Benefitfocus, Inc. (NASDAQ: BNFT), a leading cloud-based benefits
management platform and services provider, today announced its
fourth quarter and full year 2018 financial results. The company’s
fundamentals continued to strengthen in the quarter with total
revenue growing 10% compared to the prior year period. Recent
business highlights include:
- Net benefit eligible lives were 13.3 million at year-end, up
from 11.2 million at the end of the prior year period and 10.2
million at the end of the fourth quarter 2016.
- BenefitsPlace offerings increased in the fourth quarter with
the addition of Securian Financial Group, which is a leading writer
of group life insurance in the United States, and five specialty
product suppliers.
- Existing BenefitsPlace carriers, Allstate Corporation and The
Hartford Financial Services Group, increased their BenefitsPlace
offerings in the quarter.
- Fourth quarter operating cash flow was $13.0 million, up from
$9.1 million in the prior year period.
- Large employer customers increased to 1,024 large employer
customers, up from 920 at the end of the prior year period.
- Sold convertible senior notes due 2023 that netted Benefitfocus
approximately $201.0 million after deducting offering expenses and
the cost of the capped call transactions.
- On February 25, 2019, acquired certain complementary assets of
Connecture, which is expected to expand our market opportunity into
the individual, small and mid-market carrier segments.
“Our fourth quarter results capped a milestone
year of strategic and financial accomplishments,” said Ray August,
President and Chief Executive Officer of Benefitfocus. “In
2018 we improved several key aspects of our business and drove
meaningful shareholder value. We are entering 2019 with
significant momentum and believe we are well-positioned to build
upon our strong fundamentals.”
August added, “Underlying our strong performance
is our consumer focus and diversified growth strategy of adding
lives and increasing average revenue per user. With our existing
base of over 23 million Americans, which includes over 13 million
net benefit eligible lives on our platform, our company has a
tremendous opportunity to simplify the complex benefits landscape
and drive value for all members of our platform
ecosystem.”
Fourth Quarter 2018 Financial
Highlights
Revenue
- Total revenue was $74.8 million, an increase of 10% compared to
the fourth quarter of 2017.
- Software services revenue was $59.0 million, an increase of 10%
compared to the fourth quarter of 2017.
- Professional services revenue was $15.7 million, an increase of
10% compared to the fourth quarter of 2017.
Net Loss
- GAAP net loss was ($13.0) million, compared to ($6.9) million
in the fourth quarter of 2017. GAAP net loss per share was ($0.41),
based on 32.0 million basic and diluted weighted average common
shares outstanding, compared to ($0.22) for the fourth quarter of
2017, based on 31.3 million basic and diluted weighted average
common shares outstanding.
Non-GAAP Net Income and Adjusted
EBITDA
- Non-GAAP net income was $4.7 million, compared to net loss of
($1.7) million in the fourth quarter of 2017. Non-GAAP net income
per share was $0.14, based on 33.0 million diluted weighted average
common shares outstanding, compared to a net loss of ($0.06) for
the fourth quarter of 2017, based on 31.3 million basic and diluted
weighted average common shares outstanding.
- Adjusted EBITDA was $12.0 million, compared to $5.5 million in
the fourth quarter of 2017.
See important disclosures about non-GAAP measures, and a
reconciliation of them to GAAP, below.
Full Year 2018 Financial
Highlights
Revenue
- Total revenue was $258.7 million, an increase of 9% compared to
the full year 2017.
- Software services revenue was $202.3 million, an increase of 9%
compared to the full year 2017.
- Professional services revenue was $56.4 million, an increase of
9% compared to the full year 2017.
- Employer revenue was $169.8 million, an increase of 11%
compared to the full year 2017.
- Insurance carrier revenue was $88.9 million, an increase of 7%
compared to the full year 2017.
Net Loss
- GAAP net loss was ($52.6) million, compared to ($50.3) million
in 2017. GAAP net loss per share was ($1.66), based on 31.8 million
basic and diluted weighted average common shares outstanding,
compared to ($1.62) in 2017, based on 31.1 million basic and
diluted weighted average common shares outstanding.
Non-GAAP Net Loss and Adjusted
EBITDA
- Non-GAAP net loss was ($18.3) million, compared to ($32.8)
million in 2017. Non-GAAP net loss per share was ($0.57), based on
31.8 million basic and diluted weighted average common shares
outstanding, compared to ($1.06) in 2017, based on 31.1 million
basic and diluted weighted average common shares outstanding.
- Adjusted EBITDA was $10.3 million, compared to ($5.0) million
in 2017.
See important disclosures about non-GAAP
measures, and a reconciliation of them to GAAP, below.
Balance Sheet
- Cash and cash equivalents at December 31, 2018 totaled $190.9
million, compared to $51.1 million at the end of the third quarter
of 2018. The cash balance reflects net proceeds of
approximately $201.0 million from the sale of convertible senior
notes and the $39.2 million repayment of its senior secured credit
facility.
Business
Outlook
Based on information available as of February
26, 2019, Benefitfocus is providing guidance for the first quarter
and full year 2019 as indicated below.
First Quarter 2019:
- Total revenue is expected to be in the range of $66.5 million
to $68.5 million.
- Adjusted EBITDA is expected to be in the range of ($0.5)
million to $1.5 million.
Full Year 2019:
- Total revenue is expected to be in the range of $301.0 million
to $309.0 million.
- Adjusted EBITDA is expected to be in the range of $15.0 million
to $20.0 million.
Management has not reconciled forward-looking
Adjusted EBITDA to its most directly comparable GAAP measure of
GAAP net loss. Management is unable to predict with
reasonable certainty the ultimate outcome of the various necessary
GAAP components of such reconciliations, including, for example,
those related to compensation, acquisition transactions and
integration, or others that may arise during the year, without
unreasonable effort. These components and other factors could
materially impact the amount of the future directly comparable GAAP
measures, which may differ significantly from their non-GAAP
counterparts. See below for additional important disclosures
regarding our non-GAAP financial measures.
Conference Call Details
In conjunction with this announcement,
Benefitfocus will host a conference call to discuss the company’s
financial results and business outlook on Tuesday, February 26,
2019, at 5:00 p.m. ET. To access this call, dial (877) 407-9208
(domestic) or (201) 493-6784 (international). A live webcast of the
conference call will be available on the Investor Relations page of
the company’s website at http://investor.benefitfocus.com/. After
the conference call, a replay will be available until March 5,
2019, and can be accessed by dialing (844) 512-2921 (domestic) or
(412) 317-6671 (international) with passcode 13686673.
About Benefitfocus
Benefitfocus (NASDAQ: BNFT) unifies the entire
U.S. benefits industry on a single technology platform to protect
consumers' health, wealth and lifestyle. Our powerful cloud-based
software, data-driven insights and thoughtfully-designed services,
enable employers, insurance brokers, carriers and suppliers to
simplify the complexity of benefits administration and deliver a
world-class benefits experience. Learn more at
www.benefitfocus.com, LinkedIn and Twitter.
Non-GAAP Financial Measures
The company uses certain non-GAAP financial
measures in this release, including non-GAAP gross profit,
operating income (loss), net income (loss), net income (loss) per
common share, and adjusted EBITDA. Generally, a non-GAAP financial
measure is a numerical measure of a company’s performance or
financial position that either excludes or includes amounts that
are not normally excluded or included in the most directly
comparable measure calculated and presented in accordance with
GAAP.
Non-GAAP gross profit, operating income (loss),
net income (loss) and net income (loss) per share exclude
stock-based compensation expenses, amortization of
acquisition-related intangible assets, transaction and
acquisition-related costs expensed, if any, and costs not core to
our business, if any. We define adjusted EBITDA as net loss
before net interest, taxes, and depreciation and amortization
expense, adjusted to eliminate stock-based compensation expense,
expense related to the impairment of goodwill and intangible
assets, transaction and acquisition-related costs expensed and
costs not core to our business. Beginning in the fourth
quarter of 2018, we revised our definition of adjusted EBITDA to
also exclude acquisition-related costs expensed. The revision
to the definition of adjusted EBITDA had no material impact on our
reported adjusted EBITDA for the three months and year ended
December 31, 2018 or prior periods. Please note that other
companies might define their non-GAAP financial measures
differently than we do.
Management presents these non-GAAP
financial measures in this release because it considers them to be
important supplemental measures of performance. Management uses
these non-GAAP financial measures for planning purposes, including
analysis of the company's performance against prior periods, the
preparation of operating budgets and to determine appropriate
levels of operating and capital investments. Management believes
that these non-GAAP financial measures provide additional insight
for analysts and investors in evaluating the company's financial
and operational performance. Management also intends to provide
these non-GAAP financial measures as part of the company’s future
earnings discussions and, therefore, their inclusion should provide
consistency in the company’s financial reporting.
Non-GAAP financial measures have limitations as
an analytical tool. Investors are encouraged to review the
reconciliation of the non-GAAP measures to their most directly
comparable GAAP measures provided in this release, including where
applicable in the accompanying tables.
Safe Harbor Statement
Except for historical information, all of the
statements, expectations, and assumptions contained in this press
release are forward-looking statements. Actual results might differ
materially from those explicit or implicit in the forward-looking
statements. Important factors that could cause actual results to
differ materially include: our continuing losses and need to
achieve GAAP profitability; fluctuations in our financial results;
the immature and volatile market for our products and services;
risks related to changing healthcare and other applicable
regulations; risks associated with acquisitions; our ability to
maintain our culture, recruit and retain qualified personnel and
effectively expand our sales force; cyber-security risks; the
need to innovate and provide useful products and services; our
ability to compete effectively; privacy, security and other risks
associated with our business; and the other risk factors set forth
from time to time in our SEC filings, copies of which are
available free of charge within the Investor Relations section of
the Benefitfocus website at
http://investor.benefitfocus.com/sec-filings or upon request from
our Investor Relations Department. Benefitfocus assumes no
obligation and does not intend to update these forward-looking
statements, except as required by law.
Source: Benefitfocus, Inc.
Benefitfocus, Inc. |
|
Consolidated Statements of Operations and
Comprehensive Loss |
|
(in thousands,
except share and per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
Year
Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
Revenue |
|
$ |
74,771 |
|
|
$ |
67,879 |
|
|
$ |
258,721 |
|
|
$ |
236,842 |
|
Cost of revenue
(1)(2) |
|
|
35,413 |
|
|
|
34,174 |
|
|
|
129,277 |
|
|
|
127,382 |
|
Gross profit |
|
|
39,358 |
|
|
|
33,705 |
|
|
|
129,444 |
|
|
|
109,460 |
|
Operating
expenses:(1)(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing |
|
|
22,201 |
|
|
|
18,230 |
|
|
|
78,179 |
|
|
|
70,583 |
|
Research
and development |
|
|
13,075 |
|
|
|
12,327 |
|
|
|
47,902 |
|
|
|
49,549 |
|
General
and administrative |
|
|
13,719 |
|
|
|
6,781 |
|
|
|
43,062 |
|
|
|
27,268 |
|
Total
operating expenses |
|
|
48,995 |
|
|
|
37,338 |
|
|
|
169,143 |
|
|
|
147,400 |
|
Loss from
operations |
|
|
(9,637 |
) |
|
|
(3,633 |
) |
|
|
(39,699 |
) |
|
|
(37,940 |
) |
Other income
(expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
|
51 |
|
|
|
53 |
|
|
|
250 |
|
|
|
182 |
|
Interest
expense on building lease financing obligations |
|
|
(1,870 |
) |
|
|
(1,865 |
) |
|
|
(7,471 |
) |
|
|
(7,450 |
) |
Interest
expense on other borrowings |
|
|
(1,495 |
) |
|
|
(1,405 |
) |
|
|
(5,685 |
) |
|
|
(4,931 |
) |
Other
expense |
|
|
(9 |
) |
|
|
– |
|
|
|
6 |
|
|
|
(140 |
) |
Total
other expense, net |
|
|
(3,323 |
) |
|
|
(3,217 |
) |
|
|
(12,900 |
) |
|
|
(12,339 |
) |
Loss before income
taxes |
|
|
(12,960 |
) |
|
|
(6,850 |
) |
|
|
(52,599 |
) |
|
|
(50,279 |
) |
Income tax expense |
|
|
6 |
|
|
|
5 |
|
|
|
28 |
|
|
|
15 |
|
Net loss |
|
$ |
(12,966 |
) |
|
$ |
(6,855 |
) |
|
$ |
(52,627 |
) |
|
$ |
(50,294 |
) |
Comprehensive loss |
|
$ |
(12,966 |
) |
|
$ |
(6,855 |
) |
|
$ |
(52,627 |
) |
|
$ |
(50,294 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted |
|
$ |
(0.41 |
) |
|
$ |
(0.22 |
) |
|
$ |
(1.66 |
) |
|
$ |
(1.62 |
) |
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
31,988,033 |
|
|
|
31,285,263 |
|
|
|
31,756,415 |
|
|
|
31,052,378 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Stock-based
compensation included in above line items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue |
|
$ |
3,011 |
|
|
$ |
705 |
|
|
$ |
5,164 |
|
|
$ |
2,508 |
|
Sales and
marketing |
|
|
3,794 |
|
|
|
1,378 |
|
|
|
6,764 |
|
|
|
4,953 |
|
Research
and development |
|
|
3,407 |
|
|
|
790 |
|
|
|
5,510 |
|
|
|
2,990 |
|
General
and administrative |
|
|
6,310 |
|
|
|
1,618 |
|
|
|
11,430 |
|
|
|
5,686 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Amortization of
acquired intangible assets included in above line items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue |
|
$ |
– |
|
|
$ |
36 |
|
|
$ |
81 |
|
|
$ |
141 |
|
Sales and
marketing |
|
|
– |
|
|
|
14 |
|
|
|
31 |
|
|
|
52 |
|
Research
and development |
|
|
– |
|
|
|
12 |
|
|
|
27 |
|
|
|
50 |
|
General
and administrative |
|
|
– |
|
|
|
2 |
|
|
|
11 |
|
|
|
15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefitfocus, Inc. |
Consolidated
Balance Sheets |
(in thousands,
except share and per share data) |
|
|
|
|
|
|
|
|
|
As of December 31, |
|
|
2018 |
|
|
2017 |
|
Assets |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and
cash equivalents |
$ |
190,928 |
|
|
$ |
55,335 |
|
Accounts
receivable, net |
|
21,077 |
|
|
|
30,091 |
|
Contract,
prepaid and other current assets |
|
16,667 |
|
|
|
15,859 |
|
Total
current assets |
|
228,672 |
|
|
|
101,285 |
|
Property and equipment,
net |
|
69,965 |
|
|
|
72,681 |
|
Intangible assets,
net |
|
– |
|
|
|
150 |
|
Goodwill |
|
1,634 |
|
|
|
1,634 |
|
Deferred contract costs
and other non-current assets |
|
13,668 |
|
|
|
16,253 |
|
Total
assets |
$ |
313,939 |
|
|
$ |
192,003 |
|
Liabilities and stockholders'
deficit |
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
Accounts
payable |
$ |
8,687 |
|
|
$ |
4,260 |
|
Accrued
expenses |
|
11,461 |
|
|
|
9,110 |
|
Accrued
compensation and benefits |
|
17,269 |
|
|
|
14,250 |
|
Deferred
revenue, current portion |
|
36,540 |
|
|
|
43,804 |
|
Revolving
line of credit, current portion |
|
– |
|
|
|
24,000 |
|
Financing
and capital lease obligations, current portion |
|
4,486 |
|
|
|
3,423 |
|
Total
current liabilities |
|
78,443 |
|
|
|
98,847 |
|
Deferred revenue, net
of current portion |
|
9,323 |
|
|
|
11,223 |
|
Convertible senior
notes |
|
176,692 |
|
|
|
– |
|
Revolving line of
credit, net of current portion |
|
– |
|
|
|
32,246 |
|
Financing and capital
lease obligations, net of current portion |
|
57,116 |
|
|
|
55,597 |
|
Other non-current
liabilities |
|
2,575 |
|
|
|
2,809 |
|
Total
liabilities |
|
324,149 |
|
|
|
200,722 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
Stockholders'
deficit: |
|
|
|
|
|
|
|
Preferred
stock, par value $0.001, 5,000,000 shares authorized, no shares
issued and outstanding at December 31, 2018 and December 31,
2017 |
|
- |
|
|
|
- |
|
Common
stock, par value $0.001, 50,000,000 shares authorized, 32,017,773
and 31,307,989 shares issued and outstanding at December 31, 2018
and December 31, 2017, respectively |
|
32 |
|
|
|
31 |
|
Additional paid-in capital |
|
403,631 |
|
|
|
352,496 |
|
Accumulated deficit |
|
(413,873 |
) |
|
|
(361,246 |
) |
Total
stockholders' deficit |
|
(10,210 |
) |
|
|
(8,719 |
) |
Total liabilities and stockholders' deficit |
$ |
313,939 |
|
|
$ |
192,003 |
|
|
|
Benefitfocus, Inc. |
|
Consolidated Statements of Cash Flows |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2016 |
|
Cash flows from
operating activities |
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
$ |
(52,627 |
) |
|
$ |
(50,294 |
) |
|
$ |
(40,346 |
) |
Adjustments to reconcile net loss to net cash and cash equivalents
used in operating activities: |
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
15,815 |
|
|
|
15,906 |
|
|
|
13,073 |
|
Stock-based compensation expense |
|
28,868 |
|
|
|
16,137 |
|
|
|
18,088 |
|
Interest
accrual on financing obligations |
|
7,521 |
|
|
|
7,500 |
|
|
|
6,827 |
|
Loss on
disposal or impairment of property and equipment |
|
7 |
|
|
|
157 |
|
|
|
141 |
|
Provision
for doubtful accounts |
|
364 |
|
|
|
75 |
|
|
|
667 |
|
Changes
in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Accounts
receivable, net |
|
8,650 |
|
|
|
2,800 |
|
|
|
(3,936 |
) |
Accrued
interest on short-term investments |
|
– |
|
|
|
7 |
|
|
|
220 |
|
Contract,
prepaid and other current assets |
|
(570 |
) |
|
|
4,519 |
|
|
|
(6,716 |
) |
Deferred
costs and other non-current assets |
|
3,137 |
|
|
|
5,538 |
|
|
|
3,816 |
|
Accounts
payable and accrued expenses |
|
6,566 |
|
|
|
(3,015 |
) |
|
|
(859 |
) |
Accrued
compensation and benefits |
|
649 |
|
|
|
(3,097 |
) |
|
|
(3,337 |
) |
Deferred
revenue |
|
(9,165 |
) |
|
|
(1,922 |
) |
|
|
(12,537 |
) |
Other
non-current liabilities |
|
(234 |
) |
|
|
(248 |
) |
|
|
2,073 |
|
Net cash and cash
equivalents provided by (used in) operating activities |
|
8,981 |
|
|
|
(5,937 |
) |
|
|
(22,826 |
) |
Cash flows from
investing activities |
|
|
|
|
|
|
|
|
|
|
|
Purchases
of short-term investments held to maturity |
|
– |
|
|
|
– |
|
|
|
(2,004 |
) |
Proceeds
from short-term investments held to maturity |
|
– |
|
|
|
2,000 |
|
|
|
40,225 |
|
Purchases
of property and equipment |
|
(8,290 |
) |
|
|
(8,279 |
) |
|
|
(12,705 |
) |
Net cash and cash
equivalents (used in) provided by investing activities |
|
(8,290 |
) |
|
|
(6,279 |
) |
|
|
25,516 |
|
Cash flows from
financing activities |
|
|
|
|
|
|
|
|
|
|
|
Draws on
revolving line of credit |
|
115,000 |
|
|
|
105,000 |
|
|
|
84,000 |
|
Payments
on revolving line of credit |
|
(171,246 |
) |
|
|
(89,000 |
) |
|
|
(74,000 |
) |
Proceeds
from issuance of convertible notes |
|
240,000 |
|
|
|
– |
|
|
|
– |
|
Payments
of debt issuance costs and deferred financing costs |
|
(6,000 |
) |
|
|
– |
|
|
|
(379 |
) |
Purchase
of convertible note capped call hedge |
|
(33,024 |
) |
|
|
– |
|
|
|
– |
|
Proceeds
from exercises of stock options and ESPP |
|
712 |
|
|
|
3,715 |
|
|
|
6,870 |
|
Remittance of taxes upon vesting of restricted stock units |
|
– |
|
|
|
– |
|
|
|
(202 |
) |
Payments
on financing and capital lease obligations |
|
(10,540 |
) |
|
|
(9,017 |
) |
|
|
(10,200 |
) |
Net cash and cash
equivalents provided by financing activities |
|
134,902 |
|
|
|
10,698 |
|
|
|
6,089 |
|
Net increase
(decrease) in cash and cash equivalents |
|
135,593 |
|
|
|
(1,518 |
) |
|
|
8,779 |
|
Cash and cash
equivalents, beginning of year |
|
55,335 |
|
|
|
56,853 |
|
|
|
48,074 |
|
Cash and cash
equivalents, end of year |
$ |
190,928 |
|
|
$ |
55,335 |
|
|
$ |
56,853 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure of non-cash investing and financing
activities |
|
|
|
|
|
|
|
|
|
|
|
Property
and equipment purchases in accounts payable and accrued
expenses |
$ |
244 |
|
|
$ |
389 |
|
|
$ |
699 |
|
Property
and equipment purchased with financing and capital lease
obligations |
$ |
4,810 |
|
|
$ |
- |
|
|
$ |
28,032 |
|
Post
contract support purchased with financing obligations |
$ |
790 |
|
|
$ |
- |
|
|
$ |
1,048 |
|
Debt
issuance costs included in accounts payable and accrued
expenses |
$ |
358 |
|
|
$ |
- |
|
|
$ |
- |
|
Supplemental
disclosure of cash flow information |
|
|
|
|
|
|
|
|
|
|
|
Income
taxes paid |
$ |
28 |
|
|
$ |
14 |
|
|
$ |
7 |
|
Interest
paid |
$ |
11,884 |
|
|
$ |
10,911 |
|
|
$ |
6,655 |
|
|
|
Benefitfocus, Inc. |
|
Reconciliation of GAAP to Non-GAAP
Measures |
|
(unaudited, dollars in thousands except share and per
share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months EndedDecember
31, |
|
|
Year EndedDecember 31, |
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
Reconciliation
from Gross Profit to Non-GAAP Gross Profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
$ |
39,358 |
|
|
$ |
33,705 |
|
|
$ |
129,444 |
|
|
$ |
109,460 |
|
Amortization
of acquired intangible assets |
|
— |
|
|
|
36 |
|
|
|
81 |
|
|
|
141 |
|
Stock-based
compensation expense |
|
3,011 |
|
|
|
705 |
|
|
|
5,164 |
|
|
|
2,508 |
|
Total net
adjustments |
|
3,011 |
|
|
|
741 |
|
|
|
5,245 |
|
|
|
2,649 |
|
Non-GAAP
gross profit |
$ |
42,369 |
|
|
$ |
34,446 |
|
|
$ |
134,689 |
|
|
$ |
112,109 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
from Operating Loss to Non-GAAP Operating Income
(Loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss |
$ |
(9,637 |
) |
|
$ |
(3,633 |
) |
|
$ |
(39,699 |
) |
|
$ |
(37,940 |
) |
Amortization
of acquired intangible assets |
|
— |
|
|
|
64 |
|
|
|
150 |
|
|
|
258 |
|
Stock-based
compensation expense |
|
16,522 |
|
|
|
4,491 |
|
|
|
28,868 |
|
|
|
16,137 |
|
Transaction
costs expensed |
|
250 |
|
|
|
— |
|
|
|
507 |
|
|
|
— |
|
Costs not
core to our business |
|
921 |
|
|
|
578 |
|
|
|
4,843 |
|
|
|
1,058 |
|
Total net
adjustments |
|
17,693 |
|
|
|
5,133 |
|
|
|
34,368 |
|
|
|
17,453 |
|
Non-GAAP
operating income (loss) |
$ |
8,056 |
|
|
$ |
1,500 |
|
|
$ |
(5,331 |
) |
|
$ |
(20,487 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
from Net Loss to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
$ |
(12,966 |
) |
|
$ |
(6,855 |
) |
|
$ |
(52,627 |
) |
|
$ |
(50,294 |
) |
Depreciation |
|
2,857 |
|
|
|
3,146 |
|
|
|
11,721 |
|
|
|
12,391 |
|
Amortization
of software development costs |
|
1,046 |
|
|
|
848 |
|
|
|
3,944 |
|
|
|
3,257 |
|
Amortization
of acquired intangible assets |
|
— |
|
|
|
64 |
|
|
|
150 |
|
|
|
258 |
|
Interest
income |
|
(51 |
) |
|
|
(53 |
) |
|
|
(250 |
) |
|
|
(182 |
) |
Interest
expense on building lease financing obligations |
|
1,870 |
|
|
|
1,865 |
|
|
|
7,471 |
|
|
|
7,450 |
|
Interest
expense on other borrowings |
|
1,495 |
|
|
|
1,405 |
|
|
|
5,685 |
|
|
|
4,931 |
|
Income tax
expense |
|
6 |
|
|
|
5 |
|
|
|
28 |
|
|
|
15 |
|
Stock-based
compensation expense |
|
16,522 |
|
|
|
4,491 |
|
|
|
28,868 |
|
|
|
16,137 |
|
Transaction
costs expensed |
|
250 |
|
|
|
— |
|
|
|
507 |
|
|
|
— |
|
Costs not
core to our business |
|
921 |
|
|
|
578 |
|
|
|
4,843 |
|
|
|
1,058 |
|
Total net
adjustments |
|
24,916 |
|
|
|
12,349 |
|
|
|
62,967 |
|
|
|
45,315 |
|
Adjusted
EBITDA |
$ |
11,950 |
|
|
$ |
5,494 |
|
|
$ |
10,340 |
|
|
$ |
(4,979 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
from Net Loss to Non-GAAP Net Income (Loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(12,966 |
) |
|
$ |
(6,855 |
) |
|
$ |
(52,627 |
) |
|
$ |
(50,294 |
) |
Amortization
of acquired intangible assets |
|
— |
|
|
|
64 |
|
|
|
150 |
|
|
|
258 |
|
Stock-based
compensation expense |
|
16,522 |
|
|
|
4,491 |
|
|
|
28,868 |
|
|
|
16,137 |
|
Transaction
costs expensed |
|
250 |
|
|
|
— |
|
|
|
507 |
|
|
|
— |
|
Costs not
core to our business |
|
921 |
|
|
|
578 |
|
|
|
4,843 |
|
|
|
1,058 |
|
Total net
adjustments |
|
17,693 |
|
|
|
5,133 |
|
|
|
34,368 |
|
|
|
17,453 |
|
Non-GAAP net
income (loss) |
$ |
4,727 |
|
|
$ |
(1,722 |
) |
|
$ |
(18,259 |
) |
|
$ |
(32,841 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
Non-GAAP Earnings Per Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income (loss) |
$ |
4,727 |
|
|
$ |
(1,722 |
) |
|
$ |
(18,259 |
) |
|
$ |
(32,841 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding - basic and diluted |
|
31,988,033 |
|
|
|
31,285,263 |
|
|
|
31,756,415 |
|
|
|
31,052,378 |
|
Shares used
in computing non-GAAP net income (loss) per share - basic |
|
31,988,033 |
|
|
|
31,285,263 |
|
|
|
31,756,415 |
|
|
|
31,052,378 |
|
Shares used
in computing non-GAAP net income (loss) per share - diluted |
|
33,002,298 |
|
|
|
31,285,263 |
|
|
|
31,756,415 |
|
|
|
31,052,378 |
|
Non-GAAP net
income (loss) per common share - basic |
$ |
0.15 |
|
|
$ |
(0.06 |
) |
|
$ |
(0.57 |
) |
|
$ |
(1.06 |
) |
Non-GAAP net
income (loss) per common share - diluted |
$ |
0.14 |
|
|
$ |
(0.06 |
) |
|
$ |
(0.57 |
) |
|
$ |
(1.06 |
) |
Benefitfocus, Inc.843-284-1052 ext.
3527pr@benefitfocus.com
Investor Relations:Michael Bauer843-284-1052 ext.
6654michael.bauer@benefitfocus.com
Benefitfocus (NASDAQ:BNFT)
Historical Stock Chart
Von Feb 2024 bis Mär 2024
Benefitfocus (NASDAQ:BNFT)
Historical Stock Chart
Von Mär 2023 bis Mär 2024