As a result, there will be upcoming brand changes that will impact your flexible spending, health savings, and commuter benefits accounts. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. WexLocationCode.setTransientValue("wex02"); WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. Full benefits administration. PORTLAND, Maine, April 27, 2023--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 . CONDENSED CONSOLIDATED BALANCE SHEETS Your current debit cards and previous correspondence should already have WEX name and logo. How do I access my account? 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! This page provides login buttons for accessing your online account along with helpful resources such as a benefits knowledge base, a link to current eligible expenses, and chat. This includes personalizing content and advertising. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. TheStreet upgraded shares of WEX from a "c" rating to a "b-" rating in a . Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. See our report's 7 new picks today, absolutely FREE. Total revenues of $1.3 billion surpassed the consensus estimate by 1.5% but decreased 4.5% year over year. At the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors. Step 1 of 3. Copyright 2023 Zacks Investment Research | 10 S Riverside Plaza Suite #1600 | Chicago, IL 60606. 3910 Keswick Rd., Suite N2600, Baltimore, MD. Our guidance assumes approximately 45.2 million fully diluted shares outstanding for the full year. Participant services. View source version on businesswire.com: https://www.businesswire.com/news/home/20230425006008/en/. These are just a few of the dedicated teams we have in place to ensure you have the best experience. That claim has now been approved, and the documentation for that claim was also used to offset and approve the 4 denied claims. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Currently, 35% of employers who use the WEX benefits platform provide an HSA contribution. For additional information and timing of these changes, visit this webpage. However, WEX Benefits is easier to set up and administer. Zacks Equity Research WEX data shows that a contribution of as little as $50 or more by employers will encourage HSA participation by employees. WEX Inc. price-consensus-eps-surprise-chart | WEX Inc. Quote. 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. We have a file feed connected to WEX Health from our HRIS, so it really helps us stay compliant automatically, with General Notices and Specific Rights Notices when we have new hires or terms. If you do not, click Cancel. The Company's adjusted net income attributable to shareholders, which is a non-GAAP measure, was $145.8 million for the first quarter of 2023, or $3.31 per diluted share, up 15% per diluted share from $131.1 million or $2.88 per diluted share for the same period last year. Find the right solution, Benefits partners We provide our partners with a proven benefits and COBRA administration platform thats built to meet their needs. However, because adjusted free cash flow is a non-GAAP measure, it should not be considered as a substitute for, or superior to, operating cash flow as determined in accordance with GAAP. Benefits revenues of $164.9 million registered 36% year-over-year growth. Invest Consultants/brokers We bring together some of the sharpest and innovative thinkers in the industry to talk leadership, recruiting/retention, employee benefits, effective communication, and more! Mobility payment processing transactions increased 4% from the first quarter of 2022 to 137.5 million. Check out all our insights on staffing, benefits offerings, and retention techniques on our Benefits Trends report. The revenue increase in the quarter includes a $1.3 million favorable impact from fuel prices and spreads and a $4.3 million unfavorable impact from foreign exchange rates. 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. Our card works at a variety of merchants. 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. WEX SPARK 2023 brings together leaders across fleet, over-the-road trucking, corporate payments, and benefits industries to deliver on simplifying the business of running a business. You can view the status of your claims and upload documentation easily with our benefits mobile app or through your online account. 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.. 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. To provide investors with additional insight into its operational performance, WEX has included in this earnings release: in Exhibit 1, reconciliations of non-GAAP measures referenced in this earnings release; in Exhibit 2, tables illustrating the impact of foreign currency rates and fuel prices for each of our reportable segments for the three months ended March 31, 2023; and in Exhibit 3, a table of selected other metrics for the quarter ended March 31, 2023 and the four preceding quarters. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. WEX enables businesses to run a modern B2B payments program to maximize efficiencies, save money, and help unlock the full revenue potential of digital payments. Military veterans possess invaluable leadership skills and business acumen. WEX was formerly known as Discovery Benefits, LLC. We use WEX Health for our employees HSA, FSA and COBRA accounts and tracking. WEX offers complete benefits administration, including benefits accounts such as HSAs, FSAs, HRAs, LSAs, COBRA, and more | Set your business free by . How does your program . Recent stocks from this report have soared up to +178.7% in 3 months - this month's picks could be even better. WEX has created a powerful ecosystem that offers seamlessly embedded, personalized solutions for its customers around the world. WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. 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. It allows a good amount of visibility for FSAs and COBRA communications. WEX Health (formerly Evolution1) provided the organization with Flex benefit management and Cobra. Total volume across the company came in at $52.3 billion, up 17% year over year. After Feb. 26, go to wexinc.com, hover over Solutions and select Participants/Employees. You can continue to use the debit card you currently have. Recruiting and retention tools. 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. What is WEX Benefits? 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. The midpoint of the guided range is the same as the Zacks Consensus Estimate of $3.50. You'll notice changes in brand name and logos to the online account and mobile app, including where you go to log in. WEX is our administrator of several employee benefits, including Health Savings Accounts, commuter benefit accounts, an COBRA. This page has not been authorized, sponsored, or otherwise approved or endorsed by the companies represented herein. GAAP operating income margin for the first quarter of 2023 was 25.2% compared to 23.6% for the prior year comparable period. You can seethe complete list of todays Zacks #1 (Strong Buy) Rank stocks here. WEX beats them all. Mobility revenues were up 7% year over year to $342.3 million. ZacksTrade and Zacks.com are separate companies. A simple, equally-weighted average return of all Zacks Rank stocks is calculated to determine the monthly return. 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. I think this could help us determine that the employee is correctly using the funds at the correct locations. Well administer HSAs, FSAs, COBRA, and more on your behalf. Currently, WEX carries a Zacks Rank #4 (Sell). For employees the WEX Flex benefit phone app was one of the best I have seen for this industry. 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). WEX Health helps us accurately manage funding for FSAs and HSAs, and allows our employees to manage their own accounts. 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. 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. The following factors, among others, could cause actual results to differ materially from those contained in forward-looking statements made in this earnings release and in oral statements made by our authorized officers: the impact of fluctuations in demand for fuel and volatility of fuel prices, including fuel spreads in the Companys international markets, and the resulting impact on the Companys revenues and net income; the effects of general economic conditions, including a decline in demand for fuel, corporate payment services, travel related services, or health care related products and services; the impact and size of credit losses, including fraud losses, and other adverse effects if the Company fails to adequately assess and monitor credit risk or fraudulent use of our payment cards or systems; failure to implement new technology and products; breaches of, or other issues with, the Companys technology systems or those of its third-party service providers and any resulting negative impact on its reputation, liabilities or relationships with customers or merchants; the actions of regulatory bodies, including banking and securities regulators, or possible changes in banking or financial regulations impacting the Companys industrial bank, the Company as the corporate parent or other subsidiaries or affiliates; the failure to maintain or renew key customer and partner agreements and relationships, or to maintain volumes under such agreements; the effect of adverse financial conditions affecting the banking system; the failure to adequately safeguard custodial HSA assets; the failure of corporate investments to result in anticipated strategic value; the extent to which unpredictable events in the locations in which the Company or the Companys customers operate or elsewhere may adversely affect the Companys employees, ability to conduct business, results of operations and financial condition; the failure to comply with the applicable requirements of Mastercard or Visa contracts and rules; the failure to comply with the Treasury Regulations applicable to non-bank custodians; changes in interest rates and the rate of inflation; the ability to attract and retain employees; the ability of the Company to protect its proprietary rights; limitations on or compression of interchange fees; the effects of the Companys business expansion and acquisition efforts; the impact of changes to the Companys credit standards; the impact of foreign currency exchange rates on the Companys operations, revenue and income and other risks associated with operations outside the United States; the impact of the Companys debt instruments on the Companys operations; the impact of leverage on the Companys operations, results or borrowing capacity generally, and as a result of acquisitions specifically; the impact of sales or dispositions of significant amounts of the Companys outstanding common stock into the public market, or the perception that such sales or dispositions could occur; the impact of regulatory capital requirements and other regulatory requirements on the operations of WEX Bank or its ability to make payments to WEX Inc.; the possible dilution to the Companys stockholders caused by the issuance of additional shares of common stock or equity-linked securities, whether as a result of the Companys Convertible Notes or otherwise; the incurrence of impairment charges if the Companys assessment of the fair value of certain of its reporting units changes; the uncertainties of litigation; as well as other risks and uncertainties identified in Item 1A of the Companys Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission on February 28, 2023. national piano guild competition, wing snob nutrition, durham magistrates' court hearings today,
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