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WageWorks Reports Fourth Quarter and Full Year 2012 Financial Results
- Fourth Quarter 2012 total revenue of $46.7 million, a 37% increase year-over-year
- Full year 2012 total revenue of $177.3 million, a 31% increase over 2011
- Fourth Quarter 2012 GAAP net income attributable to common stockholders for diluted EPS of $2.7 million or $0.09 per diluted share. Non-GAAP net income per diluted share of $0.13
- Full year 2012 GAAP net income attributable to common stockholders for diluted EPS of $7.9 million or $0.33 per diluted share. Non-GAAP net income per diluted share of $0.58
- Fourth Quarter 2012 non-GAAP adjusted EBITDA of $10.4 million, a 57% increase year-over-year
- Full Year 2012 non-GAAP adjusted EBITDA of $41.4 million, a 37% increase over 2011
SAN MATEO, Calif.--(BUSINESS WIRE)--February 20, 2013--WageWorks, Inc. (the “Company”) (NYSE: WAGE), a leading provider of Consumer-Directed Benefits (CDBs), such as pretax accounts for health, commuter and other employee benefits, today announced the Company's financial results for its fourth quarter and fiscal year ended December 31, 2012.
“We are very pleased with our accomplishments in 2012,” said Joe Jackson, Chief Executive Officer of WageWorks. “We had a successful initial public offering, saw record sales results, established a highly productive channel partnership with Aflac, and completed portfolio purchases of Choice Strategies and Benefit Concepts, as well as the strategic acquisition of TransitChek.”
“Our fourth quarter was a very strong close to an excellent year,” added Jackson. “We gained a substantial number of new employer clients and employee participants, and maintained our outstanding client renewal rates through the open enrollment period. Our business model provides us significant visibility into our expected operating results for fiscal 2013, and we believe the investments we are making in sales, marketing and product innovation position us well to continue delivering on our growth objectives.”
For the fourth quarter, WageWorks reported total revenue of $46.7 million, compared to $34.0 million for the fourth quarter of 2011, an increase of 37 percent. Healthcare revenue was $29.6 million, compared to $22.3 million for the fourth quarter of 2011, an increase of 32 percent. Commuter revenue was $13.5 million, compared to $8.5 million for the fourth quarter of 2011, an increase of 60 percent. Other revenue was $3.6 million, compared to $3.2 million for the fourth quarter of 2011, an increase of 12 percent.
GAAP operating income was $5.3 million for the fourth quarter of 2012, compared to GAAP operating income of $2.4 million for the fourth quarter of 2011. On a non-GAAP basis, fourth quarter of 2012 operating income was $7.7 million, compared to non-GAAP operating income of $4.5 million for the fourth quarter of 2011.
The following information was filed by Wageworks, Inc. (WAGE) on Wednesday, February 20, 2013 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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