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). Copyright 2023 Surperformance. Listen (or watch) and subscribe to Benefits Buzz Apple Spotify Total segment adjusted operating income incorporates these same adjustments and further excludes unallocated corporate expenses. Benefits by WEX on the App Store Tax savings. What that means for COBRA, FSAs, and more. How does your program compare? CONDENSED CONSOLIDATED BALANCE SHEETS Benefits revenues of $164.9 million registered 36% year-over-year growth. Please see Exhibit 1 for a reconciliation of cash flows from operating activities to this non-GAAP measure. 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. You can view the status of your claims and upload documentation easily with our benefits mobile app or through your online account. 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. Gusto offers payroll, benefits and compliance capabilities. ERGs drive diversity by fostering new bonds and communities across the company. How does it work? WEX is a good organization that works well with the business office for ease of providing funding and record keeping. The bottom line increased 14.9% year over year. See Exhibit 5 for information on the calculation of adjusted operating income margin. If you wish to go to ZacksTrade, click OK. I think this could help us determine that the employee is correctly using the funds at the correct locations. We estimate the year-over-year impact of fuel prices increased segment revenue by approximately $1 million, including a benefit . Type a symbol or company name. I would like notifications that there are new reports out on WEX's website for those who have used their HSA and FSA accounts. Save time and hassles with Benefits by WEX! With other vendors, I feel like a client. Currently, WEX carries a Zacks Rank #4 (Sell). If your needs fall somewhere in-between, weve got you covered. Email. OMCs earnings of $1.56 per share beat the Zacks Consensus Estimate by 13% and our estimate by 11.4%. Anyway, kept getting emails periodically and decided to register and view my account finally. Step 1 of 3. WEX Benefits vs. Workday HCM | G2 HR and benefits technology Additionally, the non-cash, mark-to-market adjustments on financial instruments are difficult to forecast accurately, making comparisons across historical and future quarters difficult to evaluate; Net foreign currency gains and losses primarily result from the remeasurement to functional currency of cash, accounts receivable and accounts payable balances, certain intercompany notes denominated in foreign currencies and any gain or loss on foreign currency economic hedges relating to these items. If used elsewhere, you may need to upload supporting documentation (depending on your benefits plan). Financial institutions We never really had one place for all of our HSA, FSA and COBRA needs. Period. WEX INC. Management's Discussion and Analysis of Financial Condition and Results Your WEX benefits debit card makes it easy to spend your funds on eligible expenses. Skip to content. B2B payments can save you money, help you negotiate better terms, build supplier loyalty, and even boost your revenue. Corporate Payments purchase volume surged 58% year over year to $18.6 billion. Benefits average number of Software-as-a-Service accounts were up 14% to 20.3 million year over year. Citigroup increased their price target on shares of WEX from $190.00 to $230.00 and gave the stock a "buy" rating in a research report on Monday, February 13th. Revenues of $4.8 billion missed the consensus mark by 1.3% and our estimate by a slight margin. 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 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. Only the fastest, easiest, most secure B2B payments solution will do. WEX solutions reduce your administrative burdens. No setup fee Offerings Free Trial Free/Freemium Version Premium Consulting / Integration Services The live conference call also can be accessed by dialing (888) 510-2008 or (646) 960-0306. WEX Health (formerly Evolution1) provided the organization with Flex benefit management and Cobra. Discovery Benefits | WEX Inc. Discovery Benefits is now known as WEX. 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. For each period presented, $3.8 million of interest expense associated with our convertible notes, net of tax, was added back to adjusted net income attributable to shareholders, and approximately 1.6 million shares of the Companys common stock associated with the assumed conversion of the convertible notes were included in the calculation of adjusted net income attributable to shareholders per diluted share, as the effect of including such adjustments was dilutive. 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. Q1 2023 WEX Inc Earnings Call - Yahoo Finance We bring together some of the sharpest and innovative thinkers in the industry to talk leadership, recruiting/retention, employee benefits, effective communication, and more! And, we provide them with access to analysis, benchmarks, and trends drawn from one of the industrys largest pools of data. It's great to have all of our HSA, FSA and COBRA on one software. 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. Currently, 35% of employers who use the WEX benefits platform provide an HSA contribution. Written by 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. (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. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating indiv idual securities. I remember the frustrations experienced by employees submitting receipts with other providers. Get Started Contact Us - Call . Participants/employees. WEX data shows that a contribution of as little as $50 or more by employers will encourage HSA participation by employees. 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. 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. EFXs adjusted earnings came in at $1.43, beating the consensus mark by 4.4% but declining 35.6% from the year-ago figure. Third party administrators Browse our category menus to discover hundreds of online resources frequently used by faculty and staff, or use the search to find people. Total revenues of $3.4 billion surpassed the consensus estimate by 2.3% and our estimate by 1.4%.