thriving benefits offerings. Copy and paste multiple symbols separated by spaces. 3 reasons we see people flipping to a fuel card: Apply Now 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. WEX provides robust solutions for benefits administration, reimbursement accounts, and COBRA administration. Entry-level set up fee? 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. Our robust security options are supported by a team of expert consultants who are there to continually assess and enhance security and fraud prevention processes. Zacks is the leading investment research firm focusing on stock research, analysis and recommendations. As a user of WEX, I set up my account online, set up my Health Savings Account and commuter benefits account after open enrollment, received and activated a debit card to use for my Health Savings Account and commuter benefits account, viewed account statements, and made investment decisions for my HSA. Adjusted operating income increased 13.4% to $230.1 million from the year-ago quarters $202.9 million. (7) Purchase volume represents the total dollar value of all WEX-issued transactions that use WEX corporate card products and virtual card products. Easy-to-complete non-discrimination testing to keep your plans compliant. 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. We also continued to opportunistically return capital to shareholders, repurchasing $93 million of shares during the quarter. 1 During the quarters ended March 31, 2023 and 2022, the dilutive impact of convertible notes has been calculated under the 'if-converted' method. 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 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. Your WEX benefits debit card makes it easy to spend your funds on eligible expenses. (10) Average number of SaaS accounts represents the number of active consumer-directed health, COBRA, and billing accounts on our SaaS platforms. of Operations. We are a mid-size organization with about 175 employees. (3) Payment processing $ of fuel represents the total dollar value of the fuel purchased by fleets that have a payment processing relationship with 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. Our wide market share allows WEX to provide insight like this across the benefits administration landscape. These symbols will be available throughout the site during your session. 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. 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. Total volume across all segments was $52.3 billion, an increase of 17% from the first quarter of 2022. Public sector Consultants/brokers Stay up-to-date on the latest trends and insight regarding your employee benefits on our blog or subscribe to our podcast. Click to get this free report, ManpowerGroup Inc. (MAN) : Free Stock Analysis Report, Omnicom Group Inc. (OMC) : Free Stock Analysis Report, Equifax, Inc. (EFX) : Free Stock Analysis Report, WEX Inc. (WEX) : Free Stock Analysis Report. 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. Robert W. Baird increased their price objective on WEX from $222.00 to $236.00 in a research note on Friday. You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. WEX [has] offered better service and better technology, and they customized their solutions to adapt to our highly specific needs. Adjusted operating income increased 13.4% to $230.1 million from the year-ago quarters $202.9 million. For employees the WEX Flex benefit , We use WEX Health for our employees HSA, FSA and COBRA accounts and tracking. For employees the WEX Flex benefit phone app was one of the best I have seen for this industry. Reconciliation of GAAP Operating Cash Flow to Adjusted Free Cash Flow. 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. We are renaming our existing segments in connection with a rebranding initiative. In addition, the benefit of excess free cash flow in the fourth quarter of last year reversed during the first quarter of 2023. Working with WEX has been a win-win., WEX and Mastercard have been partners for an incredibly long time and we've both grown together to fundamentally develop this industry., This feels like a partnership. What that means for COBRA, FSAs, and more. Type a symbol or company name. There are no changes to the business conducted in each segment. 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. Forgot Password. And were an industry leader in the technology and service you need. 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. Each partner, employer, and employee has unique needs. PORTLAND, Maine-- (BUSINESS WIRE)-- WEX (NYSE: WEX), a leading financial technology service provider, today announced that it has completed the acquisition of benefitexpress, a leading provider of highly configurable, cloud-based benefits administration technologies and services. (6) Late fee revenue represents fees charged for payments not made within the terms of the customer agreement based upon the outstanding customer receivable balance. Username Forgot Username? We use WEX Health for our employees HSA, FSA and COBRA accounts and tracking. Higher Education Company, 501-1000 employees, Telecommunications Company, 501-1000 employees, Great core products, poor IT/website and support experiences. 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. It's great to have all of our HSA, FSA and COBRA on one software. CONDENSED CONSOLIDATED BALANCE SHEETS 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. 3910 Keswick Rd., Suite N2600, Baltimore, MD. . Offered employees an HSA with investment options. Women play an important role at WEX. The top line decreased 7.6% year over year. 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. I think this could help us determine that the employee is correctly using the funds at the correct locations. The balance is $1500 can I just withdraw that because it seems like I can? 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. Reviewers also preferred doing business with WEX Benefits overall. Delayed Nyse and the Health and Employee Benefits Solutions segment will now be renamed to Benefits. What if additional documentation is required? The average number of vehicles serviced was around 18.7 million, up 9% from the year-ago quarters figure. Powered by WEX Health. 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. These returns cover a period from January 1, 1988 through April 3, 2023. That claim has now been approved, and the documentation for that claim was also used to offset and approve the 4 denied claims. WEX's first-quarter 2023 revenues benefit . Funds contributed in 2022 are being added to the WEX Benefits . 3 reasons we see people flipping to a fuel card: Apply Now 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. (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. (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. Military veterans possess invaluable leadership skills and business acumen. How does it work? Client services. 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. WEX Benefits | 15,040 followers on LinkedIn. Employers Total revenues of $612 million surpassed the consensus mark by 1.5% and our estimate by 1.7%. Create your Watchlist to save your favorite quotes on Nasdaq.com. Benefits administration Benefits accounts. View source version on businesswire.com: https://www.businesswire.com/news/home/20230425006008/en/. 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. 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. 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. Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. In conjunction with this announcement, WEX will host a conference call today, April 27, 2023, at 10:00 a.m. (ET). March 03, 2021. 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 . 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. However I would like to see more details. WEX provides end-to-end solutions and so much more. Learn how your business can generate revenue by adopting digital payments technology. The highest earners in the top 75th percentile are paid over $104,051. The phone app is one of the best I have seen and would be great to roll out to those submitting receipts. 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. For example, they seem to require you to make a new password every few months, which made even just logging in a nightmare (I don't like to save passwords for financial accounts to my browser). HSA withdrawal from WEX My company insurance plan came with this HSA. Welcome to your single source for all you need to know about your benefit account (s). You'll notice changes in brand name and logos to the online account and mobile app, including where you go to log in. No setup fee Offerings Free Trial Free/Freemium Version Premium Consulting / Integration Services WEX helps you innovate at scale. 1 MarketScreener is worth more than 1000 Influencers! 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 offers complete benefits administration, including benefits accounts such as HSAs, FSAs, HRAs, LSAs, COBRA, and more | Set your business free by . We make it easy to pay and get paid across your entire organization. Currently, 35% of employers who use the WEX benefits platform provide an HSA contribution. 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. This allows us to see the company through a different lens or perspective than we normally would. File a claim, view account balance and summary information, sign up for FREE direct deposit, get email notifications, and more! Adjusted free cash flow, which is a non-GAAP measure, is negative $61.4 million for the same period, which is typically seasonally low. Participants Accounts HSA, FSA, HRA/Wellness & Commuter

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