Our experts pride themselves on providing proactive insight and empathetic solutions to all of your needs. You can view the status of your claims and upload documentation easily with our benefits mobile app or through your online account. The average salary for Wex International Inc employees is around $91,884 per year, or $44 per hour. Military veterans possess invaluable leadership skills and business acumen. Welcome to WEX! ERGs drive diversity by fostering new bonds and communities across the company. 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. During the first quarter of 2023 the Company repurchased approximately 525,000 shares of its stock for a total cost of approximately $93 million. (4) Net payment processing rate represents the percentage of each payment processing dollar of fuel transaction that WEX records as revenue from merchants, less certain discounts given to customers and network fees. I think this could help us determine that the employee is correctly using the funds at the correct locations. Mobility payment processing transactions were up 4% year over year to 137.5 million. 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. We are continuously looking for top talent with diverse backgrounds and experience to join our team. I would like notifications that there are new reports out on WEX's website for those who have used their HSA and FSA accounts. WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. Save HSAs are employee-owned and all funds carry over, so employees can build their balances to prepare for big expenses. Adjusted operating income margin was 37.6% in the first quarter of 2023 compared to 39.2% for the prior year comparable period. They offered an easy-to-use website, and it was clear that they were serious about compliance and proper administration of benefits. 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. Adjusted net income is expected between $3.45 and $3.55 per share. The top line increased 18.3% year over year, mainly driven by the positive impact of fuel prices and spreads. I want to make a difference and make people feel like they belong here and WEXPats empowers me to do that by giving me a community of people who have the shared experience of immigrating to a new country for work and the passion to make the transition easier for others. WEX helps leading travel intermediaries efficiently and securely pay travel suppliers anywhere in the world. Simplifying Benefits for Everyone | WEX Inc. Robert W. Baird increased their price objective on WEX from $222.00 to $236.00 in a research note on Friday. 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. Since 1988 it has more than doubled the S&P 500 with an average gain of +24.27% per year. WEX Inc.(WEX Quick QuoteWEX - Free Report) delivered better-than-expected first-quarter 2023 results. Written by Only 15% of employers changed their benefits in 2021 as a result of COVID-19. How much do Wex International Inc employees make? | Salary.com A wealth of resources for individual investors is available at www.zacks.com. Copyright 2023 Surperformance. WEX Benefits vs. Workday HCM | G2 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. WEX beats them all. It is a great tool for our employees to easily sign up and . This allows us to see the company through a different lens or perspective than we normally would. We are renaming our existing segments in connection with a rebranding initiative. How does your program . WEX Inc. WEX delivered better-than-expected . Recruiting and retention tools. Net income attributable to shareholders per share: Weighted average common shares outstanding: WEX INC. To determine the estimated adjusted net income attributable to shareholders impact of PPG, revenue and certain variable expenses impacted by changes in fuel prices were adjusted 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, net of applicable taxes, exclusive of revenue and expenses derived from acquisitions for one year following the acquisition dates. How do I access my account? Do I need a new debit card? 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. This page has not been authorized, sponsored, or otherwise approved or endorsed by the companies represented herein. Stay up-to-date on the latest trends and insight regarding your employee benefits on our blog or subscribe to our podcast. In addition, adjusted free cash flow as used by WEX may not be comparable to similarly titled measures employed by other companies. WEX Inc. Reports First Quarter 2023 Financial Results Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. View source version on businesswire.com: https://www.businesswire.com/news/home/20230425006008/en/. See Exhibit 1 for a reconciliation of GAAP operating income to total segment adjusted operating income. 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. Currently, 35% of employers who use the WEX benefits platform provide an HSA contribution. 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. It would be nice to see the exact date the funds were withdrawn and where the funds were spent. WEX Health helps us accurately manage funding for FSAs and HSAs, and allows our employees to manage their own accounts. Put the power of our intelligent commerce platform to work in your own payments solution. For additional information and timing of these changes, visit this webpage. For example, they seem to require you to make a new password every few months, which made even just logging in a nightmare (I don't like to save passwords for financial accounts to my browser). 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. . Benefits revenues of $164.9 million registered 36% year-over-year growth. Login. Weve simplified the experience from all angles with streamlined administration, insightful employer analytics, and intuitive participant access points. And, we provide them with access to analysis, benchmarks, and trends drawn from one of the industrys largest pools of data. WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. Transit Benefit: Human Resources: Loyola University Chicago The top line decreased 7.6% year over year. Auto-renewal made easy with an intuitive setup and renewal wizard Direct access to our service experts EFXs adjusted earnings came in at $1.43, beating the consensus mark by 4.4% but declining 35.6% from the year-ago figure. 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. Through meaningful networking, innovative learning, and strategic discussions at SPARK 2023, leaders collectively help simplify the complexities of payment systems. Explore our fleet and mobility solutions for any size or type of business. Our experts picked 7 Zacks Rank #1 Strong Buy stocks with the best chance to skyrocket within the next 30-90 days. Save money and manage fleet operations with our modern business mobility solutions, including a broad array of fuel cards for any size fleet. If your needs fall somewhere in-between, weve got you covered. You'll notice changes in brand name and logos to the online account and mobile app, including where you go to log in. This allows us to see the company through a different lens or perspective than we normally would. 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. Note that the login experience for COBRA and direct bill participants will not change on Feb. 26. Robust benefits administration and enrollment solutions help your employees get the most value from their benefits. Currently, WEX carries a Zacks Rank #4 (Sell). EPS increased 12.2% year over year. There are no changes to the business conducted in each segment. 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. If you wish to go to ZacksTrade, click OK. Discovery Benefits is now WEX - WEX Benefits You You also can log into your account through the Discovery Benefits mobile app, using your existing username and password. With real-time access and intuitive navigation to all your important account information, our app includes the following features: Easy, Convenient & Secure Contact Participant Services by phone at 866-451-3399 or by email at [email protected]. You may continue to use your account (s) for qualified expenses, and you will receive the same outstanding customer service you have come to expect from DBI, now WEX. We use WEX Health for our FSA, HSA, and COBRA administration. We believe this is a useful measure for investors to further evaluate the results of operations. Powered by WEX Health. (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. EFXs adjusted earnings came in at $1.43, beating the consensus mark by 4.4% but declining 35.6% from the year-ago figure. Invest How does it work? The midpoint of the guided range is the same as the current Zacks Consensus Estimate of $2.47 billion. 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. 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. Username. Focusing on diversity also means focusing on inclusion. WEX is a good organization that works well with the business office for ease of providing funding and record keeping. Where does it work? WEX (NYSE:WEX) Price Target Raised to $190.00 - MarketBeat Zacks Rank stock-rating system returns are computed monthly based on the beginning of the month and end of the month Zacks Rank stock prices plus any dividends received during that particular month. Check out all our insights on staffing, benefits offerings, and retention techniques on our Benefits Trends report. Total revenues of $3.4 billion surpassed the consensus estimate by 2.3% and our estimate by 1.4%. ManpowerGroup(MAN Quick QuoteMAN - Free Report) reported lower-than-expected first-quarter 2023 results. Type a symbol or company name. I remember the frustrations experienced by employees submitting receipts with other providers. Since we cover a range of employee benefits needs, we can adapt our solution as your goals change. Total revenues of $612 million surpassed the consensus mark by 1.5% and our estimate by 1.7%. What if additional documentation is required? Visit Performance Disclosure for information about the performance numbers displayed above. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. WEX hiring Information Management Specialist Intern in United States About 150 employees. 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. When used in this earnings release, the words anticipate, believe, continue, could, estimate, expect, intend, may, plan, project, will and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. I personally have been on the phone with their staff and was thoroughly impressed with their professionalism and empathy. For more information, please visit www.wexinc.com. Delayed Nyse Benefits Buzz Podcast - WEX Benefits You However, general IT issues seem to have plagued my experience using WEX. Third party administrators Remember Me Next New User? Full benefits administration. And were an industry leader in the technology and service you need. As a result, there will be upcoming brand changes that will impact your flexible spending, health savings, and commuter benefits accounts. To learn more, click here. 3 reasons we see people flipping to a fuel card: Apply Now As a user of WEX, I set up my account online, set up my Health Savings Account and commuter benefits account after open enrollment, received and activated a debit card to use for my Health Savings Account and commuter benefits account, viewed account statements, and made investment decisions for my HSA. Your WEX benefits debit card makes it easy to spend your funds on eligible expenses. 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 adjusted operating income margin was 37.6%, down 160 basis points year over year. You can seethe complete list of todays Zacks #1 (Strong Buy) Rank stocks here. Reviewers also preferred doing business with WEX Benefits overall. 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. WEX INC. Existing User. For example, a cash salary generally has a fixed and unvarying cash cost. WEX COBRA Account Login For Benefits Zacks Equity Research for 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. Discovery Benefits | WEX Inc. Tax savings. A simple, equally-weighted average return of all Zacks Rank stocks is calculated to determine the monthly return. -, 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 The phone app is one of the best I have seen and would be great to roll out to those submitting receipts. Reconciliation of GAAP Operating Income to Total Segment Adjusted Operating Income and Adjusted Operating Income, Acquisition-related intangible amortization. The midpoint of the guided range is the same as the Zacks Consensus Estimate of $3.50. This includes personalizing content and advertising. 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. Benefits of AWS Built services that were instantly scalable and highly deliverable Listen (or watch) and subscribe to Benefits Buzz Apple Spotify The raised range is above the Zacks Consensus Estimate of $13.79. WEX data shows that a contribution of as little as $50 or more by employers will encourage HSA participation by employees. Your WEX benefits debit card makes it easy to spend your funds on eligible expenses. Real time prices by BATS. Taft-Hartley WexLocationCode.setTransientValue("wex02"); WEX Benefits Login | WEX customer login | WEX Inc. WEX Inc.WEX delivered better-than-expected first-quarter 2023 results. 3910 Keswick Rd., Suite N2600, Baltimore, MD. WEXers approach every opportunity with ingenuity, curiosity, and tenacity. The highest earners in the top 75th percentile are paid over $104,051. of Operations. The WEX Difference Customizable dashboard reporting and analytics to learn account trends. To locate past Hub and Hub at Work articles, use the search function at the top of the page. 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. 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 Benefit Solutions. Organisation ID. We also use it to track the billing of COBRA for our former employees. (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. Privacy Policy | No cost, no obligation to buy anything ever. Mobility payment processing transactions were up 4% year over year to 137.5 million. The fuel prices referenced above are based on the applicable NYMEX futures price from the week of April 17, 2023. 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. Long-term debt was $2.6 billion compared with $2.5 billion at the end of the previous quarter. The bottom line increased 14.9% year over year. WEX Benefits is a suite of benefits administration solutions, positioned to help employers provide healthcare benefit management for their employees. The total number of shares used in calculating adjusted net income attributable to shareholders per diluted share as of March 31, 2023 and 2022 is 45.2 million and 46.9 million, respectively. The raised range is above the Zacks Consensus Estimate of $13.79. Were here to help your business succeed. New User. 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.. 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. Segment Adjusted Operating Income and Adjusted Operating Income Margin Information. Transcript : WEX Inc., Q1 2023 Earnings Call, Apr 27, 2023, WEX's Q1 Adjusted Earnings, Revenue Increase; Raises 2023 Guidance, Wex Inc. : Results of Operations and Financial Condition (form 8-K), Earnings Flash (WEX) WEX Reports Q1 Revenue $612M, vs. Street Est of $604.4M, Earnings Flash (WEX) WEX Reports Q1 EPS $3.31, vs. Street Est of $3.20, Citigroup Adjusts WEX Price Target to $230 From $190, Maintains Buy Rating. Military veterans possess invaluable leadership skills and business acumen. From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. Recent stocks from this report have soared up to +178.7% in 3 months - this month's picks could be even better. Get Started Contact Us - Call . In addition, the benefit of excess free cash flow in the fourth quarter of last year reversed during the first quarter of 2023. Want the latest recommendations from Zacks Investment Research? Weve got it. Save time and hassles with Benefits by WEX! 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). Women play an important role at WEX. We bring together some of the sharpest and innovative thinkers in the industry to talk leadership, recruiting/retention, employee benefits, effective communication, and more! The top line increased 1% year over year. Initial roll out of member cards could be delivered earlier. 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. 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. Working with WEX has been a win-win., WEX and Mastercard have been partners for an incredibly long time and we've both grown together to fundamentally develop this industry., This feels like a partnership. WEX Health, Inc. | Complaints | Better Business Bureau Profile Benefits average number of Software-as-a-Service accounts were up 14% to 20.3 million year over year. (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. Employers turn to us for their employee benefits, reimbursement account, and COBRA administration for a number of reasons including industry-leading technology, an intuitive and personalized participant experience, a multi-account debit card, access to ongoing benefits education resources, and empathetic customer service.
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