Benefitfocus, Inc. (NASDAQ:
BNFT), an industry-leading benefits technology
platform that simplifies benefits administration for employers,
health plans and brokers, today announces
its first quarter 2021 financial
results.
First quarter highlights
include:
- Exceeded all first quarter 2021 guidance metrics including
revenue, adjusted EBITDA and non-GAAP EPS
- Revenue of $65.1 million vs. $66.2 million in first quarter
2020
- Adjusted EBITDA of $14.8 million, up 261% year over year
- Adjusted EBITDA margin of 22.7% up from 6.2% in first quarter
2020
- GAAP EPS of ($0.11) vs. ($0.34) in first quarter 2020
- Non-GAAP EPS of $0.01 vs ($0.21) in first quarter 2020
- Strengthened corporate governance and continued to enhance
independence and diversity of board through addition of Coretha
Rushing
- Issued State of Employee Benefits™ 2021 Report leveraging
unique data capabilities and highlighting importance of benefits to
diverse workforce
- Benefitfocus' Health Insights honored for "Best Advance in
HR Predictive Analytics Technology" by Brandon Hall
“Our first quarter results demonstrate that
successful execution around our core enrollment platform is
creating a stronger foundation for our business and is leading to
improved results,” said Steve Swad, president and chief executive
officer of Benefitfocus. “Commercial traction with our
employer customers is pacing well as demonstrated by some key wins
in the quarter including a global software company and one of the
nation's largest convenience stores. Software revenue retention has
also improved as we continue to make delivering excellence for our
customers job number one”.
“We are pleased to report results that exceeded
all first quarter guidance metrics,” said Alpana Wegner, chief
financial officer. “Our focus on operational excellence is
resulting in continued free cash flow and margin expansion. Our
second quarter selling season is also off to a good start, which is
a key driver for our return to growth next year.”
First Quarter 2021 Financial
Highlights
Revenue
- Total revenue was $65.1 million, down 2% compared to the first
quarter of 2020.
- Software services was $53.3 million, 3% higher compared to the
first quarter of 2020. Software services is comprised of
subscription and platform revenue.
- Subscription revenue was $45.5 million, a decrease of 1%
compared to the first quarter of 2020.
- Platform revenue was $7.8 million, an increase of 29% compared
to the first quarter of 2020.
- Professional services revenue was $11.7 million, down 17%
compared to the first quarter of 2020.
Net Loss
- GAAP net loss
was ($2.1) million, compared to ($11.1) million in the first
quarter of 2020. GAAP net loss per share was ($0.11), based on
($3.7) million net loss available to common stockholders and 32.5
million basic and diluted weighted average common shares
outstanding, compared to ($0.34) for the first quarter of 2020,
based on ($11.1) million net loss available to common stockholders
and 32.6 million basic and diluted weighted average common shares
outstanding.
Non-GAAP Net Income, Adjusted EBITDA and
Free Cash Flow
- Non-GAAP net income was $2.0 million compared to ($6.7) million
in the first quarter of 2020. Non-GAAP net income per share was
$0.01 based on $0.4 million net income available to common
stockholders and 34.4 million fully diluted weighted average common
shares outstanding, compared to ($0.21) in the first quarter of
2020, based ($6.7) million net loss available to common
stockholders and 32.6 million basic and fully diluted weighted
average common shares outstanding.
- Adjusted EBITDA was $14.8 million, compared to $4.1 million in
the first quarter of 2020.
- Free cash flow was $8.3 million, compared to ($11.0) million in
the first quarter of 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 March
31, 2021 totaled $188.9 million, compared to $185.8 million at the
end of the fourth quarter of 2020.
- The full $50.0 million line of credit remains available to the
company.
Business Outlook
Based on information available as of May 4,
2021, Benefitfocus is providing guidance for the second quarter as
indicated below.
Second Quarter 2021
- Total revenue is expected to be in the range of $58 million to
$60 million.
- Adjusted EBITDA is expected to be in the range of $8 million to
$10 million.
- Non-GAAP net loss is expected to be between ($3.6) and ($1.6)
million, or between ($0.16) and ($0.10) per share based on 33.0
million basic shares outstanding.
Full Year 2021
The company is reiterating guidance previously
provided for Full Year 2021 as follows:
- 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.
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, May 4, 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 May 11,
2021, and can be accessed by dialing (844) 512-2921 (domestic) or
(412) 317-6671 (international) with passcode 13718530.
About Benefitfocus
Benefitfocus (NASDAQ: BNFT) unifies the entire benefits
industry through innovative technology solutions that bring
efficiency, cost savings and simplicity to employee benefits
administration. Our powerful cloud-based software, data-driven
insights and thoughtfully designed services help employers,
insurance brokers, health plans and suppliers address the
complexity of benefits enrollment and engagement, while bringing
easier access to health, wealth and lifestyle products
through a world-class benefits experience. 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, 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. 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; 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.843-981-8898pr@benefitfocus.com
Investor Relations:Patti
Leahy843-981-8899ir@benefitfocus.com
Benefitfocus, Inc.Unaudited Consolidated
Statements of Operations and Comprehensive Loss(in
thousands, except share and per share data) |
|
|
|
|
|
Three Months EndedMarch 31, |
|
|
|
2021 |
|
|
2020 |
|
Revenue |
|
$ |
65,063 |
|
|
$ |
66,154 |
|
Cost of
revenue(1)(2)(3) |
|
|
28,593 |
|
|
|
33,912 |
|
Gross
profit |
|
|
36,470 |
|
|
|
32,242 |
|
Operating expenses:(1)(2)(3) |
|
|
|
|
|
|
|
|
Sales and marketing |
|
|
10,891 |
|
|
|
15,630 |
|
Research and development |
|
|
10,832 |
|
|
|
11,768 |
|
General and administrative |
|
|
9,862 |
|
|
|
10,515 |
|
Restructuring costs |
|
|
1,400 |
|
|
|
– |
|
Total operating expenses |
|
|
32,985 |
|
|
|
37,913 |
|
Income
(loss) from operations |
|
|
3,485 |
|
|
|
(5,671 |
) |
Other
income (expense): |
|
|
|
|
|
|
|
|
Interest income |
|
|
57 |
|
|
|
426 |
|
Interest expense |
|
|
(5,555 |
) |
|
|
(5,891 |
) |
Other (expense) income |
|
|
(42 |
) |
|
|
5 |
|
Total other expense, net |
|
|
(5,540 |
) |
|
|
(5,460 |
) |
Loss
before income taxes |
|
|
(2,055 |
) |
|
|
(11,131 |
) |
Income
tax expense |
|
|
42 |
|
|
|
5 |
|
Net
loss |
|
|
(2,097 |
) |
|
|
(11,136 |
) |
Preferred dividends |
|
|
(1,600 |
) |
|
|
– |
|
Net loss
available to common stockholders |
|
$ |
(3,697 |
) |
|
$ |
(11,136 |
) |
Comprehensive loss |
|
$ |
(2,097 |
) |
|
$ |
(11,136 |
) |
|
|
|
|
|
|
|
|
|
Net loss
per common share: |
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(0.11 |
) |
|
$ |
(0.34 |
) |
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
32,490,811 |
|
|
|
32,638,805 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Stock-based compensation included in above line items: |
|
|
|
|
|
|
|
|
Cost of revenue |
|
$ |
326 |
|
|
$ |
667 |
|
Sales and marketing |
|
|
580 |
|
|
|
880 |
|
Research and development |
|
|
118 |
|
|
|
342 |
|
General and administrative |
|
|
499 |
|
|
|
1,788 |
|
|
|
|
|
|
|
|
|
|
(2)
Amortization of acquired intangible assets included in above line
items: |
|
|
|
|
|
|
|
|
Cost of revenue |
|
$ |
337 |
|
|
$ |
317 |
|
Sales and marketing |
|
|
76 |
|
|
|
91 |
|
Research and development |
|
|
113 |
|
|
|
109 |
|
General and administrative |
|
|
42 |
|
|
|
52 |
|
|
|
|
|
|
|
|
|
|
(3)
Transaction and acquisition-related costs expensed included in
above line items: |
|
|
|
|
|
|
|
|
General and administrative |
|
$ |
154 |
|
|
$ |
192 |
|
|
|
|
|
|
|
|
|
|
Benefitfocus, Inc.Unaudited Consolidated
Balance Sheets(in thousands, except share and per share
data) |
|
|
|
As ofMarch
31,2021 |
|
|
As ofDecember
31,2020 |
|
Assets |
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
94,046 |
|
|
$ |
90,706 |
|
Marketable securities |
|
|
94,822 |
|
|
|
95,085 |
|
Accounts receivable, net |
|
|
24,495 |
|
|
|
22,240 |
|
Contract, prepaid and other current assets |
|
|
20,784 |
|
|
|
21,354 |
|
Total current assets |
|
|
234,147 |
|
|
|
229,385 |
|
Property
and equipment, net |
|
|
27,981 |
|
|
|
29,701 |
|
Financing lease right-of-use assets |
|
|
66,399 |
|
|
|
68,670 |
|
Operating lease right-of-use assets |
|
|
1,047 |
|
|
|
1,107 |
|
Intangible assets, net |
|
|
9,825 |
|
|
|
10,393 |
|
Goodwill |
|
|
12,857 |
|
|
|
12,857 |
|
Deferred
contract costs and other non-current assets |
|
|
9,438 |
|
|
|
10,259 |
|
Total assets |
|
$ |
361,694 |
|
|
$ |
362,372 |
|
Liabilities and stockholders' deficit |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
6,616 |
|
|
$ |
2,160 |
|
Accrued expenses |
|
|
7,603 |
|
|
|
6,262 |
|
Accrued compensation and benefits |
|
|
11,921 |
|
|
|
19,129 |
|
Deferred revenue, current portion |
|
|
28,228 |
|
|
|
27,782 |
|
Lease liabilities and financing obligations, current portion |
|
|
6,352 |
|
|
|
5,959 |
|
Total current liabilities |
|
|
60,720 |
|
|
|
61,292 |
|
Deferred
revenue, net of current portion |
|
|
4,402 |
|
|
|
4,422 |
|
Convertible senior notes |
|
|
187,176 |
|
|
|
184,308 |
|
Lease
liabilities and financing obligations, net current portion |
|
|
78,315 |
|
|
|
79,282 |
|
Other
non-current liabilities |
|
|
2,502 |
|
|
|
2,470 |
|
Total liabilities |
|
|
333,115 |
|
|
|
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 March 31, 2021 and December 31, 2020,
respectively, liquidation preference $45 per share as of
March 31, 2021 and December 31, 2020, respectively |
|
|
79,193 |
|
|
|
79,193 |
|
Stockholders' deficit: |
|
|
|
|
|
|
|
|
Common stock, par value $0.001, 50,000,000 shares authorized,
32,516,170 and 32,327,439 shares issued and outstanding at
March 31, 2021 and December 31, 2020, respectively |
|
|
33 |
|
|
|
32 |
|
Additional paid-in capital |
|
|
427,508 |
|
|
|
427,431 |
|
Accumulated deficit |
|
|
(478,155 |
) |
|
|
(476,058 |
) |
Total stockholders' deficit |
|
|
(50,614 |
) |
|
|
(48,595 |
) |
Total liabilities, redeemable preferred stock and
stockholders' deficit |
|
$ |
361,694 |
|
|
$ |
362,372 |
|
|
|
|
|
|
|
|
|
|
Benefitfocus, Inc.Unaudited Consolidated
Statements of Cash Flows(in thousands) |
|
|
|
|
|
|
Three Months EndedMarch 31, |
|
|
|
2021 |
|
|
2020 |
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(2,097 |
) |
|
$ |
(11,136 |
) |
Adjustments to reconcile net loss to net cash and cash
equivalents used in operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
6,353 |
|
|
|
5,884 |
|
Stock-based compensation expense |
|
|
1,523 |
|
|
|
3,677 |
|
Accretion of interest on convertible senior notes |
|
|
2,868 |
|
|
|
2,924 |
|
Interest accrual on finance lease liabilities |
|
|
1,879 |
|
|
|
23 |
|
Rent expense less than payments |
|
|
(13 |
) |
|
|
(9 |
) |
Non-cash interest income for short-term investments |
|
|
227 |
|
|
|
– |
|
Loss on disposal or impairment of property and equipment |
|
|
45 |
|
|
|
– |
|
Provision for doubtful accounts |
|
|
– |
|
|
|
55 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable, net |
|
|
(2,256 |
) |
|
|
189 |
|
Accrued interest on short-term investments |
|
|
(136 |
) |
|
|
– |
|
Contract, prepaid and other current assets |
|
|
463 |
|
|
|
252 |
|
Deferred costs and other non-current assets |
|
|
823 |
|
|
|
557 |
|
Accounts payable and accrued expenses |
|
|
5,835 |
|
|
|
(1,593 |
) |
Accrued compensation and benefits |
|
|
(7,208 |
) |
|
|
(4,000 |
) |
Deferred revenue |
|
|
426 |
|
|
|
(3,969 |
) |
Other non-current liabilities |
|
|
32 |
|
|
|
(24 |
) |
Net cash and cash equivalents
provided by (used in) operating activities |
|
|
8,764 |
|
|
|
(7,170 |
) |
Cash flows from
investing activities |
|
|
|
|
|
|
|
|
Purchases of short term investments held to maturity |
|
|
(22,329 |
) |
|
|
– |
|
Proceeds from short-term investments held to maturity |
|
|
22,500 |
|
|
|
– |
|
Purchases of property and equipment |
|
|
(1,893 |
) |
|
|
(3,821 |
) |
Net cash and cash equivalents
used in investing activities |
|
|
(1,722 |
) |
|
|
(3,821 |
) |
Cash flows from
financing activities |
|
|
|
|
|
|
|
|
Draws on revolving line of credit |
|
|
– |
|
|
|
10,000 |
|
Payments of debt issuance costs |
|
|
– |
|
|
|
(154 |
) |
Payments of preferred dividends |
|
|
(1,600 |
) |
|
|
– |
|
Repurchase of common stock |
|
|
– |
|
|
|
(9,383 |
) |
Proceeds from exercises of stock options and ESPP |
|
|
155 |
|
|
|
73 |
|
Payments on financing obligations |
|
|
(223 |
) |
|
|
(207 |
) |
Payments of principal on finance lease liabilities |
|
|
(2,034 |
) |
|
|
(5,600 |
) |
Net cash and cash equivalents
used in financing activities |
|
|
(3,702 |
) |
|
|
(5,271 |
) |
Net increase
(decrease) in cash and cash equivalents |
|
|
3,340 |
|
|
|
(16,262 |
) |
Cash and cash equivalents,
beginning of period |
|
|
90,706 |
|
|
|
130,976 |
|
Cash and cash
equivalents, end of period |
|
$ |
94,046 |
|
|
$ |
114,714 |
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure of non-cash investing and financing
activities |
|
|
|
|
|
|
|
|
Property and equipment purchases in accounts payable and accrued
expenses |
|
$ |
88 |
|
|
$ |
31 |
|
|
|
|
|
|
|
|
|
|
Benefitfocus, Inc.Unaudited Reconciliation
of GAAP to Non-GAAP Measures(in thousands, except share
and per share data) |
|
|
|
Three Months EndedMarch 31, |
|
|
|
2021 |
|
|
2020 |
|
Reconciliation from Gross Profit to Non-GAAP Gross
Profit: |
|
|
|
|
|
|
|
|
Gross profit |
|
$ |
36,470 |
|
|
$ |
32,242 |
|
Amortization of acquired intangible assets |
|
|
337 |
|
|
|
317 |
|
Stock-based compensation expense |
|
|
326 |
|
|
|
667 |
|
Total net adjustments |
|
|
663 |
|
|
|
984 |
|
Non-GAAP gross profit |
|
$ |
37,133 |
|
|
$ |
33,226 |
|
|
|
|
|
|
|
|
|
|
Reconciliation from Operating Income (Loss) to Non-GAAP
Operating Income (Loss): |
|
|
|
|
|
|
|
|
Operating income (loss) |
|
$ |
3,485 |
|
|
$ |
(5,671 |
) |
Amortization of acquired intangible assets |
|
|
568 |
|
|
|
569 |
|
Stock-based compensation expense |
|
|
1,523 |
|
|
|
3,677 |
|
Transaction and acquisition-related costs expensed |
|
|
154 |
|
|
|
192 |
|
Costs not core to our business |
|
|
1,881 |
|
|
|
— |
|
Total net adjustments |
|
|
4,126 |
|
|
|
4,438 |
|
Non-GAAP operating income (loss) |
|
$ |
7,611 |
|
|
$ |
(1,233 |
) |
|
|
|
|
|
|
|
|
|
Reconciliation from Net Loss to Adjusted
EBITDA: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(2,097 |
) |
|
$ |
(11,136 |
) |
Depreciation |
|
|
3,623 |
|
|
|
3,796 |
|
Amortization of software development costs |
|
|
2,162 |
|
|
|
1,519 |
|
Amortization of acquired intangible assets |
|
|
568 |
|
|
|
569 |
|
Interest income |
|
|
(57 |
) |
|
|
(426 |
) |
Interest expense |
|
|
5,555 |
|
|
|
5,891 |
|
Income tax expense |
|
|
42 |
|
|
|
5 |
|
Stock-based compensation expense |
|
|
1,523 |
|
|
|
3,677 |
|
Transaction and acquisition-related costs expensed |
|
|
154 |
|
|
|
192 |
|
Restructuring costs |
|
|
1,400 |
|
|
|
— |
|
Costs not core to our business |
|
|
1,881 |
|
|
|
— |
|
Total net adjustments |
|
|
16,851 |
|
|
|
15,223 |
|
Adjusted EBITDA |
|
$ |
14,754 |
|
|
$ |
4,087 |
|
|
|
|
|
|
|
|
|
|
Reconciliation from Net Loss to Non-GAAP Net Income
(Loss): |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(2,097 |
) |
|
$ |
(11,136 |
) |
Amortization of acquired intangible assets |
|
|
568 |
|
|
|
569 |
|
Stock-based compensation expense |
|
|
1,523 |
|
|
|
3,677 |
|
Transaction and acquisition-related costs expensed |
|
|
154 |
|
|
|
192 |
|
Costs not core to our business |
|
|
1,881 |
|
|
|
— |
|
Total net adjustments |
|
|
4,126 |
|
|
|
4,438 |
|
Non-GAAP net income (loss) |
|
$ |
2,029 |
|
|
$ |
(6,698 |
) |
|
|
|
|
|
|
|
|
|
Calculation of Non-GAAP Earnings Per Share: |
|
|
|
|
|
|
|
|
Non-GAAP net income (loss) |
|
$ |
2,029 |
|
|
$ |
(6,698 |
) |
Preferred dividends |
|
|
(1,600 |
) |
|
|
— |
|
Undistributed earnings allocated to preferred stockholders |
|
|
(61 |
) |
|
|
— |
|
Non-GAAP net income (loss) available to common stockholders |
|
$ |
368 |
|
|
$ |
(6,698 |
) |
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding - basic |
|
|
32,490,811 |
|
|
|
32,638,805 |
|
Weighted average shares outstanding - diluted |
|
|
32,490,811 |
|
|
|
32,638,805 |
|
Shares used in computing non-GAAP net income (loss) per share -
basic |
|
|
32,490,811 |
|
|
|
32,638,805 |
|
Shares used in computing non-GAAP net income (loss) per share -
diluted |
|
|
34,352,380 |
|
|
|
32,638,805 |
|
Non-GAAP net income (loss) per common share - basic |
|
$ |
0.01 |
|
|
$ |
(0.21 |
) |
Non-GAAP net income (loss) per common share - diluted |
|
$ |
0.01 |
|
|
$ |
(0.21 |
) |
|
|
|
|
|
|
|
|
|
Reconciliation of Cash Flows from Operations to Free Cash
Flow: |
|
|
|
|
|
|
|
|
Net cash and cash equivalents provided by (used in) operating
activities |
|
$ |
8,764 |
|
|
$ |
(7,170 |
) |
Purchases of property and equipment |
|
|
(1,893 |
) |
|
|
(3,821 |
) |
Cash paid for restructuring costs |
|
|
1,379 |
|
|
|
— |
|
Total net adjustments |
|
|
(514 |
) |
|
|
(3,821 |
) |
Free Cash Flow |
|
$ |
8,250 |
|
|
$ |
(10,991 |
) |
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