The average number of vehicles serviced was around 18.7 million, up 9% from the year-ago quarters figure. You'll notice changes in brand name and logos to the online account and mobile app, including where you go to log in. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS We use WEX Health for our FSA, HSA, and COBRA administration. 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! You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Management uses the non-GAAP measures presented within this earnings release to evaluate the Companys performance on a comparable basis. In 1978, our founder discovered the power of earnings estimate revisions to enable profitable investment decisions. Welcome to your single source for all you need to know about your benefit account (s). It is a great tool for our employees to easily sign up and manage their HSA and FSA accounts. How does it work? PORTLAND, Maine-- (BUSINESS WIRE)-- WEX (NYSE: WEX), a leading financial technology service provider, today announced that it has completed the acquisition of benefitexpress, a leading provider of highly configurable, cloud-based benefits administration technologies and services. 45% of employees cited salary or employee benefits as their reason for leaving. 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 midpoint of the guided range is the same as the Zacks Consensus Estimate of $3.50. WEX offers technology and customized solutions that meet employers end-to-end benefits needs and power partners thriving benefits offerings. HSA withdrawal from WEX My company insurance plan came with this HSA. It is a great tool for our employees to easily sign up and . For the portions of our business that earn revenue based on margin spreads, revenue was calculated utilizing the comparable margin from the prior year. You retain service and administration while depending on our benefits platform. TheStreet upgraded shares of WEX from a "c" rating to a "b-" rating in a . The raised range is above the Zacks Consensus Estimate of $13.79. It makes me feel I have a partner I can trust.. 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. WEX benefits platform VISIT PROFILE Pricing Not provided by vendor View Pricing Guide with similar products Free Trial Free Version SEE ALL PRICING Starting from $ 1.15 /Per-Month Pricing Model: Flat Rate Free Trial Free Version SEE ALL PRICING Best for 501-1000+ users Reviewers felt that Workday HCM meets the needs of their business better than WEX Benefits. File a claim, view account balance and summary information, sign up for FREE direct deposit, get email notifications, and more! WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. Initial roll out of member cards could be delivered earlier. Your WEX benefits debit card makes it easy to spend your funds on eligible expenses. You can seethe complete list of todays Zacks #1 (Strong Buy) Rank stocks here. I remember the frustrations experienced by employees submitting receipts with other providers. Benefits administration For employees the WEX Flex benefit , We use WEX Health for our employees HSA, FSA and COBRA accounts and tracking. Mobility revenues were up 7% year over year to $342.3 million. This dedication to giving investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system. Listen (or watch) and subscribe to Benefits Buzz Apple Spotify 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). C-Level Executive in Finance and Accounting. Women play an important role at WEX. Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. EPS increased 12.2% year over year. Omnicom (OMC Quick QuoteOMC - Free Report) reported better-than-expected first-quarter 2023 results. Keep tabs on all your benefit accounts by quickly checking your balances and details using our secure mobile app. WEX really help simplify and uniforms the whole process and help streamline all HSA, FSA and COBRA processes. Cash flows from operating activities through the first quarter of this year are $27.1 million. Organisation ID. (form 10-Q), https://www.businesswire.com/news/home/20230425006008/en/. 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. Transit Program Stay up-to-date on the latest trends and insight regarding your employee benefits on our blog or subscribe to our podcast. About 150 employees. See our report's 7 new picks today, absolutely FREE. 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). A simple, equally-weighted average return of all Zacks Rank stocks is calculated to determine the monthly return. The highest earners in the top 75th percentile are paid over $104,051. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating indiv idual securities. Management believes that investors may find these measures useful for the same purposes, but cautions that they should not be considered a substitute for, or superior to, disclosure in accordance with GAAP. (3) Payment processing $ of fuel represents the total dollar value of the fuel purchased by fleets that have a payment processing relationship with WEX. B2B payments can save you money, help you negotiate better terms, build supplier loyalty, and even boost your revenue. The Fleet Solutions segment will now be renamed to Mobility, the Travel and Corporate Solutions segment will now be renamed to Corporate Payments, and the Health and Employee Benefits Solutions segment will now be renamed to Benefits. Average number of vehicles serviced was approximately 18.7 million, an increase of 9% from the first quarter of 2022. Gusto is scaled for small to mid-sized businesses, and emphasizes an easy to use interface. 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. And, we provide them with access to analysis, benchmarks, and trends drawn from one of the industrys largest pools of data. The monthly returns are then compounded to arrive at the annual return. 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. If your needs fall somewhere in-between, weve got you covered. WEX Inc.WEX delivered better-than-expected first-quarter 2023 results. WEX Benefits Login Simply select your account type below and you'll be sent to the login page for your Benefits account. The midpoint of the guided range is the same as the current Zacks Consensus Estimate of $2.47 billion. Certain Zacks Rank stocks for which no month-end price was available, pricing information was not collected, or for certain other reasons have been excluded from these return calculations. This includes personalizing content and advertising. For the full year 2023, the Company now expects revenue in the range of $2.45 billion to $2.49 billion, up from the prior guidance range of $2.43 billion to $2.47 billion. MANs adjusted earnings of $1.61 per share lagged the consensus mark by 0.6% but matched our estimate. WEX was formerly known as Discovery Benefits, LLC. 1 MarketScreener is worth more than 1000 Influencers! The midpoint of the guided range is the same as the Zacks Consensus Estimate of $3.50. WEX shares have gained 4.2% in the past year against the 3.1% decline of theindustryit belongs to. 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). If used elsewhere, you may need to upload supporting documentation (depending on your benefits plan). The WEX Difference Customizable dashboard reporting and analytics to learn account trends. The top line increased 18.3% year over year, mainly driven by the positive impact of fuel prices and spreads. ManpowerGroup(MAN Quick QuoteMAN - Free Report) reported lower-than-expected first-quarter 2023 results. Recent stocks from this report have soared up to +178.7% in 3 months - this month's picks could be even better. Administrative fee invoices and plan funding balances at your fingertips. HR and benefits technology WEX will transform your employee benefits experience through innovative technology, simplified benefits administration, and empathetic service. All fields must be completed unless marked (optional). 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. Anyway, kept getting emails periodically and decided to register and view my account finally. Privacy Policy | No cost, no obligation to buy anything ever. Offered employees educational content about HSAs, FSAs, etc. NYSE and AMEX data is at least 20 minutes delayed. Save money and manage fleet operations with our modern business mobility solutions, including a broad array of fuel cards for any size fleet. WexLocationCode.setTransientValue("wex02"); With other vendors, I feel like a client. 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 Average HSA custodial cash assets in the first quarter of 2023 were $3,676 million which is 25% higher than $2,950 million a year ago. Tax savings. How does your program compare? 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 decreased 7.6% year over year. (unaudited), Net cash provided by (used for) operating activities, Purchases of property, equipment and capitalized software, Purchases of available-for-sale debt securities, Sales and maturities of available-for-sale debt securities, Acquisitions, net of cash and restricted cash acquired, Net activity from share-based compensation plans, Net cash provided by financing activities, Effect of exchange rates on cash, cash equivalents and restricted cash, Net change in cash, cash equivalents and restricted cash, Cash, cash equivalents and restricted cash, beginning of period, Cash, cash equivalents and restricted cash, end of period. April 28, 2023, MAN Quick QuoteMAN OMC Quick QuoteOMC EFX Quick QuoteEFX WEX Quick QuoteWEX. That claim has now been approved, and the documentation for that claim was also used to offset and approve the 4 denied claims. WEX has created a powerful ecosystem that offers seamlessly embedded, personalized solutions for its customers around the world. Our experts picked 7 Zacks Rank #1 Strong Buy stocks with the best chance to skyrocket within the next 30-90 days. WEX data shows that a contribution of as little as $50 or more by employers will encourage HSA participation by employees. For employees the WEX Flex benefit phone app was one of the best I have seen for this industry. WEX shares have gained 4.2% in the past year against the 3.1% decline of theindustryit belongs to. WexBocaLink.setUrl("locations-flyout", "WEXFleetUniversal", "cc1"); WEX helps you save money on fuel and manage all your fleet needs, including both ICE and EV vehicles. 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. Gusto offers payroll, benefits and compliance capabilities. Where does it work? When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. I would like to see where exactly the employees spent their FSA funds. I never signed up for it they were just like we opened this for you free money! The balance is $1500 can I just withdraw that because it seems like I can? 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. 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. We also use it to track the billing of COBRA for our former employees. Since 1988 it has more than doubled the S&P 500 with an average gain of +24.27% per year. Today, you can download 7 Best Stocks for the Next 30 Days. Individual salaries will vary depending on the job, department, and location, as well as the employee's level of education, certifications, and additional skills. Recruiting and retention tools. 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. It would be nice to see the exact date the funds were withdrawn and where the funds were spent. To learn more, click here. (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. Corporate Payments purchase volume surged 58% year over year to $18.6 billion. WEX data shows that a contribution of as little as $50 or more by employers will encourage HSA participation by employees. We are renaming our existing segments in connection with a rebranding initiative. 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. Corporate Payments purchase volume grew 58% to $18.6 billion from $11.8 billion in the first quarter of 2022. How do I get help with my account? As a result, there will be upcoming brand changes that will impact your flexible spending, health savings, and commuter benefits accounts. Discovery Benefits is now a part of WEXinc and you can log into your account using the links below. The employee's options to upload receipts seem difficult for some. WexBocaLink.setUrl("locations-flyout", "WEXFleetUniversal", "cc1"); Save money and manage fleet operations with our modern business mobility solutions, including a broad array of fuel cards for any size fleet. This page has not been authorized, sponsored, or otherwise approved or endorsed by the companies represented herein. Although non-GAAP adjusted free cash flow is not calculated in accordance with GAAP, we feel adjusted free cash flow is a useful measure because (i) adjusted free cash flow indicates the level of cash generated by the operations of the business, which excludes consideration paid on acquisitions, after appropriate reinvestment for recurring investments in property, equipment and capitalized software that are required to operate the business; (ii) changes in net deposits occur on a daily basis as a regular part of operations; and (iii) purchases of current investment securities are made as a result of deposits gathered operationally. Adjusted earnings of $3.31 per share surpassed the Zacks Consensus Estimate by 3.4% and our estimate by 3.8%. We bring together some of the sharpest and innovative thinkers in the industry to talk leadership, recruiting/retention, employee benefits, effective communication, and more! Focusing on diversity also means focusing on inclusion. Taft-Hartley (in millions) A benefits administrator who provides service you can depend on. Weve got it. WEX Inc. price-consensus-eps-surprise-chart | WEX Inc. Quote. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Higher Education Company, 501-1000 employees, Telecommunications Company, 501-1000 employees, Great core products, poor IT/website and support experiences. Save HSAs are employee-owned and all funds carry over, so employees can build their balances to prepare for big expenses. 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. Corporate Payments revenues of $104.8 million were up 36% year over year. WEX Health works well for us. It allows a good amount of visibility for FSAs and COBRA communications. We never really had one place for all of our HSA, FSA and COBRA needs. WEX INC. Management's Discussion and Analysis of Financial Condition and Results 3 reasons we see people flipping to a fuel card: Apply Now This allows us to see the company through a different lens or perspective than we normally would. 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. 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