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WageWorks Reports Fourth Quarter and Full Year 2013 Financial Results
- Fourth Quarter 2013 total revenue of $55.0 million, an 18 percent increase year-over-year
- Full year 2013 total revenue of $219.3 million, a 24 percent increase year-over-year
- Fourth quarter 2013 GAAP net income of $5.3 million or $0.15 per diluted share. Non-GAAP net income per diluted share of $0.17
- Full year 2013 GAAP net income of $21.7 million or $0.62 per diluted share. Non-GAAP net income per diluted share of $0.74
- Fourth quarter 2013 non-GAAP adjusted EBITDA of $13.5 million, a 30 percent increase year-over-year
- Full year 2013 non-GAAP adjusted EBITDA of $56.5 million, a 36 percent increase year-over-year
SAN MATEO, Calif.--(BUSINESS WIRE)--February 20, 2014--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 savings for employers, today announced the Company's financial results for its fourth quarter and fiscal year ended December 31, 2013.
“Both our fourth quarter and record annual results reflect the strength of our position in a growing market. In addition to improving our enrollment rates, we had an excellent new sales year and client renewal period, evidencing the success of our strategic investments in expanding our sales force and broker network, further developing channel partnerships, continuing portfolio purchases and increasing overall awareness of the value CDBs provide. Moreover, we are taking advantage of the opportunities presented by the rise in employer adoption of private exchanges and are excited about the potential impact of the Department of Treasury’s introduction of the carryover provision for Healthcare Flexible Spending Accounts late last year,” said Joe Jackson, Chief Executive Officer of WageWorks.
For the fourth quarter, WageWorks reported total revenue of $55.0 million, compared to $46.7 million for the fourth quarter of 2012, an increase of 18 percent. Healthcare revenue was $32.9 million, compared to $29.6 million for the fourth quarter of 2012, an increase of 11 percent. Commuter revenue was $15.2 million, compared to $13.5 million for the fourth quarter of 2012, an increase of 12 percent. Other revenue was $6.9 million, compared to $3.6 million for the fourth quarter of 2012, an increase of 93 percent.
GAAP operating income was $7.9 million for the fourth quarter of 2013, compared to GAAP operating income of $5.3 million for the fourth quarter of 2012. On a non-GAAP basis, fourth quarter of 2013 operating income was $10.4 million, compared to non-GAAP operating income of $7.7 million for the fourth quarter of 2012.
The following information was filed by Wageworks, Inc. (WAGE) on Thursday, February 20, 2014 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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