wex benefits now

WEX is our administrator of several employee benefits, including Health Savings Accounts, commuter benefit accounts, an COBRA. Total revenues of $1.3 billion surpassed the consensus estimate by 1.5% but decreased 4.5% year over year. Healthcare support. 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. Looking for your Discovery Benefits Login? See Exhibit 1 for a reconciliation of GAAP operating income to total segment adjusted operating income. What if additional documentation is required? As a user of WEX, I set up my account online, set up my Health Savings Account and commuter benefits account after open enrollment, received and activated a debit card to use for my Health Savings Account and commuter benefits account, viewed account statements, and made investment decisions for my HSA. The employee's options to upload receipts seem difficult for some. You also can use live chat or search hundreds of help articles directly from your online account. Listen (or watch) and subscribe to Benefits Buzz Apple Spotify 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. Gusto offers payroll, benefits and compliance capabilities. Weve simplified the experience from all angles with streamlined administration, insightful employer analytics, and intuitive participant access points. Net income attributable to shareholders on a GAAP basis decreased by $54.8 million to a net income of $68.0 million, or $1.56 per diluted share for the first quarter of 2023, down 42% compared with net income of $122.8 million, or $2.71 per diluted share, for the first quarter of 2022. Get the latest Health Trends & Insights news in your inbox. WEX Benefits is a suite of benefits administration solutions, positioned to help employers provide healthcare benefit management for their employees. Our wide market share allows WEX to provide insight like this across the benefits administration landscape. Get Started WEX Inc. Price, Consensus and EPS Surprise, WEX Inc. price-consensus-eps-surprise-chart, Markets Close Flat After Eventful Day; MGM, NXPI, CHGG Beat in Q1, Buy the Opportunity in These Stocks After Earnings, Top Stock Reports for AMD, Cigna & Moderna, Market Leader NVIDIA Breaking Out on Volume. ADP Workforce Now is a cloud-based HR platform for mid-sized businesses. WEX's first-quarter 2023 revenues benefit . Invest Period. As previously announced, the conference call will be webcast live on the Internet, and can be accessed along with the accompanying slides at the Investor Relations section of the WEX website, www.wexinc.com. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Keep more of your money in your business, where it belongs.Apply for a fleet card today! I think this could help us determine that the employee is correctly using the funds at the correct locations. (in millions) WEX data shows that a contribution of as little as $50 or more by employers will encourage HSA participation by employees. 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. Transit Program 1 MarketScreener is worth more than 1000 Influencers! Total revenues of $612 million surpassed the consensus mark by 1.5% and our estimate by 1.7%. TheStreet upgraded shares of WEX from a "c" rating to a "b-" rating in a . Military veterans possess invaluable leadership skills and business acumen. WEX provides robust solutions for benefits administration, reimbursement accounts, and COBRA administration. The Cobra team at WEX is also easy to work with and professional. Auto-renewal made easy with an intuitive setup and renewal wizard Direct access to our service experts WEX shares have gained 4.2% in the past year against the 3.1% decline of theindustryit belongs to. 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. Username. After Feb. 26, go to wexinc.com, hover over Solutions and select Participants/Employees. WEX Inc. Price, Consensus and EPS Surprise, WEX Inc. price-consensus-eps-surprise-chart, Free: See Our Top Stock and 4 Runners Up >>, Do Not Sell My Personal Information (CA Residents Only). 1 Debit card for multiple accounts (HSA and commuter benefits accounts). Mobility revenues were up 7% year over year to $342.3 million. B2B payments can save you money, help you negotiate better terms, build supplier loyalty, and even boost your revenue. Participant services. File a claim, view account balance and summary information, sign up for FREE direct deposit, get email notifications, and more! -, Truist Securities Adjusts Price Target on WEX to $190 From $185, Maintains Hold Rating, Baird Adjusts Price Target on WEX to $236 From $222, Maintains Outperform Rating, WEX INC. Management's Discussion and Analysis of Financial Condition and Results 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 formerly used TASC and it was a nightmare. For example, a cash salary generally has a fixed and unvarying cash cost. 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. Our guidance assumes approximately 45.2 million fully diluted shares outstanding for the full year. In addition, adjusted free cash flow as used by WEX may not be comparable to similarly titled measures employed by other companies. 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. 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. The top line increased 18.3% year over year, mainly driven by the positive impact of fuel prices and spreads. In addition, the size and complexity of an acquisition, which often drives the magnitude of acquisition-related costs, may not be indicative of such future costs. and the Health and Employee Benefits Solutions segment will now be renamed to Benefits. The balance is $1500 can I just withdraw that because it seems like I can? If your needs fall somewhere in-between, weve got you covered. 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. April 28, 2023, MAN Quick QuoteMAN OMC Quick QuoteOMC EFX Quick QuoteEFX WEX Quick QuoteWEX. (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. However, general IT issues seem to have plagued my experience using WEX. MANs adjusted earnings of $1.61 per share lagged the consensus mark by 0.6% but matched our estimate. Net income attributable to shareholders per share: Weighted average common shares outstanding: WEX INC. (in millions, except per share data) Type a symbol or company name. 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. Reconciliation of GAAP Operating Income to Total Segment Adjusted Operating Income and Adjusted Operating Income, Acquisition-related intangible amortization. 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.. Only the fastest, easiest, most secure B2B payments solution will do. Privacy Policy | No cost, no obligation to buy anything ever. Cash flows from operating activities through the first quarter of this year are $27.1 million. WEXers approach every opportunity with ingenuity, curiosity, and tenacity. WEX [has] offered better service and better technology, and they customized their solutions to adapt to our highly specific needs. 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. What if additional documentation is required? 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. (10) Average number of SaaS accounts represents the number of active consumer-directed health, COBRA, and billing accounts on our SaaS platforms. WexLocationCode.setTransientValue("wex02"); We use cookies to understand how you use our site and to improve your experience. Mobility revenues were up 7% year over year to $342.3 million. Our wide market share allows WEX to provide insight like this across the benefits administration landscape. 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. 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. You can seethe complete list of todays Zacks #1 (Strong Buy) Rank stocks here. 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. Corporate Payments purchase volume grew 58% to $18.6 billion from $11.8 billion in the first quarter of 2022. When your card expires, or you report your card lost or stolen, you will receive a WEX benefits card. 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. WEX Benefits | 15,040 followers on LinkedIn. Mobility payment processing transactions were up 4% year over year to 137.5 million. Initial roll out of member cards could be delivered earlier. For additional information and timing of these changes, visit this webpage. Adjusted operating income margin was 37.6% in the first quarter of 2023 compared to 39.2% for the prior year comparable period. We were not at all confident in their administration or compliance of FSAs, HSAs, or COBRA. You could save money by investing in benefits and wellness to reduce employee turnover. 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. 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). Total revenues of $1.3 billion surpassed the consensus estimate by 1.5% but decreased 4.5% year over year. (in millions) Welcome to your single source for all you need to know about your benefit account (s). Discovery Benefits is now a part of WEXinc and you can log into your account using the links below. As a result, there will be upcoming brand changes that will impact your flexible spending, health savings, and commuter benefits accounts. If used elsewhere, you may need to upload supporting documentation (depending on your benefits plan). The adjusted operating income margin was 37.6%, down 160 basis points year over year.

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