WageWorks, Inc. IPO Info
Company Name: WageWorks, Inc.
Stock Symbol: WAGE
Exchange: NYSE
Status: Priced
IPO Date: 5/10/2012
IPO Price:
9.00 (
97.78%)
Underwriters
Suisse, William Blair & Company, Stifel Nicolaus Weisel, JMP Securities, Needham & Company
Amount of Offering: N/A
Number of Shares Offered: 8 Mil
Shares Outstanding After Offering: N/A
Valuation: N/A
Company Description
WageWorks is a leading on-demand provider of tax-advantaged programs for consumer-directed health, commuter and other employee spending account benefits, or CDBs, in the United States. The comapny administers and operates a broad array of CDBs, including spending account management programs, such as health and dependent care Flexible Spending Accounts, or FSAs, Health Savings Accounts, or HSAs, Health Reimbursement Arrangements, or HRAs, and commuter benefits, such as transit and parking programs.
Financial Data
WageWorks grew revenue from $108.5 million in 2009 to $115.0 million in 2010 and to $135.6 million in 2011. In each period, revenue growth resulted primarily from increases in healthcare revenue from portfolio purchases. For each of 2009, 2010 and 2011, clients that accounted for more than 90% of our revenues (excluding interchange fees and vendor commissions) during the year remained under contract with us in the succeeding year. Net loss was $0.6 million and $17.3 million in the years 2009 and 2010, respectively, and net income was $33.3 million in 2011. Adjusted EBITDA grew from $15.9 million in 2009 to $22.4 million in 2010 and to $30.3 million in 2011, increases of 40% and 36%, respectively.
SEC Filings
News Headlines
