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 first quarter 2022 financial
results:
Financial Highlights for the First
Quarter 2022:
- First quarter 2022 revenue of $61.2 million was above the high
end of the guidance range of $59 to $61 million.
- Adjusted EBITDA of $11.2 million during the first quarter was
above the high end of the guidance range of $7 to $9 million.
- GAAP net loss available to common stockholders was ($3.9)
million, compared to ($3.7) million in the first quarter of
2021.
- GAAP loss per share was ($0.12) in the first quarter of 2022
and non-GAAP income per share was $0.01.
Operational Highlights for the First
Quarter:
- The recent acquisition of Tango Health delivered another ACA
season with 100% ontime performance in client IRS filings.
Migration of Benefitfocus clients to the Tango Health platform has
now begun, which is expected to deliver even stronger client
performance in all areas going forward.
- Selected for inclusion in Aon’s Connected Benefit Solution
panel. Aon is one of the top brokers in the country.
- Kristin Adams was appointed as our new Chief People Officer,
further enhancing and diversifying the leadership team.
“We hit a number of strategic milestones in the
quarter and we believe we are on our way to repositioning
Benefitfocus for sustainable growth,” said Matt Levin, president
and chief executive officer. “We have improved our go-to-market
relationships and have a solid sales pipeline. We believe our
efforts to date will enable us to grow market share and solidify
our position as an industry leader.”
“We were once again able to deliver financial
results at or better than our guidance ranges for this quarter,”
said Alpana Wegner, chief financial officer. “I am pleased with the
progress we are making on executing our strategy to drive
sustainable growth. We look forward to providing
additional insight into our strategy and longer-term financial
targets at our Investor Day on May 10.”
First Quarter 2022 Financial
Highlights
Revenue
- Total revenue
was $61.2 million, down approximately 6% compared to the first
quarter of 2021.
- Software
services was $49.7 million, down 7% compared to the first quarter
of 2021. Software services is comprised of subscription and
platform revenue.
- Subscription
revenue was $43.1 million, down 5% compared to the first quarter of
2021.
- Platform revenue
was $6.6 million, down 16% compared to the first quarter of
2021.
- Professional
services revenue was $11.6 million, down 1% compared to the first
quarter of 2021.
Net Income
- GAAP net loss
was ($2.3) million, compared to ($2.1) million in the first quarter
of 2021. GAAP net loss per share was ($0.12), based on ($3.9)
million net loss available to common stockholders and 33.5 million
basic and diluted weighted average common shares outstanding. This
compares to ($0.11) for the first quarter of 2021, based on ($3.7)
million net loss available to common stockholders and 32.5 million
basic and 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 $0.4 million for both
the first quarter 2022 and 2021. Non-GAAP net income per share was
$0.01 based on both 33.5 million basic and 35.2 million diluted
weighted average common shares outstanding. This compares to $0.01
in the first quarter of 2021, based on both 32.5 million basic and
34.4 million diluted weighted average common shares
outstanding.
- Adjusted EBITDA
was $11.2 million, compared to $14.8 million in the first quarter
of 2021.
- Cash used in
operations was ($3.0) million and free cash flow was ($4.2)
million, compared to cash from operations of $8.8 million and $8.3
million of free cash flow in the first quarter of 2021.
See important disclosures about non-GAAP
measures, and a reconciliation of them to GAAP, below.
Balance Sheet
Cash, cash equivalents and restricted cash at
March 31, 2022 totaled $59.0 million, compared to cash and cash
equivalents and marketable securities of $68.1 million at the end
of the of 2021, a decline driven by the timing of working capital
changes. Our debt to Adjusted EBITDA ratio was 4.4x as of March 31,
2022.
The full $50.0 million line of credit remains
available to the company.
Business Outlook
Benefitfocus is providing guidance for the
second quarter and full year 2022 as indicated below.
Second Quarter 2022
- Total revenue is
expected to be in the range of $55 million to $57 million.
- Adjusted EBITDA
is expected to be in the range of $4 million to $6 million.
- Non-GAAP net
loss available to common stockholders is expected to be between
($6.0) million and ($4.0) million, or between ($0.17) and ($0.11)
per share based on 34.0 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, May 3, 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 May 10, 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 13729373.
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; transaction
and acquisition-related costs expensed; restructuring costs;
impairment of goodwill, intangible assets and long-lived assets;
gain or loss on extinguishment of debt; other costs not core to our
business; and loss on settlement of lawsuits. 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 increase sales and 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; our reliance on channel relationships; 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 war 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.843-981-8898pr@benefitfocus.comInvestor
Relations:Doug Kuckelman843-790-7460ir@benefitfocus.com
|
|
Benefitfocus,
Inc.Unaudited Consolidated Statements of
Operations and Comprehensive Loss(in thousands, except
share and per share data)
|
|
Three Months EndedMarch 31, |
|
|
|
2022 |
|
|
2021 |
|
Revenue |
|
$ |
61,225 |
|
|
$ |
65,063 |
|
Cost of revenue(1)(2) |
|
|
29,886 |
|
|
|
28,593 |
|
Gross profit |
|
|
31,339 |
|
|
|
36,470 |
|
Operating expenses:(1)(2)(3) |
|
|
|
|
|
|
|
|
Sales and marketing |
|
|
9,924 |
|
|
|
10,891 |
|
Research and development |
|
|
11,157 |
|
|
|
10,832 |
|
General and administrative |
|
|
9,289 |
|
|
|
9,862 |
|
Restructuring costs |
|
|
1,006 |
|
|
|
1,400 |
|
Total operating expenses |
|
|
31,376 |
|
|
|
32,985 |
|
(Loss) income from
operations |
|
|
(37 |
) |
|
|
3,485 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
Interest income |
|
|
12 |
|
|
|
57 |
|
Interest expense |
|
|
(2,482 |
) |
|
|
(5,555 |
) |
Other income (expense) |
|
|
246 |
|
|
|
(42 |
) |
Total other expense, net |
|
|
(2,224 |
) |
|
|
(5,540 |
) |
Loss before income taxes |
|
|
(2,261 |
) |
|
|
(2,055 |
) |
Income tax expense |
|
|
16 |
|
|
|
42 |
|
Net loss |
|
|
(2,277 |
) |
|
|
(2,097 |
) |
Preferred dividends |
|
|
(1,600 |
) |
|
|
(1,600 |
) |
Net loss available to common
stockholders |
|
$ |
(3,877 |
) |
|
$ |
(3,697 |
) |
Comprehensive loss |
|
$ |
(2,277 |
) |
|
$ |
(2,097 |
) |
|
|
|
|
|
|
|
|
|
Net loss per common share: |
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(0.12 |
) |
|
$ |
(0.11 |
) |
Weighted-average common shares
outstanding: |
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
33,496,846 |
|
|
|
32,490,811 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Stock-based compensation
included in above line items: |
|
|
|
|
|
|
|
|
Cost of revenue |
|
$ |
196 |
|
|
$ |
326 |
|
Sales and marketing |
|
|
636 |
|
|
|
580 |
|
Research and development |
|
|
231 |
|
|
|
118 |
|
General and administrative |
|
|
126 |
|
|
|
499 |
|
|
|
|
|
|
|
|
|
|
(2) Amortization of acquired
intangible assets included in above line items: |
|
|
|
|
|
|
|
|
Cost of revenue |
|
$ |
622 |
|
|
$ |
337 |
|
Sales and marketing |
|
|
142 |
|
|
|
76 |
|
Research and development |
|
|
216 |
|
|
|
113 |
|
General and administrative |
|
|
93 |
|
|
|
42 |
|
|
|
|
|
|
|
|
|
|
(3) Transaction and
acquisition-related costs expensed included in above line
items: |
|
|
|
|
|
|
|
|
General and administrative |
|
$ |
83 |
|
|
$ |
154 |
|
Benefitfocus,
Inc.Unaudited Consolidated Balance
Sheets(in thousands, except share and per share data)
|
|
As ofMarch
31,2022 |
|
|
As ofDecember
31,2021 |
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash |
|
$ |
58,972 |
|
|
$ |
31,001 |
|
Marketable securities |
|
|
– |
|
|
|
37,049 |
|
Accounts receivable, net |
|
|
23,504 |
|
|
|
16,491 |
|
Contract, prepaid and other current assets |
|
|
25,757 |
|
|
|
27,615 |
|
Total current assets |
|
|
108,233 |
|
|
|
112,156 |
|
Property and equipment, net |
|
|
25,657 |
|
|
|
27,202 |
|
Financing lease right-of-use
assets |
|
|
54,332 |
|
|
|
56,474 |
|
Operating lease right-of-use
assets |
|
|
722 |
|
|
|
774 |
|
Intangible assets, net |
|
|
20,061 |
|
|
|
21,134 |
|
Goodwill |
|
|
34,237 |
|
|
|
34,237 |
|
Deferred contract costs and other
non-current assets |
|
|
8,076 |
|
|
|
8,864 |
|
Total assets |
|
$ |
251,318 |
|
|
$ |
260,841 |
|
Liabilities, redeemable
preferred stock and stockholders' deficit |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
6,466 |
|
|
$ |
10,565 |
|
Accrued expenses |
|
|
9,353 |
|
|
|
9,451 |
|
Accrued compensation and benefits |
|
|
16,270 |
|
|
|
16,411 |
|
Deferred revenue, current portion |
|
|
27,600 |
|
|
|
27,756 |
|
Lease liabilities and financing obligations, current portion |
|
|
5,753 |
|
|
|
7,378 |
|
Contingent consideration |
|
|
675 |
|
|
|
675 |
|
Total current liabilities |
|
|
66,117 |
|
|
|
72,236 |
|
Deferred revenue, net of current
portion |
|
|
2,799 |
|
|
|
2,377 |
|
Convertible senior notes |
|
|
119,774 |
|
|
|
107,281 |
|
Lease liabilities and financing
obligations, net current portion |
|
|
74,434 |
|
|
|
75,758 |
|
Other non-current
liabilities |
|
|
310 |
|
|
|
313 |
|
Total liabilities |
|
|
263,434 |
|
|
|
257,965 |
|
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, 2022 and December 31, 2021,
respectively, liquidation preference $45 per share as of March 31,
2022 and December 31, 2021, respectively |
|
|
79,193 |
|
|
|
79,193 |
|
Stockholders' deficit: |
|
|
|
|
|
|
|
|
Common stock, par value $0.001, 95,000,000 shares authorized,
33,521,117 and 33,460,545 issued and outstanding at March 31, 2022
and December 31, 2021, respectively |
|
|
33 |
|
|
|
33 |
|
Additional paid-in capital |
|
|
378,490 |
|
|
|
431,874 |
|
Accumulated deficit |
|
|
(469,832 |
) |
|
|
(508,224 |
) |
Total stockholders' deficit |
|
|
(91,309 |
) |
|
|
(76,317 |
) |
Total liabilities, redeemable preferred stock and stockholders'
deficit |
|
$ |
251,318 |
|
|
$ |
260,841 |
|
Benefitfocus,
Inc.Unaudited Consolidated Statements of Cash
Flows(in thousands)
|
|
Three Months EndedMarch 31, |
|
|
|
2022 |
|
|
2021 |
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(2,277 |
) |
|
$ |
(2,097 |
) |
Adjustments to reconcile net loss to net cash (used in) provided by
operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
6,737 |
|
|
|
6,353 |
|
Stock-based compensation expense |
|
|
1,189 |
|
|
|
1,523 |
|
Accretion of interest on convertible senior notes |
|
|
188 |
|
|
|
2,868 |
|
Interest accrual on finance lease liabilities |
|
|
17 |
|
|
|
1,879 |
|
Rent expense less than payments |
|
|
(27 |
) |
|
|
(13 |
) |
Non-cash accretion income from investments |
|
|
29 |
|
|
|
227 |
|
Impairment or loss on disposal of right-of-use assets and property
and equipment |
|
|
– |
|
|
|
45 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable, net |
|
|
(7,014 |
) |
|
|
(2,256 |
) |
Accrued interest on investments |
|
|
284 |
|
|
|
(136 |
) |
Contract, prepaid and other current assets |
|
|
1,859 |
|
|
|
463 |
|
Deferred costs and other non-current assets |
|
|
789 |
|
|
|
823 |
|
Accounts payable and accrued expenses |
|
|
(4,899 |
) |
|
|
5,835 |
|
Accrued compensation and benefits |
|
|
(141 |
) |
|
|
(7,208 |
) |
Deferred revenue |
|
|
266 |
|
|
|
426 |
|
Other non-current liabilities |
|
|
– |
|
|
|
32 |
|
Net cash (used in) provided by
operating activities |
|
|
(3,000 |
) |
|
|
8,764 |
|
Cash flows from investing
activities |
|
|
|
|
|
|
|
|
Purchases of investments held-to-maturity |
|
|
– |
|
|
|
(22,329 |
) |
Maturities of investments held-to-maturity |
|
|
– |
|
|
|
22,500 |
|
Maturities of investments available-for-sale |
|
|
22,045 |
|
|
|
– |
|
Sales of investments available-for-sale |
|
|
14,691 |
|
|
|
– |
|
Business combination, net of cash acquired |
|
|
(500 |
) |
|
|
– |
|
Purchases of property and equipment |
|
|
(2,010 |
) |
|
|
(1,893 |
) |
Net cash provided by (used in)
investing activities |
|
|
34,226 |
|
|
|
(1,722 |
) |
Cash flows from financing
activities |
|
|
|
|
|
|
|
|
Payments of preferred dividends |
|
|
(1,600 |
) |
|
|
(1,600 |
) |
Change in amounts payable on behalf of customer members |
|
|
1,151 |
|
|
|
– |
|
Proceeds from exercises of stock options and ESPP |
|
|
– |
|
|
|
155 |
|
Payments on financing obligations |
|
|
– |
|
|
|
(223 |
) |
Payments of principal on finance lease liabilities |
|
|
(2,806 |
) |
|
|
(2,034 |
) |
Net cash used in financing
activities |
|
|
(3,255 |
) |
|
|
(3,702 |
) |
Net increase in cash,
cash equivalents and restricted cash |
|
|
27,971 |
|
|
|
3,340 |
|
Cash, cash equivalents and
restricted cash, beginning of period |
|
|
31,001 |
|
|
|
90,706 |
|
Cash, cash equivalents
and restricted cash, end of period |
|
$ |
58,972 |
|
|
$ |
94,046 |
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure
of non-cash investing and financing activities |
|
|
|
|
|
|
|
|
Property and equipment purchases in accounts payable and accrued
expenses |
|
$ |
31 |
|
|
$ |
88 |
|
Benefitfocus,
Inc.Unaudited Reconciliation of GAAP to Non-GAAP
Measures(in thousands, except share and per share
data)
|
|
Three Months EndedMarch 31, |
|
|
|
2022 |
|
|
2021 |
|
Reconciliation from Gross Profit to Non-GAAP Gross
Profit: |
|
|
|
|
|
|
|
|
Gross profit |
|
$ |
31,339 |
|
|
$ |
36,470 |
|
Amortization of acquired intangible assets |
|
|
622 |
|
|
|
337 |
|
Stock-based compensation expense |
|
|
196 |
|
|
|
326 |
|
Total net adjustments |
|
|
818 |
|
|
|
663 |
|
Non-GAAP gross profit |
|
$ |
32,157 |
|
|
$ |
37,133 |
|
|
|
|
|
|
|
|
|
|
Reconciliation from
Operating (Loss) Income to Non-GAAP Operating Income: |
|
|
|
|
|
|
|
|
Operating (loss) income |
|
$ |
(37 |
) |
|
$ |
3,485 |
|
Amortization of acquired intangible assets |
|
|
1,073 |
|
|
|
568 |
|
Stock-based compensation expense |
|
|
1,189 |
|
|
|
1,523 |
|
Transaction and acquisition-related costs expensed |
|
|
83 |
|
|
|
154 |
|
Costs not core to our business |
|
|
1,955 |
|
|
|
1,881 |
|
Total net adjustments |
|
|
4,300 |
|
|
|
4,126 |
|
Non-GAAP operating income |
|
$ |
4,263 |
|
|
$ |
7,611 |
|
|
|
|
|
|
|
|
|
|
Reconciliation from Net
Loss to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(2,277 |
) |
|
$ |
(2,097 |
) |
Depreciation |
|
|
3,234 |
|
|
|
3,623 |
|
Amortization of software development costs |
|
|
2,430 |
|
|
|
2,162 |
|
Amortization of acquired intangible assets |
|
|
1,073 |
|
|
|
568 |
|
Interest income |
|
|
(12 |
) |
|
|
(57 |
) |
Interest expense |
|
|
2,482 |
|
|
|
5,555 |
|
Income tax expense |
|
|
16 |
|
|
|
42 |
|
Stock-based compensation expense |
|
|
1,189 |
|
|
|
1,523 |
|
Transaction and acquisition-related costs expensed |
|
|
83 |
|
|
|
154 |
|
Restructuring costs |
|
|
1,006 |
|
|
|
1,400 |
|
Costs not core to our business |
|
|
1,955 |
|
|
|
1,881 |
|
Total net adjustments |
|
|
13,456 |
|
|
|
16,851 |
|
Adjusted EBITDA |
|
$ |
11,179 |
|
|
$ |
14,754 |
|
|
|
|
|
|
|
|
|
|
Reconciliation from Net
Loss to Non-GAAP Net Income: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(2,277 |
) |
|
$ |
(2,097 |
) |
Amortization of acquired intangible assets |
|
|
1,073 |
|
|
|
568 |
|
Stock-based compensation expense |
|
|
1,189 |
|
|
|
1,523 |
|
Transaction and acquisition-related costs expensed |
|
|
83 |
|
|
|
154 |
|
Costs not core to our business |
|
|
1,955 |
|
|
|
1,881 |
|
Total net adjustments |
|
|
4,300 |
|
|
|
4,126 |
|
Non-GAAP net income |
|
$ |
2,023 |
|
|
$ |
2,029 |
|
|
|
|
|
|
|
|
|
|
Calculation of Non-GAAP
Earnings Per Share: |
|
|
|
|
|
|
|
|
Non-GAAP net income |
|
$ |
2,023 |
|
|
$ |
2,029 |
|
Preferred dividends |
|
|
(1,600 |
) |
|
|
(1,600 |
) |
Undistributed earnings allocated to preferred stockholders |
|
|
(58 |
) |
|
|
(61 |
) |
Non-GAAP net income available to common stockholders |
|
$ |
365 |
|
|
$ |
368 |
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding - basic |
|
|
33,496,846 |
|
|
|
32,490,811 |
|
Weighted average shares outstanding - diluted |
|
|
35,159,370 |
|
|
|
34,352,380 |
|
Shares used in computing non-GAAP net income per share - basic |
|
|
33,496,846 |
|
|
|
32,490,811 |
|
Shares used in computing non-GAAP net income per share -
diluted |
|
|
35,159,370 |
|
|
|
34,352,380 |
|
Non-GAAP net income per common share - basic |
|
$ |
0.01 |
|
|
$ |
0.01 |
|
Non-GAAP net income per common share - diluted |
|
$ |
0.01 |
|
|
$ |
0.01 |
|
|
|
|
|
|
|
|
|
|
Reconciliation of Cash
Flows from Operations to Free Cash Flow: |
|
|
|
|
|
|
|
|
Net cash and cash equivalents (used in) provided by operating
activities |
|
$ |
(3,000 |
) |
|
$ |
8,764 |
|
Purchases of property and equipment |
|
|
(2,010 |
) |
|
|
(1,893 |
) |
Cash paid for restructuring costs |
|
|
786 |
|
|
|
1,379 |
|
Total net adjustments |
|
|
(1,224 |
) |
|
|
(514 |
) |
Free Cash Flow |
|
$ |
(4,224 |
) |
|
$ |
8,250 |
|
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