wex benefits now

Our easy-to-use APIs in our developer portal give you access to the most complete embedded payment platforms and fintech offerings. Net income attributable to shareholders per share: Weighted average common shares outstanding: WEX INC. WEX Inc. price-consensus-eps-surprise-chart | WEX Inc. Quote. Healthcare support. This company could rival or surpass other recent Zacks Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year. Our benefits administration 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. However, general IT issues seem to have plagued my experience using WEX. We used multiple vendors and our employees a variety of vendors and banks they could set up their accounts with. We also use it to track the billing of COBRA for our former employees. Employee Wellness - WEX Benefits You 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. You'll notice changes in brand name and logos to the online account and mobile app, including where you go to log in. You'll notice changes in brand name and logos to the online account and mobile app, including where you go to log in. Any statements in this earnings release that are not statements of historical facts are forward-looking statements. 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). (1) Adjusted operating income margin is derived by dividing adjusted operating income by total revenues of the entire Company as shown on the Condensed Consolidated Statement of Operations. Total revenues of $1.3 billion surpassed the consensus estimate by 1.5% but decreased 4.5% year over year. It's great to have all of our HSA, FSA and COBRA on one software. See Exhibit 1 for a reconciliation of GAAP operating income to total segment adjusted operating income. Technology? With real-time access and intuitive navigation to all your important account information, our app includes the following features: Easy, Convenient & Secure However, WEX Benefits is easier to set up and administer. During the first quarter of 2023 the Company repurchased approximately 525,000 shares of its stock for a total cost of approximately $93 million. All fields must be completed unless marked (optional). Total net revenue for the first quarter of 2023 increased 18% to $612.0 million from $517.5 million for the first quarter of 2022. Our passion for continuous innovation and our unparalleled level of service were further fueled when Discovery Benefits . Focusing on diversity also means focusing on inclusion. Setting AP department goals and measuring performance, Choosing an HDHP versus a PPO/traditional health plan, Inventory Information Approval System (IIAS). Benefits administration Benefits accounts. WEX Health (formerly Evolution1) is a great organization for organizations that offer Flexible benefits. There are no changes to the business conducted in each segment. Adjustments to cash flows from operating activities: Adjusted for certain investing and financing activities: Less: Purchases of current investment securities, net of sales and maturities, Impact of Certain Macro Factors on Reported Revenue and Adjusted Net Income Attributable to Shareholders. Benefits average number of Software-as-a-Service accounts were up 14% to 20.3 million year over year. The Company provides revenue guidance on a GAAP basis and earnings guidance on a non-GAAP basis, due to the uncertainty and the indeterminate amount of certain elements that are included in reported GAAP earnings. Corporate Payments revenues of $104.8 million were up 36% year over year. I would like to see where exactly the employees spent their HSA funds. Step 1 of 3. Robert W. Baird increased their price objective on WEX from $222.00 to $236.00 in a research note on Friday. For more information, please visit www.wexinc.com. Discovery Benefits is now known as WEX. 1 MarketScreener is worth more than 1000 Influencers! As a result, there will be upcoming brand changes that will impact your flexible spending, health savings, and commuter benefits accounts. In addition, the benefit of excess free cash flow in the fourth quarter of last year reversed during the first quarter of 2023. The top line increased 18.3% year over year, mainly driven by the positive impact of fuel prices and spreads. Copy and paste multiple symbols separated by spaces. WEX "benefit" Reviews | Glassdoor Adjusted net income is expected between $3.45 and $3.55 per share. WEX provides end-to-end solutions and so much more. With other vendors, I feel like a client. (unaudited), Change in fair value of contingent consideration, Net unrealized (loss) gain on financial instruments, Less: Net income from non-controlling interests, Change in value of redeemable non-controlling interest. As a user , WEX Health (formerly Evolution1) provided the organization with Flex benefit management and Cobra. Benefits revenues of $164.9 million registered 36% year-over-year growth. The methodology utilized for calculating the Companys adjusted net income attributable to shareholders tax provision is the same methodology utilized in calculating the Companys GAAP tax provision; and. The Company's non-GAAP adjusted operating income excludes acquisition-related intangible amortization, other acquisition and divestiture related items, stock-based compensation, and other costs. The highest earners in the top 75th percentile are paid over $104,051. No setup fee Offerings Free Trial Free/Freemium Version Premium Consulting / Integration Services WEX shares have gained 4.2% in the past year against the 3.1% decline of theindustryit belongs to. 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. You can view the status of your claims and upload documentation easily with our benefits mobile app or through your online account. Revenues of $4.8 billion missed the consensus mark by 1.3% and our estimate by a slight margin. At the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors. They give you a single debit card for both accounts and it automatically knows (based on the vendor) if a transaction should come out of your HSA or commuter benefits account. Welcome to your single source for all you need to know about your benefit account (s). If used at an IIAS merchant, simply swipe your card and it will automatically approve anything thats an eligible expense. Zacks->. Click to get this free report, ManpowerGroup Inc. (MAN) : Free Stock Analysis Report, Omnicom Group Inc. (OMC) : Free Stock Analysis Report, Equifax, Inc. (EFX) : Free Stock Analysis Report, WEX Inc. (WEX) : Free Stock Analysis Report. WEX Health works well for us. Many veterans and those with military service have found rewarding and long careers at WEX. To that end, we were excited to expand our annual SPARK conference to bring together customers across the mobility, corporate payments, and benefits industries, showcasing how we can help companies simplify the business of running a business with data, payments, and digitization. Discovery Benefits is now known as WEX. 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. Our benefits administration 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. ADP Workforce Now is a cloud-based HR platform for mid-sized businesses. Learn how your business can generate revenue by adopting digital payments technology. The ease of submitting receipts is a positive impact (happy employees). . Email. Companies can't remove reviews or game the system. The live conference call also can be accessed by dialing (888) 510-2008 or (646) 960-0306. Were ready to simplify your business. 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. WEX Inc. - WEX Completes Acquisition of benefitexpress New users can create a new account to get started. Total revenues of $612 million surpassed the consensus mark by 1.5% and our estimate by 1.7%. 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. . Discovery Benefits | WEX Inc. Benefits Buzz Podcast - WEX Benefits You The midpoint of the guided range is the same as the current Zacks Consensus Estimate of $2.47 billion. WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. Our guidance assumes approximately 45.2 million fully diluted shares outstanding for the full year. Great professional staff for the Flex benefits, Communication between Flex and Cobra team could use a little improvement. It is a great tool for our employees to easily sign up and . We believe this is a useful measure for investors to further evaluate the results of operations. The Company believes that excluding acquisition-related costs and gains or losses on divestitures facilitates the comparison of our financial results to the Companys historical operating results and to other companies in our industry; Stock-based compensation is different from other forms of compensation, as it is a non-cash expense. Adjusted free cash flow, which is a non-GAAP measure, is negative $61.4 million for the same period, which is typically seasonally low. 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. Privacy Policy | No cost, no obligation to buy anything ever. (1) Segment adjusted operating income margin is derived by dividing segment adjusted operating income by the revenue of the corresponding segment (or the entire Company in the case of total segment adjusted operating income). There are no changes to the business conducted in each segment. See Exhibit 5 for information on the calculation of adjusted operating income margin. Weve simplified the experience from all angles with streamlined administration, insightful employer analytics, and intuitive participant access points. WEX Benefits is a suite of benefits administration solutions, positioned to help employers provide healthcare benefit management for their employees. I want to make a difference and make people feel like they belong here and WEXPats empowers me to do that by giving me a community of people who have the shared experience of immigrating to a new country for work and the passion to make the transition easier for others. It allows a good amount of visibility for FSAs and COBRA communications. Adjusted operating income increased 13.4% to $230.1 million from the year-ago quarters $202.9 million. 2 Net activity on debt includes: borrowings on revolving credit facility; repayments on revolving credit facility; repayments on term loans; net borrowing of federal funds; and net (repayments) borrowings on other debt. 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. WEX Inc. (WEX) Q1 2023 Earnings Call Transcript 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. Currently, WEX carries a Zacks Rank #4 (Sell). Benefits administration For additional information and timing of these changes, visit this webpage. . You may continue to use your account (s) for qualified expenses, and you will receive the same outstanding customer service you have come to expect from DBI, now WEX. We use WEX Health for our FSA, HSA, and COBRA administration. Long-term debt was $2.6 billion compared with $2.5 billion at the end of the previous quarter. Looking to manage employee benefits, streamline how you pay and get paid by suppliers, save on fuel costs, or modernize how you manage your fleet? (7) Purchase volume represents the total dollar value of all WEX-issued transactions that use WEX corporate card products and virtual card products. A replay of the webcast and the accompanying slides will be available on the Company's website. 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. Remember Me Next New User? I would like to see where exactly the employees spent their FSA funds. WEXers approach every opportunity with ingenuity, curiosity, and tenacity. Explore our fleet and mobility solutions for any size or type of business. WEX shares have gained 4.2% in the past year against the 3.1% decline of theindustryit belongs to. Women play an important role at WEX. We were not at all confident in their administration or compliance of FSAs, HSAs, or COBRA. These returns cover a period from January 1, 1988 through April 3, 2023. I remember the frustrations experienced by employees submitting receipts with other providers. Benefits average number of Software-as-a-Service accounts were up 14% to 20.3 million year over year. Powered by the belief that complex payment systems can be made simple, WEX (NYSE: WEX) is a leading financial technology service provider across a wide spectrum of sectors, including fleet, corporate payments, and healthcare. 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. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. GAAP operating income margin for the first quarter of 2023 was 25.2% compared to 23.6% for the prior year comparable period. Pros and Cons of WEX Benefits 2023 - TrustRadius MANs adjusted earnings of $1.61 per share lagged the consensus mark by 0.6% but matched our estimate. WEX | ADP Marketplace We are continuously looking for top talent with diverse backgrounds and experience to join our team. Your WEX benefits debit card makes it easy to spend your funds on eligible expenses. You could save money by investing in benefits and wellness to reduce employee turnover. Our card works at a variety of merchants. WEX (NYSE:WEX) Price Target Raised to $190.00 - MarketBeat To determine the estimated adjusted net income attributable to shareholders 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 acquisitions for one year following the acquisition dates. Exclusion of the non-cash, mark-to-market adjustments on financial instruments, including interest rate swap agreements and investment securities, helps management identify and assess trends in the Companys underlying business that might otherwise be obscured due to quarterly non-cash earnings fluctuations associated with these financial instruments. Third party administrators Weve got it. Transcript : WEX Inc., Q1 2023 Earnings Call, Apr 27, 2023, WEX's Q1 Adjusted Earnings, Revenue Increase; Raises 2023 Guidance, Wex Inc. : Results of Operations and Financial Condition (form 8-K), Earnings Flash (WEX) WEX Reports Q1 Revenue $612M, vs. Street Est of $604.4M, Earnings Flash (WEX) WEX Reports Q1 EPS $3.31, vs. Street Est of $3.20, Citigroup Adjusts WEX Price Target to $230 From $190, Maintains Buy Rating. 3 reasons we see people flipping to a fuel card: Apply Now Benefits revenues of $164.9 million registered 36% year-over-year growth. Remember Me Next. Reconciliation of GAAP Net Income Attributable to Shareholders to Adjusted Net Income Attributable to Shareholders, Unrealized loss (gain) on financial instruments, Acquisitionrelated intangible amortization, Other acquisition and divestiture related items, Debt restructuring and debt issuance cost amortization, ANI adjustments attributable to noncontrolling interests, Adjusted net income attributable to shareholders. Stay up-to-date on the latest trends and insight regarding your employee benefits on our blog or subscribe to our podcast. Mobility revenues were up 7% year over year to $342.3 million. Benefits accounts & COBRA The adjusted operating income margin was 37.6%, down 160 basis points year over year. For example, a cash salary generally has a fixed and unvarying cash cost. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. Visit www.zacksdata.com to get our data and content for your mobile app or website. Login - WEX Health 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. During the quarter, we repurchased approximately 525,000 shares of WEX stock for roughly $93 million, resulting in a small EPS benefit in the quarter. NASDAQ data is at least 15 minutes delayed. But you'll continue to use the same online account, mobile app, and debit card you have today, and will continue to contact the same participant services team. You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ManpowerGroup(MAN Quick QuoteMAN - Free Report) reported lower-than-expected first-quarter 2023 results. New User. To locate past Hub and Hub at Work articles, use the search function at the top of the page. You can better control these large expenses and streamline your mixed fleet operations with automation and insights from WEX. 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). (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. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service. 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's first-quarter 2023 revenues benefit . Forgot Password. How do I get help with my account? Transit Program Login - WEX Health Initial roll out of member cards could be delivered earlier. WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. We use WEX Health for our FSA, HSA, and COBRA administration. When used in this earnings release, the words anticipate, believe, continue, could, estimate, expect, intend, may, plan, project, will and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. To learn more, click here. WEX Benefits vs. Workday HCM | G2 Benefitsolver vs WEX benefits platform 2023 - Feature and Pricing B2B payments can save you money, help you negotiate better terms, build supplier loyalty, and even boost your revenue. 1 Debit card for multiple accounts (HSA and commuter benefits accounts). John Levitsky, executive vice president, Mastercard. We are positioned to create a community that sustains and supports us as individuals and leaders, while also helping us to drive positive impact to our business. (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. You can seethe complete list of todays Zacks #1 (Strong Buy) Rank stocks here. The Companys non-GAAP adjusted free cash flow is calculated as operating cash flow, adjusted for net purchases of current investment securities, capital expenditures, the change in net deposits and certain other adjustments, which for the three months ended March 31, 2023, reflects an adjustment for contingent consideration paid to sellers in excess of acquisition-date fair value. Partner account executives. Find the right solution, Benefits partners A simple, equally-weighted average return of all Zacks Rank stocks is calculated to determine the monthly return. Corporate Payments purchase volume surged 58% year over year to $18.6 billion. WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. WEST FARGO WEX Inc., a payment systems company based in Portland, Maine, downsized its operation through wide-ranging layoffs on Friday, Oct. 14, including in North Dakota. WEX offers complete benefits administration, including benefits accounts such as HSAs, FSAs, HRAs, LSAs, COBRA, and more | Set your business free by .
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