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). April 28, 2023, MAN Quick QuoteMAN OMC Quick QuoteOMC EFX Quick QuoteEFX WEX Quick QuoteWEX. For employees the WEX Flex benefit , We use WEX Health for our employees HSA, FSA and COBRA accounts and tracking. These are just a few of the dedicated teams we have in place to ensure you have the best experience. For employees the WEX Flex benefit phone app was one of the best I have seen for this industry. HR and benefits technology 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. The top line increased 18.3% year over year, mainly driven by the positive impact of fuel prices and spreads. Where does it work? You can view the status of your claims and upload documentation easily with our benefits mobile app or through your online account. Participants Accounts HSA, FSA, HRA/Wellness & Commuter To learn more, click here. 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. Financial institutions The Company considers these measures integral because they exclude the above specified items that the Company's management excludes in evaluating the Company's performance. However, WEX Benefits is easier to set up and administer. 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. 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). See Exhibit 5 for information on the calculation of adjusted operating income margin. 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! Segment Adjusted Operating Income and Adjusted Operating Income Margin Information. (unaudited), Securitized accounts receivable, restricted, Prepaid expenses and other current assets, Property, equipment and capitalized software, Accrued expenses and other current liabilities, Total liabilities and stockholders equity, WEX INC. These symbols will be available throughout the site during your session. WEX helps you innovate at scale. Integration Platform as a Service (iPaaS), Government Administration Company, 51-200 employees, Computer Software Company, 201-500 employees, Premium Consulting / Integration Services. Adjusted operating income margin was 37.6% in the first quarter of 2023 compared to 39.2% for the prior year comparable period. Powered by 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. . If you wish to go to ZacksTrade, click OK. Were here to help your business succeed. Corporate Payments revenues of $104.8 million were up 36% year over year. Remember Me Next. (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. No setup fee Offerings Free Trial Free/Freemium Version Premium Consulting / Integration Services Benefits of AWS Built services that were instantly scalable and highly deliverable 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. As a user of WEX who has a Health Savings Account and who used to have a commuter benefits account, I can say that using the accounts is easy. The bottom line increased 14.9% year over year. 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. 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. The midpoint of the guided range is the same as the current Zacks Consensus Estimate of $2.47 billion. The ease of submitting receipts is a positive impact (happy employees). Offered employees an HSA with investment options. See our report's 7 new picks today, absolutely FREE. Our robust security options are supported by a team of expert consultants who are there to continually assess and enhance security and fraud prevention processes. NYSE and AMEX data is at least 20 minutes delayed. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating indiv idual securities. WEX Vets Match your military skills Make WEX your next career move At WEX, we recognize the true value of experience-acquired skills. From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. We estimate the year-over-year impact of fuel prices increased segment revenue by approximately $1 million, including a benefit . 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 Today, you can download 7 Best Stocks for the Next 30 Days. Offered employees educational content about HSAs, FSAs, etc. WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. 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. What is WEX Benefits? Reconciliation of GAAP Operating Income to Total Segment Adjusted Operating Income and Adjusted Operating Income, Acquisition-related intangible amortization. I never signed up for it they were just like we opened this for you free money! It is easy to use (you don't have to be super tech savvy). We believe this is a useful measure for investors to further evaluate the results of operations. 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. 1 Debit card for multiple accounts (HSA and commuter benefits accounts). Setting AP department goals and measuring performance, Choosing an HDHP versus a PPO/traditional health plan, Inventory Information Approval System (IIAS). Adjusted operating income increased 13.4% to $230.1 million from the year-ago quarters $202.9 million. WEX Inc. price-consensus-eps-surprise-chart | WEX Inc. Quote. WEX service and relationship managers are dedicated to helping partners and employers at all stages, including efficient onboarding, product launch, business growth, employee education and engagement, and more. We are renaming our existing segments in connection with a rebranding initiative. We provide our partners with a proven benefits and COBRA administration platform thats built to meet their needs. You can seethe complete list of todays Zacks #1 (Strong Buy) Rank stocks here. MANs adjusted earnings of $1.61 per share lagged the consensus mark by 0.6% but matched our estimate. CONDENSED CONSOLIDATED BALANCE SHEETS WEX Health (formerly Evolution1) is a great organization for organizations that offer Flexible benefits. We also use it to track the billing of COBRA for our former employees. . Privacy Policy | No cost, no obligation to buy anything ever. You'll notice changes in brand name and logos to the online account and mobile app, including where you go to log in. What if additional documentation is required? Zacks->. There are no changes to the business conducted in each segment. 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. (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. Employers Participant services. 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. Robust benefits administration and enrollment solutions help your employees get the most value from their benefits. 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. About 150 employees. Equifax(EFX Quick QuoteEFX - Free Report) also reported a beat on both counts in its first-quarter 2023 results. 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. Recruiting and retention tools. Keep tabs on all your benefit accounts by quickly checking your balances and details using our secure mobile app. Focusing on diversity also means focusing on inclusion. 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.. We are unable to reconcile our adjusted net income attributable to shareholders guidance to the comparable GAAP measure without unreasonable effort because of the difficulty in predicting the amounts to be adjusted, including, but not limited to, foreign currency exchange rates, unrealized gains and losses on financial instruments, and acquisition and divestiture related items, which may have a significant impact on our financial results. Mobility revenues were up 7% year over year to $342.3 million. 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. Your WEX benefits debit card makes it easy to spend your funds on eligible expenses. 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. Easy-to-complete non-discrimination testing to keep your plans compliant. Anyway, kept getting emails periodically and decided to register and view my account finally. 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.
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