WEX Health (formerly Evolution1) is a great organization for organizations that offer Flexible benefits. Adjusted operating income increased 13.4% to $230.1 million from the year-ago quarters $202.9 million. Discovery Benefits | WEX Inc. Benefits administration The midpoint of the guided range is the same as the current Zacks Consensus Estimate of $2.47 billion. Type a symbol or company name. ERGs drive diversity by fostering new bonds and communities across the company. Looking for your Discovery Benefits Login? Check out all our insights on staffing, benefits offerings, and retention techniques on our Benefits Trends report. Explore our fleet and mobility solutions for any size or type of 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. However, because adjusted net income attributable to shareholders, adjusted operating income and total segment adjusted operating income are non-GAAP measures, they should not be considered as a substitute for, or superior to, net income, operating income or cash flows from operating activities as determined in accordance with GAAP. John Levitsky, executive vice president, Mastercard. 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. How does it work? 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. Adjusted free cash flow, which is a non-GAAP measure, is negative $61.4 million for the same period, which is typically seasonally low. 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 Benefit Solutions. The following factors, among others, could cause actual results to differ materially from those contained in forward-looking statements made in this earnings release and in oral statements made by our authorized officers: the impact of fluctuations in demand for fuel and volatility of fuel prices, including fuel spreads in the Companys international markets, and the resulting impact on the Companys revenues and net income; the effects of general economic conditions, including a decline in demand for fuel, corporate payment services, travel related services, or health care related products and services; the impact and size of credit losses, including fraud losses, and other adverse effects if the Company fails to adequately assess and monitor credit risk or fraudulent use of our payment cards or systems; failure to implement new technology and products; breaches of, or other issues with, the Companys technology systems or those of its third-party service providers and any resulting negative impact on its reputation, liabilities or relationships with customers or merchants; the actions of regulatory bodies, including banking and securities regulators, or possible changes in banking or financial regulations impacting the Companys industrial bank, the Company as the corporate parent or other subsidiaries or affiliates; the failure to maintain or renew key customer and partner agreements and relationships, or to maintain volumes under such agreements; the effect of adverse financial conditions affecting the banking system; the failure to adequately safeguard custodial HSA assets; the failure of corporate investments to result in anticipated strategic value; the extent to which unpredictable events in the locations in which the Company or the Companys customers operate or elsewhere may adversely affect the Companys employees, ability to conduct business, results of operations and financial condition; the failure to comply with the applicable requirements of Mastercard or Visa contracts and rules; the failure to comply with the Treasury Regulations applicable to non-bank custodians; changes in interest rates and the rate of inflation; the ability to attract and retain employees; the ability of the Company to protect its proprietary rights; limitations on or compression of interchange fees; the effects of the Companys business expansion and acquisition efforts; the impact of changes to the Companys credit standards; the impact of foreign currency exchange rates on the Companys operations, revenue and income and other risks associated with operations outside the United States; the impact of the Companys debt instruments on the Companys operations; the impact of leverage on the Companys operations, results or borrowing capacity generally, and as a result of acquisitions specifically; the impact of sales or dispositions of significant amounts of the Companys outstanding common stock into the public market, or the perception that such sales or dispositions could occur; the impact of regulatory capital requirements and other regulatory requirements on the operations of WEX Bank or its ability to make payments to WEX Inc.; the possible dilution to the Companys stockholders caused by the issuance of additional shares of common stock or equity-linked securities, whether as a result of the Companys Convertible Notes or otherwise; the incurrence of impairment charges if the Companys assessment of the fair value of certain of its reporting units changes; the uncertainties of litigation; as well as other risks and uncertainties identified in Item 1A of the Companys Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission on February 28, 2023. Match your military skills | WEX Vets | WEX Inc. WEX Inc. price-consensus-eps-surprise-chart | WEX Inc. Quote. Note that the login experience for COBRA and direct bill participants will not change on Feb. 26. (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. The Cobra team at WEX is also easy to work with and professional. To provide investors with additional insight into its operational performance, WEX has included in this earnings release: in Exhibit 1, reconciliations of non-GAAP measures referenced in this earnings release; in Exhibit 2, tables illustrating the impact of foreign currency rates and fuel prices for each of our reportable segments for the three months ended March 31, 2023; and in Exhibit 3, a table of selected other metrics for the quarter ended March 31, 2023 and the four preceding quarters. Today, you can download 7 Best Stocks for the Next 30 Days. WEX helps leading travel intermediaries efficiently and securely pay travel suppliers anywhere in the world. -, 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 Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. 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 You also can use live chat or search hundreds of help articles directly from your online account. Adjusted operating income increased 13.4% to $230.1 million from the year-ago quarters $202.9 million. EPS increased 12.2% year over year. 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. We offer partners the ability to configure their security and fraud prevention infrastructure in a way that best serves them. A wealth of resources for individual investors is available at www.zacks.com. WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. WEX SPARK 2023 brings together leaders across fleet, over-the-road trucking, corporate payments, and benefits industries to deliver on simplifying the business of running a business. WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. 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. We also continued to opportunistically return capital to shareholders, repurchasing $93 million of shares during the quarter. Total revenues of $1.3 billion surpassed the consensus estimate by 1.5% but decreased 4.5% year over year. and the Health and Employee Benefits Solutions segment will now be renamed to Benefits. 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. Visit www.zacksdata.com to get our data and content for your mobile app or website. 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.. Well administer HSAs, FSAs, COBRA, and more on your behalf. Weve developed a technology platform and solutions that can be quickly customized for you to achieve your employee benefits goals. 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. 1 Debit card for multiple accounts (HSA and commuter benefits accounts). Only Zacks Rank stocks included in Zacks hypothetical portfolios at the beginning of each month are included in the return calculations. EquifaxEFXalso reported a beat on both counts in its first-quarter 2023 results. Save money and manage fleet operations with our modern business mobility solutions, including a broad array of fuel cards for any size fleet. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service. The WEX Benefits platform helps employers with tracking bonus payments and settlements, automating layoffs and elections, managing employee questions and issues in the COBRA Employer Portal. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. 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. 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. If used at an IIAS merchant, simply swipe your card and it will automatically approve anything thats an eligible expense. 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. The top line increased 18.3% year over year, mainly driven by the positive impact of fuel prices and spreads. For the portions of our business that earn revenue based on margin spreads, revenue was calculated utilizing the comparable margin from the prior year. I really like the reports that it generates and the detail it gives. WEX Inc.WEX delivered better-than-expected first-quarter 2023 results. WEX hiring Information Management Specialist Intern in United States Total revenues of $1.3 billion surpassed the consensus estimate by 1.5% but decreased 4.5% year over year. 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. 3 reasons we see people flipping to a fuel card: Apply Now About 150 employees. 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. Zacks Equity Research for The Company's forward-looking statements do not reflect the potential future impact of any alliance, merger, acquisition, disposition or stock repurchases. It makes me feel I have a partner I can trust.. We provide our partners with a proven benefits and COBRA administration platform thats built to meet their needs. 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. 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. 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). WEX helps you innovate at scale. Women play an important role at WEX. Browse our category menus to discover hundreds of online resources frequently used by faculty and staff, or use the search to find people. 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. Drawn from diverse cultures and experiences, we always seek a better way. 3 reasons we see people flipping to a fuel card: Apply Now It is easy to use (you don't have to be super tech savvy). Skip to content. The Company provides revenue guidance on a GAAP basis and earnings guidance on a non-GAAP basis, due to the uncertainty and the indeterminate amount of certain elements that are included in reported GAAP earnings. 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 Only the fastest, easiest, most secure B2B payments solution will do. We never really had one place for all of our HSA, FSA and COBRA needs. Mobility revenues were up 7% year over year to $342.3 million. Robert W. Baird increased their price objective on WEX from $222.00 to $236.00 in a research note on Friday. Where does it work? 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. Anyway, kept getting emails periodically and decided to register and view my account finally. You can better control these large expenses and streamline your mixed fleet operations with automation and insights from WEX. Written by The top line decreased 7.6% year over year. Setting AP department goals and measuring performance, Choosing an HDHP versus a PPO/traditional health plan, Inventory Information Approval System (IIAS). WEX was formerly known as Discovery Benefits, LLC. (9) Purchase volume represents the total dollar value of all transactions where interchange is earned by WEX. The travel industry is evolving. This includes personalizing content and advertising. Corporate Payments revenues of $104.8 million were up 36% year over year. Benefits by WEX on the App Store File a claim, view account balance and summary information, sign up for FREE direct deposit, get email notifications, and more! We have created a powerful ecosystem that offers seamlessly embedded, personalized solutions for . 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. Username. Existing User. (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. Discovery Benefits is now WEX | Hub B2B payments can save you money, help you negotiate better terms, build supplier loyalty, and even boost your revenue. Net income attributable to shareholders per share: Weighted average common shares outstanding: WEX INC. WEX has created a powerful ecosystem that offers seamlessly embedded, personalized solutions for its customers around the world. Where does it work? 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. 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. Adjusted net income is now expected between $13.85 and $14.25 per . WEX Engaged Employer Overview 750 Reviews 214 Jobs 1.3K Salaries 109 Interviews 315 Benefits 4 Photos 305 Diversity + Add a Review WEX Employee Reviews about "benefit" Updated Apr 24, 2023 Search Reviews Clear All Full-time, Part-time English Filter Found 157 of over 751 reviews Sort Popular Popular COVID-19 Related Highest Rating Lowest Rating (unaudited), Change in fair value of contingent consideration, Net unrealized (loss) gain on financial instruments, Less: Net income from non-controlling interests, Change in value of redeemable non-controlling interest. 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. (in millions, except per share data) I would like notifications that there are new reports out on WEX's website for those who have used their HSA and FSA accounts. It features customizable modules of various HR services that businesses can tailor to their specific needs, as well as regulatory monitoring and alerts to help businesses remain compliant. We use WEX Health for our FSA, HSA, and COBRA administration. 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. Our guidance assumes approximately 45.2 million fully diluted shares outstanding for the full year. 3 key themes from WEX SPARK 2023 to help you simplify the business of We run report off of it and it helps us track how much employees have spent out of their own individual accounts. From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. Its a little-known chemical company thats up 65% over last year, yet still dirt cheap. WEX Inc. Reports First Quarter 2023 Financial Results WEX (NYSE:WEX) Price Target Raised to $190.00 - MarketBeat Public sector 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. WEX INC. Management's Discussion and Analysis of Financial Condition and Results Easy-to-complete non-discrimination testing to keep your plans compliant. Please see Exhibit 1 for a reconciliation of cash flows from operating activities to this non-GAAP measure. You can view the status of your claims and upload documentation easily with our benefits mobile app or through your online account. Reviewers also preferred doing business with WEX Benefits overall. The midpoint of the guided range is the same as the Zacks Consensus Estimate of $3.50. Technology? Were ready to simplify your business. After Feb. 26, go to wexinc.com, hover over Solutions and select Participants/Employees. Benefits accounts & COBRA WEX Health works well for us. 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. 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. In addition, the size and complexity of an acquisition, which often drives the magnitude of acquisition-related costs, may not be indicative of such future costs. In 1978, our founder discovered the power of earnings estimate revisions to enable profitable investment decisions. Save time and hassles with Benefits by WEX! Exclusion of the non-cash, mark-to-market adjustments on financial instruments, including interest rate swap agreements and investment securities, helps management identify and assess trends in the Companys underlying business that might otherwise be obscured due to quarterly non-cash earnings fluctuations associated with these financial instruments. WEX Inc.(WEX Quick QuoteWEX - Free Report) delivered better-than-expected first-quarter 2023 results. Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. 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. The bottom line increased 14.9% year over year. The phone app is one of the best I have seen and would be great to roll out to those submitting receipts. For more information, please visit www.wexinc.com. We are renaming our existing segments in connection with a rebranding initiative. WEX Health (formerly Evolution1) provided the organization with Flex benefit management and Cobra. Through meaningful networking, innovative learning, and strategic discussions at SPARK 2023, leaders collectively help simplify the complexities of payment systems. NYSE and AMEX data is at least 20 minutes delayed. Omnicom OMC reported better-than-expected first-quarter 2023 results. Total volume across the company came in at $52.3 billion, up 17% year over year. Global commerce platform simplifying business complexity | WEX Inc. 87% more employers changed their benefits in 2022 versus 2021. 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. New users can create a new account to get started. The highest earners in the top 75th percentile are paid over $104,051. WEX offers technology and customized solutions that meet employers end-to-end benefits needs and power partners thriving benefits offerings. You can continue to use the debit card you currently have. April 28, 2023, MAN Quick QuoteMAN OMC Quick QuoteOMC EFX Quick QuoteEFX WEX Quick QuoteWEX. Transit Benefit: Human Resources: Loyola University Chicago Our experts picked 7 Zacks Rank #1 Strong Buy stocks with the best chance to skyrocket within the next 30-90 days. Health plans We are a mid-size organization with about 175 employees. WEX announces company-wide layoffs; West Fargo employees impacted 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 . Total revenues of $3.4 billion surpassed the consensus estimate by 2.3% and our estimate by 1.4%. Cash flows from operating activities through the first quarter of this year are $27.1 million. It is well suited to help us see exactly which employee and which company the employee is with and how much they employee spent. Discovery Benefits is now WEX - WEX Benefits You Auto-renewal made easy with an intuitive setup and renewal wizard Direct access to our service experts Our customers bring us their complex challenges. We make it easy to pay and get paid across your entire organization. WEX Benefits Login | WEX customer login | WEX Inc. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. You'll notice changes in brand name and logos to the online account and mobile app, including where you go to log in. C-Level Executive in Finance and Accounting. WEX's first-quarter 2023 revenues benefit . The average number of vehicles serviced was around 18.7 million, up 9% from the year-ago quarters figure. WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. However I would like to see more details.