The top line increased 1% year over year. The live conference call also can be accessed by dialing (888) 510-2008 or (646) 960-0306. Only 15% of employers changed their benefits in 2021 as a result of COVID-19. 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. Since we cover a range of employee benefits needs, we can adapt our solution as your goals change. Weve got it. WEX Inc. (WEX) Q1 2023 Earnings Call Transcript Delayed quotes by FIS. WEX | ADP Marketplace This dedication to giving investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system. Our experts picked 7 Zacks Rank #1 Strong Buy stocks with the best chance to skyrocket within the next 30-90 days. 3 reasons we see people flipping to a fuel card: Apply Now We power your product, but you retain some responsibilities in-house. Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. 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. For employees the WEX Flex benefit , We use WEX Health for our employees HSA, FSA and COBRA accounts and tracking. Reconciliation of GAAP Net Income Attributable to Shareholders to Adjusted Net Income Attributable to Shareholders, Unrealized loss (gain) on financial instruments, Acquisitionrelated intangible amortization, Other acquisition and divestiture related items, Debt restructuring and debt issuance cost amortization, ANI adjustments attributable to noncontrolling interests, Adjusted net income attributable to shareholders. (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. WEX INC. Management's Discussion and Analysis of Financial Condition and Results 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. The exclusion of these items helps management compare changes in operating results between periods that might otherwise be obscured due to currency fluctuations; The change in fair value of contingent consideration, which is related to the acquisition of certain contractual rights to serve as custodian or sub-custodian to HSAs, is dependent upon changes in future interest rate assumptions and has no significant impact on the ongoing operations of the Company. Get Started It is well suited to help us see exactly which employee and which company the employee is with and how much they employee spent. The WEX Difference Customizable dashboard reporting and analytics to learn account trends. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. Our customers bring us their complex challenges. r/personalfinance on Reddit: HSA withdrawal from WEX Explore our fleet and mobility solutions for any size or type of business. EquifaxEFXalso reported a beat on both counts in its first-quarter 2023 results. Individual salaries will vary depending on the job, department, and location, as well as the employee's level of education, certifications, and additional skills. WEX exited the quarter with a cash and cash equivalents balance of $921.7 million compared with $922 million witnessed at the end of the prior quarter. Benefits of AWS Built services that were instantly scalable and highly deliverable However, general IT issues seem to have plagued my experience using WEX. 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. Discovery Benefits is now known as WEX. Well administer HSAs, FSAs, COBRA, and more on your behalf. 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. Adjusted operating income increased 13.4% to $230.1 million from the year-ago quarters $202.9 million. See Exhibit 5 for information on the calculation of adjusted operating income margin. The monthly returns are then compounded to arrive at the annual return. Q1 2023 WEX Inc Earnings Call - Yahoo Finance You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Type a symbol or company name. Management uses the non-GAAP measures presented within this earnings release to evaluate the Companys performance on a comparable basis. WEX hiring Information Management Specialist Intern in United States Currently, 35% of employers who use the WEX benefits platform provide an HSA contribution. If used elsewhere, you may need to upload supporting documentation (depending on your benefits plan). Our payments platform technologies give you everything you need to run an advanced payments program in one place, including the expertise to make payments smarter, faster, and more profitable. WEX Benefits vs. Workday HCM | G2 Delayed Nyse I think this could help us determine that the employee is correctly using the funds at the correct locations. For the portions of our business that earn revenue based on margin spreads, revenue was calculated utilizing the comparable margin from the prior year. 1 MarketScreener is worth more than 1000 Influencers! What is WEX Benefits? and the Health and Employee Benefits Solutions segment will now be renamed to Benefits. We estimate the year-over-year impact of fuel prices increased segment revenue by approximately $1 million, including a benefit . 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. Zacks->. 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; The Company considers certain acquisition-related costs, including certain financing costs, investment banking fees, warranty and indemnity insurance, certain integration related expenses and amortization of acquired intangibles, as well as gains and losses from divestitures to be unpredictable, dependent on factors that may be outside of our control and unrelated to the continuing operations of the acquired or divested business or the Company. 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. 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. In addition, adjusted net income attributable to shareholders, adjusted operating income and total segment adjusted operating income as used by WEX may not be comparable to similarly titled measures employed by other companies. Net income attributable to shareholders per share: Weighted average common shares outstanding: WEX INC. Mobility revenues were up 7% year over year to $342.3 million. 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. Skip to content. Were ready to simplify your business. The adjusted operating income margin was 37.6%, down 160 basis points year over year. Reconciliation of GAAP Operating Cash Flow to Adjusted Free Cash Flow. You'll notice changes in brand name and logos to the online account and mobile app, including where you go to log in. You retain service and administration while depending on our benefits platform. EPS increased 12.2% year over year. 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 When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. 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. 3 key themes from WEX SPARK 2023 to help you simplify the business of Adjusted operating income increased 13.4% to $230.1 million from the year-ago quarters $202.9 million. If used elsewhere, you may need to upload supporting documentation (depending on your benefits plan).
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