This page has not been authorized, sponsored, or otherwise approved or endorsed by the companies represented herein. We believe this is a useful measure for investors to further evaluate the results of operations. Benefits accounts & COBRA Put the power of our intelligent commerce platform to work in your own payments solution. See Exhibit 1 for a reconciliation of GAAP operating income to total segment adjusted operating income. 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? 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. Benefits revenues of $164.9 million registered 36% year-over-year growth. Revenues of $4.8 billion missed the consensus mark by 1.3% and our estimate by a slight margin. If used elsewhere, you may need to upload supporting documentation (depending on your benefits plan). Zacks Equity Research for Consultants/brokers Discovery Benefits is now known as WEX. The Cobra team at WEX is also easy to work with and professional. We make it easy to pay and get paid across your entire organization. The bottom line increased 14.9% year over year. The following table reconciles GAAP cash flows from operating activities to adjusted free cash flow: Cash flows from operating activities, as reported. The midpoint of the guided range is the same as the Zacks Consensus Estimate of $3.50. Although non-GAAP adjusted free cash flow is not calculated in accordance with GAAP, we feel adjusted free cash flow is a useful measure because (i) adjusted free cash flow indicates the level of cash generated by the operations of the business, which excludes consideration paid on acquisitions, after appropriate reinvestment for recurring investments in property, equipment and capitalized software that are required to operate the business; (ii) changes in net deposits occur on a daily basis as a regular part of operations; and (iii) purchases of current investment securities are made as a result of deposits gathered operationally. WEX really help simplify and uniforms the whole process and help streamline all HSA, FSA and COBRA processes. WEX hiring Information Management Specialist Intern in United States WEX INC. 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. WEX offers complete benefits administration, including benefits accounts such as HSAs, FSAs, HRAs, LSAs, COBRA, and more | Set your business free by . 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. 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. 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. They offered an easy-to-use website, and it was clear that they were serious about compliance and proper administration of benefits. View source version on businesswire.com: https://www.businesswire.com/news/home/20230425006008/en/. Type a symbol or company name. Simplifying Benefits for Everyone | WEX Inc. How does your program . Looking for your Discovery Benefits Login? 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. Remember Me Next New User? Visit www.zacksdata.com to get our data and content for your mobile app or website. 3 reasons we see people flipping to a fuel card: Apply Now WEX Inc. - WEX Completes Acquisition of benefitexpress 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. 3910 Keswick Rd., Suite N2600, Baltimore, MD. 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. Net income attributable to shareholders per share: Weighted average common shares outstanding: WEX INC. Its a little-known chemical company thats up 65% over last year, yet still dirt cheap. 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. 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. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service. For more information, please visit www.wexinc.com. Our wide market share allows WEX to provide insight like this across the benefits administration landscape. Q1 2023 WEX Inc Earnings Call - Yahoo Finance WEX / Discovery Benefits COBRA Account Login Information 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. During the quarter, we repurchased approximately 525,000 shares of WEX stock for roughly $93 million, resulting in a small EPS benefit in the quarter. Public sector From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. 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. To read this article on Zacks.com click here. 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. 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. We never really had one place for all of our HSA, FSA and COBRA needs. Where does it work? Powered by WEX Health. 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. April 28, 2023, MAN Quick QuoteMAN OMC Quick QuoteOMC EFX Quick QuoteEFX WEX Quick QuoteWEX. Remember Me Next. Get the latest Health Trends & Insights news in your inbox. 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. 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. Where does it work? Employers OMCs earnings of $1.56 per share beat the Zacks Consensus Estimate by 13% and our estimate by 11.4%. WEX Benefits vs Workday HCM When assessing the two solutions, reviewers found Workday HCM easier to use. Reviewers also preferred doing business with WEX Benefits overall. Reconciliation of GAAP Operating Income to Total Segment Adjusted Operating Income and Adjusted Operating Income, Acquisition-related intangible amortization. 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. I would like to see where exactly the employees spent their FSA funds. Organisation ID. I really like the reports that it generates and the detail it gives. I remember the frustrations experienced by employees submitting receipts with other providers. WEX Vets Match your military skills Make WEX your next career move At WEX, we recognize the true value of experience-acquired skills. 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. There are no changes to the business conducted in each segment. Entry-level set up fee? To learn more, click here. Management believes that investors may find these measures useful for the same purposes, but cautions that they should not be considered a substitute for, or superior to, disclosure in accordance with GAAP. The live conference call also can be accessed by dialing (888) 510-2008 or (646) 960-0306. 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. Benefits administration 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. Today, you can download 7 Best Stocks for the Next 30 Days. Global commerce platform simplifying business complexity | WEX Inc. We offer partners the ability to configure their security and fraud prevention infrastructure in a way that best serves them.