Total revenue of $57.9 million grew 36% year-over-year
Employer revenue of $36.3 million grew 75% year-over-year
CHARLESTON, S.C., Aug. 03, 2016 (GLOBE NEWSWIRE) — Benefitfocus, Inc. (NASDAQ:BNFT), a leading provider of cloud-based benefits management software, today announced its second quarter 2016 financial results.
“Benefitfocus continued to strengthen its market leadership position and delivered a strong second quarter, with revenue and profitability that exceeded the high-end of our guidance for the twelfth consecutive quarter,” said Shawn Jenkins, Chief Executive Officer of Benefitfocus. “Strong demand drove total revenue growth of 36% in the second quarter and once again, our software revenue retention rate was over 95%.”
Jenkins added, “We remain on track to achieve Q4 adjusted EBITDA profitability and are making significant progress towards achieving our long-term goals. This was exemplified in the second quarter by our strong revenue growth and nearly 8 times reduction in adjusted EBITDA loss over the year-ago period.”
Second Quarter 2016 Financial Highlights
Revenue
- Total revenue was $57.9 million, an increase of 36% compared to the second quarter of 2015.
- Software services revenue was $51.0 million, an increase of 34% compared to the second quarter of 2015.
- Professional services revenue was $6.9 million, an increase of 50% compared to the second quarter of 2015.
- Employer revenue was $36.3 million, an increase of 75% compared to the second quarter of 2015.
- Insurance carrier revenue was $21.6 million, a decrease of 1% compared to the second quarter of 2015.
GAAP Net Loss
- GAAP net loss was ($11.0) million, compared to ($18.3) million in the second quarter of 2015. GAAP net loss per share was ($0.37), based on 29.5 million basic and diluted weighted average common shares outstanding, compared to ($0.64) for the second quarter of 2015, based on 28.6 million basic and diluted weighted average common shares outstanding.
Non-GAAP Net Loss and Adjusted EBITDA
- Non-GAAP net loss was ($6.5) million, compared to ($15.3) million in the second quarter of 2015. Non-GAAP net loss per share was ($0.22), based on 29.5 million basic and diluted weighted average common shares outstanding, compared to ($0.53) for the second quarter of 2015, based on 28.6 million basic and diluted weighted average common shares outstanding.
- Adjusted EBITDA was ($1.4) million, compared to ($10.7) million in the second quarter of 2015.
See important disclosures about non-GAAP measures, and a reconciliation of such measures to GAAP, below.
Balance Sheet
- Total available liquidity at the end of the quarter was $88.8 million, which is comprised of cash, cash equivalents, marketable securities and availability under the company’s line of credit.
Second Quarter and Recent Business Highlights
- Ended the second quarter with 803 large employer customers, up from 662 at the end of the year-ago period and 741 at the end of the first quarter of 2016.
- Signed 6 new national accounts with more than 10,000 lives during the second quarter, as well as a multi-year, multi-product transaction with a 120,000 employee customer in early July.
- Announced Benefitstore for Part Time Employees that will be released for open enrollment 2016. This is an incremental revenue opportunity that will enable our large customers to provide part time employers a benefit package that includes Life and Disability Insurance, ID Theft Protection, Legal Assistance, and access to Telemedicine services.
- Introduced One Place 365 Idea Community as part of the Summer 2016 software release. The One Place 365 Idea Community is a collaboration platform that enables customers to crowd-source their ideas and share new product concepts online, building upon the company’s existing platforms for gathering customer feedback.
- Passed a significant milestone in June with the successful delivery of forms 1094 and 1095 to the IRS on behalf of all our BENEFITFOCUS® ACA Management & Reporting customers.
Business Outlook
Based on information available as of August 3, 2016, Benefitfocus is providing guidance for the third quarter and full year 2016 as indicated below.
Third Quarter 2016:
- Total revenue is expected to be in the range of $57.0 million to $58.0 million.
- Non-GAAP net loss is expected to be in the range of ($10.0) million to ($9.5) million, or ($0.34) to ($0.32) per share, based on 29.6 million basic and diluted weighted average common shares outstanding.
- Adjusted EBITDA is expected to be in the range of ($4.0) million to ($3.5) million.
Full Year 2016:
- Total revenue is expected to be in the range of $233.0 million to $236.0 million.
- Non-GAAP net loss is expected to be in the range of ($29.0) million to ($27.0) million, or ($0.98) to ($0.91) per share, based on 29.5 million basic and diluted weighted average common shares outstanding.
- Adjusted EBITDA is expected to be in the range of ($7.5) million to ($5.5) million.
See important disclosures about non-GAAP measures, and a reconciliation of such measures to GAAP, below.
Conference Call Details:
In conjunction with this announcement, Benefitfocus will host a conference call today, August 3, 2016, 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/. A replay of this conference call can also be accessed by dialing (877) 870-5176 (domestic) or (858) 384-5517 (international) with replay passcode 13641207 through August 10, 2016.
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 millions of consumers 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 and the accompanying tables, 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. 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; 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 maintain our culture and recruit and retain qualified personnel; 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 Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||
| Revenue | $ | 57,874 | $ | 42,708 | $ | 112,666 | $ | 85,377 | ||||||||
| Cost of revenue (1)(2) | 29,750 | 23,640 | 59,047 | 46,103 | ||||||||||||
| Gross profit | 28,124 | 19,068 | 53,619 | 39,274 | ||||||||||||
| Operating expenses:(1)(2) | ||||||||||||||||
| Sales and marketing | 14,761 | 15,804 | 28,335 | 31,279 | ||||||||||||
| Research and development | 14,180 | 13,271 | 29,195 | 25,048 | ||||||||||||
| General and administrative | 8,274 | 6,393 | 16,669 | 11,804 | ||||||||||||
| Total operating expenses | 37,215 | 35,468 | 74,199 | 68,131 | ||||||||||||
| Loss from operations | (9,091 | ) | (16,400 | ) | (20,580 | ) | (28,857 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Interest income | 36 | 56 | 92 | 74 | ||||||||||||
| Interest expense on building lease financing obligations | (1,710 | ) | (1,730 | ) | (3,426 | ) | (3,644 | ) | ||||||||
| Interest expense on other borrowings | (231 | ) | (210 | ) | (429 | ) | (490 | ) | ||||||||
| Other (expense) income | (3 | ) | 5 | (3 | ) | 4 | ||||||||||
| Total other expense, net | (1,908 | ) | (1,879 | ) | (3,766 | ) | (4,056 | ) | ||||||||
| Loss before income taxes | (10,999 | ) | (18,279 | ) | (24,346 | ) | (32,913 | ) | ||||||||
| Income tax expense | 5 | 5 | 10 | 20 | ||||||||||||
| Net loss | $ | (11,004 | ) | $ | (18,284 | ) | $ | (24,356 | ) | $ | (32,933 | ) | ||||
| Comprehensive loss | $ | (11,004 | ) | $ | (18,284 | ) | $ | (24,356 | ) | $ | (32,933 | ) | ||||
| Net loss per common share: | ||||||||||||||||
| Basic and diluted | $ | (0.37 | ) | $ | (0.64 | ) | $ | (0.83 | ) | $ | (1.19 | ) | ||||
| Weighted-average common shares outstanding: | ||||||||||||||||
| Basic and diluted | 29,459,341 | 28,633,992 | 29,336,270 | 27,694,935 | ||||||||||||
| (1) Stock-based compensation included in above line items: | ||||||||||||||||
| Cost of revenue | $ | 770 | $ | 434 | $ | 1,318 | $ | 754 | ||||||||
| Sales and marketing | 838 | 713 | 1,470 | 1,036 | ||||||||||||
| Research and development | 1,059 | 613 | 2,527 | 1,052 | ||||||||||||
| General and administrative | 1,783 | 1,021 | 3,868 | 1,775 | ||||||||||||
| (2) Amortization of acquired intangible assets included in above line items: | ||||||||||||||||
| Cost of revenue | $ | 38 | $ | 59 | $ | 74 | $ | 117 | ||||||||
| Sales and marketing | 10 | 6 | 20 | 13 | ||||||||||||
| Research and development | 13 | 9 | 28 | 19 | ||||||||||||
| General and administrative | 4 | 2 | 7 | 4 | ||||||||||||
| Benefitfocus, Inc. | |||||||||
| Unaudited Consolidated Balance Sheets | |||||||||
| (in thousands, except share and per share data) | |||||||||
| As of June 30, 2016 |
As of December 31, 2015 |
||||||||
| Assets | |||||||||
| Current assets: | |||||||||
| Cash and cash equivalents | $ | 56,929 | $ | 48,074 | |||||
| Marketable securities | 11,069 | 40,448 | |||||||
| Accounts receivable, net | 28,440 | 27,616 | |||||||
| Accounts receivable, related party | 2,862 | 2,082 | |||||||
| Prepaid expenses and other current assets | 6,147 | 5,725 | |||||||
| Total current assets | 105,447 | 123,945 | |||||||
| Property and equipment, net | 55,763 | 55,037 | |||||||
| Intangible assets, net | 536 | 665 | |||||||
| Goodwill | 1,634 | 1,634 | |||||||
| Other non-current assets | 1,377 | 838 | |||||||
| Total assets | $ | 164,757 | $ | 182,119 | |||||
| Liabilities and stockholders’ deficit | |||||||||
| Current liabilities: | |||||||||
| Accounts payable | $ | 7,445 | $ | 7,953 | |||||
| Accrued expenses | 10,269 | 10,449 | |||||||
| Accrued compensation and benefits | 17,488 | 20,684 | |||||||
| Deferred revenue, current portion | 33,530 | 37,858 | |||||||
| Revolving line of credit, current portion | 34,000 | 25,000 | |||||||
| Financing and capital lease obligations, current portion | 2,885 | 3,648 | |||||||
| Total current liabilities | 105,617 | 105,592 | |||||||
| Deferred revenue, net of current portion | 50,067 | 55,671 | |||||||
| Revolving line of credit, net of current portion | 5,246 | 5,246 | |||||||
| Financing and capital lease obligations, net of current portion | 33,095 | 31,183 | |||||||
| Other non-current liabilities | 2,523 | 2,436 | |||||||
| Total liabilities | 196,548 | 200,128 | |||||||
| Commitments and contingencies | |||||||||
| Stockholders’ deficit: | |||||||||
| Preferred stock, par value $0.001, 5,000,000 shares authorized, no shares issued and outstanding at June 30, 2016 and December 31, 2015 |
— | — | |||||||
| Common stock, par value $0.001, 50,000,000 shares authorized, 29,588,841 and 29,194,332 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively |
30 | 29 | |||||||
| Additional paid-in capital | 320,877 | 310,304 | |||||||
| Accumulated deficit | (352,698 | ) | (328,342 | ) | |||||
| Total stockholders’ deficit | (31,791 | ) | (18,009 | ) | |||||
| Total liabilities and stockholders’ deficit | $ | 164,757 | $ | 182,119 | |||||
| Benefitfocus, Inc. | ||||||||
| Unaudited Consolidated Statements of Cash Flows | ||||||||
| (in thousands) | ||||||||
| Six Months Ended June 30, |
||||||||
| 2016 | 2015 | |||||||
| Cash flows from operating activities | ||||||||
| Net loss | $ | (24,356 | ) | $ | (32,933 | ) | ||
| Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities: |
||||||||
| Depreciation and amortization | 6,310 | 5,726 | ||||||
| Stock-based compensation expense | 9,183 | 4,617 | ||||||
| Interest accrual on financing obligation | 3,426 | 3,644 | ||||||
| Loss on disposal or impairment of property and equipment | 7 | 8 | ||||||
| Provision for doubtful accounts | (22 | ) | — | |||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable, net | (1,582 | ) | (614 | ) | ||||
| Accrued interest on short-term investments | 158 | 88 | ||||||
| Prepaid expenses and other current assets | (72 | ) | (1,523 | ) | ||||
| Other non-current assets | 291 | 711 | ||||||
| Accounts payable | (1,279 | ) | 1,427 | |||||
| Accrued expenses | 741 | 648 | ||||||
| Accrued compensation and benefits | (3,196 | ) | 1,868 | |||||
| Deferred revenue | (9,932 | ) | (495 | ) | ||||
| Other non-current liabilities | 87 | 189 | ||||||
| Net cash and cash equivalents used in operating activities | (20,236 | ) | (16,639 | ) | ||||
| Cash flows from investing activities | ||||||||
| Purchases of short-term investments held to maturity | (2,004 | ) | (51,111 | ) | ||||
| Proceeds from maturity of short-term investments held to maturity | 31,225 | 8,067 | ||||||
| Purchases of property and equipment | (4,964 | ) | (8,054 | ) | ||||
| Net cash and cash equivalents provided by (used in) investing activities | 24,257 | (51,098 | ) | |||||
| Cash flows from financing activities | ||||||||
| Draws on revolving line of credit | 34,000 | 22,492 | ||||||
| Payments on revolving line of credit | (25,000 | ) | (34,903 | ) | ||||
| Proceeds from exercises of stock options | 1,593 | 1,318 | ||||||
| Proceeds from issuance of common stock and warrant, net of issuance costs | — | 74,538 | ||||||
| Payment of deferred financing costs and debt issuance costs | — | (566 | ) | |||||
| Remittance of taxes upon vesting of restricted stock units | (202 | ) | (874 | ) | ||||
| Payments on financing and capital lease obligations | (5,557 | ) | (4,918 | ) | ||||
| Net cash and cash equivalents provided by financing activities | 4,834 | 57,087 | ||||||
| Net increase (decrease) in cash and cash equivalents | 8,855 | (10,650 | ) | |||||
| Cash and cash equivalents, beginning of period | 48,074 | 51,074 | ||||||
| Cash and cash equivalents, end of period | $ | 56,929 | $ | 40,424 | ||||
| Supplemental disclosure of non-cash investing and financing activities | ||||||||
| Property and equipment purchases in accounts payable and accrued expenses | $ | 1,397 | $ | 1,558 | ||||
| Property and equipment purchased with financing and capital lease obligations | $ | 2,099 | $ | 236 | ||||
| Post contract support purchased with financing obligations | $ | 1,182 | $ | — | ||||
| Allocation of proceeds to deferred revenue from issuance of common stock based on relative selling price |
$ | — | $ | 207 | ||||
| Benefitfocus, Inc. | ||||||||||||||||
| Unaudited Reconciliation of GAAP to Non-GAAP Measures | ||||||||||||||||
| (in thousands, except share and per share data) | ||||||||||||||||
| Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||
| Reconciliation from Gross Profit to Non-GAAP Gross Profit: | ||||||||||||||||
| Gross profit | $ | 28,124 | $ | 19,068 | $ | 53,619 | $ | 39,274 | ||||||||
| Amortization of acquired intangible assets | 38 | 59 | 74 | 117 | ||||||||||||
| Stock-based compensation expense | 770 | 434 | 1,318 | 754 | ||||||||||||
| Total net adjustments | 808 | 493 | 1,392 | 871 | ||||||||||||
| Non-GAAP gross profit | $ | 28,932 | $ | 19,561 | $ | 55,011 | $ | 40,145 | ||||||||
| Reconciliation from Operating Loss to Non-GAAP Operating Loss: | ||||||||||||||||
| Operating loss | $ | (9,091 | ) | $ | (16,400 | ) | $ | (20,580 | ) | $ | (28,857 | ) | ||||
| Amortization of acquired intangible assets | 65 | 76 | 129 | 153 | ||||||||||||
| Stock-based compensation expense | 4,450 | 2,781 | 9,183 | 4,617 | ||||||||||||
| Offering costs expensed | — | 136 | — | 136 | ||||||||||||
| Total net adjustments | 4,515 | 2,993 | 9,312 | 4,906 | ||||||||||||
| Non-GAAP operating loss | $ | (4,576 | ) | $ | (13,407 | ) | $ | (11,268 | ) | $ | (23,951 | ) | ||||
| Reconciliation from Net Loss to Adjusted EBITDA: | ||||||||||||||||
| Net loss | $ | (11,004 | ) | $ | (18,284 | ) | $ | (24,356 | ) | $ | (32,933 | ) | ||||
| Depreciation | 2,509 | 2,156 | 4,862 | 4,226 | ||||||||||||
| Amortization of software development costs | 693 | 671 | 1,319 | 1,347 | ||||||||||||
| Amortization of acquired intangible assets | 65 | 76 | 129 | 153 | ||||||||||||
| Interest income | (36 | ) | (56 | ) | (92 | ) | (74 | ) | ||||||||
| Interest expense on building lease financing obligations | 1,710 | 1,730 | 3,426 | 3,644 | ||||||||||||
| Interest expense on other borrowings | 231 | 210 | 429 | 490 | ||||||||||||
| Income tax expense | 5 | 5 | 10 | 20 | ||||||||||||
| Stock-based compensation expense | 4,450 | 2,781 | 9,183 | 4,617 | ||||||||||||
| Total net adjustments | 9,627 | 7,573 | 19,266 | 14,423 | ||||||||||||
| Adjusted EBITDA | $ | (1,377 | ) | $ | (10,711 | ) | $ | (5,090 | ) | $ | (18,510 | ) | ||||
| Reconciliation from Net Loss to Non-GAAP Net Loss: | ||||||||||||||||
| Net loss | $ | (11,004 | ) | $ | (18,284 | ) | $ | (24,356 | ) | $ | (32,933 | ) | ||||
| Amortization of acquired intangible assets | 65 | 76 | 129 | 153 | ||||||||||||
| Stock-based compensation expense | 4,450 | 2,781 | 9,183 | 4,617 | ||||||||||||
| Offering costs expensed | — | 136 | — | 136 | ||||||||||||
| Total net adjustments | 4,515 | 2,993 | 9,312 | 4,906 | ||||||||||||
| Non-GAAP net loss | $ | (6,489 | ) | $ | (15,291 | ) | $ | (15,044 | ) | $ | (28,027 | ) | ||||
| Calculation of Non-GAAP Earnings Per Share: | ||||||||||||||||
| Non-GAAP net loss | $ | (6,489 | ) | $ | (15,291 | ) | $ | (15,044 | ) | $ | (28,027 | ) | ||||
| Weighted average shares outstanding – basic and diluted | 29,459,341 | 28,633,992 | 29,336,270 | 27,694,935 | ||||||||||||
| Shares used in computing non-GAAP net loss per share – basic and diluted |
29,459,341 | 28,633,992 | 29,336,270 | 27,694,935 | ||||||||||||
| Non-GAAP net loss per common share – basic and diluted | $ | (0.22 | ) | $ | (0.53 | ) | $ | (0.51 | ) | $ | (1.01 | ) | ||||
| Benefitfocus, Inc. | ||||||||||||||||
| Unaudited Reconciliation of GAAP to Non-GAAP Guidance Ranges | ||||||||||||||||
| (in millions, except per share data) | ||||||||||||||||
| Third Quarter 2016 | Full Year 2016 | |||||||||||||||
| Range | Range | |||||||||||||||
| Low | High | Low | High | |||||||||||||
| Reconciliation from Net Loss Guidance to Adjusted EBITDA Guidance: | ||||||||||||||||
| Net loss – Guidance range | $ | (14.9 | ) | $ | (14.4 | ) | $ | (48.2 | ) | $ | (46.2 | ) | ||||
| Depreciation and amortization | 4.1 | 4.1 | 14.0 | 14.0 | ||||||||||||
| Interest income | — | — | (0.1 | ) | (0.1 | ) | ||||||||||
| Interest expense | 2.0 | 2.0 | 7.8 | 7.8 | ||||||||||||
| Income tax expense | — | — | — | — | ||||||||||||
| Stock-based compensation expense | 4.8 | 4.8 | 19.0 | 19.0 | ||||||||||||
| Total net adjustments | 10.9 | 10.9 | 40.7 | 40.7 | ||||||||||||
| Adjusted EBITDA – Guidance range | $ | (4.0 | ) | $ | (3.5 | ) | $ | (7.5 | ) | $ | (5.5 | ) | ||||
| Reconciliation from Net Loss Guidance to Non-GAAP Net Loss Guidance: | ||||||||||||||||
| Net loss – Guidance range | $ | (14.9 | ) | $ | (14.4 | ) | $ | (48.2 | ) | $ | (46.2 | ) | ||||
| Amortization of acquired intangible assets | 0.1 | 0.1 | 0.2 | 0.2 | ||||||||||||
| Stock-based compensation expense | 4.8 | 4.8 | 19.0 | 19.0 | ||||||||||||
| Total net adjustments | 4.9 | 4.9 | 19.2 | 19.2 | ||||||||||||
| Non-GAAP net loss – Guidance range | $ | (10.0 | ) | $ | (9.5 | ) | $ | (29.0 | ) | $ | (27.0 | ) | ||||
| Calculation of Non-GAAP Earnings Per Share Guidance: | ||||||||||||||||
| Non-GAAP net loss – Guidance range | $ | (10.0 | ) | $ | (9.5 | ) | $ | (29.0 | ) | $ | (27.0 | ) | ||||
| Weighted average shares outstanding – basic and diluted | 29.6 | 29.6 | 29.5 | 29.5 | ||||||||||||
| Shares used in computing non-GAAP net loss per share – basic and diluted |
29.6 | 29.6 | 29.5 | 29.5 | ||||||||||||
| Non-GAAP net loss per common share – basic and diluted | $ | (0.34 | ) | $ | (0.32 | ) | $ | (0.98 | ) | $ | (0.91 | ) | ||||
CONTACT: Benefitfocus, Inc. 843-284-1052 ext. 3527 [email protected] Investor Relations: Michael Bauer 843-284-1052 ext. 6654 [email protected]