The ease of submitting receipts is a positive impact (happy employees). Privacy Policy | No cost, no obligation to buy anything ever. Through meaningful networking, innovative learning, and strategic discussions at SPARK 2023, leaders collectively help simplify the complexities of payment systems. The top line increased 18.3% year over year, mainly driven by the positive impact of fuel prices and spreads. WEX Q1 Earnings and Revenues Beat Estimates, Increase Y/Y 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. Employers Put the power of our intelligent commerce platform to work in your own payments solution. WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. 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. How does your program . WEX Benefits is a suite of benefits administration solutions, positioned to help employers provide healthcare benefit management for their employees. . EPS increased 12.2% year over year. 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. Our passion for continuous innovation and our unparalleled level of service were further fueled when Discovery Benefits . (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. Zacks is the leading investment research firm focusing on stock research, analysis and recommendations. I personally have been on the phone with their staff and was thoroughly impressed with their professionalism and empathy. Currently, 35% of employers who use the WEX benefits platform provide an HSA contribution. How does your program compare? 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. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Corporate Payments purchase volume grew 58% to $18.6 billion from $11.8 billion in the first quarter of 2022. You can view the status of your claims and upload documentation easily with our benefits mobile app or through your online account. Our first quarter results were excellent as we achieved solid top-line growth, underpinned by continued execution against our strategic priorities, said Jagtar Narula, WEXs Chief Financial Officer. WEX Inc.WEX delivered better-than-expected first-quarter 2023 results. Currently, WEX carries a Zacks Rank #4 (Sell). If you wish to go to ZacksTrade, click OK. WEX Health (formerly Evolution1) is a great organization for organizations that offer Flexible benefits. 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 Benefits Solutions segment will now be renamed to Benefits. EFXs adjusted earnings came in at $1.43, beating the consensus mark by 4.4% but declining 35.6% from the year-ago figure. See Exhibit 5 for information on the calculation of adjusted operating income margin. (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. Save time and hassles with Benefits by WEX! (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. I really like the reports that it generates and the detail it gives. 1 Debit card for multiple accounts (HSA and commuter benefits accounts). 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. In conjunction with this announcement, WEX will host a conference call today, April 27, 2023, at 10:00 a.m. (ET). This allows us to see the company through a different lens or perspective than we normally would. 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. B2B payments can save you money, help you negotiate better terms, build supplier loyalty, and even boost your revenue. ManpowerGroupMAN reported lower-than-expected first-quarter 2023 results. Benefitsolver vs WEX benefits platform 2023 - Feature and Pricing WEX | Reset Password It makes me feel I have a partner I can trust.. 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. WEX (NYSE:WEX) Price Target Raised to $190.00 - MarketBeat File a claim, view account balance and summary information, sign up for FREE direct deposit, get email notifications, and more! Revenues of $4.8 billion missed the consensus mark by 1.3% and our estimate by a slight margin. Third party administrators Weve got it. We were not at all confident in their administration or compliance of FSAs, HSAs, or COBRA. We use cookies to understand how you use our site and to improve your experience. Adjusted earnings of $3.31 per share surpassed the Zacks Consensus Estimate by 3.4% and our estimate by 3.8%. The bottom line increased 14.9% year over year. Please see Exhibit 1 for a reconciliation of cash flows from operating activities to this non-GAAP measure. WEX enables businesses to run a modern B2B payments program to maximize efficiencies, save money, and help unlock the full revenue potential of digital payments. Skip to content. The adjusted operating income margin was 37.6%, down 160 basis points year over year. Do I need a new debit card? Discovery Benefits is now known as WEX. The domestic fuel price in Q1 2023 was $3.86 versus $3.90 in 2022. TheStreet upgraded shares of WEX from a "c" rating to a "b-" rating in a . Specifically, you can use it anywhere with an Inventory Information Approval System (IIAS) or at merchants that meet the IRS 90 percent rule (where 90% of gross sales meet eligibility requirements). (3) Payment processing $ of fuel represents the total dollar value of the fuel purchased by fleets that have a payment processing relationship with WEX. and the Health and Employee Benefits Solutions segment will now be renamed to Benefits. Simplifying Benefits for Everyone | WEX Inc. WEX Inc. (WEX) Q1 2023 Earnings Call Transcript WEX / Discovery Benefits COBRA Account Login Information Visit Performance Disclosure for information about the performance numbers displayed above. Today, you can download 7 Best Stocks for the Next 30 Days. Contact Participant Services by phone at 866-451-3399 or by email at customerservice@discoverybenefits.com. As previously announced, the conference call will be webcast live on the Internet, and can be accessed along with the accompanying slides at the Investor Relations section of the WEX website, www.wexinc.com. Remember Me Next New User? This also includes non-recurring professional service costs, costs related to certain identified initiatives, including restructuring and technology initiatives, to further streamline the business, improve the Companys efficiency, create synergies and globalize the Companys operations, all with an objective to improve scale and efficiency and increase profitability going forward; Debt restructuring and debt issuance cost amortization are unrelated to the continuing operations of the Company. These returns cover a period from January 1, 1988 through April 3, 2023. 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 Existing Users Username Forgot Username? ADP Workforce Now is a cloud-based HR platform for mid-sized businesses. However, general IT issues seem to have plagued my experience using WEX. Tax savings. If used elsewhere, you may need to upload supporting documentation (depending on your benefits plan). Any statements in this earnings release that are not statements of historical facts are forward-looking statements. Revenues of $4.8 billion missed the consensus mark by 1.3% and our estimate by a slight margin. ERGs drive diversity by fostering new bonds and communities across the company. Benefits revenues of $164.9 million registered 36% year-over-year growth. EPS increased 12.2% year over year. The Company believes that excluding acquisition-related costs and gains or losses on divestitures facilitates the comparison of our financial results to the Companys historical operating results and to other companies in our industry; Stock-based compensation is different from other forms of compensation, as it is a non-cash expense. Type a symbol or company name. We estimate the year-over-year impact of fuel prices increased segment revenue by approximately $1 million, including a benefit . Zacks Ranks stocks can, and often do, change throughout the month. 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. 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. New users can create a new account to get started. Note that the login experience for COBRA and direct bill participants will not change on Feb. 26. The WEX Difference Customizable dashboard reporting and analytics to learn account trends. Username Forgot Username? We are continuously looking for top talent with diverse backgrounds and experience to join our team. 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. NYSE and AMEX data is at least 20 minutes delayed. Our easy-to-use APIs in our developer portal give you access to the most complete embedded payment platforms and fintech offerings. Our experts pride themselves on providing proactive insight and empathetic solutions to all of your needs. In 1978, our founder discovered the power of earnings estimate revisions to enable profitable investment decisions. We formerly used TASC and it was a nightmare. 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. How do I access my account? WEX Health (formerly Evolution1) provided the organization with Flex benefit management and Cobra. Ms. Smith added, We continued to drive technological innovation throughout the business while enhancing the scalability of our platform to win new customers and diversify our offerings. 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. The Company's non-GAAP adjusted net income attributable to shareholders excludes unrealized gains and losses on financial instruments, net foreign currency gains and losses, change 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, adjustments attributable to our non-controlling interests, and certain tax related items. For the full year 2023, the Company now expects revenue in the range of $2.45 billion to $2.49 billion, up from the prior guidance range of $2.43 billion to $2.47 billion. 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! 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. As a user , WEX Health (formerly Evolution1) provided the organization with Flex benefit management and Cobra. Existing User. Citigroup increased their price target on shares of WEX from $190.00 to $230.00 and gave the stock a "buy" rating in a research report on Monday, February 13th. 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20230425006008/en/. Benefits Buzz Podcast - WEX Benefits You Save money and manage fleet operations with our modern business mobility solutions, including a broad array of fuel cards for any size fleet. HR and benefits technology -, 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 It would be nice to see the exact date the funds were withdrawn and where the funds were spent. (in millions, except per share data) Our card works at a variety of merchants. This includes personalizing content and advertising. WEX provides end-to-end solutions and so much more. Discovery Benefits is now WEX | Hub After Feb. 26, go to wexinc.com, hover over Solutions and select Participants/Employees. NASDAQ data is at least 15 minutes delayed. Health plans OMCs earnings of $1.56 per share beat the Zacks Consensus Estimate by 13% and our estimate by 11.4%. In addition, adjusted free cash flow as used by WEX may not be comparable to similarly titled measures employed by other companies. Weve developed a technology platform and solutions that can be quickly customized for you to achieve your employee benefits goals. For example, a cash salary generally has a fixed and unvarying cash cost. Learn how your business can generate revenue by adopting digital payments technology. 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. Were here to help your business succeed. 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 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.
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