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Mar 8, 2021

Benefitfocus Announces Fourth Quarter and Full Year 2020 Financial Results

Delivers record Q4 adjusted EBITDA of $20.2 million, GAAP EPS of $0.04 and non-GAAP EPS of $0.18
Executing on clear priorities to drive growth and operating leverage

CHARLESTON, S.C., March 08, 2021 (GLOBE NEWSWIRE) -- Benefitfocus, Inc. (NASDAQ: BNFT), an industry-leading  benefits technology platform that simplifies benefits administration for employers, health plans and brokers, today announces its fourth quarter and full year 2020 financial results.  

Highlights include: 

  • Met or exceeded all fourth quarter and full year 2020 guidance metrics including revenue, adjusted EBITDA and free cash flow;
  • Augmented leadership team with hiring of first chief data officer to solidify the company as a leading, data-driven benefits technology platform;
  • Enhanced Benefit Catalog including partnership with Transamerica to enable integrated retirement plan enrollment directly through Benefitplace™;
  • Invested to remove friction in benefits management and improve the customer experience through AI-backed platform enrollment enhancements; and
  • Strengthened corporate governance and continued to enhance independence of company’s board structure.

“Benefitfocus continues to execute on its strategies to drive industry leadership and accelerate growth,” said Steve Swad, president and chief executive officer of Benefitfocus. “The investments we made in operational excellence, automation and enhanced customer interactions resulted in our best open enrollment yet.” Swad added, “To drive future growth, we are focused on simplifying the enrollment of benefits, improving our customers’ engagement with their benefits, and using data to personalize our offerings and create products that lower health care costs. I am confident we have the right strategy, the right assets and are building the right leadership team to unlock substantial shareholder value.”

“For the fourth quarter and full year, we delivered record EBITDA and free cash flow, moving us further towards our goal to become the most efficient and best-performing company in our industry,” said Alpana Wegner, chief financial officer of Benefitfocus. “I am pleased with the strong foundation we have established to deliver increased profitability and free cash flow, and remain focused on driving continued operating leverage in the business.”

Fourth Quarter 2020 Financial Highlights

Revenue

  • Total revenue was $76.2 million, down 13% compared to the fourth quarter of 2019.

  • Software services was $62.3 million, 9% lower compared to the fourth quarter of 2019. Software services is comprised of subscription and platform revenue.

    • Subscription revenue was $44.9 million, a decrease of 9% compared to the fourth quarter of 2019.

    • Platform revenue was $17.4 million, a decrease of 8% compared to the fourth quarter of 2019.

  • Professional services revenue was $13.9 million, down 26% compared to the fourth quarter of 2019.

Net Income (Loss)

  • GAAP net income was $3.1 million, compared to ($3.8) million in the fourth quarter of 2019. GAAP net income per share was $0.04, based on $1.3 million net income available to common stockholders and 33.5 million fully diluted weighted average common shares outstanding, compared to ($0.12) for the fourth quarter of 2019, based on ($3.8) million net loss available to common stockholders and 32.8 million basic and diluted weighted average common shares outstanding.

Non-GAAP Net Income, Adjusted EBITDA and Free Cash Flow

  • Non-GAAP net income was $8.7 million compared to $1.9 million in the fourth quarter of 2019. Non-GAAP net income per share was $0.18, based on $6.1 million net income available to common stockholders and 34.5 million fully diluted weighted average common shares outstanding, compared to $0.06 in the fourth quarter of 2019, based $1.9 million net income available to common stockholders and 33.2 million fully diluted weighted average common shares outstanding.

  • Adjusted EBITDA was $20.2 million, compared to $12.5 million in the fourth quarter of 2019.

  • Free cash flow was $13.4 million, compared to $2.5 million in the fourth quarter of 2019.

See important disclosures about non-GAAP measures, and a reconciliation of them to GAAP, below.

Full Year 2020 Financial Highlights

Revenue

  • Total revenue was $268.1 million, down 9% compared to the full year 2019.

  • Software services was $214.8 million, 6% lower compared to the full year 2019. Software services is comprised of subscription and platform revenue.

    • Subscription revenue was $179.7 million, a decrease of 8% compared to the full year 2019.

    • Platform revenue was $35.1 million, an increase of 4% compared to the full year 2019.

  • Professional services revenue was $53.3 million, down 20% compared to the full year 2019.

Net Loss

  • GAAP net loss was ($24.3) million, compared to ($45.5) million in the full year 2019. GAAP net loss per share was ($0.87), based on ($28.0) million net loss available to common stockholders and 32.3 million basic and diluted weighted average common shares outstanding, compared to ($1.40) for the full year 2019, based on ($45.5) million net loss available to common stockholders and 32.5 million basic and diluted weighted average common shares outstanding.

Non-GAAP Net Loss, Adjusted EBITDA and Free Cash Flow

  • Non-GAAP net loss was ($6.8) million, compared to ($22.3) million in the full year 2019. Non-GAAP net loss per share was ($0.32), based on ($10.5) million Non-GAAP net loss available to common stockholders and 32.3 million basic and diluted weighted average common shares outstanding, compared to ($0.69) for the full year 2019, based on ($22.3) million net loss available to common stockholders and 32.5 million basic and diluted weighted average common shares outstanding.

  • Adjusted EBITDA was $44.0 million, compared to $19.0 million in the full year 2019.

  • Free cash flow was $19.9 million, compared to ($31.6) million in the full year 2019.

See important disclosures about non-GAAP measures, and a reconciliation of them to GAAP, below.

Balance Sheet

  • Cash and cash equivalents and marketable securities at December 31, 2020 totaled $185.8 million, compared to $176.0 million at the end of the third quarter of 2020. 

  • The full $50.0 million line of credit remains available to the Company.

Business Outlook

Based on information available as of March 8, 2021, Benefitfocus is providing guidance for the first quarter and full year 2021 as indicated below. Adjusted EBITDA and free cash flow guidance excludes the impact of restructuring charges.

First Quarter 2021

  • Total revenue is expected to be in the range of $59 million to $61 million.

  • Adjusted EBITDA is expected to be in the range of $9 million to $11 million.

  • Non-GAAP net loss is expected to be between $5.1 and $3.1 million, or between ($0.16) and ($0.10) per share based on 32.3 million basic shares outstanding.

Full Year 2021

  • Total revenue is expected to be in the range of $254 million to $260 million.

  • Adjusted EBITDA is expected to be in the range of $44 million to $50 million.

  • Free cash flow is expected to be in the range of $20 million to $26 million.

In addition, Benefitfocus is providing mid-term financial targets and an update on continued enhancements to the company’s board structure as part of its conference call today.

Management has not reconciled forward-looking non-GAAP net loss, adjusted EBITDA or free cash flow to their most directly comparable GAAP measure of GAAP net loss or GAAP operating cash flows. This is because we cannot 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 Monday, March 8, 2021, 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 15, 2021, and can be accessed by dialing (844) 512-2921 (domestic) or (412) 317-6671 (international) with passcode 13715704.

About Benefitfocus

Benefitfocus (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 income/loss, net loss/income, net loss/income per common share, adjusted EBITDA and free cash flow. 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 loss/income and net loss/income per common share exclude stock-based compensation expenses, amortization of acquisition-related intangible assets, transaction and acquisition-related costs expensed, restructuring charges, expense related to the impairment of goodwill, intangible assets and long-lived assets, gain or loss on extinguishment of debt, and costs not core to our business. 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, intangible assets and long-lived assets, transaction and acquisition-related costs expensed, restructuring charges, gain or loss on extinguishment of debt, and costs not core to our business. We define free cash flow as cash used in operating activities less capital expenditures, adjusted to eliminate restructuring charges. Beginning in the fourth quarter of 2020, we revised our definition of non-GAAP net loss/income and net loss/income per common share to also exclude expense related to the impairment of goodwill, intangible assets and long-lived assets.  Additionally, we revised our definition of adjusted EBITDA  to also exclude expense related to the impairment of long-lived assets, restructuring charges and gains or loss on extinguishment of debt.  The revisions to these definitions had no impact on our reported non-GAAP net loss/income and net loss/income per common share and adjusted EBITDA for periods prior to the three months ended December 31, 2020. 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: volatility and uncertainty in the global economy and financial markets in light of the evolving COVID-19 pandemic and uncertainties arising from the recent U.S. elections; our continuing losses and need to achieve GAAP profitability; fluctuations in our financial results; our ability to maintain our culture, retain and motivate qualified personnel; the immature and volatile market for our products and services; risks related to changing healthcare and other applicable regulations; risks associated with acquisitions; 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,  
      2020       2019       2020       2019  
Revenue   $ 76,230     $ 87,143     $ 268,141     $ 295,686  
Cost of revenue (1)(2)(3)     34,966       42,848       129,388       144,090  
Gross profit     41,264       44,295       138,753       151,596  
Operating expenses:(1)(2)(3)                                
Sales and marketing     12,347       18,585       52,210       76,049  
Research and development     11,923       13,085       46,175       54,724  
General and administrative     8,400       10,976       37,720       45,329  
Restructuring costs                 5,616        
Total operating expenses     32,670       42,646       141,721       176,102  
Income (loss) from operations     8,594       1,649       (2,968 )     (24,506 )
Other income (expense):                                
Interest income     69       518       632       2,613  
Interest expense     (5,547 )     (5,947 )     (23,071 )     (23,524 )
Gain on repurchase of convertible senior notes                 1,138        
Other (expense) income     (14 )     (10 )     (6 )     (71 )
Total other expense, net     (5,492 )     (5,439 )     (21,307 )     (20,982 )
Income (loss) before income taxes     3,102       (3,790 )     (24,275 )     (45,488 )
Income tax expense     5       1       22       27  
Net income (loss)     3,097       (3,791 )     (24,297 )     (45,515 )
Preferred dividends     (1,600 )           (3,662 )      
Undistributed earnings allocated to preferred stockholders     (212 )                  
Net income (loss) available to common stockholders   $ 1,285     $ (3,791 )   $ (27,959 )   $ (45,515 )
Comprehensive income (loss)   $ 3,097     $ (3,791 )   $ (24,297 )   $ (45,515 )
                                 
Net income (loss) per common share:                                
Basic   $ 0.04     $ (0.12 )   $ (0.87 )   $ (1.40 )
Diluted   $ 0.04     $ (0.12 )   $ (0.87 )   $ (1.40 )
Weighted-average common shares outstanding:                                
Basic     32,312,246       32,774,924       32,318,201       32,539,748  
Diluted     33,512,904       32,774,924       32,318,201       32,539,748  
                                 
(1) Stock-based compensation included in above line items:                                
Cost of revenue   $ 1,099     $ 1,181     $ 3,703     $ 3,569  
Sales and marketing     841       1,202       3,081       3,799  
Research and development     838       665       2,555       3,265  
General and administrative     900       2,023       5,198       8,939  
                                 
(2) Amortization of acquired intangible assets included in above line items:                                
Cost of revenue   $ 330     $ 317     $ 1,291     $ 1,029  
Sales and marketing     75       91       331       337  
Research and development     118       111       460       400  
General and administrative     46       50       192       167  
                                 


Benefitfocus, Inc.
Consolidated Balance Sheets
(in thousands, except share and per share data)
                 
    As of December 31,  
    2020     2019  
Assets                
Current assets:                
Cash and cash equivalents   $ 90,706     $ 130,976  
Marketable securities     95,085        
Accounts receivable, net     22,240       33,754  
Contract, prepaid and other current assets     21,354       21,523  
Total current assets     229,385       186,253  
Property and equipment, net     29,701       28,669  
Financing lease right-of-use assets     68,670       78,520  
Operating lease right-of-use assets     1,107       1,715  
Intangible assets, net     10,393       12,667  
Goodwill     12,857       12,857  
Deferred contract costs and other non-current assets     10,259       11,002  
Total assets   $ 362,372     $ 331,683  
Liabilities and stockholders' deficit                
Current liabilities:                
Accounts payable   $ 2,160     $ 9,563  
Accrued expenses     6,262       10,526  
Accrued compensation and benefits     19,129       15,246  
Deferred revenue, current portion     27,782       33,429  
Lease liabilities and financing obligations, current portion     5,959       6,871  
Total current liabilities     61,292       75,635  
Deferred revenue, net of current portion     4,422       5,079  
Convertible senior notes     184,308       187,949  
Lease liabilities and financing obligations, net of current portion     79,282       88,572  
Other non-current liabilities     2,470       92  
Total liabilities     331,774       357,327  
Commitments and contingencies                
Redeemable preferred stock:                
Series A preferred stock, par value $0.001, 5,000,000 shares
authorized, 1,777,778 and 0 shares issued and outstanding
at December 31, 2020 and 2019, respectively,
liquidation preference $45 per share as of December 31, 2020
    79,193        
Stockholders' deficit:                
Common stock, par value $0.001, 50,000,000 shares authorized,
32,327,439 and 32,788,980 shares issued and outstanding
at December 31, 2020 and 2019, respectively
    32       33  
Additional paid-in capital     427,431       426,025  
Accumulated deficit     (476,058 )     (451,702 )
Total stockholders' deficit     (48,595 )     (25,644 )
Total liabilities, redeemable preferred stock and stockholders' deficit   $ 362,372     $ 331,683  
                 


Benefitfocus, Inc.  
Consolidated Statements of Cash Flows  
(in thousands)  
                         
    Year Ended December 31,  
      2020       2019       2018  
Cash flows from operating activities                        
Net loss   $ (24,297 )   $ (45,515 )   $ (52,627 )
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:                        
Depreciation and amortization     25,014       22,351       15,815  
Stock-based compensation expense     14,537       19,572       28,868  
Accretion of interest on convertible senior notes     11,656       11,256        
Interest accrual on finance lease liabilities     97       33        
Interest accrual on financing obligations (prior to adoption of ASC 842)                 7,521  
Rent payments in excess of expense     (32 )     (16 )      
Non-cash interest income for short-term investments     143              
Loss on disposal or impairment of property and equipment     918       9       7  
Gain on extinguishment of debt     (1,138 )            
Provision for doubtful accounts     43       111       364  
Changes in operating assets and liabilities:                        
Accounts receivable, net     11,412       (11,875 )     8,650  
Accrued interest on short-term investments     (102 )            
Contract, prepaid and other current assets     169       (3,642 )     (570 )
Deferred costs and other non-current assets     743       2,893       3,137  
Accounts payable and accrued expenses     (11,468 )     426       6,566  
Accrued compensation and benefits     3,884       161       649  
Deferred revenue     (6,304 )     (14,047 )     (9,165 )
Other non-current liabilities     2,376       (92 )     (234 )
Net cash and cash equivalents provided by (used in) operating activities     27,651       (18,375 )     8,981  
Cash flows from investing activities                        
Purchases of short-term investments held to maturity     (104,125 )            
Proceeds from short-term investments held to maturity     9,000              
Business combination, net of cash acquired           (20,914 )      
Purchases of property and equipment     (13,085 )     (13,248 )     (8,290 )
Net cash and cash equivalents used in investing activities     (108,210 )     (34,162 )     (8,290 )
Cash flows from financing activities                        
Draws on revolving line of credit     10,000             115,000  
Payments on revolving line of credit     (10,000 )           (171,246 )
Proceeds from issuance of convertible senior notes                 240,000  
Repurchase of convertible senior notes     (14,619 )            
Payments of debt issuance costs     (154 )     (357 )     (6,000 )
Purchase of convertible note capped call hedge                 (33,024 )
Cancellation of convertible note capped call hedge     26              
Proceeds from issuance of preferred stock, net of issuance costs     79,192              
Payment of preferred dividends     (3,662 )            
Repurchase of common stock     (9,667 )            
Proceeds from exercises of stock options and ESPP     585       453       712  
Payments on capital lease and financing obligations     (1,212 )     (1,627 )     (10,540 )
Payments of principal on finance lease liabilities     (10,200 )     (5,884 )      
Net cash and cash equivalents provided by (used in) financing activities     40,289       (7,415 )     134,902  
Net (decrease) increase in cash and cash equivalents     (40,270 )     (59,952 )     135,593  
Cash and cash equivalents, beginning of year     130,976       190,928       55,335  
Cash and cash equivalents, end of year   $ 90,706     $ 130,976     $ 190,928  
                         
Supplemental disclosure of non-cash investing and financing activities                        
Property and equipment purchases in accounts payable and accrued expenses   $ 142     $ 154     $ 244  
Property and equipment purchased with financing and capital lease obligations (prior to adoption of ASC 842)   $ -     $ -     $ 4,810  
Post contract support purchased with financing obligations   $ -     $ 1,287     $ 790  
Debt issuance costs included in accounts payable and accrued expenses   $ -     $ -     $ 358  
Supplemental disclosure of cash flow information                        
Income taxes paid   $ 22     $ 28     $ 28  
Interest paid   $ 11,408     $ 12,374     $ 11,884  
                         


Benefitfocus, Inc.  
Reconciliation of GAAP to Non-GAAP Measures  
(unaudited, dollars in thousands except share and per share data)  
                                 
    Three Months Ended
December 31,
    Year Ended
December 31,
 
    2020     2019     2020     2019  
Reconciliation from Gross Profit to Non-GAAP Gross Profit:                                
Gross profit   $ 41,264     $ 44,295     $ 138,753     $ 151,596  
Amortization of acquired intangible assets     330       317       1,291       1,029  
Stock-based compensation expense     1,099       1,181       3,703       3,569  
Impairment of long-lived assets     468             468        
Total net adjustments     1,897       1,498       5,462       4,598  
Non-GAAP gross profit   $ 43,161     $ 45,793     $ 144,215     $ 156,194  
                                 
Reconciliation from Operating Income (Loss) to Non-GAAP Operating Income (Loss):                                
Operating income (loss)   $ 8,594     $ 1,649     $ (2,968 )   $ (24,506 )
Amortization of acquired intangible assets     569       569       2,274       1,933  
Stock-based compensation expense     3,678       5,071       14,537       19,572  
Transaction and acquisition-related costs expensed     25       30       450       1,035  
Impairment of long-lived assets     916             916        
Costs not core to our business     457             457       649  
Total net adjustments     5,645       5,670       18,634       23,189  
Non-GAAP operating income (loss)   $ 14,239     $ 7,319     $ 15,666     $ (1,317 )
                                 
Reconciliation from Net Income (Loss) to Adjusted EBITDA:                                
Net income (loss)   $ 3,097     $ (3,791 )   $ (24,297 )   $ (45,515 )
Depreciation     3,789       3,783       15,285       15,288  
Amortization of software development costs     2,177       1,370       7,455       5,130  
Amortization of acquired intangible assets     569       569       2,274       1,933  
Interest income     (69 )     (518 )     (632 )     (2,613 )
Interest expense     5,547       5,947       23,071       23,524  
Income tax expense     5       1       22       27  
Stock-based compensation expense     3,678       5,071       14,537       19,572  
Transaction and acquisition-related costs expensed     25       30       450       1,035  
Restructuring costs                 5,616        
Impairment of long-lived assets     916             916        
Gain on repurchase of convertible senior notes                 (1,138 )      
Costs not core to our business     457             457       649  
Total net adjustments     17,094       16,253       68,313       64,545  
Adjusted EBITDA   $ 20,191     $ 12,462     $ 44,016     $ 19,030  
                                 
Reconciliation from Net Income (Loss) to Non-GAAP Net Income (Loss):                                
Net income (loss)   $ 3,097     $ (3,791 )   $ (24,297 )   $ (45,515 )
Amortization of acquired intangible assets     569       569       2,274       1,933  
Stock-based compensation expense     3,678       5,071       14,537       19,572  
Transaction and acquisition-related costs expensed     25       30       450       1,035  
Impairment of long-lived assets     916             916        
Gain on repurchase of convertible senior notes                 (1,138 )      
Costs not core to our business     457             457       649  
Total net adjustments     5,645       5,670       17,496       23,189  
Non-GAAP net income (loss)   $ 8,742     $ 1,879     $ (6,801 )   $ (22,326 )
                                 
Calculation of Non-GAAP Earnings Per Share:                                
Non-GAAP net income (loss)   $ 8,742     $ 1,879     $ (6,801 )   $ (22,326 )
Preferred dividends     (1,600 )           (3,662 )      
Undistributed earnings allocated to preferred stockholders     (1,012 )                  
Non-GAAP net income (loss) available to common stockholders   $ 6,130     $ 1,879     $ (10,463 )   $ (22,326 )
                                 
Weighted average shares outstanding - basic     32,312,246       32,774,924       32,318,201       32,539,748  
Weighted average shares outstanding - diluted     34,556,833       32,774,924       32,318,201       32,539,748  
Shares used in computing non-GAAP
net income (loss) per share - basic
    32,312,246       32,774,924       32,318,201       32,539,748  
Shares used in computing non-GAAP
net income (loss) per share - diluted
    33,512,904       33,209,220       32,318,201       32,539,748  
Non-GAAP net income (loss) per common share - basic   $ 0.19     $ 0.06     $ (0.32 )   $ (0.69 )
Non-GAAP net income (loss) per common share - diluted   $ 0.18     $ 0.06     $ (0.32 )   $ (0.69 )
                                 
Reconciliation of Cash Flows from Operations to Free Cash Flow:                                
Net cash and cash equivalents provided by (used in) operating activities   $ 16,577     $ 5,140     $ 27,651     $ (18,375 )
Purchases of property and equipment     (3,346 )     (2,644 )     (13,085 )     (13,248 )
Cash paid for restructuring costs     141             5,342        
Total net adjustments     (3,205 )     (2,644 )     (7,743 )     (13,248 )
Free Cash Flow   $ 13,372     $ 2,496     $ 19,908     $ (31,623 )
                                 

Benefitfocus, Inc.
843-981-8898
pr@benefitfocus.com

Investor Relations:
Patti Leahy
843-981-8899
ir@benefitfocus.com   


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Source: Benefitfocus, Inc.