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Mar 1, 2022

Benefitfocus Announces Fourth Quarter and Full Year 2021 Financial Results

Exceeded high end of the Revenue guidance range
Delivered Record Adjusted EBITDA for the full year 2021
Completed Strongest Ever Open Enrollment Season with Record Customer Satisfaction Rating
Announces Investor Day on May 10, 2022

CHARLESTON, S.C., March 01, 2022 (GLOBE NEWSWIRE) -- Benefitfocus, Inc. (NASDAQ: BNFT), an industry-leading cloud-based benefits administration technology company that simplifies benefits administration for employers, health plans and brokers, today announces its fourth quarter and full year 2021 financial results:  

Financial Highlights for the Fourth Quarter and Full Year 2021:

  • Fourth quarter 2021 revenue of $75.1 million was above the high end of the guidance range of $66 to $72 million.  
  • GAAP net income available to common stockholders was $1.2 million, compared to $1.3 million in the fourth quarter of 2020.   Adjusted EBITDA of $18.0 million during the fourth quarter was above the mid point of our guidance range of $13 to $19 million.   Adjusted EBITDA for the full year was $49.0 million, a record for Benefitfocus, compared to $44.0 million for the full year 2020.
  • GAAP diluted earnings per share was $0.04 in the fourth quarter of 2021 and non-GAAP diluted earnings per share was $0.24, above the high end of the guidance range of $0.15 per share.
  • Cash flow from operations of $6.2 and free cash flow of $2.1 million during the fourth quarter of 2021. Cash flow from operations and free cash flow for the full year 2021 was $33.5 and $23.8 million, respectively.

Operational Highlights for the Fourth Quarter:

“We successfully completed the strongest open enrollment season in company history, providing another example of our ability to execute against our commitments,” said Matt Levin, president and chief executive officer. “I am confident the work underway to strengthen our core, grow with intent and increase our operational efficiency is driving results. We are encouraged by the multiple green shoots we are seeing across our delivery and go-to-market activities and are confident that the transformation we have undertaken will put us on the path to sustainable growth.”

“We had another strong quarter generating financial results at or better than our guidance ranges for this quarter,” said Alpana Wegner, chief financial officer. “We have been able to expand our annual EBITDA margin year over year across our business, as we continue to work on improving our topline. Importantly, we generated approximately $24 million of free cash flow for the full year 2021, representing an increase of 20% year-over-year and ending the year with approximately $68 million in cash and marketable securities.”

Fourth Quarter 2021 Financial Highlights

Revenue

  • Total revenue was $75.1 million, down approximately 1% compared to the fourth quarter of 2020.
  • Software services was $63.8 million, up 2% compared to the fourth quarter of 2020. Software services is comprised of subscription and platform revenue.
    • Subscription revenue was $44.0 million, down 2% compared to the fourth quarter of 2020.
    • Platform revenue was $19.8 million, up 14% compared to the fourth quarter of 2020.
  • Professional services revenue was $11.3 million, down 19% compared to the fourth quarter of 2020.

Net Income

  • GAAP net income available to common stockholders was $1.2 million, compared to $1.3 million in the fourth quarter of 2020. GAAP net income per share was $0.04, based on 33.4 million basic and 34.0 million diluted weighted average common shares outstanding, compared to $0.04 for the fourth quarter of 2020, based on 32.3 million basic and 33.5 million diluted weighted average common shares outstanding.

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

  • Non-GAAP net income available to common stockholders was $8.3 million compared to $6.1 million in the fourth quarter of 2020. Non-GAAP net income per share was $0.25 based on 33.4 million basic and $0.24 based on 34.6 million diluted weighted average common shares outstanding, compared to $0.19 in the fourth quarter of 2020, based on 32.3 million basic and $0.18 based on 34.6 million diluted weighted average common shares outstanding.
  • Adjusted EBITDA was $18.0 million, compared to $20.2 million in the fourth quarter of 2020.
  • Free cash flow was $2.1 million, compared to $13.4 million in the fourth quarter of 2020.

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

Full Year 2021 Financial Highlights

Revenue

Total revenue was $263.1 million, down 2% compared to the full year 2020.

Software services was $218.3 million, 2% higher compared to the full year 2020. Software services is comprised of subscription and platform revenue.

Subscription revenue was $178.8 million, a decrease of 1% compared to the full year 2020.

Platform revenue was $39.6 million, an increase of 13% compared to the full year 2020.

Professional services revenue was $44.8 million, down 16% compared to the full year 2020.

Net Loss

GAAP net loss was ($32.2) million, compared to GAAP net loss of ($24.3) million in the full year 2020. GAAP net loss per share was ($1.17), based on ($38.6) million net loss available to common stockholders and 33.1 million basic and diluted weighted average common shares outstanding, compared to ($0.87) for the full year 2020, based on ($28.0) million net loss available to common stockholders and 32.3 million basic and diluted weighted average common shares outstanding.

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

Non-GAAP net income was $4.2 million, compared to non-GAAP net loss of ($6.8) million in the full year 2020. Non-GAAP net loss per share was ($0.07), based on ($2.2) million non-GAAP net loss available to common stockholders and 33.1 million basic and diluted weighted average common shares outstanding, compared to ($0.32) for the full year 2020, based on ($10.5) million net loss available to common stockholders and 32.3 million basic and diluted weighted average common shares outstanding.

Adjusted EBITDA was $49.0 million, compared to $44.0 million for the full year 2020.

Free cash flow was $23.8 million, compared to $19.9 million for the full year 2020.

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, 2021 totaled $68.1 million, compared to $94.5 million at the end of the third quarter of 2021, primarily reflecting the Tango Health acquisition, which closed within the quarter.   As of December 31, 2021, our debt to Adjusted EBITDA ratio improved to 4.2x from 7.0x as of December 31, 2020, as a result of the company’s de-levering efforts.

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

Business Outlook

“As we progress through the current year, we anticipate a return to revenue growth near the end of 2022,” said Alpana Wegner, chief financial officer. “We look forward to providing you with further details on our full mid and long-term financial projections during our Investor Day on May 10, 2022.”  

Benefitfocus is providing guidance for the first quarter and full year 2022 as indicated below.

First Quarter 2022

  • 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 $7 million to $9 million.
  • Non-GAAP net lossavailable to common stockholders is expected to be between ($5.0) million and ($3.0) million, or between ($0.15) and ($0.09) per share based on 33.5 million basic and diluted weighted average shares outstanding.

Full Year 2022

  • Total revenue is expected to be in the range of $252 million to $258 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 $18 million to $24 million.

Adjusted EBITDA and free cash flow guidance excludes the impact of restructuring and impairment charges.

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 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, March 1, 2022, at 5:00 p.m. ET. To access this call, dial (877) 407-9208 (domestic) or +1 (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 8, 2022 at 11:59 p.m. ET and can be accessed by dialing (844) 512-2921 (domestic) or +1 (412) 317-6671 (international) with passcode 13726841.

About Benefitfocus

Benefitfocus (NASDAQ: BNFT) is a cloud-based benefits administration technology company committed to helping our customers, and the people they serve, get the most out of their health care and benefit programs. Through exceptional service and innovative SaaS solutions, we aim to be the safest set of hands for our customers helping to simplify the complexity of benefits administration while delivering an experience that engages people and unlocks the potential for better health and improved outcomes.  Our mission is simple: to improve lives with benefits. 

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, 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 costs, gain or loss on extinguishment of debt, costs not core to our business and, now, loss on settlement of lawsuits.   The revision to our definition of adjusted EBITDA had no impact on our reported adjusted EBITDA in prior periods. We define free cash flow as cash provided by or used in operating activities less capital expenditures, adjusted to eliminate cash paid for restructuring costs. 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 need to achieve consistent GAAP profitability; fluctuations in our financial results; our ability to maintain our culture and recruit, integrate and retain qualified personnel, including on our board of directors; our ability to compete effectively and implement our growth strategy; market developments and opportunities; the need to innovate and provide useful products and services; risks related to changing healthcare and other applicable regulations; the immature and volatile nature of the market for our products and services; privacy; security and other risks associated with our business; management of growth; volatility and uncertainty in the global economy and financial markets in light of the evolving COVID-19 pandemic and tensions in Ukraine; 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 Balance Sheets
(in thousands, except share and per share data)
                 
    As of December 31,  
    2021     2020  
Assets                
Current assets:                
Cash and cash equivalents   $ 31,001     $ 90,706  
Marketable securities     37,049       95,085  
Accounts receivable, net     16,491       22,240  
Contract, prepaid and other current assets     27,615       21,354  
Total current assets     112,156       229,385  
Property and equipment, net     27,202       29,701  
Financing lease right-of-use assets     56,474       68,670  
Operating lease right-of-use assets     774       1,107  
Intangible assets, net     21,134       10,393  
Goodwill     34,237       12,857  
Deferred contract costs and other non-current assets     8,864       10,259  
Total assets   $ 260,841     $ 362,372  
Liabilities, redeemable preferred stock and stockholders' deficit                
Current liabilities:                
Accounts payable   $ 10,565     $ 2,160  
Accrued expenses     9,451       6,262  
Accrued compensation and benefits     16,411       19,129  
Deferred revenue, current portion     27,756       27,782  
Lease liabilities and financing obligations, current portion     7,378       5,959  
Contingent consideration     675        
Total current liabilities     72,236       61,292  
Deferred revenue, net of current portion     2,377       4,422  
Convertible senior notes     107,281       184,308  
Lease liabilities and financing obligations, net of current portion     75,758       79,282  
Other non-current liabilities     313       2,470  
Total liabilities     257,965       331,774  
Commitments and contingencies                
Redeemable preferred stock:                
Series A preferred stock, par value $0.001, 5,000,000 shares
authorized, 1,777,778 and 1,777,778 shares issued and outstanding
at December 31, 2021 and 2020, respectively, liquidation preference
$45 per share as of December 31, 2021 and 2020, respectively
    79,193       79,193  
Stockholders' deficit:                
Common stock, par value $0.001, 95,000,000 and 50,000,000 shares
authorized, 33,460,545 and 32,327,439 shares issued and outstanding
at December 31, 2021 and 2020, respectively
    33       32  
Additional paid-in capital     431,874       427,431  
Accumulated deficit     (508,224 )     (476,058 )
Total stockholders' deficit     (76,317 )     (48,595 )
Total liabilities, redeemable preferred stock and stockholders' deficit   $ 260,841     $ 362,372  
                 


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,  
      2021       2020       2021       2020  
Revenue   $ 75,104     $ 76,230     $ 263,097     $ 268,141  
Cost of revenue (1)(2)     34,843       34,966       122,713       129,388  
Gross profit     40,261       41,264       140,384       138,753  
Operating expenses:(1)(2)(3)                                
Sales and marketing     11,904       12,347       46,385       52,210  
Research and development     11,699       11,923       44,696       46,175  
General and administrative     11,294       8,400       50,886       37,720  
Restructuring costs                 4,127       5,616  
Total operating expenses     34,897       32,670       146,094       141,721  
Income (loss) from operations     5,364       8,594       (5,710 )     (2,968 )
Other income (expense):                                
Interest income     33       69       196       632  
Interest expense     (3,997 )     (5,547 )     (20,754 )     (23,071 )
(Loss) gain on repurchase of convertible senior notes                 (7,520 )     1,138  
Other expense     (1,480 )     (14 )     (1,338 )     (6 )
Total other expense, net     (5,444 )     (5,492 )     (29,416 )     (21,307 )
(Loss) income before income taxes     (80 )     3,102       (35,126 )     (24,275 )
Income tax (benefit) expense     (3,085 )     5       (2,960 )     22  
Net income (loss)     3,005       3,097       (32,166 )     (24,297 )
Preferred dividends     (1,600 )     (1,600 )     (6,400 )     (3,662 )
Undistributed earnings allocated to preferred stockholders     (193 )     (212 )            
Net income (loss) available to common stockholders   $ 1,212     $ 1,285     $ (38,566 )   $ (27,959 )
Comprehensive income (loss)   $ 3,005     $ 3,097     $ (32,166 )   $ (24,297 )
                                 
Net (loss) income per common share:                                
Basic   $ 0.04     $ 0.04     $ (1.17 )   $ (0.87 )
Diluted   $ 0.04     $ 0.04     $ (1.17 )   $ (0.87 )
Weighted-average common shares outstanding:                                
Basic     33,432,666       32,312,246       33,092,896       32,318,201  
Diluted     33,953,682       33,512,904       33,092,896       32,318,201  
                                 
(1) Stock-based compensation included in above line items:                                
Cost of revenue   $ 606     $ 1,099     $ 2,081     $ 3,703  
Sales and marketing     406       841       2,876       3,081  
Research and development     434       838       1,644       2,555  
General and administrative     1,965       900       7,304       5,198  
                                 
(2) Amortization of acquired intangible assets included in above line items:                                
Cost of revenue   $ 471     $ 330     $ 1,476     $ 1,291  
Sales and marketing     105       75       336       331  
Research and development     159       118       495       460  
General and administrative     69       46       202       192  
                                 
(3) Transaction and acquisition-related costs expensed included in above line items:                                
General and administrative   $ 437     $ 25     $ 677     $ 450  
                                 


Benefitfocus, Inc.  
Consolidated Statements of Cash Flows  
(in thousands)  
                         
    Year Ended December 31,  
      2021       2020       2019  
Cash flows from operating activities                        
Net loss   $ (32,166 )   $ (24,297 )   $ (45,515 )
Adjustments to reconcile net loss to net cash and cash equivalents
used in operating activities:
                       
Depreciation and amortization     25,581       25,014       22,351  
Stock-based compensation expense     13,905       14,537       19,572  
Deferred income tax benefit     (3,067 )            
Accretion of interest on convertible senior notes     10,234       11,656       11,256  
Interest accrual on finance lease liabilities     3,292       97       33  
Rent expense less than payments     (63 )     (32 )     (16 )
Non-cash accretion income from investments     930       143        
Impairment or loss on disposal of right-of-use assets and property and equipment     4,171       918       9  
Loss (gain) on extinguishment of debt     7,520       (1,138 )      
Provision for doubtful accounts           43       111  
Changes in operating assets and liabilities:                        
Accounts receivable, net     8,615       11,412       (11,875 )
Accrued interest on investments     59       (102 )      
Contract, prepaid and other current assets     (5,106 )     169       (3,642 )
Deferred costs and other non-current assets     1,466       743       2,893  
Accounts payable and accrued expenses     11,226       (11,468 )     426  
Accrued compensation and benefits     (2,788 )     3,884       161  
Deferred revenue     (7,920 )     (6,304 )     (14,047 )
Other non-current liabilities     (2,387 )     2,376       (92 )
Net cash and cash equivalents provided by (used in) operating activities     33,502       27,651       (18,375 )
Cash flows from investing activities                        
Purchases of investments held-to-maturity     (91,361 )     (104,125 )      
Maturities of investments held-to-maturity     103,410       9,000        
Sales of investments held-to-maturity     44,997              
Business combination, net of cash acquired     (28,175 )           (20,914 )
Purchases of property and equipment     (11,776 )     (13,085 )     (13,248 )
Net cash and cash equivalents provided by (used in) investing activities     17,095       (108,210 )     (34,162 )
Cash flows from financing activities                        
Draws on revolving line of credit           10,000        
Payments on revolving line of credit           (10,000 )      
Repurchase of convertible senior notes     (98,678 )     (14,619 )      
Payments of debt issuance costs           (154 )     (357 )
Cancellation of convertible senior notes capped call hedge     98       26        
Proceeds from issuance of preferred stock, net of issuance costs           79,192        
Payment of preferred dividends     (6,400 )     (3,662 )      
Repurchase of common stock           (9,667 )      
Proceeds from exercises of stock options and ESPP     407       585       453  
Payments on financing obligations     (604 )     (1,212 )     (1,627 )
Payments of principal on finance lease liabilities     (5,125 )     (10,200 )     (5,884 )
Net cash and cash equivalents (used in) provided by financing activities     (110,302 )     40,289       (7,415 )
Net decrease in cash and cash equivalents     (59,705 )     (40,270 )     (59,952 )
Cash and cash equivalents, beginning of year     90,706       130,976       190,928  
Cash and cash equivalents, end of year   $ 31,001     $ 90,706     $ 130,976  
                         
Supplemental disclosure of non-cash investing and financing activities                        
Property and equipment purchases in accounts
payable and accrued expenses
  $ 63     $ 142     $ 154  
Post contract support purchased with financing obligations   $ -     $ -     $ 1,287  
Supplemental disclosure of cash flow information                        
Income taxes paid   $ 62     $ 22     $ 28  
Interest paid   $ 10,580     $ 11,408     $ 12,374  
                         


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,
 
    2021     2020     2021     2020  
Reconciliation from Gross Profit to Non-GAAP Gross Profit:                                
Gross profit   $ 40,261     $ 41,264     $ 140,384     $ 138,753  
Amortization of acquired intangible assets     471       330       1,476       1,291  
Stock-based compensation expense     606       1,099       2,081       3,703  
Impairment of long-lived assets     56       468       56       468  
Total net adjustments     1,133       1,897       3,613       5,462  
Non-GAAP gross profit   $ 41,394     $ 43,161     $ 143,997     $ 144,215  
                                 
Reconciliation from Operating Income (Loss) to Non-GAAP Operating Income:                                
Operating income (loss)   $ 5,364     $ 8,594     $ (5,710 )   $ (2,968 )
Amortization of acquired intangible assets     804       569       2,509       2,274  
Stock-based compensation expense     3,411       3,678       13,905       14,537  
Transaction and acquisition-related costs expensed     437       25       677       450  
Impairment of long-lived assets     97       916       4,100       916  
Costs not core to our business     1,757       457       5,897       457  
Total net adjustments     6,506       5,645       27,088       18,634  
Non-GAAP operating income   $ 11,870     $ 14,239     $ 21,378     $ 15,666  
                                 
Reconciliation from Net Income (Loss) to Adjusted EBITDA:                                
Net income (loss)   $ 3,005     $ 3,097     $ (32,166 )   $ (24,297 )
Depreciation     3,273       3,789       13,955       15,285  
Amortization of software development costs     2,528       2,177       9,117       7,455  
Amortization of acquired intangible assets     804       569       2,509       2,274  
Interest income     (33 )     (69 )     (196 )     (632 )
Interest expense     3,997       5,547       20,754       23,071  
Income tax (benefit) expense     (3,085 )     5       (2,960 )     22  
Stock-based compensation expense     3,411       3,678       13,905       14,537  
Transaction and acquisition-related costs expensed     437       25       677       450  
Restructuring costs                 4,127       5,616  
Impairment of long-lived assets     97       916       4,100       916  
Loss (gain) on repurchase of convertible senior notes                 7,520       (1,138 )
Loss on settlement of lawsuit     1,760             1,760        
Costs not core to our business     1,757       457       5,897       457  
Total net adjustments     14,946       17,094       81,165       68,313  
Adjusted EBITDA   $ 17,951     $ 20,191     $ 48,999     $ 44,016  
                                 
Reconciliation from Net Income (Loss) to Non-GAAP Net Income (Loss):                                
Net income (loss)   $ 3,005     $ 3,097     $ (32,166 )   $ (24,297 )
Amortization of acquired intangible assets     804       569       2,509       2,274  
Stock-based compensation expense     3,411       3,678       13,905       14,537  
Transaction and acquisition-related costs expensed     437       25       677       450  
Impairment of long-lived assets     97       916       4,100       916  
Loss (gain) on repurchase of convertible senior notes                 7,520       (1,138 )
Loss on settlement of lawsuit     1,760             1,760        
Costs not core to our business     1,757       457       5,897       457  
Total net adjustments     8,266       5,645       36,368       17,496  
Non-GAAP net income (loss)   $ 11,271     $ 8,742     $ 4,202     $ (6,801 )
                                 
Calculation of Non-GAAP Earnings Per Share:                                
Non-GAAP net income (loss)   $ 11,271     $ 8,742     $ 4,202     $ (6,801 )
Preferred dividends     (1,600 )     (1,600 )     (6,400 )     (3,662 )
Undistributed earnings allocated to preferred stockholders     (1,330 )     (1,012 )            
Non-GAAP net income (loss) available to common stockholders   $ 8,341     $ 6,130     $ (2,198 )   $ (10,463 )
                                 
Weighted average shares outstanding - basic     33,432,666       32,312,246       33,092,896       32,318,201  
Weighted average shares outstanding - diluted     34,614,578       34,556,833       33,092,896       32,318,201  
Shares used in computing non-GAAP
net income (loss) per share - basic
    33,432,666       32,312,246       33,092,896       32,318,201  
Shares used in computing non-GAAP
net income (loss) per share - diluted
    34,614,578       34,556,833       33,092,896       32,318,201  
Non-GAAP net income (loss) per common share - basic   $ 0.25     $ 0.19     $ (0.07 )   $ (0.32 )
Non-GAAP net income (loss) per common share - diluted   $ 0.24     $ 0.18     $ (0.07 )   $ (0.32 )
                                 
Reconciliation of Cash Flows from Operations to Free Cash Flow:                                
Net cash and cash equivalents provided by operating activities   $ 6,206     $ 16,577     $ 33,502     $ 27,651  
Purchases of property and equipment     (4,322 )     (3,346 )     (11,776 )     (13,085 )
Cash paid for restructuring costs     224       141       2,110       5,342  
Total net adjustments     (4,098 )     (3,205 )     (9,666 )     (7,743 )
Free Cash Flow   $ 2,108     $ 13,372     $ 23,836     $ 19,908  
                                 

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

Investor Relations:
Doug Kuckelman
843-790-7460
ir@benefitfocus.com


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Source: Benefitfocus, Inc.