BNFT · Benefitfocus, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|
| Revenue | $263.10M | $268.14M | $295.69M | $258.72M | $256.74M | $233.34M |
| Cost of Revenue | $122.71M | $129.39M | $144.09M | $123.31M | $124.16M | $120.68M |
| Gross Profit | $140.38M | $138.75M | $151.60M | $129.44M | $132.58M | $112.65M |
| R&D | $44.70M | $46.17M | $54.72M | $47.90M | $49.55M | $56.58M |
| SG&A | $50.89M | $37.72M | $45.33M | $43.06M | $27.27M | $32.75M |
| Total Operating Expenses | $146.09M | $141.72M | $176.10M | $169.14M | $146.10M | $144.82M |
| D&A | $23.07M | $22.74M | $15.65M | $15.81M | $15.91M | $13.07M |
| Operating Income | ($5.71M) | ($2.97M) | ($24.51M) | ($39.70M) | ($13.52M) | ($32.17M) |
| Interest Expense | $20.75M | $23.07M | $23.52M | $5.68M | $4.93M | $1.09M |
| Income Tax | ($2.96M) | $22.0K | $27.0K | $28.0K | $15.0K | $17.0K |
| Net Income | ($32.17M) | ($24.30M) | ($45.52M) | ($52.63M) | ($25.87M) | ($40.06M) |
| EPS - Basic | - | - | - | - | - | - |
| EPS - Diluted | - | - | - | - | - | - |
Balance Sheet
| Line item | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $31.00M | $90.71M | $130.98M | $190.93M | $55.34M | $56.85M |
| Accounts Receivable | $16.49M | $22.24M | $33.75M | $21.08M | $30.16M | $28.34M |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | $10.56M | $2.16M | $9.56M | $8.69M | $4.26M | $5.83M |
| Current Assets | $112.16M | $229.38M | $186.25M | $228.67M | $89.83M | $96.28M |
| Total Assets | $260.84M | $362.37M | $331.68M | $313.94M | $165.11M | $180.41M |
| Current Liabilities | $72.24M | $61.29M | $75.64M | $78.44M | $93.89M | $92.07M |
| Long-term Debt | - | - | - | - | - | - |
| Total Liabilities | $257.96M | $331.77M | $357.33M | $324.15M | $204.44M | $213.72M |
| Stockholders' Equity | ($76.32M) | ($48.59M) | ($25.64M) | ($10.21M) | ($39.33M) | ($33.31M) |
| Retained Earnings | ($508.22M) | ($476.06M) | ($451.70M) | ($413.87M) | ($394.66M) | ($368.40M) |
Cash Flow
| Line item | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $33.50M | $27.65M | ($18.38M) | ($22.83M) | ($5.94M) | ($22.83M) |
| Investing Cash Flow | $17.09M | ($108.21M) | ($34.16M) | $25.52M | ($6.28M) | $25.52M |
| Financing Cash Flow | ($110.30M) | $40.29M | ($7.42M) | $6.09M | $10.70M | $6.09M |
| CapEx | $11.78M | $13.09M | $13.25M | $8.29M | $8.28M | $12.71M |
| Free Cash Flow | $21.73M | $14.57M | ($31.62M) | ($31.12M) | ($14.22M) | ($35.53M) |
Ratios
| Metric | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 53.4% | 51.7% | 51.3% | 50.0% | 51.6% | 48.3% |
| Operating margin | -2.2% | -1.1% | -8.3% | -15.3% | -5.3% | -13.8% |
| EBITDA margin | 6.6% | 7.4% | -3.0% | -9.2% | 0.9% | -8.2% |
| Net margin | -12.2% | -9.1% | -15.4% | -20.3% | -10.1% | -17.2% |
| Free cash flow margin | 8.3% | 5.4% | -10.7% | -12.0% | -5.5% | -15.2% |
| FCF / Net income | -0.68 | -0.60 | 0.69 | 0.59 | 0.55 | 0.89 |
| R&D / Revenue | 17.0% | 17.2% | 18.5% | 18.5% | 19.3% | 24.3% |
| SG&A / Revenue | 19.3% | 14.1% | 15.3% | 16.6% | 10.6% | 14.0% |
| Effective tax rate | - | - | - | - | - | - |
| Return on assets | -12.3% | -6.7% | -13.7% | -16.8% | -15.7% | -22.2% |
| Return on equity | 42.1% | 50.0% | 177.5% | 515.4% | 65.8% | 120.3% |
| Return on invested capital | - | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | 1.55 | 3.74 | 2.46 | 2.92 | 0.96 | 1.05 |
| Quick ratio | 1.55 | 3.74 | 2.46 | 2.92 | 0.96 | 1.05 |
| Cash ratio | 0.43 | 1.48 | 1.73 | 2.43 | 0.59 | 0.62 |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | -0.3x | -0.1x | -1.0x | -7.0x | -2.7x | -29.4x |
| Equity multiplier | -3.42 | -7.46 | -12.93 | -30.75 | -4.20 | -5.42 |
| Liabilities / Assets | 0.99 | 0.92 | 1.08 | 1.03 | 1.24 | 1.18 |
| Efficiency | ||||||
| Asset turnover | 1.01 | 0.74 | 0.89 | 0.82 | 1.55 | 1.29 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 23d | 30d | 42d | 30d | 43d | 44d |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | 31d | 6d | 24d | 26d | 13d | 18d |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | - | - | - | - | - | - |
| P / B | - | - | - | - | - | - |
| P / S | - | - | - | - | - | - |
| EV / EBITDA | - | - | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | -1.9% | -9.3% | 14.3% | 0.8% | 10.0% | 26.0% |
| Revenue CAGR (3y) | 0.6% | 1.5% | 8.2% | 11.8% | 23.2% | 41.9% |
| Revenue CAGR (5y) | 2.4% | 7.7% | 16.6% | 25.9% | - | - |
| Gross profit growth (YoY) | 1.2% | -8.5% | 17.1% | -2.4% | 17.7% | 36.9% |
| Operating income growth (YoY) | -92.4% | 87.9% | 38.3% | -193.7% | 58.0% | 40.7% |
| Net income growth (YoY) | -32.4% | 46.6% | 13.5% | -103.4% | 35.4% | 35.5% |
| EPS growth (YoY) | - | - | - | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | 49.2% | - | -1.6% | -118.9% | 60.0% | 23.2% |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | -57.0% | -89.5% | -151.2% | 74.0% | -18.1% | -85.0% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2021-12-31.
Product / service
$481.43M totalSoftware Services$218.34M · 45.4%
Subscription And Circulation$178.76M · 37.1%
Professional Services$44.76M · 9.3%
Management Platform$39.58M · 8.2%
Stability scores
Altman Z′
FY 2021 · bankruptcy risk
-0.73
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2021 · 9-point quality
4/9
Neutral
- ✗Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✗Current ratio improved
- -No share dilution
- ✓Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Services-Prepackaged Software
Comparing Benefitfocus against the 5 most active filers in the same SIC group.