The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. 2023, Nasdaq, Inc. All Rights Reserved. WEX Inc. Reports First Quarter 2023 Financial Results Looking for your Discovery Benefits Login? Only 15% of employers changed their benefits in 2021 as a result of COVID-19. . Find the right solution, Benefits partners WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. of Op.. Tranche Update on WEX Inc.'s Equity Buyback Plan announced on August 23, 2022. With real-time access and intuitive navigation to all your important account information, our app includes the following features: Easy, Convenient & Secure Well administer HSAs, FSAs, COBRA, and more on your behalf. WEX Inc. price-consensus-eps-surprise-chart | WEX Inc. Quote. We also use it to track the billing of COBRA for our former employees. Discovery Benefits is now known as WEX. Your current debit cards and previous correspondence should already have WEX name and logo. Delayed Nyse 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. 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. WEX COBRA Account Login For Benefits 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. 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. WEXers approach every opportunity with ingenuity, curiosity, and tenacity. The midpoint of the guided range is the same as the current Zacks Consensus Estimate of $2.47 billion. (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. The top line increased 1% year over year. Existing Users Username Forgot Username? Were here to help your business succeed. The fuel prices referenced above are based on the applicable NYMEX futures price from the week of April 17, 2023. Tax savings. Total volume across the company came in at $52.3 billion, up 17% year over year. Currently, WEX carries a Zacks Rank #4 (Sell). and the Health and Employee Benefits Solutions segment will now be renamed to Benefits. The tables below show the impact of certain macro factors on reported revenue: To determine the impact of foreign exchange translation (FX) on revenue, revenue from entities whose functional currency is not denominated in U.S. dollars, as well as revenue from purchase volume transacted in non-U.S. denominated currencies, were translated using the weighted average exchange rates for the same period in the prior year, exclusive of revenue derived from acquisitions for one year following the acquisition dates. 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. 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. Women play an important role at WEX. John Levitsky, executive vice president, Mastercard. 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. 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 the portions of our business that earn revenue based on margin spreads, revenue was calculated utilizing the comparable margin from the prior year. . Put the power of our intelligent commerce platform to work in your own payments solution. I would like notifications that there are new reports out on WEX's website for those who have used their HSA and FSA accounts. 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. For the portions of our business that earn revenue based on margin spreads, revenue was adjusted to the comparable margin from the prior year, net of non-controlling interests and applicable taxes. If used elsewhere, you may need to upload supporting documentation (depending on your benefits plan). The Conference ID number is 2237921. WEX Inc.WEX delivered better-than-expected first-quarter 2023 results. Mobility payment processing transactions were up 4% year over year to 137.5 million. Remember Me Next New User? WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. How does your program . Zacks->. Entry-level set up fee? Full benefits administration. Corporate Payments revenues of $104.8 million were up 36% year over year. 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. The top line decreased 7.6% year over year. Many veterans and those with military service have found rewarding and long careers at WEX. I would like to see where exactly the employees spent their FSA funds. 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. 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. 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. MANs adjusted earnings of $1.61 per share lagged the consensus mark by 0.6% but matched our estimate. Reviewers also preferred doing business with WEX Benefits overall. We are a mid-size organization with about 175 employees. Save time and hassles with Benefits by WEX! When we were looking for a new third party administrator to replace TASC, we were immediately drawn to WEX Health. (in millions) Adjusted operating income increased 13.4% to $230.1 million from the year-ago quarters $202.9 million. Our card works at a variety of merchants. 87% more employers changed their benefits in 2022 versus 2021. Adjusted earnings of $3.31 per share surpassed the Zacks Consensus Estimate by 3.4% and our estimate by 3.8%. No setup fee Offerings Free Trial Free/Freemium Version Premium Consulting / Integration Services Currently, 35% of employers who use the WEX benefits platform provide an HSA contribution. WEX Case Study Adjusted operating income margin was 37.6% in the first quarter of 2023 compared to 39.2% for the prior year comparable period. Benefits administration 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. Your WEX benefits debit card makes it easy to spend your funds on eligible expenses. What is WEX Benefits? 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. Zacks Ranks stocks can, and often do, change throughout the month.
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