Administrative fee invoices and plan funding balances at your fingertips. (3) Payment processing $ of fuel represents the total dollar value of the fuel purchased by fleets that have a payment processing relationship with WEX. 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.. As a result, there will be upcoming brand changes that will impact your flexible spending, health savings, and commuter benefits accounts. Total revenues of $612 million surpassed the consensus mark by 1.5% and our estimate by 1.7%. Third party administrators In addition, the benefit of excess free cash flow in the fourth quarter of last year reversed during the first quarter of 2023. Powered by WEX Health. Copyright 2023 Zacks Investment Research | 10 S Riverside Plaza Suite #1600 | Chicago, IL 60606. April 28, 2023, MAN Quick QuoteMAN OMC Quick QuoteOMC EFX Quick QuoteEFX WEX Quick QuoteWEX. Total volume across the company came in at $52.3 billion, up 17% year over year. Our experts pride themselves on providing proactive insight and empathetic solutions to all of your needs. ERGs drive diversity by fostering new bonds and communities across the company. The Company disclaims any obligation to update any forward-looking statements as a result of new information, future events or otherwise. 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. For employees the WEX Flex benefit , We use WEX Health for our employees HSA, FSA and COBRA accounts and tracking. WEX is our administrator of several employee benefits, including Health Savings Accounts, commuter benefit accounts, an COBRA. Recruiting and retention tools. 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. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS However, because adjusted free cash flow is a non-GAAP measure, it should not be considered as a substitute for, or superior to, operating cash flow as determined in accordance with GAAP. Invest From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. There are no changes to the business conducted in each segment. Your WEX benefits debit card makes it easy to spend your funds on eligible expenses. Since 1988 it has more than doubled the S&P 500 with an average gain of +24.27% per year. 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). It's great to have all of our HSA, FSA and COBRA on one software. Existing User. and the Health and Employee Benefits Solutions segment will now be renamed to Benefits. At the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors. WexLocationCode.setTransientValue("wex02"); The top line decreased 7.6% year over year. 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. Do I need a new debit card? Save HSAs are employee-owned and all funds carry over, so employees can build their balances to prepare for big expenses. Well administer HSAs, FSAs, COBRA, and more on your behalf. The top line decreased 7.6% year over year. 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. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. See Exhibit 1 for a reconciliation of GAAP operating income to total segment adjusted operating income. New User. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. WEX Health (formerly Evolution1) provided the organization with Flex benefit management and Cobra. 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. WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. WEX shares have gained 4.2% in the past year against the 3.1% decline of theindustryit belongs to. Long-term debt was $2.6 billion compared with $2.5 billion at the end of the previous quarter. 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. We believe this is a useful measure for investors to further evaluate the results of operations. WexBocaLink.setUrl("locations-flyout", "WEXFleetUniversal", "cc1"); WEX helps you save money on fuel and manage all your fleet needs, including both ICE and EV vehicles. Additionally, the non-cash, mark-to-market adjustments on financial instruments are difficult to forecast accurately, making comparisons across historical and future quarters difficult to evaluate; Net foreign currency gains and losses primarily result from the remeasurement to functional currency of cash, accounts receivable and accounts payable balances, certain intercompany notes denominated in foreign currencies and any gain or loss on foreign currency economic hedges relating to these items. Benefits administration Benefits accounts. OMCs earnings of $1.56 per share beat the Zacks Consensus Estimate by 13% and our estimate by 11.4%. WEX INC. We formerly used TASC and it was a nightmare. 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. We power your product, but you retain some responsibilities in-house. Offered employees educational content about HSAs, FSAs, etc. Get the latest Health Trends & Insights news in your inbox. Management uses the non-GAAP measures presented within this earnings release to evaluate the Companys performance on a comparable basis. Username. Browse our category menus to discover hundreds of online resources frequently used by faculty and staff, or use the search to find people. WEX really help simplify and uniforms the whole process and help streamline all HSA, FSA and COBRA processes. WEX helps you innovate at scale. The raised range is above the Zacks Consensus Estimate of $13.79. WEX Health also helps us manage all the necessary communications for COBRA administration while keeping us compliant with government rules and regulations. To read this article on Zacks.com click here. Where does it work? The following table reconciles GAAP cash flows from operating activities to adjusted free cash flow: Cash flows from operating activities, as reported. Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. WEXers approach every opportunity with ingenuity, curiosity, and tenacity. The adjusted operating income margin was 37.6%, down 160 basis points year over year. 45% of employees cited salary or employee benefits as their reason for leaving. Additionally, the non-cash, mark-to-market adjustments on financial instruments are difficult to forecast accurately, making comparisons across historical and future quarters difficult to evaluate; The Company considers certain acquisition-related costs, including certain financing costs, investment banking fees, warranty and indemnity insurance, certain integration related expenses and amortization of acquired intangibles, as well as gains and losses from divestitures to be unpredictable, dependent on factors that may be outside of our control and unrelated to the continuing operations of the acquired or divested business or the Company. That claim has now been approved, and the documentation for that claim was also used to offset and approve the 4 denied claims. The revenue increase in the quarter includes a $1.3 million favorable impact from fuel prices and spreads and a $4.3 million unfavorable impact from foreign exchange rates. About 150 employees. Recent stocks from this report have soared up to +178.7% in 3 months - this month's picks could be even better. Copy and paste multiple symbols separated by spaces. 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 Weve got it. WEX is a good organization that works well with the business office for ease of providing funding and record keeping. Drawn from diverse cultures and experiences, we always seek a better way. 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 Total revenues of $1.3 billion surpassed the consensus estimate by 1.5% but decreased 4.5% year over year. CONDENSED CONSOLIDATED BALANCE SHEETS MANs adjusted earnings of $1.61 per share lagged the consensus mark by 0.6% but matched our estimate. Adjusted net income is now expected between $13.85 and $14.25 per . The COVID-19 National Emergency is over. Mobility payment processing transactions were up 4% year over year to 137.5 million. WEX's first-quarter 2023 revenues benefit . Public sector This page has not been authorized, sponsored, or otherwise approved or endorsed by the companies represented herein. Our wide market share allows WEX to provide insight like this across the benefits administration landscape. 1 During the quarters ended March 31, 2023 and 2022, the dilutive impact of convertible notes has been calculated under the 'if-converted' method. You also can log into your account through the Discovery Benefits mobile app, using your existing username and password. Its a little-known chemical company thats up 65% over last year, yet still dirt cheap. EPS increased 12.2% year over year. I really like the reports that it generates and the detail it gives. Integration Platform as a Service (iPaaS), Government Administration Company, 51-200 employees, Computer Software Company, 201-500 employees, Premium Consulting / Integration Services. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS A simple, equally-weighted average return of all Zacks Rank stocks is calculated to determine the monthly return. Benefits of AWS Built services that were instantly scalable and highly deliverable This dedication to giving investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system. Now, I'd like to recap our business. Companies can't remove reviews or game the system. Learn how your business can generate revenue by adopting digital payments technology. 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. Total revenues of $3.4 billion surpassed the consensus estimate by 2.3% and our estimate by 1.4%. If you are enrolled in a Total Rewards savings or spending account* through Discovery Benefits, Inc. (DBI), you have been notified that DBI is now known as WEX. 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. WEX COBRA Account Login For Benefits New users can create a new account to get started. How do I access my account? Initial roll out of member cards could be delivered earlier. 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. I never signed up for it they were just like we opened this for you free money! Our customers bring us their complex challenges. Currently, WEX carries a Zacks Rank #4 (Sell). The adjusted operating income margin was 37.6%, down 160 basis points year over year. Segment Adjusted Operating Income and Adjusted Operating Income Margin Information. The average number of vehicles serviced was around 18.7 million, up 9% from the year-ago quarters figure. Employees can save on hundreds of eligible healthcare expenses, like over-the-counter medications, routine healthcare visits, eyeglasses, contact lenses, sunscreen, and more. 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. 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. Discovery Benefits is now known as WEX. Remember Me Next. Great professional staff for the Flex benefits, Communication between Flex and Cobra team could use a little improvement. 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 raised range is above the Zacks Consensus Estimate of $13.79. Net income attributable to shareholders per share: Weighted average common shares outstanding: WEX INC. The Cobra team at WEX is also easy to work with and professional. New users can create a new account to get started. We bring together some of the sharpest and innovative thinkers in the industry to talk leadership, recruiting/retention, employee benefits, effective communication, and more! I would like to see where exactly the employees spent their FSA funds. Please see Exhibit 1 for a reconciliation of cash flows from operating activities to this non-GAAP measure. We use WEX Health for our FSA, HSA, and COBRA administration. 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 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. We make it easy to pay and get paid across your entire organization. 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. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. I would like to see where exactly the employees spent their HSA funds. It is a great tool for our employees to easily sign up and . 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. ManpowerGroupMAN reported lower-than-expected first-quarter 2023 results. The fuel prices referenced above are based on the applicable NYMEX futures price from the week of April 17, 2023. Adjusted operating income margin was 37.6% in the first quarter of 2023 compared to 39.2% for the prior year comparable period. Technology? Total net revenue for the first quarter of 2023 increased 18% to $612.0 million from $517.5 million for the first quarter of 2022. We also continued to opportunistically return capital to shareholders, repurchasing $93 million of shares during the quarter. The phone app is one of the best I have seen and would be great to roll out to those submitting receipts. I think this could help us determine that the employee is correctly using the funds at the correct locations. 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. 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. The average number of vehicles serviced was around 18.7 million, up 9% from the year-ago quarters figure. Funds contributed in 2022 are being added to the WEX Benefits . 1 Debit card for multiple accounts (HSA and commuter benefits accounts). We used multiple vendors and our employees a variety of vendors and banks they could set up their accounts with. WEX Health (formerly Evolution1) is a great organization for organizations that offer Flexible benefits. It makes me feel I have a partner I can trust.. Many veterans and those with military service have found rewarding and long careers at WEX. 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). 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. In contrast, the expense associated with an equity-based award is generally unrelated to the amount of cash ultimately received by the employee, and the cost to the Company is based on a stock-based compensation valuation methodology and underlying assumptions that may vary over time; Other costs are not consistently occurring and do not reflect expected future operating expense, nor do they provide insight into the fundamentals of current or past operations of our business. WEX Benefits is a suite of benefits administration solutions, positioned to help employers provide healthcare benefit management for their employees. It would be nice to see the exact date the funds were withdrawn and where the funds were spent. 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. John Levitsky, executive vice president, Mastercard. 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. WEX Inc. Price, Consensus and EPS Surprise, WEX Inc. price-consensus-eps-surprise-chart, Free: See Our Top Stock and 4 Runners Up >>, Do Not Sell My Personal Information (CA Residents Only). ZacksTrade and Zacks.com are separate companies. How does it work? This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. Total segment adjusted operating income incorporates these same adjustments and further excludes unallocated corporate expenses. Setting AP department goals and measuring performance, Choosing an HDHP versus a PPO/traditional health plan, Inventory Information Approval System (IIAS). Listen (or watch) and subscribe to Benefits Buzz Apple Spotify To determine the estimated adjusted net income attributable to shareholders impact of PPG, revenue and certain variable expenses impacted by changes in fuel prices were adjusted based on the average retail price of fuel for the same period in the prior year for the portion of our business that earns revenue based on a percentage of fuel spend, net of applicable taxes, exclusive of revenue and expenses derived from acquisitions for one year following the acquisition dates. (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. 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. Effective June 2022 Benefit Express, that currently manages all Transit and Flexible Spending Accounts (Health, Limited and Dependent Care), will now go by WEX Health Inc. or simply WEX. GAAP operating income margin for the first quarter of 2023 was 25.2% compared to 23.6% for the prior year comparable period. You'll notice changes in brand name and logos to the online account and mobile app, including where you go to log in.