Benefits revenues of $164.9 million registered 36% year-over-year growth. New users can create a new account to get started. We used multiple vendors and our employees a variety of vendors and banks they could set up their accounts with. The top line increased 1% year over year. WEX INC. I think this could help us determine that the employee is correctly using the funds at the correct locations. The raised range is above the Zacks Consensus Estimate of $13.79. These returns cover a period from January 1, 1988 through April 3, 2023. (9) Purchase volume represents the total dollar value of all transactions where interchange is earned by WEX. Participant services. 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. WEX will transform your employee benefits experience through innovative technology, simplified benefits administration, and empathetic service. Full benefits administration. Weve simplified the experience from all angles with streamlined administration, insightful employer analytics, and intuitive participant access points. Create your Watchlist to save your favorite quotes on Nasdaq.com. The midpoint of the guided range is the same as the Zacks Consensus Estimate of $3.50. Today, that discovery is still the heart of the Zacks Rank. Recent stocks from this report have soared up to +178.7% in 3 months - this month's picks could be even better. Offered employees educational content about HSAs, FSAs, etc. WEX Health helps us accurately manage funding for FSAs and HSAs, and allows our employees to manage their own accounts. What is WEX Benefits? 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. WEX is our administrator of several employee benefits, including Health Savings Accounts, commuter benefit accounts, an COBRA. WEX Health also helps us manage all the necessary communications for COBRA administration while keeping us compliant with government rules and regulations. 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. Please see Exhibit 1 for a reconciliation of cash flows from operating activities to this non-GAAP measure. WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. Technology? WEX announces company-wide layoffs; West Fargo employees impacted 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. How does it work? To learn more, click here. Username Forgot Username? Currently, 35% of employers who use the WEX benefits platform provide an HSA contribution. (in millions) 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 WEX Health (formerly Evolution1) provided the organization with Flex benefit management and Cobra. You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. The average number of vehicles serviced was around 18.7 million, up 9% from the year-ago quarters figure. A simple, equally-weighted average return of all Zacks Rank stocks is calculated to determine the monthly return. The Company's forward-looking statements do not reflect the potential future impact of any alliance, merger, acquisition, disposition or stock repurchases. Reconciliation of GAAP Operating Cash Flow to Adjusted Free Cash Flow. The live conference call also can be accessed by dialing (888) 510-2008 or (646) 960-0306. You can seethe complete list of todays Zacks #1 (Strong Buy) Rank stocks here. These are just a few of the dedicated teams we have in place to ensure you have the best experience. We formerly used TASC and it was a nightmare. The Company disclaims any obligation to update any forward-looking statements as a result of new information, future events or otherwise. 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. 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. Through meaningful networking, innovative learning, and strategic discussions at SPARK 2023, leaders collectively help simplify the complexities of payment systems. Our guidance assumes approximately 45.2 million fully diluted shares outstanding for the full year. The bottom line increased 14.9% year over year. Long-term debt was $2.6 billion compared with $2.5 billion at the end of the previous quarter. These symbols will be available throughout the site during your session. Reviewers felt that Workday HCM meets the needs of their business better than WEX Benefits. 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.. 3 reasons we see people flipping to a fuel card: Apply Now To read this article on Zacks.com click here. To locate past Hub and Hub at Work articles, use the search function at the top of the page. Benefits Buzz Podcast - WEX Benefits You Skip to content. However, because adjusted net income attributable to shareholders, adjusted operating income and total segment adjusted operating income are non-GAAP measures, they should not be considered as a substitute for, or superior to, net income, operating income or cash flows from operating activities as determined in accordance with GAAP. 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. Written by In contrast, the expense associated with an equity-based award is generally unrelated to the amount of cash ultimately received by the employee, and the cost to the Company is based on a stock-based compensation valuation methodology and underlying assumptions that may vary over time; Other 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. 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. Visit www.zacksdata.com to get our data and content for your mobile app or website. Copyright 2023 Zacks Investment Research | 10 S Riverside Plaza Suite #1600 | Chicago, IL 60606. Our card works at a variety of merchants. You can view the status of your claims and upload documentation easily with our benefits mobile app or through your online account. 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. Our card works at a variety of merchants. Integration Platform as a Service (iPaaS), Government Administration Company, 51-200 employees, Computer Software Company, 201-500 employees, Premium Consulting / Integration Services. WEX Benefits vs Workday HCM When assessing the two solutions, reviewers found Workday HCM easier to use. See Exhibit 1 for a reconciliation of GAAP operating income to total segment adjusted operating income. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. Our passion for continuous innovation and our unparalleled level of service were further fueled when Discovery Benefits . You'll notice changes in brand name and logos to the online account and mobile app, including where you go to log in. WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. 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. Only the fastest, easiest, most secure B2B payments solution will do. We provide our partners with a proven benefits and COBRA administration platform thats built to meet their needs. 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. There are no changes to the business conducted in each segment. I remember the frustrations experienced by employees submitting receipts with other providers. Corporate Payments revenues of $104.8 million were up 36% year over year. 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.. 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. Omnicom (OMC Quick QuoteOMC - Free Report) reported better-than-expected first-quarter 2023 results. Remember Me Next. The WEX Benefits platform helps employers with tracking bonus payments and settlements, automating layoffs and elections, managing employee questions and issues in the COBRA Employer Portal. The ease of submitting receipts is a positive impact (happy employees). WEX Vets Match your military skills Make WEX your next career move At WEX, we recognize the true value of experience-acquired skills. All rights reserved. You can view the status of your claims and upload documentation easily with our benefits mobile app or through your online account. (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. Since we cover a range of employee benefits needs, we can adapt our solution as your goals change. Adjusted free cash flow, which is a non-GAAP measure, is negative $61.4 million for the same period, which is typically seasonally low. Login - WEX Health Choosing an HDHP versus a PPO/traditional health plan, 9 ways your benefits administration partner should be supporting you, Inventory Information Approval System (IIAS). 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). Adjusted net income is now expected between $13.85 and $14.25 per share compared with the prior expectation of $13.55 and $14.05 per share. The following table reconciles GAAP cash flows from operating activities to adjusted free cash flow: Cash flows from operating activities, as reported. OMCs earnings of $1.56 per share beat the Zacks Consensus Estimate by 13% and our estimate by 11.4%. 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. 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. 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. How do I access my account? WEX Health has made administration of FSA, HSA, and COBRA so much easier, I feel confident that WEX Health is compliant, as a company, and that they keep us compliant, We are always able to call and talk to a knowledgeable representative when we have questions. 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 Organisation ID. Step 1 of 3. 1Q revenue increased 18% year-over-year to a first quarter record $612 million, 1Q GAAP net income was $1.56 per diluted share, down 42% year-over-year; 1Q adjusted net income attributable to shareholders increased 15% year-over-year to $3.31 per diluted share, 1Q GAAP operating income margin of 25.2% and adjusted operating income margin of 37.6%, Total volume increased 17% year-over-year to $52.3 billion. Any statements in this earnings release that are not statements of historical facts are forward-looking statements. 1 The change in restricted cash payable for the three months ended March 31, 2022 has been reclassified from net cash provided by operating activities to net cash provided by financing activities to conform to the current period presentation. WEX Health, Inc. | Complaints | Better Business Bureau Profile
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