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WageWorks Reports Fourth Quarter and Full Year 2014 Financial Results
- Fourth Quarter 2014 total revenue of $78.5 million, a 43 percent increase year-over-year.
- Full year 2014 total revenue of $267.8 million, a 22 percent increase year-over-year.
- Fourth quarter 2014 GAAP net income of $3.1 million or $0.08 per diluted share. Non-GAAP net income per diluted share of $0.23.
- Full year 2014 GAAP net income of $18.2 million or $0.50 per diluted share. Non-GAAP net income per diluted share of $0.94.
- Fourth quarter 2014 non-GAAP adjusted EBITDA of $18.1 million, a 34 percent increase year-over-year.
- Full year 2014 non-GAAP adjusted EBITDA of $71.7 million, a 27 percent increase year-over-year.
SAN MATEO, Calif.--(BUSINESS WIRE)--February 12, 2015--WageWorks, Inc. (the “Company”) (NYSE: WAGE), a leader in administering Consumer-Directed Benefits (CDBs), which empower employees to save money on taxes while also providing corporate tax advantages for employers, today announced the Company's financial results for its fourth quarter and fiscal year ended December 31, 2014.
“Our fourth quarter results concluded another exciting year for WageWorks. Once again, we delivered record sales in both our Enterprise and SMB markets, and saw positive momentum from our cross-sell efforts. The integration of CONEXIS is well underway, and we continue to be optimistic about the value this acquisition will create. Our marketing activities designed to educate employees on the merits of Consumer-Directed Benefits have clearly paid off, as demonstrated by our very successful open enrollment season. We also saw growing adoption of the FSA carryover provision by our clients, which resulted in double-digit increases in employee participation rates for those employers. Combined with the opportunities presented through our channel partners, as well as the private and public exchanges, we enter 2015 with multiple growth levers to drive our business forward,” said Joe Jackson, Chief Executive Officer of WageWorks.
Fourth Quarter 2014 Financial Highlights
For the fourth quarter, WageWorks reported total revenue of $78.5 million, compared to $55.0 million for the fourth quarter of 2013, an increase of 43 percent. Healthcare revenue was $39.8 million, compared to $32.9 million for the fourth quarter of 2013, an increase of 21 percent. Commuter revenue was $15.6 million, compared to $15.2 million for the fourth quarter of 2013, an increase of 3 percent. COBRA revenue was $14.7 million, compared to $4.0 million for the fourth quarter of 2013, an increase of 264 percent. Other revenue was $8.3 million, compared to $2.9 million for the fourth quarter of 2013, an increase of 188 percent.
GAAP operating income was $5.7 million for the fourth quarter of 2014, compared to GAAP operating income of $7.9 million for the fourth quarter of 2013. On a non-GAAP basis, fourth quarter of 2014 operating income was $14.3 million, compared to non-GAAP operating income of $10.4 million for the fourth quarter of 2013.
The following information was filed by Wageworks, Inc. (WAGE) on Thursday, February 12, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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