Jessica.Roy@wexinc.com View WEX Health (www.wexhealthinc.com) location in North Dakota, United States , revenue, industry and description. The Company's adjusted net income attributable to shareholders, which is a non-GAAP measure, was $64.8 million for the fourth quarter of 2020, or $1.45 per diluted share, down 45% from $114.7 million, or $2.61 per diluted share, for the same period last year. Due to COVID-19 and the increase in the need for medical equipment and supplies, Tenet was running into supply shortages with their existing vendors. Dedicated investments in WEX solutions and services specifically for the fastest growing part of our WEX health business, health plans. The non-GAAP adjustments described above resulted in adjusted net income attributable to shareholders (versus a loss on a GAAP basis) for the fourth quarter of 2020 and the year ended December 31, 2020. Do the numbers hold clues to … WEX Inc. (NYSE: WEX), a leading financial technology service provider, today reported financial results for the three months and year ended December 31, 2020. WEX Inc. (NYSE: WEX), a leading financial technology service provider, today reported financial results for the three months and year ended December 31, 2020. Try D&B Hoovers Free WEX Health Benefitfocus bswift Namely Zenefits Paycom EmpowerHR/Pay Ceridian PlanSource Paycor Gusto BambooHR BreatheHR Zane Benefits. View detailed WEX description & address. Please enable Cookies and reload the page. EPS, however, was a slight disappointment at … The table below shows the impact of certain macro factors on reported revenue: Exhibit 2 Segment Revenue Results (in thousands) (unaudited) Travel and Health … WEX fleet cards offer 15.8 million vehicles exceptional payment security and control; purchase volume in travel and corporate solutions was $20.9 billion in 2020; and the WEX Health financial technology platform helps 408,000 employers and 33.1 million consumers better manage healthcare expenses. This quarterly report … WEX Momentum Health Plans Replay. (7) Purchase volume represents the total dollar value of all WEX issued transactions that use WEX corporate card products and virtual card products. (3) Payment processing dollars of fuel represents the total dollar value of the fuel purchased by fleets that have a payment processing relationship with WEX. The company’s fleet services include over-the-road fuel cards for trucking, fuel management, factoring, telematics and GPS fleet tracking. The Company disclaims any obligation to update any forward-looking statements as a result of new information, future events or otherwise. WEX Inc. They called WEX on Sunday, March 22, looking for help. WEX Inc. is a provider of corporate payment solutions. “We are proud of the resilience WEX demonstrated in 2020, and believe we are well positioned to capture future growth as the economy continues to improve.”. The $41.1 million decrease in the quarter includes a $16.8 million negative impact from lower average fuel prices and foreign exchange rates. Any statements that are not statements of historical facts may be deemed to be forward-looking statements. Following discouraging bottom-line results, shares of the company lost 9.4% on Feb 24. 2020. Wex (WEX) came out with quarterly earnings of $1.79 per share, beating the Zacks Consensus Estimate of $1.60 per share. 2019. WEX Inc. WEX's top line in FQ4 '20 was largely positive, with revenues buoyed by over-the-road trucking, US health, and corporate payments. Around 14.9 million vehicles use WEX for fleet management. Impact of Certain Macro Factors on Reported Revenue and Adjusted Net Income (in thousands, except per share data) (unaudited) The table below shows the impact of certain macro factors on reported revenue: Segment Revenue Results. Long Term Liabilities: WEX's short term assets ($3.7B) exceed its long term liabilities ($3.0B). WEX Health serves 125,000 employers and more than 12,000,000 consumers across the United States and Canada, making it one of the largest cloud-based, consumer-directed healthcare (CDH) and defined contribution payments and technology solutions providers for the healthcare industry. WEX Inc. balance sheet, income statement, cash flow, earnings & estimates, ratio and margins. They called WEX on Sunday, March 22, looking for help. Wex Health, Inc is located in West Fargo, ND, United States and is part of the Managed Application & Network Services Industry. Our over-the road, corporate payments and U.S. health businesses remained bright spots, each posting another quarter of top-line growth,” said Melissa Smith, WEX’s Chair and Chief Executive Officer. Our business in health has grown from less than $100 billion in revenue in 2014 to more than $350 million in 2020. US accounts for the majority of company's revenue. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially, including: the extent to which the coronavirus (COVID-19) pandemic and measures taken in response thereto impact our business, results of operations and financial condition in excess of current expectations; the effects of general economic conditions on fueling patterns as well as payment and transaction processing activity; the impact of foreign currency exchange rates on the Company’s operations, revenue and income; changes in interest rates; the impact of fluctuations in fuel prices, including the impact of any continued reductions in fuel price and the resulting impact on our revenues and net income; changes or limitations on interchange fees; failure to comply with the applicable requirements of MasterCard or Visa contracts and rules; the effects of the Company’s business expansion and acquisition efforts; potential adverse changes to business or employee relationships, including those resulting from the completion of an acquisition; competitive responses to any acquisitions; uncertainty of the expected financial performance of the combined operations following completion of an acquisition; the failure to complete or successfully integrate the Company’s acquisitions or the ability to realize anticipated synergies and cost savings from such transactions; unexpected costs, charges or expenses resulting from an acquisition, specifically including the recent eNett and Optal acquisitions; the Company’s failure to successfully acquire, integrate, operate and expand commercial fuel card programs; the failure of corporate investments to result in anticipated strategic value; the impact and size of credit losses; the impact of changes to the Company’s credit standards; breaches of the Company’s technology systems or those of our third-party service providers and any resulting negative impact on our reputation, liabilities or relationships with customers or merchants; the Company’s failure to maintain or renew key commercial agreements; failure to expand the Company’s technological capabilities and service offerings as rapidly as the Company’s competitors; failure to successfully implement the Company’s information technology strategies and capabilities in connection with its technology outsourcing and insourcing arrangements and any resulting cost associated with that failure; the actions of regulatory bodies, including banking and securities regulators, or possible changes in banking or financial regulations impacting the Company’s industrial bank, the Company as the corporate parent or other subsidiaries or affiliates; legal, regulatory, political and economic uncertainty surrounding the United Kingdom’s departure from the European Union and the resulting trade agreement; the impact of the future transition from LIBOR as a global benchmark to a replacement rate; the impact of the Company’s presently outstanding notes on its operations; the impact of increased leverage on the Company’s operations, results or borrowing capacity generally, and as a result of acquisitions specifically; the impact of sales or dispositions of significant amounts of our outstanding common stock into the public market, or the perception that such sales or dispositions could occur; the possible dilution to our stockholders caused by the issuance of additional shares of common stock or equity-linked securities, as result of our convertible notes or otherwise; the incurrence of impairment charges if our assessment of the fair value of certain of our reporting units changes; the uncertainties of litigation; as well as other risks and uncertainties identified in Item 1A of our annual report for the year ended December 31, 2019, filed on Form 10-K with the Securities and Exchange Commission on February 28, 2020 and Item 1A of our quarterly reports for the quarters ended June 30, 2020 and September 30, 2020, filed on Forms 10-Q with the Securities and Exchange Commission on August 5, 2020 and November 9, 2020, respectively. Total fuel transactions processed decreased 5% from the fourth quarter of 2019 to 147.7 million. However, because adjusted net income, adjusted operating income and total segment adjusted operating income are non-GAAP measures, they should not be considered as a substitute for, or superior to, net income, operating income or cash flows from operating activities as determined in accordance with GAAP. The Company's non-GAAP adjusted net income excludes unrealized gains and losses on financial instruments, net foreign currency gains and losses, acquisition-related intangible amortization, other acquisition and divestiture related items, legal settlement, stock-based compensation, restructuring and other costs, loss on sale of subsidiary, impairment charges, debt restructuring and debt issuance cost amortization, non-cash adjustments related to the tax receivable agreement, similar adjustments attributable to our non-controlling interests and certain tax related items. Total segment adjusted operating income incorporates these same adjustments and further excludes unallocated corporate expenses. This earnings release contains forward-looking statements, including statements regarding: assumptions underlying the Company's future financial performance, future operations; future growth opportunities and expectations; expectations for future revenue performance, future impacts from areas of investment, expectations for the macro environment; and, expectations for volumes. • • Nevertheless, WEX remained resilient as we continued to advance our strategic objectives. Debt restructuring 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. WEX Health Strengths, Domain Expertise, and Key Differentiators. Find related and similar companies as well as employees by title and much more. Debt restructuring and debt issuance cost amortization are unrelated to the continuing operations of the Company. Benefits-Administration-Software-Market. Investor contact: Annual stock financials by MarketWatch. Robert Deshaies President, WEX Health: 22: Derivative/Non-derivative trans. If you are on a personal connection, like at home, you can run an anti-virus scan on your device to make sure it is not infected with malware. In addition, adjusted net income, 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. WEX fleet cards offer approximately 16 million vehicles exceptional payment security and control; purchase volume in travel and corporate solutions was $20.9 billion in 2020 and was processed in over 20 currencies; our health division provides consumer-directed healthcare technology and services, and reached an estimated 34.3 million U.S. consumers as … As in prior quarters, we successfully executed against our strategic pillars, drove efficiencies, invested in high-growth areas, maintained high retention rates, and signed new business across all segments,” said Roberto Simon, WEX’s Chief Financial Officer. To provide investors with additional insight into its operational performance, WEX has included in this news release in Exhibit 1, reconciliations of non-GAAP measures referenced in this news release, in Exhibit 2, a table illustrating the impact of foreign currency rates and fuel prices for each of our reportable segments for the three and twelve months ended December 31, 2020 and 2019, and in Exhibit 3, a table of selected non-financial metrics for the quarter ended December 31, 2020 and four preceding quarters. The total operating expense savings resulting from these actions were in excess of $65 million for the year, compared to our original guidance. For the twelve months ended December 31, 2020, other costs include certain costs incurred in association with COVID-19, including the cost of providing additional health, welfare and technological support to our employees as they work remotely. We exclude restructuring and other costs when evaluating our continuing business performance as such items 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. Net foreign currency gains and losses primarily result from the remeasurement to functional currency of cash, accounts receivable and accounts payable balances, certain intercompany notes denominated in foreign currencies and any gain or loss on foreign currency hedges relating to these items. Cloudflare Ray ID: 652036e49e565a4b To determine the estimated earnings impact of FX on revenue and expenses from entities whose functional currency is not denominated in U.S. dollars, as well as revenue and variable expenses from purchase volume transacted in non-U.S. denominated currencies, amounts were translated using the weighted average exchange rates for the same period in the prior year, net of tax, exclusive of revenue and expenses derived from 2019 acquisitions for one year following the acquisition dates. The fourth quarter played out better than expected and we began to see some encouraging trends as customer demand slowly returned despite renewed lockdowns across many parts of the world. US accounts for the majority of company's revenue. Adjusted earnings of $1.45 per share (excluded $6.75 from non-recurring items) missed the Zacks Consensus Estimate by 0.7% and … While the pace of recovery will vary, the anticipated return of volumes from existing customers coupled with new customer additions positions us well to succeed post-pandemic. Around 14.9 million vehicles use WEX for fleet management. Other revenue decreased $5.7 million for the first quarter of 2021 as compared to the same period in the prior year. Performance & security by Cloudflare, Please complete the security check to access. (1) Payment processing transactions represents the total number of purchases made by fleets that have a payment processing relationship with WEX. “In the first quarter, we delivered strong momentum sequentially, exceeded our revenue expectations and achieved $16.8 billion of total purchase volume, driven by meaningful contributions in all segments. In conjunction with this announcement, WEX will host a conference call today, February 24, 2021, at 9:00 a.m. (ET). 1 As the Company reported net losses for the fourth quarter of 2020 and year ended December 31, 2020, the diluted weighted average shares outstanding equal the basic weighted average shares outstanding for those periods under U.S. Generally Accepted Accounting Principles ("GAAP"). https://www.freightwaves.com/news/wex-misses-third-quarter-earnings-and-revenue Total revenue came in at $410.8 million, a 5% decrease versus Q1 2020. The Company is also providing segment revenue for the three and twelve months ended December 31, 2020 and 2019 in Exhibit 4 and information regarding segment adjusted operating income margin and adjusted operating income margin in Exhibit 5. Exhibit 3 Total revenue for the fourth quarter of 2020 decreased 9% to $399.0 million from $440.0 million for the fourth quarter of 2019. 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. (5) Net late fee rate represents late fee revenue as a percentage of fuel purchased by fleets that have a payment processing relationship with WEX. The exclusion of these items helps management compare changes in operating results between periods that might otherwise be obscured due to currency fluctuations. For the portions of our business that earn revenue based on margin spreads, revenue was calculated utilizing the comparable margin from the prior year. On May 7, 2020, the Company withdrew all previously-issued full fiscal year 2020 financial guidance due to COVID-19. For example, a cash salary generally has a fixed and unvarying cash cost. Fourth Quarter and Full Year 2020 Financial Results . Travel and Corporate Solutions' purchase volume decreased 48% to $5.0 billion from $9.6 billion for the fourth quarter of 2019. Revenue vs Market: WEX's revenue (12.8% per year) is forecast to grow faster than the US market ... Financial Health. These figures are adjusted for non-recurring items. The forward-looking statements speak only as of the date of this earnings release and undue reliance should not be placed on these statements. Completing the CAPTCHA proves you are a human and gives you temporary access to the web property. (1) Adjusted operating income margin is derived by dividing adjusted operating income by total revenue. Fourth Quarter and Full Year 2020 Financial Results. The adjustments attributable to non-controlling interests, including adjustments to the redemption value of a non-controlling interest and non-cash adjustments related to the tax receivable agreement, have no significant impact on the ongoing operations of the business. U.S. retail fuel price decreased to $2.26 per gallon from $2.80 per gallon in the fourth quarter of 2019. Paysafe (PSFE): Q1 net loss of $49.1 million, compared to net loss of $51.1 million in last years' quarter.Revenue of $377.4M (+4.9% Y/Y) beats by … WEX Health's revenue is the ranked 10th among it's top 10 competitors. The company also offers health and employee benefits payment platforms in Brazil and corporate purchasing and payment products. See insights on WEX including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. 2021 Proxy Statement PDF Format Download (opens in new window) PDF 8.25 MB. Net (loss) income attributable to WEX Inc. Change in value of redeemable non-controlling interest, Net (loss) income attributable to shareholders. To determine the estimated earnings 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 2019 acquisitions for one year following the acquisition dates. Additionally, the non-cash mark-to-market adjustments on financial instruments are difficult to forecast accurately, making comparisons across historical and future quarters difficult to evaluate. The top 10 competitors average 634. “We also closed the eNett and Optal transactions at the end of 2020, which increases our flexibility and opportunities going forward. Total revenue for the fourth quarter of 2020 decreased 9% to $399.0 million from $440.0 million for the fourth quarter of 2019. Fourth Quarter and Full Year 2020 Financial Results . Net income attributable to shareholders on a GAAP basis was a net loss of $5.56 per diluted share in 2020 compared to income of $2.26 per diluted share in 2019. View the latest WEX financial statements, income statements and financial ratios. Try D&B Hoovers Free Health and Employee Benefit Solutions. Net (loss) income attributable to shareholders per share: Weighted average common shares outstanding: Securitized accounts receivable, restricted, Prepaid expenses and other current assets, Property, equipment and capitalized software, Total liabilities and stockholders’ equity, Reconciliation of GAAP Net (Loss) Income Attributable to Shareholders to Adjusted Net Income Attributable to Shareholders, Unrealized (gains) losses on financial instruments, Acquisition-related intangible amortization, Other acquisition and divestiture related items, Debt restructuring and debt issuance cost amortization, ANI adjustments attributable to non-controlling interest, Adjusted net income attributable to shareholders, Unrealized losses (gains) on financial instruments, ANI adjustments attributable to non-controlling interests. The value of offering and managing multi-benefit … See Exhibit 1 for a reconciliation of GAAP operating income to adjusted operating income. Specifically, in addition to evaluating the Company's performance on a GAAP basis, management evaluates the Company's performance on a basis that excludes the above items because: For the same reasons, WEX believes that adjusted net income, adjusted operating income and total segment adjusted operating income may also be useful to investors when evaluating the Company's performance. In the same period, equity has grown at a slower pace, from $1.6 billion to $1.8 billion. Fleet Solutions. Latest research on Global Benefits Administration Software Market report covers forecast and analysis on a worldwide, regional and country … this report included a special section on the Impact of COVID19. The tax related items are the difference between the Company’s U.S. GAAP tax provision and a pro forma tax provision based upon the Company’s adjusted net income before taxes as well as the impact from certain discrete tax items. … (9) Purchase volume represents the total US dollar value of all transactions where interchange is earned by WEX. See insights on WEX including office locations, competitors, revenue, financials, executives, subsidiaries and … There are 65 companies in the Wex Health, Inc corporate family. The Company operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. (4) Net payment processing rate represents the percentage of the dollar value of each payment processing transaction that WEX records as revenue from merchants, less certain discounts given to customers and network fees. (10) Average number of Health and Employee Benefit Solutions accounts represents the number of active Consumer Directed Health, COBRA, and billing accounts on our SaaS platforms in the United States. The entire study covers the key drivers and restraints for the Benefits Administration Software market. Segment Adjusted Operating Income and Adjusted Operating Income Margin Information, Segment Adjusted Operating Income Margin(1). Total revenue came in at $410.8 million, a 5% decrease versus Q1 2020. The Company does not allocate certain corporate expenses to our operating segments, as these items are centrally controlled and are not directly attributable to any reportable segment. Reconciliation of GAAP Operating Income to Total Segment Adjusted Operating Income and Adjusted Operating Income. Although adjusted net income, 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 segment adjusted operating income to allocate resources among our operating segments. “In the first quarter, we delivered strong momentum sequentially, exceeded our revenue expectations and achieved $16.8 billion of total purchase volume, driven by meaningful contributions in all segments. Wex Health, Inc has 280 total employees across all of its locations and generates $43.32 million in sales (USD). WEX Inc.: Growing, But Destroying Value: 29.04. Payment processing transactions decreased 7% to 118.3 million. As for its overall results, WEX reported $1.79 per diluted share in adjusted net income attributable to shareholders on $410.8 million in total They needed a … 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 transaction is valued at … 17.05.2021 - Hims & Hers Health, Inc. (“Hims & Hers”, NYSE: HIMS), a multi-specialty telehealth platform that connects consumers to licensed healthcare … WEX Inc. (NYSE: WEX), a leading financial technology service provider, today reported financial results for the three months ended March 31, 2021. WEX Inc.WEX yesterday announced the completion of previously-announced acquisition of Discovery Benefits, Inc. (DBI). See Exhibit 1 for a full explanation and reconciliation of adjusted net income attributable to shareholders and adjusted net income attributable to shareholders per diluted share to the comparable GAAP measures. When used in this earnings release, the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. Average number of vehicles serviced was 15.8 million, an increase of 6% from the fourth quarter of 2019. at $ 215.25 per share: 4,736: 03/16/21: Robert Deshaies President, WEX Health: 252: Derivative/Non-derivative trans. As previously discussed, gains and losses from divestitures are considered by the Company to be unpredictable and dependent on factors that may be outside of our control. The Company's non-GAAP adjusted operating income excludes acquisition-related intangible amortization, other acquisition and divestiture related items, legal settlement, loss on sale of subsidiary, stock-based compensation, restructuring and other costs, debt restructuring costs and impairment charges. The quarterly results fell short of Wall Street expectations, with most analysts predicting earnings of $1.71 to $1.73 per share and revenue of $395 million. D&B Hoovers provides sales leads and sales intelligence data on over 120 …
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