1 MarketScreener is worth more than 1000 Influencers! CONDENSED CONSOLIDATED BALANCE SHEETS PORTLAND, Maine-- (BUSINESS WIRE)-- WEX (NYSE: WEX), a leading financial technology service provider, today announced that it has completed the acquisition of benefitexpress, a leading provider of highly configurable, cloud-based benefits administration technologies and services. Mobility revenues were up 7% year over year to $342.3 million. 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. Adjusted operating income increased 13.4% to $230.1 million from the year-ago quarters $202.9 million. Revenues of $4.8 billion missed the consensus mark by 1.3% and our estimate by a slight margin. (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. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. (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. WEX data shows that a contribution of as little as $50 or more by employers will encourage HSA participation by employees. 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 web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. 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. Adjusted operating income margin was 37.6% in the first quarter of 2023 compared to 39.2% for the prior year comparable period. Login. Benefits average number of Software-as-a-Service (SaaS) accounts grew 14% to 20.3 million from 17.8 million in the first quarter of 2022. We use WEX Health for our FSA, HSA, and COBRA administration. Currently, WEX carries a Zacks Rank #4 (Sell). ManpowerGroupMAN reported lower-than-expected first-quarter 2023 results. Login - WEX Health New users can create a new account to get started. As a user , WEX Health (formerly Evolution1) provided the organization with Flex benefit management and Cobra. WEX service and relationship managers are dedicated to helping partners and employers at all stages, including efficient onboarding, product launch, business growth, employee education and engagement, and more. Benefits revenues of $164.9 million registered 36% year-over-year growth. 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. It allows a good amount of visibility for FSAs and COBRA communications. The phone app is one of the best I have seen and would be great to roll out to those submitting receipts. Our guidance assumes approximately 45.2 million fully diluted shares outstanding for the full year. I think this could help us determine that the employee is correctly using the funds at the correct locations. Discovery Benefits is now WEX | Hub Offered employees educational content about HSAs, FSAs, etc. GAAP operating income margin for the first quarter of 2023 was 25.2% compared to 23.6% for the prior year comparable period. WEX offers technology and customized solutions that meet employers end-to-end benefits needs and power partners thriving benefits offerings. Recruiting and retention tools. WEX announces company-wide layoffs; West Fargo employees impacted Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Drawn from diverse cultures and experiences, we always seek a better way. Benefitsolver vs WEX benefits platform 2023 - Feature and Pricing 1 Debit card for multiple accounts (HSA and commuter benefits accounts). (9) Purchase volume represents the total dollar value of all transactions where interchange is earned by WEX. Remember Me Next New User? The midpoint of the guided range is the same as the Zacks Consensus Estimate of $3.50. It is a great tool for our employees to easily sign up and . Through meaningful networking, innovative learning, and strategic discussions at SPARK 2023, leaders collectively help simplify the complexities of payment systems. Total revenues of $612 million surpassed the consensus mark by 1.5% and our estimate by 1.7%. HSA Day - National HSA Awareness Day The adjusted operating income margin was 37.6%, down 160 basis points year over year. The top line increased 1% year over year. 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. You'll notice changes in brand name and logos to the online account and mobile app, including where you go to log in. They offered an easy-to-use website, and it was clear that they were serious about compliance and proper administration of benefits. WEX provides robust solutions for benefits administration, reimbursement accounts, and COBRA administration. Mobility payment processing transactions increased 4% from the first quarter of 2022 to 137.5 million. 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! Currently, 35% of employers who use the WEX benefits platform provide an HSA contribution. 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. Women play an important role at WEX. With other vendors, I feel like a client. 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. Although adjusted net income attributable to shareholders, adjusted operating income, and total segment adjusted operating income are not calculated in accordance with GAAP, these non-GAAP measures are integral to the Company's reporting and planning processes and the chief operating decision maker of the Company uses total segment adjusted operating income to allocate resources among our operating segments. Its a little-known chemical company thats up 65% over last year, yet still dirt cheap. In 1978, our founder discovered the power of earnings estimate revisions to enable profitable investment decisions. We believe this is a useful measure for investors to further evaluate the results of operations. Offered employees an HSA with investment options. Find the right solution, Benefits partners 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? Long-term debt was $2.6 billion compared with $2.5 billion at the end of the previous quarter. 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 has created a powerful ecosystem that offers seamlessly embedded, personalized solutions for its customers around the world. Get the latest Health Trends & Insights news in your inbox. No setup fee Offerings Free Trial Free/Freemium Version Premium Consulting / Integration Services 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. 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. (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. Recent stocks from this report have soared up to +178.7% in 3 months - this month's picks could be even better. 3 key themes from WEX SPARK 2023 to help you simplify the business of 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. The adjusted operating income margin was 37.6%, down 160 basis points year over year. Discovery Benefits is now known as WEX. WEX Inc.WEX delivered better-than-expected first-quarter 2023 results. 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. Many veterans and those with military service have found rewarding and long careers at WEX. I remember the frustrations experienced by employees submitting receipts with other providers. Adjusted net income is now expected between $13.85 and $14.25 per . Anyway, kept getting emails periodically and decided to register and view my account finally. Reconciliation of GAAP Operating Cash Flow to Adjusted Free Cash Flow. How does your program . Invest Equifax(EFX Quick QuoteEFX - Free Report) also reported a beat on both counts in its first-quarter 2023 results. 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. 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 Net income attributable to shareholders per share: Weighted average common shares outstanding: WEX INC. 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 Transit Benefit: Human Resources: Loyola University Chicago