Benefitfocus Announces First Quarter 2017 Financial Results
April 27 2017 - 4:05PM
Benefitfocus, Inc. (NASDAQ:BNFT), a leading provider of cloud-based
benefits management software, today announced its first quarter
2017 financial results.
“Benefitfocus delivered a strong start to 2017, as our revenue
and profitability exceeded the high-end of our guidance,” said
Shawn Jenkins, Chief Executive Officer of Benefitfocus. “Demand for
our platform drove 26% growth in our employer revenue and, once
again, our software revenue retention rate was over 95%.”
Jenkins added, “Benefitfocus continues to make great strides
toward establishing our cloud-based platform as the market
standard. Our Q1 results reflect our ability to leverage the
investments we have made in our products, technology and
distribution to drive strong top-line growth and margin expansion,
which we believe can generate long-term value for our
shareholders.”
First Quarter 2017 Financial
Highlights
Revenue
- Total revenue was $64.2 million, an increase of 17% compared to
the first quarter of 2016.
- Software services revenue was $56.7 million, an increase of 16%
compared to the first quarter of 2016.
- Professional services revenue was $7.5 million, an increase of
28% compared to the first quarter of 2016.
- Employer revenue was $40.6 million, an increase of 26% compared
to the first quarter of 2016.
- Insurance carrier revenue was $23.5 million, an increase of 4%
compared to the first quarter of 2016.
Net Loss
- GAAP net loss was ($7.7) million, compared to ($13.4) million
in the first quarter of 2016. GAAP net loss per share was ($0.25),
based on 30.7 million basic and diluted weighted average common
shares outstanding, compared to ($0.46) for the first quarter of
2016, based on 29.2 million basic and diluted weighted average
common shares outstanding.
Non-GAAP Net Loss and Adjusted
EBITDA
- Non-GAAP net loss was ($3.2) million, compared to ($8.6)
million in the first quarter of 2016. Non-GAAP net loss per share
was ($0.11), based on 30.7 million basic and diluted weighted
average common shares outstanding, compared to ($0.29) for the
first quarter of 2016, based on 29.2 million basic and diluted
weighted average common shares outstanding.
- Adjusted EBITDA was $3.6 million, compared to ($3.7) million in
the first quarter of 2016.
See important disclosures about non-GAAP measures, and a
reconciliation of them to GAAP, below.
Balance Sheet
- Cash, cash equivalents and marketable securities at March 31,
2017 totaled $57.7 million, compared to $58.9 million at the end of
the fourth quarter of 2016.
First Quarter and Recent Business
Highlights
- We ended the quarter with 853 large employer customers, up from
741 at the end of the year-ago period and 833 at the end of the
fourth quarter of 2016.
- We hosted our 7th annual One Place user conference in Orlando,
Florida and announced enhancements to the BENEFITFOCUS® Platform
that should accelerate system performance and provide a new level
of data visibility to employers, insurance carriers, brokers and
consultants.
- We launched Benefitfocus Business Intelligence, which provides
employers, insurance carriers, brokers and consultants with a new
enterprise class reporting framework built on the Benefitfocus Data
Cloud.
- We launched Benefitfocus Account Services, which includes
Consolidated Billing and Invoice Reconciliation.
- We launched the Data Dashboard which, provides a calendar view
of scheduled data transmissions across both inbound and outbound
file transmissions.
- In conjunction with unveiling an all-new Health Savings Account
(HSA) experience, we announced that the Benefitfocus Platform
enrolled employees in over 600,000 consumer-directed health
accounts representing over $880 million in employee and employer
contributions during open enrollment.
Business Outlook
Based on information available as of April 27,
2017, Benefitfocus is providing guidance for the second quarter and
full year 2017 as indicated below.
Second Quarter 2017:
- Total revenue is expected to be in the range of $61.5 million
to $62.5 million.
- Non-GAAP net loss is expected to be in the range of ($5.0)
million to ($4.0) million, or ($0.16) to ($0.13) per share, based
on 31.0 million basic and diluted weighted average common shares
outstanding.
- Adjusted EBITDA is expected to be in the range of $1.5 million
to $2.5 million.
Full Year 2017:
- Total revenue is expected to be in the range of $263.5 million
to $268.5 million.
- Non-GAAP net loss is expected to be in the range of ($11.5)
million to ($7.5) million, or ($0.37) to ($0.24) per share, based
on 30.9 million basic and diluted weighted average common shares
outstanding.
- Adjusted EBITDA is expected to be in the range of $13.0 million
to $17.0 million.
See important disclosures about non-GAAP
measures, and a reconciliation of them to GAAP, below.
Conference Call Details:
In conjunction with this announcement,
Benefitfocus will host a conference call today, April 27, 2017, at
5:00 p.m. Eastern Time to discuss the company’s financial results.
To access this call, dial (877) 407-9039 (domestic) or (201)
689-8470 (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 May 4,
2017, and can be accessed by dialing (844) 512-2921 (domestic) or
(412) 317-6671 (international) with passcode 13659163.
About Benefitfocus
Benefitfocus (NASDAQ:BNFT) provides a leading
cloud-based benefits management platform that simplifies how
organizations and individuals shop for, enroll in, manage and
exchange benefits. Every day, leading employers, insurance
companies and the consumers they serve rely on our platform to
manage, scale and exchange benefits data seamlessly. In an
increasingly complex benefits landscape, we bring order to chaos so
our clients and their employees have access to better information,
make better decisions and lead better lives. 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 share exclude stock-based compensation expenses
and amortization of acquisition-related intangible assets and
offering costs expensed, 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 and expense related to the impairment of
goodwill and intangible assets. Beginning in the first
quarter of 2017, we revised our definition of adjusted EBITDA to
also exclude costs not core to our business. The revision to
the definition of adjusted EBITDA had no material impact on our
reported adjusted EBITDA for the three months ended March 31, 2017
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 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 profitability; our ability to maintain our culture and
recruit and retain qualified personnel; fluctuations in our
financial results; general economic risks; the immature and
volatile market for our products and services; the need to innovate
and provide useful products and services; risks related to changing
healthcare and other applicable regulations; 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.cfm 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.
Benefitfocus, Inc. |
Unaudited Consolidated Statements of Operations and
Comprehensive Loss |
(in thousands, except share and per share data) |
|
|
|
|
Three Months EndedMarch
31, |
|
|
|
2017 |
|
|
2016 |
|
Revenue |
|
$ |
64,171 |
|
|
$ |
54,792 |
|
Cost of revenue
(1)(2) |
|
|
31,601 |
|
|
|
29,297 |
|
Gross profit |
|
|
32,570 |
|
|
|
25,495 |
|
Operating
expenses:(1)(2) |
|
|
|
|
|
|
|
|
Sales and
marketing |
|
|
17,277 |
|
|
|
13,574 |
|
Research
and development |
|
|
12,181 |
|
|
|
15,015 |
|
General
and administrative |
|
|
7,757 |
|
|
|
8,395 |
|
Total
operating expenses |
|
|
37,215 |
|
|
|
36,984 |
|
Loss from
operations |
|
|
(4,645 |
) |
|
|
(11,489 |
) |
Other income
(expense): |
|
|
|
|
|
|
|
|
Interest
income |
|
|
27 |
|
|
|
56 |
|
Interest
expense on building lease financing obligations |
|
|
(1,860 |
) |
|
|
(1,716 |
) |
Interest
expense on other borrowings |
|
|
(1,062 |
) |
|
|
(198 |
) |
Other
expense |
|
|
(148 |
) |
|
|
– |
|
Total
other expense, net |
|
|
(3,043 |
) |
|
|
(1,858 |
) |
Loss before income
taxes |
|
|
(7,688 |
) |
|
|
(13,347 |
) |
Income tax expense |
|
|
– |
|
|
|
5 |
|
Net loss |
|
$ |
(7,688 |
) |
|
$ |
(13,352 |
) |
Comprehensive loss |
|
$ |
(7,688 |
) |
|
$ |
(13,352 |
) |
|
|
|
|
|
|
|
|
|
Net loss per common
share: |
|
|
|
|
|
|
|
|
Basic and
diluted |
|
$ |
(0.25 |
) |
|
$ |
(0.46 |
) |
Weighted-average common
shares outstanding: |
|
|
|
|
|
|
|
|
Basic and
diluted |
|
|
30,658,468 |
|
|
|
29,213,198 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Stock-based
compensation included in above line items: |
|
|
|
|
|
|
|
|
Cost of
revenue |
|
$ |
662 |
|
|
$ |
548 |
|
Sales and
marketing |
|
|
1,332 |
|
|
|
632 |
|
Research
and development |
|
|
718 |
|
|
|
1,468 |
|
General
and administrative |
|
|
1,676 |
|
|
|
2,085 |
|
|
|
|
|
|
|
|
|
|
(2) Amortization of
acquired intangible assets included in above line items: |
|
|
|
|
|
|
|
|
Cost of
revenue |
|
$ |
36 |
|
|
$ |
36 |
|
Sales and
marketing |
|
|
13 |
|
|
|
10 |
|
Research
and development |
|
|
12 |
|
|
|
15 |
|
General
and administrative |
|
|
3 |
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
Benefitfocus, Inc. |
Unaudited Consolidated Balance Sheets |
(in thousands, except share and per share data) |
|
|
|
As ofMarch
31,2017 |
|
|
As of December
31, 2016 |
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
57,671 |
|
|
$ |
56,853 |
|
Marketable securities |
|
|
– |
|
|
|
2,007 |
|
Accounts
receivable, net |
|
|
23,898 |
|
|
|
28,340 |
|
Accounts
receivable, related party, net |
|
|
3,393 |
|
|
|
4,626 |
|
Prepaid
expenses and other current assets |
|
|
5,838 |
|
|
|
4,449 |
|
Total
current assets |
|
|
90,800 |
|
|
|
96,275 |
|
Property and equipment,
net |
|
|
78,032 |
|
|
|
80,518 |
|
Intangible assets,
net |
|
|
343 |
|
|
|
408 |
|
Goodwill |
|
|
1,634 |
|
|
|
1,634 |
|
Other non-current
assets |
|
|
1,227 |
|
|
|
1,575 |
|
Total
assets |
|
$ |
172,036 |
|
|
$ |
180,410 |
|
Liabilities and
stockholders' deficit |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Accounts
payable |
|
$ |
5,024 |
|
|
$ |
5,829 |
|
Accrued
expenses |
|
|
10,133 |
|
|
|
10,867 |
|
Accrued
compensation and benefits |
|
|
10,754 |
|
|
|
17,347 |
|
Deferred
revenue, current portion |
|
|
29,545 |
|
|
|
35,426 |
|
Revolving
line of credit, current portion |
|
|
14,000 |
|
|
|
20,000 |
|
Financing
and capital lease obligations, current portion |
|
|
3,154 |
|
|
|
2,604 |
|
Total
current liabilities |
|
|
72,610 |
|
|
|
92,073 |
|
Deferred revenue, net
of current portion |
|
|
39,366 |
|
|
|
40,412 |
|
Revolving line of
credit, net of current portion |
|
|
34,246 |
|
|
|
20,246 |
|
Financing and capital
lease obligations, net of current portion |
|
|
57,137 |
|
|
|
57,934 |
|
Other non-current
liabilities |
|
|
2,834 |
|
|
|
3,056 |
|
Total
liabilities |
|
|
206,193 |
|
|
|
213,721 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
Stockholders'
deficit: |
|
|
|
|
|
|
|
|
Preferred
stock, par value $0.001, 5,000,000 shares authorized, no shares
issued and outstanding at March 31, 2017 and December 31, 2016 |
|
|
– |
|
|
|
– |
|
Common
stock, par value $0.001, 50,000,000 shares authorized, 30,786,234
and 30,429,014 shares issued and outstanding at March 31, 2017 and
December 31, 2016, respectively |
|
|
30 |
|
|
|
30 |
|
Additional paid-in capital |
|
|
342,292 |
|
|
|
335,059 |
|
Accumulated deficit |
|
|
(376,479 |
) |
|
|
(368,400 |
) |
Total
stockholders' deficit |
|
|
(34,157 |
) |
|
|
(33,311 |
) |
Total
liabilities and stockholders' deficit |
|
$ |
172,036 |
|
|
$ |
180,410 |
|
|
|
|
|
|
|
|
|
|
Benefitfocus, Inc. |
Unaudited Consolidated Statements of Cash
Flows |
(in thousands) |
|
|
|
Three Months EndedMarch
31, |
|
|
|
2017 |
|
|
2016 |
|
Cash flows from
operating activities |
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(7,688 |
) |
|
$ |
(13,352 |
) |
Adjustments to reconcile net loss to net cash and cash equivalents
used in operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
4,005 |
|
|
|
3,043 |
|
Stock-based compensation expense |
|
|
4,388 |
|
|
|
4,733 |
|
Interest
accrual on financing obligation |
|
|
1,873 |
|
|
|
1,716 |
|
Loss on
disposal or impairment of property and equipment |
|
|
148 |
|
|
|
– |
|
Provision
for doubtful accounts |
|
|
22 |
|
|
|
(22 |
) |
Changes
in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts
receivable, net |
|
|
5,654 |
|
|
|
(3,562 |
) |
Accrued
interest on short-term investments |
|
|
7 |
|
|
|
130 |
|
Prepaid
expenses and other current assets |
|
|
(1,389 |
) |
|
|
(2 |
) |
Other
non-current assets |
|
|
349 |
|
|
|
(508 |
) |
Accounts
payable |
|
|
(899 |
) |
|
|
(3,911 |
) |
Accrued
expenses |
|
|
(140 |
) |
|
|
2,715 |
|
Accrued
compensation and benefits |
|
|
(6,594 |
) |
|
|
(5,304 |
) |
Deferred
revenue |
|
|
(6,927 |
) |
|
|
(5,419 |
) |
Other
non-current liabilities |
|
|
(222 |
) |
|
|
(75 |
) |
Net cash and cash
equivalents used in operating activities |
|
|
(7,413 |
) |
|
|
(19,818 |
) |
Cash flows from
investing activities |
|
|
|
|
|
|
|
|
Purchases
of short-term investments held to maturity |
|
|
– |
|
|
|
(2,004 |
) |
Proceeds
from maturity of short-term investments held to maturity |
|
|
2,000 |
|
|
|
26,525 |
|
Purchases
of property and equipment |
|
|
(2,103 |
) |
|
|
(2,610 |
) |
Net cash and cash
equivalents (used in) provided by investing activities |
|
|
(103 |
) |
|
|
21,911 |
|
Cash flows from
financing activities |
|
|
|
|
|
|
|
|
Draws on
revolving line of credit |
|
|
28,000 |
|
|
|
– |
|
Payments
on revolving line of credit |
|
|
(20,000 |
) |
|
|
(25,000 |
) |
Proceeds
from exercises of stock options and ESPP |
|
|
2,454 |
|
|
|
163 |
|
Remittance of taxes upon vesting of restricted stock units |
|
|
– |
|
|
|
(202 |
) |
Payments
on financing and capital lease obligations |
|
|
(2,120 |
) |
|
|
(2,875 |
) |
Net cash and cash
equivalents provided by (used in) financing activities |
|
|
8,334 |
|
|
|
(27,914 |
) |
Net increase
(decrease) in cash and cash equivalents |
|
|
818 |
|
|
|
(25,821 |
) |
Cash and cash
equivalents, beginning of period |
|
|
56,853 |
|
|
|
48,074 |
|
Cash and cash
equivalents, end of period |
|
$ |
57,671 |
|
|
$ |
22,253 |
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure of non-cash investing and financing
activities |
|
|
|
|
|
|
|
|
Property
and equipment purchases in accounts payable and accrued
expenses |
|
$ |
200 |
|
|
$ |
428 |
|
Property
and equipment purchased with financing and capital lease
obligations |
|
$ |
— |
|
|
$ |
733 |
|
Post
contract support purchased with financing obligations |
|
$ |
— |
|
|
$ |
1,048 |
|
|
|
|
|
|
|
|
|
|
Benefitfocus, Inc. |
Unaudited Reconciliation of GAAP to Non-GAAP
Measures |
(in thousands, except share and per share data) |
|
|
|
|
|
|
Three Months EndedMarch
31, |
|
|
|
2017 |
|
|
2016 |
|
Reconciliation
from Gross Profit to Non-GAAP Gross Profit: |
|
|
|
|
|
|
|
|
Gross
profit |
|
$ |
32,570 |
|
|
$ |
25,495 |
|
Amortization of acquired intangible assets |
|
|
36 |
|
|
|
36 |
|
Stock-based compensation expense |
|
|
662 |
|
|
|
548 |
|
Total net
adjustments |
|
|
698 |
|
|
|
584 |
|
Non-GAAP
gross profit |
|
$ |
33,268 |
|
|
$ |
26,079 |
|
|
|
|
|
|
|
|
|
|
Reconciliation
from Operating Loss to Non-GAAP Operating Loss: |
|
|
|
|
|
|
|
|
Operating
loss |
|
$ |
(4,645 |
) |
|
$ |
(11,489 |
) |
Amortization of acquired intangible assets |
|
|
64 |
|
|
|
64 |
|
Stock-based compensation expense |
|
|
4,388 |
|
|
|
4,733 |
|
Total net
adjustments |
|
|
4,452 |
|
|
|
4,797 |
|
Non-GAAP
operating loss |
|
$ |
(193 |
) |
|
$ |
(6,692 |
) |
|
|
|
|
|
|
|
|
|
Reconciliation
from Net Loss to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(7,688 |
) |
|
$ |
(13,352 |
) |
Depreciation |
|
|
3,111 |
|
|
|
2,353 |
|
Amortization of software development costs |
|
|
830 |
|
|
|
626 |
|
Amortization of acquired intangible assets |
|
|
64 |
|
|
|
64 |
|
Interest
income |
|
|
(27 |
) |
|
|
(56 |
) |
Interest
expense on building lease financing obligations |
|
|
1,860 |
|
|
|
1,716 |
|
Interest
expense on other borrowings |
|
|
1,062 |
|
|
|
198 |
|
Income
tax expense |
|
|
— |
|
|
|
5 |
|
Stock-based compensation expense |
|
|
4,388 |
|
|
|
4,733 |
|
Total net
adjustments |
|
|
11,288 |
|
|
|
9,639 |
|
Adjusted
EBITDA |
|
$ |
3,600 |
|
|
$ |
(3,713 |
) |
|
|
|
|
|
|
|
|
|
Reconciliation
from Net Loss to Non-GAAP Net Loss: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(7,688 |
) |
|
$ |
(13,352 |
) |
Amortization of acquired intangible assets |
|
|
64 |
|
|
|
64 |
|
Stock-based compensation expense |
|
|
4,388 |
|
|
|
4,733 |
|
Total net
adjustments |
|
|
4,452 |
|
|
|
4,797 |
|
Non-GAAP
net loss |
|
$ |
(3,236 |
) |
|
$ |
(8,555 |
) |
|
|
|
|
|
|
|
|
|
Calculation of
Non-GAAP Earnings Per Share: |
|
|
|
|
|
|
|
|
Non-GAAP
net loss |
|
$ |
(3,236 |
) |
|
$ |
(8,555 |
) |
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding - basic and diluted |
|
|
30,658,468 |
|
|
|
29,213,198 |
|
Shares
used in computing non-GAAP net loss per share - basic and
diluted |
|
|
30,658,468 |
|
|
|
29,213,198 |
|
Non-GAAP
net loss per common share - basic and diluted |
|
$ |
(0.11 |
) |
|
$ |
(0.29 |
) |
|
|
|
|
|
|
|
|
|
Benefitfocus, Inc. |
Unaudited Reconciliation of GAAP to Non-GAAP Guidance
Ranges |
(in millions, except per share data) |
|
|
|
|
|
|
|
|
|
Second Quarter 2017 |
|
|
Full Year 2017 |
|
|
|
Range |
|
|
Range |
|
|
|
Low |
|
|
High |
|
|
Low |
|
|
High |
|
Reconciliation
from Net Loss Guidance to Adjusted EBITDA Guidance: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
- Guidance range |
|
$ |
(9.9 |
) |
|
$ |
(8.9 |
) |
|
$ |
(31.7 |
) |
|
$ |
(27.7 |
) |
Depreciation and amortization |
|
|
4.0 |
|
|
|
4.0 |
|
|
|
14.9 |
|
|
|
14.9 |
|
Interest
income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Interest
expense |
|
|
2.6 |
|
|
|
2.6 |
|
|
|
10.0 |
|
|
|
10.0 |
|
Income
tax expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Stock-based compensation expense |
|
|
4.8 |
|
|
|
4.8 |
|
|
|
19.8 |
|
|
|
19.8 |
|
Total net
adjustments |
|
|
11.4 |
|
|
|
11.4 |
|
|
|
44.7 |
|
|
|
44.7 |
|
Adjusted
EBITDA - Guidance range |
|
$ |
1.5 |
|
|
$ |
2.5 |
|
|
$ |
13.0 |
|
|
$ |
17.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
from Net Loss Guidance to Non-GAAP Net Loss Guidance: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss - Guidance
range |
|
$ |
(9.9 |
) |
|
$ |
(8.9 |
) |
|
$ |
(31.7 |
) |
|
$ |
(27.7 |
) |
Amortization of acquired intangible assets |
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.4 |
|
|
|
0.4 |
|
Stock-based compensation expense |
|
|
4.8 |
|
|
|
4.8 |
|
|
|
19.8 |
|
|
|
19.8 |
|
Total net
adjustments |
|
|
4.9 |
|
|
|
4.9 |
|
|
|
20.2 |
|
|
|
20.2 |
|
Non-GAAP
net loss - Guidance range |
|
$ |
(5.0 |
) |
|
$ |
(4.0 |
) |
|
$ |
(11.5 |
) |
|
$ |
(7.5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
Non-GAAP Earnings Per Share Guidance: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
net loss - Guidance range |
|
$ |
(5.0 |
) |
|
$ |
(4.0 |
) |
|
$ |
(11.5 |
) |
|
$ |
(7.5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding - basic and diluted |
|
|
31.0 |
|
|
|
31.0 |
|
|
|
30.9 |
|
|
|
30.9 |
|
Shares
used in computing non-GAAP net loss per share - basic and
diluted |
|
|
31.0 |
|
|
|
31.0 |
|
|
|
30.9 |
|
|
|
30.9 |
|
Non-GAAP
net loss per common share - basic and diluted |
|
$ |
(0.16 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.37 |
) |
|
$ |
(0.24 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefitfocus, Inc.
843-284-1052 ext. 3527
pr@benefitfocus.com
Investor Relations:
Michael Bauer
843-284-1052 ext. 6654
michael.bauer@benefitfocus.com
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