EXHIBIT 99.1
WageWorks Reports Second Quarter 2017 Financial Results
• Total revenue in the second quarter 2017 of $119.9 million, a 37 percent increase year-over-year
• Second quarter 2017 GAAP net income of $19.1 million or $0.49 per diluted share
Second quarter 2017 non-GAAP net income of $17.7 million or $0.46 per diluted shares, a 33 percent increase year-over-year
• Second quarter 2017 non-GAAP adjusted EBITDA of $36.6 million, a 33 percent increase year-over-year
SAN MATEO, Calif., August 1, 2017 (GLOBE NEWSWIRE) -- WageWorks, Inc. (the “Company”) (NYSE: WAGE), a leader in administering Consumer-Directed Benefits, today announced the Company's financial results for its second quarter ended
June 30, 2017.
Executive Quotes
“We just finished another great quarter highlighted by an outstanding growth rate and strong financial metrics across the board,” said Joe Jackson, Chairman and Chief Executive Officer of WageWorks. “Our selling season continues on another record setting pace, activity from our channel partners and carrier relationships is strong, and we are reaching an expanded demographic in our commuter business. The integration of ADP’s businesses continues to progress well, and our acquisition pipeline remains active across all areas of our business.”
Second Quarter Financial Highlights
For the second quarter, WageWorks reported total revenue of $119.9 million, compared to $87.7 million for the second quarter of 2016, an increase of 37 percent. Healthcare revenue was $70.0 million, compared to $48.1 million for the second quarter of 2016, an increase of 46 percent. Commuter revenue was $18.1 million, compared to $17.4 million for the second quarter of 2016, an increase of 4 percent. COBRA revenue was $27.7 million, compared to $17.9 million for the second quarter of 2016, an increase of 55 percent. Other revenue was $4.1 million, compared to $4.4 million for the second quarter of 2016.
GAAP operating income was $13.9 million for the second quarter of 2017, an increase compared to GAAP operating income of $4.6 million for the second quarter of 2016. On a non-GAAP basis, second quarter of 2017 operating income was $30.8 million, an increase compared to non-GAAP operating income of $22.3 million for the second quarter of 2016.
GAAP net income was $19.1 million, or $0.49 per diluted share, for the second quarter of 2017, compared to GAAP net income of $2.9 million, or $0.08 per diluted share, for the second quarter of 2016.      
On a non-GAAP basis, second quarter of 2017 net income was $17.7 million, or $0.46 per diluted share, an increase compared to non-GAAP net income of $13.3 million, or $0.36 per diluted share, for the second quarter of 2016. Non-GAAP net income for the second quarter of 2017 and 2016 excludes expenses related to stock-based compensation, amortization of acquired intangibles, employer paid taxes for selling stockholders, employee termination and other charges, and the related tax impact of these items.
Non-GAAP adjusted EBITDA was $36.6 million for the second quarter of 2017, an increase of 33 percent as compared to non-GAAP adjusted EBITDA of $27.5 million for the second quarter of 2016.
The reconciliation of the non-GAAP measures to the comparable GAAP measures for the second quarter 2017 and 2016 is detailed in the tables provided in this press release.
As of June 30, 2017, WageWorks had cash and cash equivalents totaling $774.8 million. This compares to cash and cash equivalents totaling $678.3 million as of December 31, 2016. We completed a public stock offering in June 2017 for proceeds of approximately $130.8 million, net of underwriting discounts and commissions and other costs.
The Company's Conference Call Information
WageWorks will host a conference call today, August 1, 2017, at 5:00 p.m. ET to discuss the Company’s second quarter ended June 30, 2017 financial results and business outlook. 
The live webcast of the conference call can be accessed under “Investor Relations” section of the Company’s website at www.wageworks.com.  Those wishing to participate in the live call should dial (844) 778-4142 (toll-free) or (661) 378-9625, and enter pass code 48270570.  Following the call, an archived webcast will be available in the “Investor Relations” section of the Company’s website at www.wageworks.com.  A telephone replay will be available for one week at (855) 859-2056 (toll-free) or (404) 537-3406 using the pass code 48270570.



The following information was filed by Wageworks, Inc. (WAGE) on Tuesday, August 1, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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