Any statements in this earnings release that are not statements of historical facts are forward-looking statements. That claim has now been approved, and the documentation for that claim was also used to offset and approve the 4 denied claims. Weve simplified the experience from all angles with streamlined administration, insightful employer analytics, and intuitive participant access points. If used at an IIAS merchant, simply swipe your card and it will automatically approve anything thats an eligible expense. WEX / Discovery Benefits COBRA Account Login Information Please see Exhibit 1 for a reconciliation of cash flows from operating activities to this non-GAAP measure. 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. Adjusted net income attributable to shareholders is now expected to be in the range of $13.85 to $14.25 per diluted share, an increase from the prior guidance range of $13.55 to $14.05 per diluted share. As a user , WEX Health (formerly Evolution1) provided the organization with Flex benefit management and Cobra. I never signed up for it they were just like we opened this for you free money! You retain service and administration while depending on our benefits platform. GAAP operating income margin for the first quarter of 2023 was 25.2% compared to 23.6% for the prior year comparable period. 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 31, 2023. 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. Benefits average number of Software-as-a-Service accounts were up 14% to 20.3 million year over year. Now, I'd like to recap our business. Exclusion of the non-cash, mark-to-market adjustments on financial instruments, including interest rate swap agreements and investment securities, helps management identify and assess trends in the Companys underlying business that might otherwise be obscured due to quarterly non-cash earnings fluctuations associated with these financial instruments. We run report off of it and it helps us track how much employees have spent out of their own individual accounts. 3 reasons we see people flipping to a fuel card: Apply Now I remember the frustrations experienced by employees submitting receipts with other providers. The midpoint of the guided range is the same as the current Zacks Consensus Estimate of $2.47 billion. 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. Our card works at a variety of merchants. About 150 employees. Total revenues of $612 million surpassed the consensus mark by 1.5% and our estimate by 1.7%. If used elsewhere, you may need to upload supporting documentation (depending on your benefits plan). WEX provides robust solutions for benefits administration, reimbursement accounts, and COBRA administration. 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. (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. (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. ManpowerGroupMAN reported lower-than-expected first-quarter 2023 results. Our passion for continuous innovation and our unparalleled level of service were further fueled when Discovery Benefits . They offered an easy-to-use website, and it was clear that they were serious about compliance and proper administration of benefits. Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. See Exhibit 5 for information on the calculation of adjusted operating income margin. WEX Benefits vs. Workday HCM | G2 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. See Exhibit 1 for a full explanation and reconciliation of adjusted net income attributable to shareholders, adjusted net income attributable to shareholders per diluted share, and adjusted operating income to the most directly comparable GAAP financial measures. 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. WEX | Reset Password WEX Inc. price-consensus-eps-surprise-chart | WEX Inc. Quote. WEX shares have gained 4.2% in the past year against the 3.1% decline of theindustryit belongs to. Benefits by WEX on the App Store Adjusted net income is now expected between $13.85 and $14.25 per share . Email. I think this could help us determine that the employee is spending the funds at correct locations and help us when we do our reconciliations of these accounts. NASDAQ data is at least 15 minutes delayed. 45% of employees cited salary or employee benefits as their reason for leaving. Invest Type a symbol or company name. I want to make a difference and make people feel like they belong here and WEXPats empowers me to do that by giving me a community of people who have the shared experience of immigrating to a new country for work and the passion to make the transition easier for others. But you'll continue to use the same online account, mobile app, and debit card you have today, and will continue to contact the same participant services team. These returns cover a period from January 1, 1988 through April 3, 2023. This dedication to giving investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system. (7) Purchase volume represents the total dollar value of all WEX-issued transactions that use WEX corporate card products and virtual card products. WEX Inc. WEX delivered better-than-expected . WEX Inc. Reports First Quarter 2023 Financial Results Adjusted earnings of $3.31 per share surpassed the Zacks Consensus Estimate by 3.4% and our estimate by 3.8%. Explore our fleet and mobility solutions for any size or type of business. EFXs adjusted earnings came in at $1.43, beating the consensus mark by 4.4% but declining 35.6% from the year-ago figure.