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. Real time prices by BATS. Partner account executives. OMCs earnings of $1.56 per share beat the Zacks Consensus Estimate by 13% and our estimate by 11.4%. 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. The Company's forward-looking statements do not reflect the potential future impact of any alliance, merger, acquisition, disposition or stock repurchases. 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. See Exhibit 5 for information on the calculation of adjusted operating income margin. We also continued to opportunistically return capital to shareholders, repurchasing $93 million of shares during the quarter. 3910 Keswick Rd., Suite N2600, Baltimore, MD. We are continuously looking for top talent with diverse backgrounds and experience to join our team. Segment Adjusted Operating Income and Adjusted Operating Income Margin Information. Military veterans possess invaluable leadership skills and business acumen. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Financial institutions Our guidance assumes approximately 45.2 million fully diluted shares outstanding for the full year. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. WEX offers complete benefits administration, including benefits accounts such as HSAs, FSAs, HRAs, LSAs, COBRA, and more | Set your business free by . The midpoint of the guided range is the same as the current Zacks Consensus Estimate of $2.47 billion. 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. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS You'll notice changes in brand name and logos to the online account and mobile app, including where you go to log in. Mobility revenues were up 7% year over year to $342.3 million. 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. I think this could help us determine that the employee is correctly using the funds at the correct locations. We power your product, but you retain some responsibilities in-house. 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. of Operations. WEX Benefits vs Workday HCM When assessing the two solutions, reviewers found Workday HCM easier to use. The adjusted operating income margin was 37.6%, down 160 basis points 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. Want the latest recommendations from Zacks Investment Research? To determine the impact of price per gallon of fuel (PPG) on revenue, revenue subject to changes in fuel prices was calculated 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, exclusive of revenue derived from acquisitions for one year following the acquisition dates. The monthly returns are then compounded to arrive at the annual return. Get the latest Health Trends & Insights news in your inbox. Our experts pride themselves on providing proactive insight and empathetic solutions to all of your needs. 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. The highest earners in the top 75th percentile are paid over $104,051. During the first quarter of 2023 the Company repurchased approximately 525,000 shares of its stock for a total cost of approximately $93 million. Browse our category menus to discover hundreds of online resources frequently used by faculty and staff, or use the search to find people. Visit Performance Disclosure for information about the performance numbers displayed above. Benefits of AWS Built services that were instantly scalable and highly deliverable HSA withdrawal from WEX My company insurance plan came with this HSA. For the portions of our business that earn revenue based on margin spreads, revenue was calculated utilizing the comparable margin from the prior year. Anyway, kept getting emails periodically and decided to register and view my account finally. Adjusted operating income increased 13.4% to $230.1 million from the year-ago quarters $202.9 million. Our passion for continuous innovation and our unparalleled level of service were further fueled when Discovery Benefits . 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. The Conference ID number is 2237921. 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 WEX has created a powerful ecosystem that offers seamlessly embedded, personalized solutions for its customers around the world. 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. Mobility payment processing transactions increased 4% from the first quarter of 2022 to 137.5 million. We never really had one place for all of our HSA, FSA and COBRA needs. Corporate Payments purchase volume surged 58% year over year to $18.6 billion. As a user of WEX who has a Health Savings Account and who used to have a commuter benefits account, I can say that using the accounts is easy. 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.. You can seethe complete list of todays Zacks #1 (Strong Buy) Rank stocks here. 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. (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. The exclusion of these items helps management compare changes in operating results between periods that might otherwise be obscured due to currency fluctuations; The change in fair value of contingent consideration, which is related to the acquisition of certain contractual rights to serve as custodian or sub-custodian to HSAs, is dependent upon changes in future interest rate assumptions and has no significant impact on the ongoing operations of the Company. Powered by WEX Health. For employees the WEX Flex benefit phone app was one of the best I have seen for this industry. Reviewers felt that Workday HCM meets the needs of their business better than WEX Benefits. 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. 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. See our report's 7 new picks today, absolutely FREE. 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. 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. As a result, there will be upcoming brand changes that will impact your flexible spending, health savings, and commuter benefits accounts. Login. WEX Inc.(WEX Quick QuoteWEX - Free Report) delivered better-than-expected first-quarter 2023 results. WEX provides end-to-end solutions and so much more. 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. Initial roll out of member cards could be delivered earlier. Total volume across the company came in at $52.3 billion, up 17% year over year. 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. Skip to content. 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. I want to make a difference and make people feel like they belong here and WEXPats empowers me to do that by giving me a community of people who have the shared experience of immigrating to a new country for work and the passion to make the transition easier for others. To locate past Hub and Hub at Work articles, use the search function at the top of the page. 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. EPS increased 12.2% year over year. When your card expires, or you report your card lost or stolen, you will receive a WEX benefits card. Certain Zacks Rank stocks for which no month-end price was available, pricing information was not collected, or for certain other reasons have been excluded from these return calculations. 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. 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. 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. Our card works at a variety of merchants. You can view the status of your claims and upload documentation easily with our benefits mobile app or through your online account. Our customers bring us their complex challenges. WEX solutions reduce your administrative burdens. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. The top line decreased 7.6% year over year. The average number of vehicles serviced was around 18.7 million, up 9% from the year-ago quarters figure. 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. Corporate Payments revenues of $104.8 million were up 36% year over year. Find the right solution, Benefits partners What if additional documentation is required? Net income attributable to shareholders per share: Weighted average common shares outstanding: WEX INC. 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? You can continue to use the debit card you currently have. 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.
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