Benefitfocus, Inc. (NASDAQ: BNFT), a leading cloud-based benefits
management platform and services provider, today announced its
second quarter 2019 financial results. Recent highlights
include:
- Grew net benefit eligible lives to 16.5 million at the end of
the second quarter, up from 15.5 million at the end of the prior
quarter and 12.3 million at the end of the prior year period.
- Expanded BenefitsPlace™ to 50 suppliers, up from 18 at the
prior year period.
- Launched enterprise HCM API data exchange capabilities.
- Strengthened executive leadership with appointment of Stephen
M. Swad as Chief Financial Officer and Steve Malme as Senior Vice
President of Platform Strategy.
“With our leading AI-powered platform for
benefits, we are creating significant economic value and delivering
growth and innovation through our platform strategy,” said Ray
August, President and Chief Executive Officer of Benefitfocus. “In
Q2, we added approximately 1 million net benefit eligible lives.
This was our strongest quarter to date for growing lives on our
platform. We are removing points of friction and further advancing
our platform’s capabilities by automating inefficient, manual
processes across our ecosystem. Our intelligence engine is
improving user experience, helping consumers make better, smarter
decisions. All of this helps drive growth and contributed to our
strong second quarter financial results.”
Second Quarter 2019 Financial
Highlights
Revenue
- Total revenue was $68.6 million, an increase of 13% compared to
the second quarter of 2018.
- Software services revenue was $53.1 million, an increase of 10%
compared to the second quarter of 2018.
- Professional services revenue was $15.5 million, an increase of
26% compared to the second quarter of 2018.
Net Loss
- GAAP net loss was ($14.9) million, compared to ($14.3) million
in the second quarter of 2018. GAAP net loss per share was ($0.46),
based on 32.6 million basic and diluted weighted average common
shares outstanding, compared to ($0.45) for the second quarter of
2018, based on 31.8 million basic and diluted weighted average
common shares outstanding.
Non-GAAP Net Loss and Adjusted
EBITDA
- Non-GAAP net loss was ($10.0) million, compared to ($7.7)
million in the second quarter of 2018. Non-GAAP net loss per share
was ($0.31), based on 32.6 million basic and diluted weighted
average common shares outstanding, compared to ($0.24) for the
second quarter of 2018, based on 31.8 million basic and diluted
weighted average common shares outstanding.
- Adjusted EBITDA was $0.1 million, compared to ($0.6) million in
the second quarter of 2018.
See important disclosures about non-GAAP
measures, and a reconciliation of them to GAAP, below.
Balance Sheet
- Cash and cash equivalents at June 30, 2019 totaled $138.4
million, compared to $144.2 million at the end of the first quarter
of 2019.
Updated Business Outlook
Based on information available as of August 6,
2019, Benefitfocus is providing guidance for the third quarter and
updated its full year 2019 as indicated below.
Third Quarter 2019:
- Total revenue is expected to be in the range of $70.0 million
to $72.0 million.
- Non-GAAP net loss is expected to be in the range of ($14.0)
million to ($12.0) million, or ($0.43) to ($0.37) per share, based
on 32.7 million basic and diluted weighted average common shares
outstanding.
- Adjusted EBITDA is expected to be in the range of ($3.5)
million to ($1.5) million.
Full Year 2019:
- Total revenue is expected to be in the range of $292.0 million
to $300.0 million.
- Non-GAAP net loss is expected to be in the range of ($31.0)
million to ($26.0) million, or ($0.95) to ($0.80) per share, based
on 32.5 million basic and diluted weighted average common shares
outstanding.
- Adjusted EBITDA is expected to be in the range of $10.0 million
to $15.0 million.
Management has not reconciled forward-looking non-GAAP net loss
and Adjusted EBITDA to their 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 today, August 6, 2019, at
5:00 p.m. Eastern Time to discuss the company’s financial results.
To access this call, dial (877) 407-9208 (domestic) or (201)
493-6784 (international). A live webcast, as well as the replay, 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 August
13, 2019, and can be accessed by dialing (844) 512-2921 (domestic)
or (412) 317-6671 (international) with passcode 13692514.
About BenefitfocusBenefitfocus (NASDAQ: BNFT)
unifies the entire U.S. benefits industry on a single technology
platform to protect consumers' health, wealth, property 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 loss, net loss, net 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 loss, net loss
and net loss per common 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. 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 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.Unaudited Consolidated
Statements of Operations and Comprehensive Loss(in
thousands, except share and per share data) |
|
|
|
|
|
|
|
|
|
|
Three Months EndedJune 30, |
|
|
Six Months EndedJune 30, |
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Revenue |
|
$ |
68,579 |
|
|
$ |
60,581 |
|
|
$ |
136,878 |
|
|
$ |
122,944 |
|
Cost of revenue (1)(2)(3) |
|
|
32,802 |
|
|
|
30,721 |
|
|
|
65,654 |
|
|
|
62,124 |
|
Gross profit |
|
|
35,777 |
|
|
|
29,860 |
|
|
|
71,224 |
|
|
|
60,820 |
|
Operating
expenses:(1)(2)(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
|
19,318 |
|
|
|
18,400 |
|
|
|
38,937 |
|
|
|
38,317 |
|
Research and development |
|
|
14,461 |
|
|
|
12,128 |
|
|
|
27,551 |
|
|
|
24,151 |
|
General and administrative |
|
|
11,785 |
|
|
|
10,387 |
|
|
|
23,581 |
|
|
|
20,080 |
|
Total operating expenses |
|
|
45,564 |
|
|
|
40,915 |
|
|
|
90,069 |
|
|
|
82,548 |
|
Loss from operations |
|
|
(9,787 |
) |
|
|
(11,055 |
) |
|
|
(18,845 |
) |
|
|
(21,728 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
762 |
|
|
|
68 |
|
|
|
1,422 |
|
|
|
126 |
|
Interest expense |
|
|
(5,837 |
) |
|
|
(1,415 |
) |
|
|
(11,651 |
) |
|
|
(2,732 |
) |
Interest expense on building lease financing obligations |
|
|
– |
|
|
|
(1,867 |
) |
|
|
– |
|
|
|
(3,733 |
) |
Other (expense) income |
|
|
(73 |
) |
|
|
13 |
|
|
|
(64 |
) |
|
|
13 |
|
Total other expense, net |
|
|
(5,148 |
) |
|
|
(3,201 |
) |
|
|
(10,293 |
) |
|
|
(6,326 |
) |
Loss before income taxes |
|
|
(14,935 |
) |
|
|
(14,256 |
) |
|
|
(29,138 |
) |
|
|
(28,054 |
) |
Income tax expense |
|
|
3 |
|
|
|
5 |
|
|
|
9 |
|
|
|
9 |
|
Net loss |
|
$ |
(14,938 |
) |
|
$ |
(14,261 |
) |
|
$ |
(29,147 |
) |
|
$ |
(28,063 |
) |
Comprehensive loss |
|
$ |
(14,938 |
) |
|
$ |
(14,261 |
) |
|
$ |
(29,147 |
) |
|
$ |
(28,063 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(0.46 |
) |
|
$ |
(0.45 |
) |
|
$ |
(0.90 |
) |
|
$ |
(0.89 |
) |
Weighted-average common shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
32,613,718 |
|
|
|
31,806,972 |
|
|
|
32,336,864 |
|
|
|
31,571,468 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Stock-based compensation
included in above line items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
$ |
691 |
|
|
$ |
900 |
|
|
$ |
1,590 |
|
|
$ |
1,611 |
|
Sales and marketing |
|
|
(12 |
) |
|
|
1,257 |
|
|
|
1,674 |
|
|
|
2,211 |
|
Research and development |
|
|
718 |
|
|
|
841 |
|
|
|
1,910 |
|
|
|
1,609 |
|
General and administrative |
|
|
2,322 |
|
|
|
1,676 |
|
|
|
4,912 |
|
|
|
3,568 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Amortization of acquired
intangible assets included in above line items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
$ |
308 |
|
|
$ |
35 |
|
|
$ |
407 |
|
|
$ |
69 |
|
Sales and marketing |
|
|
113 |
|
|
|
13 |
|
|
|
149 |
|
|
|
27 |
|
Research and development |
|
|
131 |
|
|
|
11 |
|
|
|
171 |
|
|
|
23 |
|
General and administrative |
|
|
53 |
|
|
|
5 |
|
|
|
68 |
|
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Transaction and
acquisition-related costs expensed included in above line
items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
$ |
360 |
|
|
$ |
257 |
|
|
$ |
1,002 |
|
|
$ |
257 |
|
|
Benefitfocus, Inc.Unaudited Consolidated
Balance Sheets(in thousands, except share and per share
data) |
|
|
|
As ofJune
30,2019 |
|
|
As ofDecember
31,2018 |
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
138,389 |
|
|
$ |
190,928 |
|
Accounts receivable, net |
|
|
32,395 |
|
|
|
21,077 |
|
Contract, prepaid and other current assets |
|
|
17,070 |
|
|
|
16,667 |
|
Total current assets |
|
|
187,854 |
|
|
|
228,672 |
|
Property and equipment,
net |
|
|
28,803 |
|
|
|
69,965 |
|
Financing lease right-of-use
assets |
|
|
78,856 |
|
|
|
– |
|
Operating lease right-of-use
assets |
|
|
2,020 |
|
|
|
– |
|
Intangible assets, net |
|
|
13,804 |
|
|
|
– |
|
Goodwill |
|
|
12,857 |
|
|
|
1,634 |
|
Deferred contract costs and
other non-current assets |
|
|
11,044 |
|
|
|
13,668 |
|
Total assets |
|
$ |
335,238 |
|
|
$ |
313,939 |
|
Liabilities and
stockholders' deficit |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
6,623 |
|
|
$ |
8,687 |
|
Accrued expenses |
|
|
9,217 |
|
|
|
11,461 |
|
Accrued compensation and benefits |
|
|
15,358 |
|
|
|
17,269 |
|
Deferred revenue, current portion |
|
|
36,937 |
|
|
|
36,540 |
|
Lease liabilities and financing obligations, current portion |
|
|
6,245 |
|
|
|
4,486 |
|
Total current liabilities |
|
|
74,380 |
|
|
|
78,443 |
|
Deferred revenue, net of
current portion |
|
|
9,613 |
|
|
|
9,323 |
|
Convertible senior notes |
|
|
182,234 |
|
|
|
176,692 |
|
Lease liabilities and
financing obligations, net current portion |
|
|
87,952 |
|
|
|
57,116 |
|
Other non-current
liabilities |
|
|
138 |
|
|
|
2,575 |
|
Total liabilities |
|
|
354,317 |
|
|
|
324,149 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
Stockholders' deficit: |
|
|
|
|
|
|
|
|
Preferred stock, par value $0.001, 5,000,000 shares
authorized, no shares issued and outstanding at June 30,
2019 and December 31, 2018 |
|
|
– |
|
|
|
– |
|
Common stock, par value $0.001, 50,000,000 shares authorized,
32,642,706 and 32,017,773 shares issued and outstanding at
June 30, 2019 and December 31, 2018, respectively |
|
|
33 |
|
|
|
32 |
|
Additional paid-in capital |
|
|
416,221 |
|
|
|
403,631 |
|
Accumulated deficit |
|
|
(435,333 |
) |
|
|
(413,873 |
) |
Total stockholders' deficit |
|
|
(19,079 |
) |
|
|
(10,210 |
) |
Total liabilities and stockholders' deficit |
|
$ |
335,238 |
|
|
$ |
313,939 |
|
|
Benefitfocus, Inc.Unaudited Consolidated
Statements of Cash Flows(in thousands) |
|
|
|
Six Months EndedJune 30, |
|
|
|
2019 |
|
|
2018 |
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(29,147 |
) |
|
$ |
(28,063 |
) |
Adjustments to reconcile net loss to net cash and cash
equivalents used in operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
10,949 |
|
|
|
7,957 |
|
Stock-based compensation expense |
|
|
10,086 |
|
|
|
8,999 |
|
Accretion of interest on convertible senior notes |
|
|
5,541 |
|
|
|
– |
|
Interest accrual on financing obligations (prior to adoption of ASC
842) |
|
|
– |
|
|
|
3,758 |
|
Rent expense in excess of payments |
|
|
3 |
|
|
|
– |
|
Provision for doubtful accounts |
|
|
265 |
|
|
|
364 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable, net |
|
|
(10,671 |
) |
|
|
2,956 |
|
Contract, prepaid and other current assets |
|
|
(476 |
) |
|
|
2,182 |
|
Deferred costs and other non-current assets |
|
|
2,851 |
|
|
|
2,003 |
|
Accounts payable and accrued expenses |
|
|
(4,085 |
) |
|
|
(1,110 |
) |
Accrued compensation and benefits |
|
|
273 |
|
|
|
458 |
|
Deferred revenue |
|
|
(6,004 |
) |
|
|
(4,059 |
) |
Other non-current liabilities |
|
|
(46 |
) |
|
|
(218 |
) |
Net cash and cash equivalents
used in operating activities |
|
|
(20,461 |
) |
|
|
(4,773 |
) |
Cash flows from
investing activities |
|
|
|
|
|
|
|
|
Business combination, net of cash acquired |
|
|
(20,914 |
) |
|
|
– |
|
Purchases of property and equipment |
|
|
(7,401 |
) |
|
|
(3,561 |
) |
Net cash and cash equivalents
used in investing activities |
|
|
(28,315 |
) |
|
|
(3,561 |
) |
Cash flows from
financing activities |
|
|
|
|
|
|
|
|
Draws on revolving line of credit |
|
|
– |
|
|
|
59,000 |
|
Payments on revolving line of credit |
|
|
– |
|
|
|
(48,000 |
) |
Payments of debt issuance costs |
|
|
(357 |
) |
|
|
– |
|
Proceeds from exercises of stock options and ESPP |
|
|
134 |
|
|
|
270 |
|
Payments on capital lease and financing obligations |
|
|
(841 |
) |
|
|
(4,979 |
) |
Payments of principal on financing lease obligations |
|
|
(2,699 |
) |
|
|
– |
|
Net cash and cash equivalents
(used in) provided by financing activities |
|
|
(3,763 |
) |
|
|
6,291 |
|
Net decrease in cash
and cash equivalents |
|
|
(52,539 |
) |
|
|
(2,043 |
) |
Cash and cash equivalents,
beginning of period |
|
|
190,928 |
|
|
|
55,335 |
|
Cash and cash
equivalents, end of period |
|
$ |
138,389 |
|
|
$ |
53,292 |
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure of non-cash investing and financing
activities |
|
|
|
|
|
|
|
|
Property and equipment purchases in accounts payable and accrued
expenses |
|
$ |
437 |
|
|
$ |
272 |
|
Property and equipment purchased with financing and capital lease
obligations |
|
$ |
— |
|
|
$ |
3,085 |
|
Post contract support purchased with financing obligations |
|
$ |
— |
|
|
$ |
275 |
|
|
Benefitfocus, Inc.Unaudited Reconciliation
of GAAP to Non-GAAP Measures(in thousands, except share
and per share data) |
|
|
|
Three Months EndedJune 30, |
|
|
Six Months EndedJune 30, |
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Reconciliation from Gross Profit to Non-GAAP Gross
Profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
$ |
35,777 |
|
|
$ |
29,860 |
|
|
$ |
71,224 |
|
|
$ |
60,820 |
|
Amortization of acquired intangible assets |
|
|
308 |
|
|
|
35 |
|
|
|
407 |
|
|
|
69 |
|
Stock-based compensation expense |
|
|
691 |
|
|
|
900 |
|
|
|
1,590 |
|
|
|
1,611 |
|
Total net adjustments |
|
|
999 |
|
|
|
935 |
|
|
|
1,997 |
|
|
|
1,680 |
|
Non-GAAP gross profit |
|
$ |
36,776 |
|
|
$ |
30,795 |
|
|
$ |
73,221 |
|
|
$ |
62,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation from
Operating Loss to Non-GAAP Operating Loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
$ |
(9,787 |
) |
|
$ |
(11,055 |
) |
|
$ |
(18,845 |
) |
|
$ |
(21,728 |
) |
Amortization of acquired intangible assets |
|
|
605 |
|
|
|
64 |
|
|
|
795 |
|
|
|
128 |
|
Stock-based compensation expense |
|
|
3,719 |
|
|
|
4,674 |
|
|
|
10,086 |
|
|
|
8,999 |
|
Transaction and acquisition-related costs expensed |
|
|
360 |
|
|
|
257 |
|
|
|
1,002 |
|
|
|
257 |
|
Costs not core to our business |
|
|
266 |
|
|
|
1,524 |
|
|
|
586 |
|
|
|
2,895 |
|
Total net adjustments |
|
|
4,950 |
|
|
|
6,519 |
|
|
|
12,469 |
|
|
|
12,279 |
|
Non-GAAP operating loss |
|
$ |
(4,837 |
) |
|
$ |
(4,536 |
) |
|
$ |
(6,376 |
) |
|
$ |
(9,449 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation from
Net Loss to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(14,938 |
) |
|
$ |
(14,261 |
) |
|
$ |
(29,147 |
) |
|
$ |
(28,063 |
) |
Depreciation |
|
|
3,690 |
|
|
|
2,999 |
|
|
|
7,657 |
|
|
|
5,976 |
|
Amortization of software development costs |
|
|
1,319 |
|
|
|
964 |
|
|
|
2,497 |
|
|
|
1,853 |
|
Amortization of acquired intangible assets |
|
|
605 |
|
|
|
64 |
|
|
|
795 |
|
|
|
128 |
|
Interest income |
|
|
(762 |
) |
|
|
(68 |
) |
|
|
(1,422 |
) |
|
|
(126 |
) |
Interest expense |
|
|
5,837 |
|
|
|
1,415 |
|
|
|
11,651 |
|
|
|
2,732 |
|
Interest expense on building lease financing obligations |
|
|
— |
|
|
|
1,867 |
|
|
|
— |
|
|
|
3,733 |
|
Income tax expense |
|
|
3 |
|
|
|
5 |
|
|
|
9 |
|
|
|
9 |
|
Stock-based compensation expense |
|
|
3,719 |
|
|
|
4,674 |
|
|
|
10,086 |
|
|
|
8,999 |
|
Transaction and acquisition-related costs expensed |
|
|
360 |
|
|
|
257 |
|
|
|
1,002 |
|
|
|
257 |
|
Costs not core to our business |
|
|
266 |
|
|
|
1,524 |
|
|
|
586 |
|
|
|
2,895 |
|
Total net adjustments |
|
|
15,037 |
|
|
|
13,701 |
|
|
|
32,861 |
|
|
|
26,456 |
|
Adjusted EBITDA |
|
$ |
99 |
|
|
$ |
(560 |
) |
|
$ |
3,714 |
|
|
$ |
(1,607 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation from
Net Loss to Non-GAAP Net Loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(14,938 |
) |
|
$ |
(14,261 |
) |
|
$ |
(29,147 |
) |
|
$ |
(28,063 |
) |
Amortization of acquired intangible assets |
|
|
605 |
|
|
|
64 |
|
|
|
795 |
|
|
|
128 |
|
Stock-based compensation expense |
|
|
3,719 |
|
|
|
4,674 |
|
|
|
10,086 |
|
|
|
8,999 |
|
Transaction and acquisition-related costs expensed |
|
|
360 |
|
|
|
257 |
|
|
|
1,002 |
|
|
|
257 |
|
Costs not core to our business |
|
|
266 |
|
|
|
1,524 |
|
|
|
586 |
|
|
|
2,895 |
|
Total net adjustments |
|
|
4,950 |
|
|
|
6,519 |
|
|
|
12,469 |
|
|
|
12,279 |
|
Non-GAAP net loss |
|
$ |
(9,988 |
) |
|
$ |
(7,742 |
) |
|
$ |
(16,678 |
) |
|
$ |
(15,784 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
Non-GAAP Earnings Per Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net loss |
|
$ |
(9,988 |
) |
|
$ |
(7,742 |
) |
|
$ |
(16,678 |
) |
|
$ |
(15,784 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding - basic and diluted |
|
|
32,613,718 |
|
|
|
31,806,972 |
|
|
|
32,336,864 |
|
|
|
31,571,468 |
|
Shares used in computing non-GAAP net loss per share - basic and
diluted |
|
|
32,613,718 |
|
|
|
31,806,972 |
|
|
|
32,336,864 |
|
|
|
31,571,468 |
|
Non-GAAP net loss per common share - basic and diluted |
|
$ |
(0.31 |
) |
|
$ |
(0.24 |
) |
|
$ |
(0.52 |
) |
|
$ |
(0.50 |
) |
|
Benefitfocus, Inc.843-284-1052 ext. 3527pr@benefitfocus.com
Investor Relations:Michael Bauer843-284-1052 ext.
6654michael.bauer@benefitfocus.com
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