WageWorks, Inc. announced unaudited consolidated earnings results for its first quarter ended March 31, 2013. For the first quarter, the company reported total revenue of $56.1 million, compared to $44.3 million for the first quarter of 2012, an increase of 27%. GAAP operating income was $7.5 million for the first quarter of 2013, compared to GAAP operating income of $3.8 million for the first quarter of 2012. On a non-GAAP basis, first quarter of 2013 operating income was $11.2 million, compared to non-GAAP operating income of $7.4 million for the first quarter of 2012. GAAP net income attributable to common stockholders was $4.6 million or $0.14 per diluted share, for the first quarter of 2013, compared to GAAP net income of $0.3 million or $0.02 per diluted share, for the first quarter of 2012. On a non-GAAP net income basis, first quarter of 2013 net income was $6.9 million or $0.20 per diluted share, compared to non-GAAP net income of $3.9 million or $0.12 per diluted share, for the first quarter of 2012. Non-GAAP net income for the first quarter of 2013 excludes expenses related to stock-based compensation, amortization of acquired intangibles, contingent consideration expense and the related tax impact of these items. For the first quarter of 2012, non-GAAP net income also excludes expenses related to accretion of redemption premium expense. Non-GAAP adjusted EBITDA was $14.0 million compared to non-GAAP adjusted EBITDA of $9.5 million, an increase of 47% over the prior year period. Income before income taxes was $7.1 million against $3.4 million for the same period last year. Net cash provided by operating activities was $5.3 million against $8 million of prior year period. Purchases of property and equipment were $3.6 million against $3 million of prior year period. For the second quarter, the company expected total revenue to be in the range of $51.8 million to $52.8 million. GAAP net income per diluted share expected to be $0.07 to $0.09 and non-GAAP net income per diluted share expected to be $0.15 to $0.17. The company’s expectation of non-GAAP net income per diluted share for the second quarter excludes stock-based compensation expense, the amortization of acquired intangibles and contingent consideration expense. GAAP and non-GAAP net income per diluted share assumes a tax rate of 40%. Non-GAAP adjusted EBITDA for the second quarter of 2013 is expected to be in the range of $12.7 million to $13.2 million. For the full year 2013, the company raised its guidance, the company now expected total revenue to be in the range of $212 million to $214 million. GAAP net income attributable to common stockholders per diluted share is expected to be in the range of $0.32 to $0.40. The company’s GAAP EPS range now includes additional stock-based compensation expense that was not contemplated in prior guidance. This is primarily due to the acceleration of certain prior performance grants. Non-GAAP net income per diluted share is expected to be in the range of $0.61 to $0.69. GAAP and non-GAAP net income per diluted share assume a tax rate of 40%. Non-GAAP adjusted EBITDA for the full year 2013 is now expected to be in the range of $50 million to $53 million.

WageWorks, Inc., Q1 2013 Earnings Call, May 09, 2013

WageWorks, Inc. announced that they will report Q1, 2013 results at 5:00 PM, Eastern Standard Time on May 09, 2013