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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 Inc. (NYSE: WEX) reported strong financial results for Q4 and the full year 2022. Q4 revenue increased 24% to $618.6 million, driven by a net $34.2 million favorable impact from fuel prices. The company posted a net income of $88.7 million, or $2.02 per diluted share, compared to a loss of $11.8 million in Q4 2021. For 2022, revenue rose 27% to $2.35 billion, with adjusted net income per diluted share up 48% to $13.53. Key growth metrics included a 45% increase in total volume to $212 billion and a 57% rise in Travel and Corporate Solutions purchase volume. WEX repurchased 947,000 shares for $141.2 million and generated $782.4 million in adjusted free cash flow.
WEX Inc. (NYSE: WEX) has announced it will report its fourth quarter and full year 2022 financial results on February 9, 2023, before the market opens. CEO Melissa Smith and CFO Jagtar Narula will host a conference call at 10:00 A.M. ET to discuss the results. The call will be accessible via the investor relations section of the WEX website and by phone. A replay will be available starting two hours after the live webcast through March 11, 2023.
WEX focuses on simplifying business operations through its global commerce platform, providing solutions that enhance customer experience.
WEX has launched the Motorpass Driver App in Australia, designed to assist small and medium-sized businesses (SMBs) in finding the best fuel prices amid rising costs. With petrol prices exceeding $2 per litre and the return of full fuel tax, the app aims to help businesses save money on fleet operations. It is compatible with both iOS and Android, allowing real-time fuel price comparisons at various locations. The app complements the existing Motorpass Card, enhancing operational efficiency for fleet drivers.
WEX (NYSE: WEX), a global commerce platform, announced that CFO Jagtar Narula will present at the Credit Suisse 26th Annual Technology Conference on November 29, 2022, at approximately 6:25 PM ET. The presentation will be available live via a webcast on the Company's Investor Relations webpage. For those who cannot attend, an audio replay will also be provided. WEX offers embedded solutions to simplify business operations and aims to help companies navigate complexities efficiently.
WEX Inc. (NYSE: WEX) announced that Steve Elder, Senior Vice President of Global Investor Relations, will present at the J.P. Morgan Ultimate Services Investor Conference on November 17, 2022, at 3:35 PM ET. A live webcast of the event will be accessible via the Company's Investor Relations website and through a direct link for those interested. An audio replay will also be available for thirty days post-event.
WEX provides a global commerce platform designed to simplify business operations, enabling clients to overcome complexities and achieve their goals.
WEX reported a record third-quarter revenue of $616.1 million, marking a 28% year-over-year increase. Despite the impressive revenue growth, the company experienced a GAAP net loss of $44.1 million, or $1.00 per diluted share. Adjusted net income rose 43% year-over-year to $157.8 million, or $3.51 per diluted share. Operating income margins were 3.5% for GAAP and 39.1% for adjusted figures. WEX has raised its full-year revenue guidance to a range of $2.302 billion to $2.312 billion.
WEX has authorized an amended share repurchase program, allowing for the buyback of up to $650 million of its common stock. This modification increases the previous limit of $150 million and shortens the buyback timeline to December 31, 2025. WEX has already repurchased $225 million of stock this year and has $575 million remaining under the new authorization. CEO Melissa Smith expressed confidence in WEX’s future earnings potential and views the current share price as attractive for repurchases, reflecting a commitment to returning value to shareholders.
WEX Inc. (NYSE: WEX) is set to report its third quarter 2022 financial results on October 27, 2022, before the market opens. The earnings will be discussed during a conference call at 10:00 A.M. EDT, led by Chair and CEO Melissa Smith and CFO Jagtar Narula. Investors can access the call via the WEX website or by phone. A replay will be available starting two hours post-webcast and lasting until November 27, 2022. WEX aims to simplify business operations through its global commerce platform.
WEX collaborates with Tori Dunlap and Jennifer McClure to enhance employee benefits awareness, especially regarding HSAs, coinciding with National HSA Awareness Day on October 15.
WEX aims to empower employers with tools to better support employees amidst rising inflation and economic uncertainty. HSAs offer flexibility, tax benefits, and long-term savings options.
WEX currently manages one in five HSAs nationwide and emphasizes the importance of financial education and strategic benefits for employees.
WEX has launched Flume, an FDIC-insured digital wallet aimed at helping small and medium-sized businesses (SMBs) in the U.S. with seamless account-to-account transfers. Flume addresses the challenge of high check payments, which account for over 40% of B2B transactions. Since its beta launch, Flume has managed over $2 million in payment volume, with transactions averaging between $2,000 and $8,000. The service integrates with QuickBooks Online and offers a secure payment portal for card processing, ensuring timely access to cash for SMBs.
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