Find the right solution, Benefits partners Average number of vehicles serviced was approximately 18.7 million, an increase of 9% from the first quarter of 2022. (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. A wealth of resources for individual investors is available at www.zacks.com. Copy and paste multiple symbols separated by spaces. ManpowerGroup(MAN Quick QuoteMAN - Free Report) reported lower-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. You'll notice changes in brand name and logos to the online account and mobile app, including where you go to log in. There are no changes to the business conducted in each segment. 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. 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. Check out all our insights on staffing, benefits offerings, and retention techniques on our Benefits Trends report. The raised range is above the Zacks Consensus Estimate of $13.79. Great professional staff for the Flex benefits, Communication between Flex and Cobra team could use a little improvement. 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.. I remember the frustrations experienced by employees submitting receipts with other providers. 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. 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. . The bottom line increased 14.9% year over year. Second quarter and full year 2023 guidance is based on assumed average U.S. retail fuel prices of $3.85 and $3.83 per gallon, respectively. Visit Performance Disclosure for information about the performance numbers displayed above. You could save money by investing in benefits and wellness to reduce employee turnover. 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. Benefits accounts & COBRA I think this could help us determine that the employee is correctly using the funds at the correct locations. Discovery Benefits is now known as WEX. In 1978, our founder discovered the power of earnings estimate revisions to enable profitable investment decisions. That claim has now been approved, and the documentation for that claim was also used to offset and approve the 4 denied claims. 3 reasons we see people flipping to a fuel card: Apply Now Real time prices by BATS. Today, that discovery is still the heart of the Zacks Rank. 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). Welcome to WEX! Long-term debt was $2.6 billion compared with $2.5 billion at the end of the previous quarter. They give you a single debit card for both accounts and it automatically knows (based on the vendor) if a transaction should come out of your HSA or commuter benefits account. Since 1988 it has more than doubled the S&P 500 with an average gain of +24.27% per year. Client services. Total revenues of $612 million surpassed the consensus mark by 1.5% and our estimate by 1.7%. Save time and hassles with Benefits by WEX! 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. If used elsewhere, you may need to upload supporting documentation (depending on your benefits plan). The travel industry is evolving. 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. . Adjusted net income is expected between $3.45 and $3.55 per share. Any statements in this earnings release that are not statements of historical facts are forward-looking statements. Benefits administration Benefits accounts. Username Forgot Username? 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. WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. Your current debit cards and previous correspondence should already have WEX name and logo. Total revenues of $612 million surpassed the consensus mark by 1.5% and our estimate by 1.7%. 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 use WEX Health for our FSA, HSA, and COBRA administration. Taft-Hartley This includes personalizing content and advertising. 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. WEX provides robust solutions for benefits administration, reimbursement accounts, and COBRA administration. Where does it work? Zacks Equity Research Only Zacks Rank stocks included in Zacks hypothetical portfolios at the beginning of each month are included in the return calculations. You retain service and administration while depending on our benefits platform. We offer partners the ability to configure their security and fraud prevention infrastructure in a way that best serves them. WEX was formerly known as Discovery Benefits, LLC. Our experts picked 7 Zacks Rank #1 Strong Buy stocks with the best chance to skyrocket within the next 30-90 days. (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. (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. 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. Get Started Contact Us - Call . Privacy Policy | No cost, no obligation to buy anything ever. Listen (or watch) and subscribe to Benefits Buzz Apple Spotify Benefits average number of Software-as-a-Service accounts were up 14% to 20.3 million year over year. 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. Learn how your business can generate revenue by adopting digital payments technology. 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. 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. WEX Benefits vs Workday HCM When assessing the two solutions, reviewers found Workday HCM easier to use. Auto-renewal made easy with an intuitive setup and renewal wizard Direct access to our service experts 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. Partner account executives. Recent stocks from this report have soared up to +178.7% in 3 months - this month's picks could be even better. New users can create a new account to get started. Delayed Nyse The adjusted operating income margin was 37.6%, down 160 basis points year over year. WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. We power your product, but you retain some responsibilities in-house. Corporate Payments purchase volume surged 58% year over year to $18.6 billion. Administrative fee invoices and plan funding balances at your fingertips. You'll notice changes in brand name and logos to the online account and mobile app, including where you go to log in. Zacks is the leading investment research firm focusing on stock research, analysis and recommendations. 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 Cobra team at WEX is also easy to work with and professional. 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. Adjusted net income is now expected between $13.85 and $14.25 per . 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. ERGs drive diversity by fostering new bonds and communities across the company. WEX Inc. WEX delivered better-than-expected . It is a great tool for our employees to easily sign up and . With real-time access and intuitive navigation to all your important account information, our app includes the following features: Easy, Convenient & Secure Our passion for continuous innovation and our unparalleled level of service were further fueled when Discovery Benefits . WEX Benefits is a suite of benefits administration solutions, positioned to help employers provide healthcare benefit management for their employees. Total segment adjusted operating income incorporates these same adjustments and further excludes unallocated corporate expenses. 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? 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. It would be nice to see the exact date the funds were withdrawn and where the funds were spent. They offered an easy-to-use website, and it was clear that they were serious about compliance and proper administration of benefits. Zacks->. 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. With other vendors, I feel like a client. Mobility payment processing transactions were up 4% year over year to 137.5 million. Our guidance assumes approximately 45.2 million fully diluted shares outstanding for the full year. You can continue to use the debit card you currently have. Management uses the non-GAAP measures presented within this earnings release to evaluate the Companys performance on a comparable basis. WEX Inc. price-consensus-eps-surprise-chart | WEX Inc. Quote. 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. Were here to help your business succeed. Through meaningful networking, innovative learning, and strategic discussions at SPARK 2023, leaders collectively help simplify the complexities of payment systems. How does it work? Corporate Payments revenues of $104.8 million were up 36% 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. 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. 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. The top line increased 18.3% year over year, mainly driven by the positive impact of fuel prices and spreads. Well administer HSAs, FSAs, COBRA, and more on your behalf. John Levitsky, executive vice president, Mastercard. Adjusted net income is expected between $3.45 and $3.55 per share. CONDENSED CONSOLIDATED BALANCE SHEETS 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. See Exhibit 5 for information on the calculation of adjusted operating income margin. Remember Me Next New User? WEX will transform your employee benefits experience through innovative technology, simplified benefits administration, and empathetic service. You also can log into your account through the Discovery Benefits mobile app, using your existing username and password. 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). Focusing on diversity also means focusing on inclusion. These symbols will be available throughout the site during your session. After Feb. 26, go to wexinc.com, hover over Solutions and select Participants/Employees. 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. I would like to see where exactly the employees spent their FSA funds. These are just a few of the dedicated teams we have in place to ensure you have the best experience. (7) Purchase volume represents the total dollar value of all WEX-issued transactions that use WEX corporate card products and virtual card products. 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. Explore our fleet and mobility solutions for any size or type of business. 1 MarketScreener is worth more than 1000 Influencers! Benefits administration WEX shares have gained 4.2% in the past year against the 3.1% decline of theindustryit belongs to. Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. 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. Corporate Payments purchase volume surged 58% year over year to $18.6 billion. Adjusted earnings of $3.31 per share surpassed the Zacks Consensus Estimate by 3.4% and our estimate by 3.8%. Initial roll out of member cards could be delivered earlier. WEX data shows that a contribution of as little as $50 or more by employers will encourage HSA participation by employees. I never signed up for it they were just like we opened this for you free money! 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. 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. Email. WEX Health works well for us. Now, I'd like to recap our business. GAAP operating income margin for the first quarter of 2023 was 25.2% compared to 23.6% for the prior year comparable period. Benefits Buzz Podcast - WEX Benefits You A weekly pulse on what's happening in the world of employee benefits. WEX offers complete benefits administration, including benefits accounts such as HSAs, FSAs, HRAs, LSAs, COBRA, and more | Set your business free by . 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. It is well suited to help us see exactly which employee and which company the employee is with and how much they employee spent. It is a great tool for our employees to easily sign up and manage their HSA and FSA accounts. 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. We provide our partners with a proven benefits and COBRA administration platform thats built to meet their needs. 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. The following table reconciles GAAP cash flows from operating activities to adjusted free cash flow: Cash flows from operating activities, as reported. EquifaxEFXalso reported a beat on both counts in its first-quarter 2023 results. Their support team is also not helpful, as getting the information I needed to complete my taxes for my HSA proved to be very difficult. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. (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. 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! The employee's options to upload receipts seem difficult for some. New users can create a new account to get started. Copyright 2023 Surperformance. Organisation ID. WexLocationCode.setTransientValue("wex02"); You can seethe complete list of todays Zacks #1 (Strong Buy) Rank stocks here. The top line increased 18.3% year over year, mainly driven by the positive impact of fuel prices and spreads. Benefits revenues of $164.9 million registered 36% year-over-year growth. For more information, please visit www.wexinc.com. Robert W. Baird increased their price objective on WEX from $222.00 to $236.00 in a research note on Friday. Browse our category menus to discover hundreds of online resources frequently used by faculty and staff, or use the search to find people. MANs adjusted earnings of $1.61 per share lagged the consensus mark by 0.6% but matched our estimate. 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. 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. Save money and manage fleet operations with our modern business mobility solutions, including a broad array of fuel cards for any size fleet. These returns cover a period from January 1, 1988 through April 3, 2023. 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.
Nuclear Bunkers In Scotland, Community Care Licensing Fingerprint Clearance, Articles W