Your WEX benefits debit card makes it easy to spend your funds on eligible expenses. 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. (unaudited), Net cash provided by (used for) operating activities, Purchases of property, equipment and capitalized software, Purchases of available-for-sale debt securities, Sales and maturities of available-for-sale debt securities, Acquisitions, net of cash and restricted cash acquired, Net activity from share-based compensation plans, Net cash provided by financing activities, Effect of exchange rates on cash, cash equivalents and restricted cash, Net change in cash, cash equivalents and restricted cash, Cash, cash equivalents and restricted cash, beginning of period, Cash, cash equivalents and restricted cash, end of period. Management uses the non-GAAP measures presented within this earnings release to evaluate the Companys performance on a comparable basis. Weve got it. Women play an important role at WEX. To provide investors with additional insight into its operational performance, WEX has included in this earnings release: in Exhibit 1, reconciliations of non-GAAP measures referenced in this earnings release; in Exhibit 2, tables illustrating the impact of foreign currency rates and fuel prices for each of our reportable segments for the three months ended March 31, 2023; and in Exhibit 3, a table of selected other metrics for the quarter ended March 31, 2023 and the four preceding quarters. Remember Me Next. With a female CEO, an executive team with 30% female leadership, and global workforce that is nearly half female, women are a key part of WEXs business at all levels. Their support team is also not helpful, as getting the information I needed to complete my taxes for my HSA proved to be very difficult. Employers What if additional documentation is required? Forward-looking statements relate to our future plans, objectives, expectations and intentions and are not historical facts and accordingly involve known and unknown risks and uncertainties and other factors that may cause the actual results or performance to be materially different from future results or performance expressed or implied by these forward-looking statements. We use WEX Health for our FSA, HSA, and COBRA administration. The forward-looking statements speak only as of the date of the initial filing of this earnings release and undue reliance should not be placed on these statements. This earnings release includes forward-looking statements including, but not limited to, statements about managements plans, goals, and guidance and assumptions with respect to future financial performance of the Company. Benefits of AWS Built services that were instantly scalable and highly deliverable By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service. Our first quarter results were excellent as we achieved solid top-line growth, underpinned by continued execution against our strategic priorities, said Jagtar Narula, WEXs Chief Financial Officer. Period. WEX shares have gained 4.2% in the past year against the 3.1% decline of theindustryit belongs to. Listen (or watch) and subscribe to Benefits Buzz Apple Spotify Zacks->. March 03, 2021. However, general IT issues seem to have plagued my experience using WEX. WEX / Discovery Benefits COBRA Account Login Information EquifaxEFXalso reported a beat on both counts in its first-quarter 2023 results. WEX announces company-wide layoffs; West Fargo employees impacted Adjusted net income attributable to shareholders is now expected to be in the range of $13.85 to $14.25 per diluted share, an increase from the prior guidance range of $13.55 to $14.05 per diluted share. Adjusted operating income increased 13.4% to $230.1 million from the year-ago quarters $202.9 million. WEX solutions reduce your administrative burdens. 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. Total revenues of $1.3 billion surpassed the consensus estimate by 1.5% but decreased 4.5% year over year. Recruiting and retention tools. The Company's non-GAAP adjusted net income attributable to shareholders excludes unrealized gains and losses on financial instruments, net foreign currency gains and losses, change 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, adjustments attributable to our non-controlling interests, and certain tax related items. Privacy Policy | No cost, no obligation to buy anything ever. Corporate Payments purchase volume grew 58% to $18.6 billion from $11.8 billion in the first quarter of 2022. A benefits administrator who provides service you can depend on. From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. Focusing on diversity also means focusing on inclusion. Total revenues of $612 million surpassed the consensus mark by 1.5% and our estimate by 1.7%. Zacks Ranks stocks can, and often do, change throughout the month. Technology? Weve simplified the experience from all angles with streamlined administration, insightful employer analytics, and intuitive participant access points. How does your program . Mobility revenues were up 7% year over year to $342.3 million. Total revenues of $3.4 billion surpassed the consensus estimate by 2.3% and our estimate by 1.4%. Segment Adjusted Operating Income and Adjusted Operating Income Margin Information. We estimate the year-over-year impact of fuel prices increased segment revenue by approximately $1 million, including a benefit . WEX is our administrator of several employee benefits, including Health Savings Accounts, commuter benefit accounts, an COBRA. To locate past Hub and Hub at Work articles, use the search function at the top of the page. WEX Benefits vs Workday HCM When assessing the two solutions, reviewers found Workday HCM easier to use. WEX Benefits | 15,040 followers on LinkedIn. I think this could help us determine that the employee is correctly using the funds at the correct locations. These are just a few of the dedicated teams we have in place to ensure you have the best experience. That claim has now been approved, and the documentation for that claim was also used to offset and approve the 4 denied claims. Revenues of $4.8 billion missed the consensus mark by 1.3% and our estimate by a slight margin. WEX Engaged Employer Overview 750 Reviews 214 Jobs 1.3K Salaries 109 Interviews 315 Benefits 4 Photos 305 Diversity + Add a Review WEX Employee Reviews about "benefit" Updated Apr 24, 2023 Search Reviews Clear All Full-time, Part-time English Filter Found 157 of over 751 reviews Sort Popular Popular COVID-19 Related Highest Rating Lowest Rating WEX Inc. Reports First Quarter 2023 Financial Results Remember Me Next New User? You can seethe complete list of todays Zacks #1 (Strong Buy) Rank stocks here. You can view the status of your claims and upload documentation easily with our benefits mobile app or through your online account. Certain Zacks Rank stocks for which no month-end price was available, pricing information was not collected, or for certain other reasons have been excluded from these return calculations. The Fleet Solutions segment will now be renamed to Mobility, the Travel and Corporate Solutions segment will now be renamed to Corporate Payments, and the Health and Employee Benefits Solutions segment will now be renamed to Benefits. The Company's forward-looking statements do not reflect the potential future impact of any alliance, merger, acquisition, disposition or stock repurchases. WEX Inc. WEX delivered better-than-expected . It makes me feel I have a partner I can trust.. About WEX Powered by the belief that complex payment systems can be made simple, WEX is a leading financial technology service provider across a wide spectrum of sectors, including fleet, travel, and healthcare. Gusto is scaled for small to mid-sized businesses, and emphasizes an easy to use interface. What is WEX Benefits? You could save money by investing in benefits and wellness to reduce employee turnover. Benefits accounts & COBRA The midpoint of the guided range is the same as the Zacks Consensus Estimate of $3.50. How do I access my account? The fuel prices referenced above are based on the applicable NYMEX futures price from the week of April 17, 2023. It features customizable modules of various HR services that businesses can tailor to their specific needs, as well as regulatory monitoring and alerts to help businesses remain compliant. 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 Vets Match your military skills Make WEX your next career move At WEX, we recognize the true value of experience-acquired skills. To learn more, click here. Total volume across the company came in at $52.3 billion, up 17% year over year. Benefits revenues of $164.9 million registered 36% year-over-year growth. The raised range is above the Zacks Consensus Estimate of $13.79. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. Type a symbol or company name. Login - 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. However, because adjusted free cash flow is a non-GAAP measure, it should not be considered as a substitute for, or superior to, operating cash flow as determined in accordance with GAAP. Adjusted earnings of $3.31 per share surpassed the Zacks Consensus Estimate by 3.4% and our estimate by 3.8%. Today, you can download 7 Best Stocks for the Next 30 Days. Our experts picked 7 Zacks Rank #1 Strong Buy stocks with the best chance to skyrocket within the next 30-90 days. PORTLAND, Maine, April 27, 2023--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 . PORTLAND, Maine-- (BUSINESS WIRE)-- WEX (NYSE: WEX), a leading financial technology service provider, today announced that it has completed the acquisition of benefitexpress, a leading provider of highly configurable, cloud-based benefits administration technologies and services. Funds contributed in 2022 are being added to the WEX Benefits . Our easy-to-use APIs in our developer portal give you access to the most complete embedded payment platforms and fintech offerings. Specifically, you can use it anywhere with an Inventory Information Approval System (IIAS) or at merchants that meet the IRS 90 percent rule (where 90% of gross sales meet eligibility requirements). There are no changes to the business conducted in each segment. It's great to have all of our HSA, FSA and COBRA on one software. How does it work? Where does it work? WEX SPARK 2023 is our annual learning and networking event that focuses on new technologies and emerging industry trends meant to simplify payments, fleet management, and benefits administration and help fuel business growth. Military veterans possess invaluable leadership skills and business acumen. While accounting software has revolutionized accounting functions across businesses large and small, manual processes still play a big role in a huge number of accounts payable operations. Delayed Nyse WexLocationCode.setTransientValue("wex02"); As a user , WEX Health (formerly Evolution1) provided the organization with Flex benefit management and Cobra. You retain service and administration while depending on our benefits platform. Initial roll out of member cards could be delivered earlier. Our solutions solve employers end-to-end benefits needs including HSA, FSA, and COBRA, help employees get the most value from their benefits, and power partners business growth. In addition, adjusted net income attributable to shareholders, 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. For the second quarter of 2023, WEX anticipates revenues in the range of $613-$623 million, higher than the current Zacks Consensus Estimate of $609.42 million. 87% more employers changed their benefits in 2022 versus 2021. (8) Net interchange 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. The average salary for Wex International Inc employees is around $91,884 per year, or $44 per hour. GAAP operating income margin for the first quarter of 2023 was 25.2% compared to 23.6% for the prior year comparable period. Do I need a new debit card? At the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors. And, we provide them with access to analysis, benchmarks, and trends drawn from one of the industrys largest pools of data. Your health plan drives many of your decisions during open Over the past few years, the risk of a cyber attack has become Find the best fuel card or fleet mobility management solution to save money and meet the evolving needs of any type of fleet or size of business. Reconciliation of GAAP Operating Cash Flow to Adjusted Free Cash Flow. 3 reasons we see people flipping to a fuel card: Apply Now When your card expires, or you report your card lost or stolen, you will receive a WEX benefits card. The Cobra team at WEX is also easy to work with and professional. WEX Inc. price-consensus-eps-surprise-chart | WEX Inc. Quote. Easy-to-complete non-discrimination testing to keep your plans compliant. You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. Your WEX benefits debit card makes it easy to spend your funds on eligible expenses. The midpoint of the guided range is the same as the current Zacks Consensus Estimate of $2.47 billion. Its a little-known chemical company thats up 65% over last year, yet still dirt cheap. WEX Inc. price-consensus-eps-surprise-chart | WEX Inc. Quote. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. The total number of shares used in calculating adjusted net income attributable to shareholders per diluted share as of March 31, 2023 and 2022 is 45.2 million and 46.9 million, respectively. 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. . Access your WEX benefits account Click the links below to log in to a participant or employer accounts (formerly Discovery Benefits, LLC, a WEX Company). Client services. Find the right solution, Benefits partners Auto-renewal made easy with an intuitive setup and renewal wizard Direct access to our service experts Stay up-to-date on the latest trends and insight regarding your employee benefits on our blog or subscribe to our podcast. Effective June 2022 Benefit Express, that currently manages all Transit and Flexible Spending Accounts (Health, Limited and Dependent Care), will now go by WEX Health Inc. or simply WEX. Copyright 2023 Surperformance. We are renaming our existing segments in connection with a rebranding initiative. The midpoint of the guided range is the same as the Zacks Consensus Estimate of $3.50. Cash flows from operating activities through the first quarter of this year are $27.1 million. Many veterans and those with military service have found rewarding and long careers at WEX. Adjusted net income is expected between $3.45 and $3.55 per share. With a female CEO, an executive team with 30% female leadership, and global workforce that is nearly half female, women are a key part of WEXs business at all levels. (form 10-Q), https://www.businesswire.com/news/home/20230425006008/en/. Average number of vehicles serviced was approximately 18.7 million, an increase of 9% from the first quarter of 2022. ERGs drive diversity by fostering new bonds and communities across the company. 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. This page provides login buttons for accessing your online account along with helpful resources such as a benefits knowledge base, a link to current eligible expenses, and chat. 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. 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. Equifax(EFX Quick QuoteEFX - Free Report) also reported a beat on both counts in its first-quarter 2023 results. We are a mid-size organization with about 175 employees. Adjusted operating income increased 13.4% to $230.1 million from the year-ago quarters $202.9 million. Browse our category menus to discover hundreds of online resources frequently used by faculty and staff, or use the search to find people. WEX was formerly known as Discovery Benefits, LLC. The top line increased 1% year over year. I would like notifications that there are new reports out on WEX's website for those who have used their HSA and FSA accounts. Mobility payment processing transactions increased 4% from the first quarter of 2022 to 137.5 million. Looking for your Discovery Benefits Login? What that means for COBRA, FSAs, and more. (1) Payment processing transactions represents the total number of purchases made by fleets that have a payment processing relationship with WEX where the Company maintains the receivable for the total purchase. WEX really help simplify and uniforms the whole process and help streamline all HSA, FSA and COBRA processes. I remember the frustrations experienced by employees submitting receipts with other providers. Average HSA custodial cash assets in the first quarter of 2023 were $3,676 million which is 25% higher than $2,950 million a year ago. Total revenues of $612 million surpassed the consensus mark by 1.5% and our estimate by 1.7%. Higher Education Company, 501-1000 employees, Telecommunications Company, 501-1000 employees, Great core products, poor IT/website and support experiences. WEX "benefit" Reviews | Glassdoor MANs adjusted earnings of $1.61 per share lagged the consensus mark by 0.6% but matched our estimate. However, WEX Benefits is easier to set up and administer. 1 MarketScreener is worth more than 1000 Influencers! Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. In 1978, our founder discovered the power of earnings estimate revisions to enable profitable investment decisions. We have created a powerful ecosystem that offers seamlessly embedded, personalized solutions for . Total revenues of $3.4 billion surpassed the consensus estimate by 2.3% and our estimate by 1.4%. WEX Health also helps us manage all the necessary communications for COBRA administration while keeping us compliant with government rules and regulations. The revenue increase in the quarter includes a $1.3 million favorable impact from fuel prices and spreads and a $4.3 million unfavorable impact from foreign exchange rates. We provide our partners with a proven benefits and COBRA administration platform thats built to meet their needs. Employee Wellness - WEX Benefits You WEX enables businesses to run a modern B2B payments program to maximize efficiencies, save money, and help unlock the full revenue potential of digital payments. WEX beats them all. Recent stocks from this report have soared up to +178.7% in 3 months - this month's picks could be even better. For example, they seem to require you to make a new password every few months, which made even just logging in a nightmare (I don't like to save passwords for financial accounts to my browser). Visit Performance Disclosure for information about the performance numbers displayed above. NASDAQ data is at least 15 minutes delayed. The bottom line increased 14.9% year over year. We formerly used TASC and it was a nightmare. The top line increased 1% year over year. WEX benefits account resources Participants HSA, FSA, HRA/Wellness & Commuter login Non-employer Individual HSA login COBRA, Retiree & Leave of Absence Member login Participant Knowledgebase The phone app is one of the best I have seen and would be great to roll out to those submitting receipts. It allows a good amount of visibility for FSAs and COBRA communications. The top line decreased 7.6% year over year. Save money and manage fleet operations with our modern business mobility solutions, including a broad array of fuel cards for any size fleet. Total volume across all segments was $52.3 billion, an increase of 17% from the first quarter of 2022. Offered employees educational content about HSAs, FSAs, etc. Our customers bring us their complex challenges. Setting AP department goals and measuring performance, Choosing an HDHP versus a PPO/traditional health plan, Inventory Information Approval System (IIAS). This page has not been authorized, sponsored, or otherwise approved or endorsed by the companies represented herein. Login. Mobility revenues were up 7% year over year to $342.3 million. About 150 employees. Username Forgot Username? See Exhibit 1 for a full explanation and reconciliation of adjusted net income attributable to shareholders, adjusted net income attributable to shareholders per diluted share, and adjusted operating income to the most directly comparable GAAP financial measures. Integration Platform as a Service (iPaaS), Government Administration Company, 51-200 employees, Computer Software Company, 201-500 employees, Premium Consulting / Integration Services. HSA Day - National HSA Awareness Day The domestic fuel price in Q1 2023 was $3.86 versus $3.90 in 2022. If used at an IIAS merchant, simply swipe your card and it will automatically approve anything thats an eligible expense. View source version on businesswire.com: https://www.businesswire.com/news/home/20230425006008/en/. Our end-to-end solution has proven to work for partners and clients with all sorts of needs everything from full benefits admin to account management to call center services, and everything in between. WEX Benefits is a suite of benefits administration solutions, positioned to help employers provide healthcare benefit management for their employees. Login - WEX Health (9) Purchase volume represents the total dollar value of all transactions where interchange is earned by WEX. WEX helps leading travel intermediaries efficiently and securely pay travel suppliers anywhere in the world. They offered an easy-to-use website, and it was clear that they were serious about compliance and proper administration of benefits. Transit Program Benefits revenues of $164.9 million registered 36% year-over-year growth. 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. Check out all our insights on staffing, benefits offerings, and retention techniques on our Benefits Trends report. Currently, 35% of employers who use the WEX benefits platform provide an HSA contribution. WEX Inc.WEX delivered better-than-expected first-quarter 2023 results. Overall, we continue to execute well on all fronts, and Im pleased to share that we are raising our full year guidance.. I think this could help us determine that the employee is spending the funds at correct locations and help us when we do our reconciliations of these accounts. Email. Our payments platform technologies give you everything you need to run an advanced payments program in one place, including the expertise to make payments smarter, faster, and more profitable. Specifically, you can use it anywhere with an Inventory Information Approval System (IIAS) or at merchants that meet the IRS 90 percent rule (where 90% of gross sales meet eligibility requirements). What if additional documentation is required? 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. ManpowerGroupMAN reported lower-than-expected first-quarter 2023 results. WEX provides robust solutions for benefits administration, reimbursement accounts, and COBRA administration. Get the latest Health Trends & Insights news in your inbox. WEX Benefits vs. Workday HCM | G2 Companies can't remove reviews or game the system. We also continued to opportunistically return capital to shareholders, repurchasing $93 million of shares during the quarter. Corporate Payments purchase volume surged 58% year over year to $18.6 billion. Transit Benefit: Human Resources: Loyola University Chicago WEX's first-quarter 2023 revenues benefit . Weve developed a technology platform and solutions that can be quickly customized for you to achieve your employee benefits goals. For more information, please visit www.wexinc.com. (6) Late fee revenue represents fees charged for payments not made within the terms of the customer agreement based upon the outstanding customer receivable balance. EPS increased 12.2% year over year. Copy and paste multiple symbols separated by spaces. Only the fastest, easiest, most secure B2B payments solution will do. Organisation ID. You'll notice changes in brand name and logos to the online account and mobile app, including where you go to log in. It is well suited to help us see exactly which employee and which company the employee is with and how much they employee spent. Adjusted net income is expected between $3.45 and $3.55 per share. (4) Net payment processing rate represents the percentage of each payment processing dollar of fuel transaction that WEX records as revenue from merchants, less certain discounts given to customers and network fees. In addition, adjusted free cash flow as used by WEX may not be comparable to similarly titled measures employed by other companies. All rights reserved. ERGs drive diversity by fostering new bonds and communities across the company. To determine the impact of price per gallon of fuel (PPG) on revenue, revenue subject to changes in fuel prices was calculated 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, exclusive of revenue derived from acquisitions for one year following the acquisition dates. Partner account executives. Get the latest Health Trends & Insights news in your inbox. We are continuously looking for top talent with diverse backgrounds and experience to join our team. We have a file feed connected to WEX Health from our HRIS, so it really helps us stay compliant automatically, with General Notices and Specific Rights Notices when we have new hires or terms. We use WEX Health for our FSA, HSA, and COBRA administration. It can be easy to get caught up in a routine or a silo at WEX, but NexGen has given me the opportunity to connect with people in other functional areas that I otherwise would have never met.. Through meaningful networking, innovative learning, and strategic discussions at SPARK 2023, leaders collectively help simplify the complexities of payment systems.
Michael Goguen Whitefish, Montana House, Articles W