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WEX Inc. (NYSE: WEX) is a global leader in corporate payment solutions designed to enhance business efficiency, security, and cost control. Founded in 1983 with a focus on fleet card payments, WEX has since diversified its offerings to encompass a wide array of corporate payment solutions, serving millions of cardholders across various sectors, including travel, healthcare, and employee benefits.
The company operates in three main segments: Mobility, Benefits, and Corporate Payments. The Mobility segment, which generates the highest revenue, offers fleet vehicle payment solutions, transaction processing, and information management services for both commercial and government fleets. The Corporate Payments segment provides business-to-business payment processing and transaction monitoring services. The Benefits segment focuses on healthcare payment products and a consumer-directed software platform.
WEX has a significant presence across North and South America, Europe, Australia, New Zealand, and Asia, employing over 2,000 associates. The company is committed to delivering exceptional payment security and control, ensuring that businesses of all sizes can operate efficiently and profitably.
Recent achievements highlight WEX's commitment to innovation and industry leadership. The company has filed a federal lawsuit against HP Inc. and Hewlett-Packard Development Company, L.P. for trademark infringement. This legal action underscores WEX's dedication to protecting its brand and intellectual property rights.
For more detailed information and the latest updates, visit WEX Inc.
WEX (NYSE: WEX) has entered into an agreement with OMV to enhance its fuel card program across ten European markets. The initiative aims to leverage WEX's technology platform and is expected to be completed within two years. OMV, a key player in the oil and gas sector, is part of ROUTEX, a significant fueling network in Europe, and WEX will process ROUTEX transactions for OMV. This partnership aligns with WEX's strategic focus on expanding its presence in Europe.
WEX, a financial technology leader, reported significant growth in 2020 within its Health division. The company now connects over 408,000 employers, serving more than 33 million consumers in the U.S. and Canada. WEX has over 6.5 million Health Savings Account (HSA) accounts, marking it as the top platform in the country. Nearly 60% of Fortune 1000 companies utilize WEX technology. WEX enhanced its platform and engaged in partnerships to boost consumer awareness and benefits education, achieving over 688 million media impressions in 2020.
WEX reported a 9% revenue decline for Q4 2020, totaling $399.0 million, impacted negatively by lower fuel prices and foreign exchange rates. The company posted a net loss of $234.2 million or $(5.30) per diluted share, driven by nonrecurring charges.
For the full year, total revenue fell 10% to $1.56 billion, with a net loss of $5.56 per share compared to a profit in 2019. Despite these challenges, WEX noted positive trends in its corporate payments and health solutions segments. The CEO expressed optimism for future growth as customer demand returns.
WEX Inc. (NYSE: WEX) announced its participation in two upcoming investor conferences. The Chief Financial Officer, Roberto Simon, will present at the 2021 Virtual KBW Fintech Payments Conference on February 25 at 12:10 PM EST, with a live webcast available on the company's website. Following this, CEO Melissa Smith will speak at the Raymond James Institutional Investors Virtual Conference on March 3 at 4:40 PM EST, also accessible via the company’s site. Audio replays will be available for 90 days post-event.
WEX (NYSE:WEX) announced plans to redeem its outstanding $400 million 4.75% Senior Secured Notes due February 1, 2023, on March 15, 2021. The company has notified the trustee, The Bank of New York Mellon Trust Company, N.A., of this intent. The redemption amount includes accrued interest and will be funded from available cash, as WEX holds over $800 million in revolving credit capacity. This step reflects WEX's financial strategy in managing its debt obligations effectively.
WEX Inc. announced the acquisition of specific health savings account (HSA) assets from HealthcareBank for approximately $200 million. This move aims to strengthen WEX's position in the consumer-directed healthcare sector and enhance customer experience by providing better HSA solutions. The deal includes two deferred cash payments totaling $50 million, scheduled for July 2023 and January 2024, plus potential additional payments linked to Federal Funds rate changes. WEX expects this acquisition to positively impact adjusted net income in fiscal year 2021.
WEX has signed a multi-year contract with NASPO ValuePoint to provide its Universal Fleet Card program, enhancing fuel payment options for public sector entities. This agreement allows states and municipalities to utilize WEX’s extensive fraud prevention and analytics tools, improving fueling efficiency and savings. With acceptance at over 95% of gas stations, the contract streamlines purchase orders for fuel. WEX, a leader in financial technology, serves a vast marketplace and aims to leverage its expertise for cost-effective solutions.
WEX Inc. (NYSE: WEX) has announced that it will release its fourth quarter and full year 2020 financial results on February 24, 2021, prior to market opening. The results will be discussed in a conference call led by CEO Melissa Smith and CFO Roberto Simon at 9:00 A.M. EST. Interested parties can access the call via the WEX investor relations website or by phone. The company is a prominent financial technology service provider with operations in over 10 countries, supporting diverse sectors such as fleet, travel, and healthcare.
WEX (NYSE: WEX) has extended its service agreement with LUKOIL North America LLC, continuing a 34-year partnership. The multi-year agreement enables LUKOIL to keep using WEX's branded fuel cards across North America. LUKOIL's senior manager highlighted WEX's innovative service as vital for their fleet customers. The longstanding relationship, dating back to 1986, underscores both companies' commitment to customer service and mutual growth. As LUKOIL expands, WEX remains dedicated to supporting their partnership.
WEX Inc. (NYSE:WEX) has completed its acquisition of eNett and Optal for approximately $577.5 million, funded from cash reserves. This strategic acquisition aims to enhance WEX’s B2B payment solutions within the Travel and Corporate Solutions segment. Following the acquisition, Anthony Hynes has been appointed as President of the Travel division. Despite limited visibility due to COVID-19, WEX anticipates the acquisition's impact on adjusted net income to be immaterial through 2021. Additionally, WEX has settled litigation related to the purchase agreement.
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