Total revenues of $612 million surpassed the consensus mark by 1.5% and our estimate by 1.7%. EPS increased 12.2% year over year. 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. Total revenues of $1.3 billion surpassed the consensus estimate by 1.5% but decreased 4.5% year over year. This includes personalizing content and advertising. Browse our category menus to discover hundreds of online resources frequently used by faculty and staff, or use the search to find people. Since we cover a range of employee benefits needs, we can adapt our solution as your goals change. You'll notice changes in brand name and logos to the online account and mobile app, including where you go to log in. When we were looking for a new third party administrator to replace TASC, we were immediately drawn to WEX Health. Powered by WEX Health. Transit Program WEX Inc. - WEX Completes Acquisition of benefitexpress (in millions, except per share data) The midpoint of the guided range is the same as the Zacks Consensus Estimate of $3.50. The Companys non-GAAP adjusted free cash flow is calculated as operating cash flow, adjusted for net purchases of current investment securities, capital expenditures, the change in net deposits and certain other adjustments, which for the three months ended March 31, 2023, reflects an adjustment for contingent consideration paid to sellers in excess of acquisition-date fair value. In addition, adjusted net income attributable to shareholders, adjusted operating income and total segment adjusted operating income as used by WEX may not be comparable to similarly titled measures employed by other companies. To locate past Hub and Hub at Work articles, use the search function at the top of the page. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. We formerly used TASC and it was a nightmare. HR and benefits technology WEX Inc.(WEX Quick QuoteWEX - Free Report) delivered better-than-expected first-quarter 2023 results. WEXers approach every opportunity with ingenuity, curiosity, and tenacity. If used elsewhere, you may need to upload supporting documentation (depending on your benefits plan). The Cobra team at WEX is also easy to work with and professional. The raised range is above the Zacks Consensus Estimate of $13.79. Recruiting and retention tools. The following table reconciles GAAP cash flows from operating activities to adjusted free cash flow: Cash flows from operating activities, as reported. Your current debit cards and previous correspondence should already have WEX name and logo. Average number of vehicles serviced was approximately 18.7 million, an increase of 9% from the first quarter of 2022. WEX's first-quarter 2023 revenues benefit . Corporate Payments purchase volume grew 58% to $18.6 billion from $11.8 billion in the first quarter of 2022. In addition, the benefit of excess free cash flow in the fourth quarter of last year reversed during the first quarter of 2023. WEX really help simplify and uniforms the whole process and help streamline all HSA, FSA and COBRA processes. They offered an easy-to-use website, and it was clear that they were serious about compliance and proper administration of benefits. r/personalfinance on Reddit: HSA withdrawal from WEX 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. Get Started We have a file feed connected to WEX Health from our HRIS, so it really helps us stay compliant automatically, with General Notices and Specific Rights Notices when we have new hires or terms. How much do Wex International Inc employees make? | Salary.com Adjusted earnings of $3.31 per share surpassed the Zacks Consensus Estimate by 3.4% and our estimate by 3.8%. We power your product, but you retain some responsibilities in-house. Username Forgot Username? In contrast, the expense associated with an equity-based award is generally unrelated to the amount of cash ultimately received by the employee, and the cost to the Company is based on a stock-based compensation valuation methodology and underlying assumptions that may vary over time; Other costs are not consistently occurring and do not reflect expected future operating expense, nor do they provide insight into the fundamentals of current or past operations of our business. Copyright 2023 Zacks Investment Research | 10 S Riverside Plaza Suite #1600 | Chicago, IL 60606. Match your military skills | WEX Vets | WEX Inc. 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 WEX provides end-to-end solutions and so much more. . Zacks Equity Research for There are no changes to the business conducted in each segment. WEX beats them all. The top line increased 1% year over year. 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. EFXs adjusted earnings came in at $1.43, beating the consensus mark by 4.4% but declining 35.6% from the year-ago figure. About WEX Powered by the belief that complex payment systems can be made simple, WEX is a leading financial technology service provider across a wide spectrum of sectors, including fleet, travel, and healthcare. of Op.. Tranche Update on WEX Inc.'s Equity Buyback Plan announced on August 23, 2022. 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. I would like notifications that there are new reports out on WEX's website for those who have used their HSA and FSA accounts. Currently, WEX carries a Zacks Rank #4 (Sell). 3 reasons we see people flipping to a fuel card: Apply Now HSA withdrawal from WEX My company insurance plan came with this HSA. 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 How does your program . 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. 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. Total segment adjusted operating income incorporates these same adjustments and further excludes unallocated corporate expenses. (1) Payment processing transactions represents the total number of purchases made by fleets that have a payment processing relationship with WEX where the Company maintains the receivable for the total purchase. ManpowerGroup(MAN Quick QuoteMAN - Free Report) reported lower-than-expected first-quarter 2023 results. From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. Benefits Buzz Podcast - WEX Benefits You In 1978, our founder discovered the power of earnings estimate revisions to enable profitable investment decisions. 1 The change in restricted cash payable for the three months ended March 31, 2022 has been reclassified from net cash provided by operating activities to net cash provided by financing activities to conform to the current period presentation. 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. The Company's adjusted net income attributable to shareholders guidance, which is a non-GAAP measure, excludes unrealized gains and losses on financial instruments, net foreign currency gains and losses, changes 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, and certain tax related items. Any statements in this earnings release that are not statements of historical facts are forward-looking statements. 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. No setup fee Offerings Free Trial Free/Freemium Version Premium Consulting / Integration Services WEX shares have gained 4.2% in the past year against the 3.1% decline of theindustryit belongs to. WEX Case Study However, WEX Benefits is easier to set up and administer. After Feb. 26, go to wexinc.com, hover over Solutions and select Participants/Employees. Adjusted net income attributable to shareholders is now expected to be in the range of $13.85 to $14.25 per diluted share, an increase from the prior guidance range of $13.55 to $14.05 per diluted share. As a result, there will be upcoming brand changes that will impact your flexible spending, health savings, and commuter benefits accounts. 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. 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. 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 | Reset Password 1 Debit card for multiple accounts (HSA and commuter benefits accounts). 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. WEX Inc. WEX delivered better-than-expected . Our wide market share allows WEX to provide insight like this across the benefits administration landscape. Higher Education Company, 501-1000 employees, Telecommunications Company, 501-1000 employees, Great core products, poor IT/website and support experiences. I think this could help us determine that the employee is spending the funds at correct locations and help us when we do our reconciliations of these accounts. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Our guidance assumes approximately 45.2 million fully diluted shares outstanding for the full year. We use WEX Health for our employees HSA, FSA and COBRA accounts and tracking. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS The average number of vehicles serviced was around 18.7 million, up 9% from the year-ago quarters figure. Currently, 35% of employers who use the WEX benefits platform provide an HSA contribution. How does it work? Put the power of our intelligent commerce platform to work in your own payments solution. (in millions) A simple, equally-weighted average return of all Zacks Rank stocks is calculated to determine the monthly return. WexBocaLink.setUrl("locations-flyout", "WEXFleetUniversal", "cc1"); WEX helps you save money on fuel and manage all your fleet needs, including both ICE and EV vehicles. The Company's forward-looking statements do not reflect the potential future impact of any alliance, merger, acquisition, disposition or stock repurchases. It is a great tool for our employees to easily sign up and . Our passion for continuous innovation and our unparalleled level of service were further fueled when Discovery Benefits . WEX Benefits | 15,040 followers on LinkedIn. 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. Our card works at a variety of merchants. These are just a few of the dedicated teams we have in place to ensure you have the best experience.