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WageWorks Reports Second Quarter 2013 Financial Results

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 second quarter ended June 30, 2013.

“This was another excellent quarter for WageWorks, as we continue to execute very well on all aspects of our growth strategy. Our financials are strong and our prospects for full year 2013 have improved as demand for our services grows. Our enterprise selling season is delivering solid results with several new Fortune 500 clients signed in the quarter. Today, we announced another significant channel partnership, which we expect to contribute to additional growth starting in late 2013 and throughout 2014. Finally, we are excited to see the addressable market for our services expanding, primarily due to the opportunities for Consumer-Directed Benefits within private health insurance exchanges. Our recently announced relationship with Towers Watson, where we will serve as their exclusive administrator of HSAs and HRAs for their One Exchange Active private health insurance exchange, serves as a good example for this market expansion,” said Joe Jackson, Chief Executive Officer of WageWorks.

For the second quarter, WageWorks reported total revenue of $54.6 million, compared to $43.8 million for the second quarter of 2012, an increase of 25 percent. Healthcare revenue was $33.9 million, compared to $27.6 million for the second quarter of 2012, an increase of 23 percent. Commuter revenue was $14.7 million, compared to $13.2 million for the second quarter of 2012, an increase of 11 percent. Other revenue was $6.0 million, compared to $2.9 million for the second quarter of 2012, an increase of 103 percent.

GAAP operating income was $6.7 million for the second quarter of 2013, compared to GAAP operating income of $4.8 million for the second quarter of 2012. On a non-GAAP basis, second quarter of 2013 operating income was $11.9 million, compared to non-GAAP operating income of $8.4 million for the second quarter of 2012.

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