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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) 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.
WEX Inc. (NYSE: WEX), a prominent financial technology service provider, announced that its CFO, Roberto Simon, will present at the Wells Fargo TMT Summit on December 1, 2020, at approximately 3:20 PM EST. The presentation will be available via live webcast on the company's Investor Relations website. For those unable to attend live, an audio replay will be accessible for 90 days post-event. WEX serves various sectors, including fleet and healthcare, management of payment systems, and facilitates travel purchases totaling $40 billion in 2019.
WEX (NYSE: WEX) has announced that its Chair and CEO, Melissa Smith, will present at the Citi 2020 Financial Technology Virtual Conference on November 19, 2020, at approximately 12:45 PM EST. The presentation will be accessible live on the company's Investor Relations webpage, and an audio replay will be available for 90 days for those who cannot attend. WEX is a financial technology service provider operating in various sectors and countries, helping manage payments across fleets, travel, and healthcare.
WEX reported third-quarter 2020 financial results, revealing total revenue of $382.1 million, a 17% decrease year-over-year. The net loss attributable to shareholders was $65.8 million, or $1.49 per diluted share, compared to a profit of $14.6 million, or $0.33 per diluted share, in Q3 2019. Despite revenue declines, segments like corporate payments and U.S. health showed growth. The company emphasized operational resilience and cost management, with an expected savings of $60-$65 million this year. No financial guidance was issued due to ongoing COVID-19 uncertainty.
WEX Inc. (NYSE: WEX) announced it will report its third quarter 2020 financial results on October 29, 2020, before market opens. A conference call will follow at 10:00 A.M. EDT, hosted by CEO Melissa Smith and CFO Roberto Simon, to discuss the results. Interested parties can access the live webcast through WEX's investor relations website or join via phone. A replay will be available for two weeks post-call. WEX operates in financial technology across various sectors, with 15 million fleet cards and $40 billion in purchase volume reported in 2019.
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