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.