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The total number of shares used in calculating adjusted net income attributable to shareholders per diluted share as of March 31, 2023 and 2022 is 45.2 million and 46.9 million, respectively. Since we cover a range of employee benefits needs, we can adapt our solution as your goals change. And were an industry leader in the technology and service you need. 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. 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. Benefits administration March 03, 2021. 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. See Exhibit 1 for a reconciliation of GAAP operating income to total segment adjusted operating income. Higher Education Company, 501-1000 employees, Telecommunications Company, 501-1000 employees, Great core products, poor IT/website and support experiences. Although adjusted net income attributable to shareholders, adjusted operating income, and total segment adjusted operating income are not calculated in accordance with GAAP, these non-GAAP measures are integral to the Company's reporting and planning processes and the chief operating decision maker of the Company uses total segment adjusted operating income to allocate resources among our operating segments. WEX really help simplify and uniforms the whole process and help streamline all HSA, FSA and COBRA processes. Well administer HSAs, FSAs, COBRA, and more on your behalf. I remember the frustrations experienced by employees submitting receipts with other providers. The top line increased 18.3% year over year, mainly driven by the positive impact of fuel prices and spreads. When your card expires, or you report your card lost or stolen, you will receive a WEX benefits card. Our experts pride themselves on providing proactive insight and empathetic solutions to all of your needs. 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. Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. However I would like to see more details. WEX has created a powerful ecosystem that offers seamlessly embedded, personalized solutions for its customers around the world. Looking for your Discovery Benefits Login? 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. John Levitsky, executive vice president, Mastercard. However, WEX Benefits is easier to set up and administer. 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. r/personalfinance on Reddit: HSA withdrawal from WEX The top line increased 1% year over year. We were not at all confident in their administration or compliance of FSAs, HSAs, or COBRA. We offer partners the ability to configure their security and fraud prevention infrastructure in a way that best serves them. Debt restructuring 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. The WEX Difference Customizable dashboard reporting and analytics to learn account trends. Setting AP department goals and measuring performance, Choosing an HDHP versus a PPO/traditional health plan, Inventory Information Approval System (IIAS). WEX Health (formerly Evolution1) is a great organization for organizations that offer Flexible benefits. I never signed up for it they were just like we opened this for you free money! Adjusted operating income increased 13.4% to $230.1 million from the year-ago quarters $202.9 million. We reported strong results in the first quarter, exceeding our expectations for revenue and adjusted net income attributable to shareholders, with strength across our ecosystem of solutions, said Melissa Smith, WEXs Chair, Chief Executive Officer, and President. The monthly returns are then compounded to arrive at the annual return. Integration Platform as a Service (iPaaS), Government Administration Company, 51-200 employees, Computer Software Company, 201-500 employees, Premium Consulting / Integration Services. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 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! 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. Check out all our insights on staffing, benefits offerings, and retention techniques on our Benefits Trends report. . We use cookies to understand how you use our site and to improve your experience. It is a great tool for our employees to easily sign up and . 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. We formerly used TASC and it was a nightmare. For the portions of our business that earn revenue based on margin spreads, revenue was calculated utilizing the comparable margin from the prior year. How does it work? 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. Benefits average number of Software-as-a-Service accounts were up 14% to 20.3 million year over year. Currently, 35% of employers who use the WEX benefits platform provide an HSA contribution. Consultants/brokers Powered by WEX Health. If used at an IIAS merchant, simply swipe your card and it will automatically approve anything thats an eligible expense. 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. 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. WEX will transform your employee benefits experience through innovative technology, simplified benefits administration, and empathetic service. Our wide market share allows WEX to provide insight like this across the benefits administration landscape. WEX | Reset Password WEX Health works well for us. (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. Management uses the non-GAAP measures presented within this earnings release to evaluate the Companys performance on a comparable basis. You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. WEXers approach every opportunity with ingenuity, curiosity, and tenacity. (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. 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 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 . Corporate Payments purchase volume grew 58% to $18.6 billion from $11.8 billion in the first quarter of 2022. NYSE and AMEX data is at least 20 minutes delayed. 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. (5) Net late fee rate represents late fee revenue as a percentage of fuel purchased by fleets that have a payment processing relationship with WEX. WEX was formerly known as Discovery Benefits, LLC. Initial roll out of member cards could be delivered earlier. We believe this is a useful measure for investors to further evaluate the results of operations. 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. Easy-to-complete non-discrimination testing to keep your plans compliant. 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. WexLocationCode.setTransientValue("wex02"); 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. Global commerce platform simplifying business complexity | WEX Inc. Benefitsolver vs WEX benefits platform 2023 - Feature and Pricing Period. Login - WEX Health Entry-level set up fee? I would like notifications that there are new reports out on WEX's website for those who have used their HSA and FSA accounts. 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. We also continued to opportunistically return capital to shareholders, repurchasing $93 million of shares during the quarter. You could save money by investing in benefits and wellness to reduce employee turnover. WEX Benefits Login Simply select your account type below and you'll be sent to the login page for your Benefits account. 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 is a good organization that works well with the business office for ease of providing funding and record keeping. Focusing on diversity also means focusing on inclusion. Robust benefits administration and enrollment solutions help your employees get the most value from their benefits. Segment Adjusted Operating Income and Adjusted Operating Income Margin Information. This allows us to see the company through a different lens or perspective than we normally would. Our customers bring us their complex challenges. 1 MarketScreener is worth more than 1000 Influencers! This earnings release includes forward-looking statements including, but not limited to, statements about managements plans, goals, and guidance and assumptions with respect to future financial performance of the Company. 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. 3 reasons we see people flipping to a fuel card: Apply Now As a result, there will be upcoming brand changes that will impact your flexible spending, health savings, and commuter benefits accounts.