It's great to have all of our HSA, FSA and COBRA on one software. The following factors, among others, could cause actual results to differ materially from those contained in forward-looking statements made in this earnings release and in oral statements made by our authorized officers: the impact of fluctuations in demand for fuel and volatility of fuel prices, including fuel spreads in the Companys international markets, and the resulting impact on the Companys revenues and net income; the effects of general economic conditions, including a decline in demand for fuel, corporate payment services, travel related services, or health care related products and services; the impact and size of credit losses, including fraud losses, and other adverse effects if the Company fails to adequately assess and monitor credit risk or fraudulent use of our payment cards or systems; failure to implement new technology and products; breaches of, or other issues with, the Companys technology systems or those of its third-party service providers and any resulting negative impact on its reputation, liabilities or relationships with customers or merchants; the actions of regulatory bodies, including banking and securities regulators, or possible changes in banking or financial regulations impacting the Companys industrial bank, the Company as the corporate parent or other subsidiaries or affiliates; the failure to maintain or renew key customer and partner agreements and relationships, or to maintain volumes under such agreements; the effect of adverse financial conditions affecting the banking system; the failure to adequately safeguard custodial HSA assets; the failure of corporate investments to result in anticipated strategic value; the extent to which unpredictable events in the locations in which the Company or the Companys customers operate or elsewhere may adversely affect the Companys employees, ability to conduct business, results of operations and financial condition; the failure to comply with the applicable requirements of Mastercard or Visa contracts and rules; the failure to comply with the Treasury Regulations applicable to non-bank custodians; changes in interest rates and the rate of inflation; the ability to attract and retain employees; the ability of the Company to protect its proprietary rights; limitations on or compression of interchange fees; the effects of the Companys business expansion and acquisition efforts; the impact of changes to the Companys credit standards; the impact of foreign currency exchange rates on the Companys operations, revenue and income and other risks associated with operations outside the United States; the impact of the Companys debt instruments on the Companys operations; the impact of leverage on the Companys operations, results or borrowing capacity generally, and as a result of acquisitions specifically; the impact of sales or dispositions of significant amounts of the Companys outstanding common stock into the public market, or the perception that such sales or dispositions could occur; the impact of regulatory capital requirements and other regulatory requirements on the operations of WEX Bank or its ability to make payments to WEX Inc.; the possible dilution to the Companys stockholders caused by the issuance of additional shares of common stock or equity-linked securities, whether as a result of the Companys Convertible Notes or otherwise; the incurrence of impairment charges if the Companys assessment of the fair value of certain of its reporting units changes; the uncertainties of litigation; as well as other risks and uncertainties identified in Item 1A of the Companys Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission on February 28, 2023. We offer partners the ability to configure their security and fraud prevention infrastructure in a way that best serves them. Benefits accounts & COBRA Total revenues of $1.3 billion surpassed the consensus estimate by 1.5% but decreased 4.5% year over year. 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. It is a great tool for our employees to easily sign up and manage their HSA and FSA accounts. and the Health and Employee Benefits Solutions segment will now be renamed to Benefits. (3) Payment processing $ of fuel represents the total dollar value of the fuel purchased by fleets that have a payment processing relationship with WEX. 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. Exclusion of the non-cash, mark-to-market adjustments on financial instruments, including interest rate swap agreements and investment securities, helps management identify and assess trends in the Companys underlying business that might otherwise be obscured due to quarterly non-cash earnings fluctuations associated with these financial instruments. 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. See Exhibit 1 for a reconciliation of GAAP operating income to total segment adjusted operating income. 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 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. 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. WEX provides end-to-end solutions and so much more. Mobility revenues were up 7% year over year to $342.3 million. The adjusted operating income margin was 37.6%, down 160 basis points year over year. 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.. Client services. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. OMCs earnings of $1.56 per share beat the Zacks Consensus Estimate by 13% and our estimate by 11.4%. Looking for your Discovery Benefits Login? 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. See our report's 7 new picks today, absolutely FREE. WEX Inc. (WEX) Q1 2023 Earnings Call Transcript Step 1 of 3. These returns cover a period from January 1, 1988 through April 3, 2023. You also can log into your account through the Discovery Benefits mobile app, using your existing username and password. Health plans Want the latest recommendations from Zacks Investment Research? WEX Benefits vs. Workday HCM | G2 We provide our partners with a proven benefits and COBRA administration platform thats built to meet their needs. Great professional staff for the Flex benefits, Communication between Flex and Cobra team could use a little improvement. John Levitsky, executive vice president, Mastercard. ManpowerGroup Inc. (MAN) - free report >>, Omnicom Group Inc. (OMC) - free report >>. WEX INC. 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. EquifaxEFXalso reported a beat on both counts in its first-quarter 2023 results. Total volume across the company came in at $52.3 billion, up 17% year over year. We use WEX Health for our employees HSA, FSA and COBRA accounts and tracking. Employers By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service. 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). I really like the reports that it generates and the detail it gives. 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. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. Mobility revenues were up 7% year over year to $342.3 million. Recent stocks from this report have soared up to +178.7% in 3 months - this month's picks could be even better. Wex (WEX) Q1 2023 Earnings Call Transcript | The Motley Fool Total revenues of $3.4 billion surpassed the consensus estimate by 2.3% and our estimate by 1.4%. The table below shows the impact of certain macro factors on adjusted net income attributable to shareholders: Segment Estimated Adjusted Net Income Attributable to Shareholders Impact. WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. ZacksTrade and Zacks.com are separate companies. WEX shares have gained 4.2% in the past year against the 3.1% decline of theindustryit belongs to. New users can create a new account to get started. The bottom line increased 14.9% year over year. Gusto is scaled for small to mid-sized businesses, and emphasizes an easy to use interface. Adjusted operating income increased 13.4% to $230.1 million from the year-ago quarters $202.9 million. 3910 Keswick Rd., Suite N2600, Baltimore, MD. 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. Get Started Contact Us - Call . 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.. Login - WEX Health The midpoint of the guided range is the same as the Zacks Consensus Estimate of $3.50. WEX beats them all. Choosing an HDHP versus a PPO/traditional health plan, 9 ways your benefits administration partner should be supporting you, Inventory Information Approval System (IIAS). You can continue to use the debit card you currently have. Our wide market share allows WEX to provide insight like this across the benefits administration landscape. (in millions) 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. We used multiple vendors and our employees a variety of vendors and banks they could set up their accounts with. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 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. WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. They offered an easy-to-use website, and it was clear that they were serious about compliance and proper administration of benefits. Long-term debt was $2.6 billion compared with $2.5 billion at the end of the previous quarter. Were here to help your business succeed. Only 15% of employers changed their benefits in 2021 as a result of COVID-19. Our passion for continuous innovation and our unparalleled level of service were further fueled when Discovery Benefits . Adjusted earnings of $3.31 per share surpassed the Zacks Consensus Estimate by 3.4% and our estimate by 3.8%. EPS increased 12.2% year over year. C-Level Executive in Finance and Accounting. 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. The employee's options to upload receipts seem difficult for some. 1 MarketScreener is worth more than 1000 Influencers! Period. We power your product, but you retain some responsibilities in-house. 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. This earnings release includes forward-looking statements including, but not limited to, statements about managements plans, goals, and guidance and assumptions with respect to future financial performance of the Company. 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. We bring together some of the sharpest and innovative thinkers in the industry to talk leadership, recruiting/retention, employee benefits, effective communication, and more! A benefits administrator who provides service you can depend on. 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. You can better control these large expenses and streamline your mixed fleet operations with automation and insights from WEX. The ease of submitting receipts is a positive impact (happy employees). Get the latest Health Trends & Insights news in your inbox. For additional information and timing of these changes, visit this webpage. 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 average number of vehicles serviced was around 18.7 million, up 9% from the year-ago quarters figure. Discovery Benefits is now WEX | Hub Benefits of AWS Built services that were instantly scalable and highly deliverable Existing Users Username Forgot Username? 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. Full benefits administration. Through its rich data and specialized expertise in simplifying benefits, reimagining mobility, and paying and getting paid, WEX aims to make it easy for companies to overcome complexity and reach their full potential. 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 web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. You could save money by investing in benefits and wellness to reduce employee turnover. Recruiting and retention tools. The travel industry is evolving. Healthcare support. Segment Adjusted Operating Income and Adjusted Operating Income Margin Information. Cash flows from operating activities through the first quarter of this year are $27.1 million. Women play an important role at WEX. . 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. 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. WEX offers technology and customized solutions that meet employers end-to-end benefits needs and power partners thriving benefits offerings. 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. If used elsewhere, you may need to upload supporting documentation (depending on your benefits plan).
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