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 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 | Q2 '21 | Q1 '21 | Q4 '20 | Q3 '20 | Q2 '20 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $56.19M | $56.59M | $61.23M | - | $62.03M | $60.90M | $65.06M | - | $63.58M | $62.17M |
| Cost of Revenue | $29.86M | $29.09M | $29.89M | - | $31.25M | $28.03M | $28.59M | - | $30.11M | $30.40M |
| Gross Profit | $26.33M | $27.49M | $31.34M | - | $30.78M | $32.87M | $36.47M | - | $33.47M | $31.78M |
| R&D | $12.38M | $12.25M | $11.16M | - | $11.06M | $11.10M | $10.83M | - | $11.44M | $11.04M |
| SG&A | $10.46M | $13.52M | $9.29M | - | $12.16M | $17.57M | $9.86M | - | $9.42M | $9.38M |
| Total Operating Expenses | $32.86M | $37.46M | $31.38M | - | $35.89M | $42.33M | $32.98M | - | $33.27M | $37.87M |
| D&A | - | - | $6.74M | - | - | - | $6.35M | - | - | - |
| Operating Income | ($6.53M) | ($9.97M) | ($37.0K) | - | ($5.11M) | ($9.45M) | $3.48M | - | $202.0K | ($6.09M) |
| Interest Expense | $2.92M | $2.48M | $2.48M | - | $5.56M | $5.65M | $5.55M | - | $5.77M | $5.86M |
| Income Tax | $49.0K | $29.0K | $16.0K | - | $42.0K | $41.0K | $42.0K | - | $6.0K | $6.0K |
| Net Income | ($6.99M) | ($12.16M) | ($2.28M) | - | ($18.05M) | ($15.02M) | ($2.10M) | - | ($4.40M) | ($11.86M) |
| EPS - Basic | ($0.59) | ($0.50) | - | - | - | - | - | - | - | - |
| EPS - Diluted | ($0.25) | ($0.50) | - | - | - | - | - | - | - | - |
Balance Sheet
| Line item | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 | Q2 '21 | Q1 '21 | Q4 '20 | Q3 '20 | Q2 '20 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $55.12M | $51.50M | $31.00M | $31.00M | $12.59M | $98.06M | $94.05M | $90.71M | $108.24M | $183.50M |
| Accounts Receivable | $27.60M | $22.34M | $23.50M | $16.49M | $20.37M | $20.89M | $24.50M | $22.24M | $29.90M | $29.87M |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | $6.06M | $5.30M | $6.47M | $10.56M | $7.73M | $3.64M | $6.62M | $2.16M | $2.48M | $6.65M |
| Current Assets | $101.03M | $107.40M | $108.23M | $112.16M | $132.09M | $232.89M | $234.15M | $229.38M | $219.97M | $231.22M |
| Total Assets | $233.71M | $245.01M | $251.32M | $260.84M | $252.41M | $352.30M | $361.69M | $362.37M | $356.71M | $372.20M |
| Current Liabilities | $71.06M | $68.60M | $66.12M | $72.24M | $66.22M | $61.34M | $60.72M | $61.29M | $60.86M | $61.84M |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $258.58M | $265.58M | $263.43M | $257.96M | $254.43M | $335.79M | $333.12M | $331.77M | $331.36M | $344.61M |
| Stockholders' Equity | ($104.06M) | ($99.76M) | ($91.31M) | ($76.32M) | ($81.22M) | ($62.69M) | ($50.61M) | ($48.59M) | ($53.84M) | ($51.60M) |
| Retained Earnings | ($488.98M) | ($482.00M) | ($469.83M) | ($508.22M) | ($511.23M) | ($493.18M) | ($478.15M) | ($476.06M) | ($479.15M) | ($474.76M) |
Cash Flow
| Line item | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 | Q2 '21 | Q1 '21 | Q4 '20 | Q3 '20 | Q2 '20 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | - | - | ($3.00M) | - | - | - | $8.76M | - | - | - |
| Investing Cash Flow | - | - | $34.23M | - | - | - | ($1.72M) | - | - | - |
| Financing Cash Flow | - | - | ($3.25M) | - | - | - | ($3.70M) | - | - | - |
| CapEx | - | - | $2.01M | - | - | - | $1.89M | - | - | - |
| Free Cash Flow | - | - | ($5.01M) | - | - | - | $6.87M | - | - | - |
Ratios
| Metric | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 | Q2 '21 | Q1 '21 | Q4 '20 | Q3 '20 | Q2 '20 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 46.9% | 48.6% | 51.2% | - | 49.6% | 54.0% | 56.1% | - | 52.6% | 51.1% |
| Operating margin | -11.6% | -17.6% | -0.1% | - | -8.2% | -15.5% | 5.4% | - | 0.3% | -9.8% |
| EBITDA margin | - | - | 10.9% | - | - | - | 15.1% | - | - | - |
| Net margin | -12.4% | -21.5% | -3.7% | - | -29.1% | -24.7% | -3.2% | - | -6.9% | -19.1% |
| Free cash flow margin | - | - | -8.2% | - | - | - | 10.6% | - | - | - |
| FCF / Net income | - | - | 2.20 | - | - | - | -3.28 | - | - | - |
| R&D / Revenue | 22.0% | 21.6% | 18.2% | - | 17.8% | 18.2% | 16.6% | - | 18.0% | 17.8% |
| SG&A / Revenue | 18.6% | 23.9% | 15.2% | - | 19.6% | 28.9% | 15.2% | - | 14.8% | 15.1% |
| Effective tax rate | - | - | - | - | - | - | - | - | - | - |
| Return on assets | -3.0% | -5.0% | -0.9% | - | -7.2% | -4.3% | -0.6% | - | -1.2% | -3.2% |
| Return on equity | 6.7% | 12.2% | 2.5% | - | 22.2% | 24.0% | 4.1% | - | 8.2% | 23.0% |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 1.42 | 1.57 | 1.64 | 1.55 | 1.99 | 3.80 | 3.86 | 3.74 | 3.61 | 3.74 |
| Quick ratio | 1.42 | 1.57 | 1.64 | 1.55 | 1.99 | 3.80 | 3.86 | 3.74 | 3.61 | 3.74 |
| Cash ratio | 0.78 | 0.75 | 0.47 | 0.43 | 0.19 | 1.60 | 1.55 | 1.48 | 1.78 | 2.97 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | -2.2x | -4.0x | -0.0x | - | -0.9x | -1.7x | 0.6x | - | 0.0x | -1.0x |
| Equity multiplier | -2.25 | -2.46 | -2.75 | -3.42 | -3.11 | -5.62 | -7.15 | -7.46 | -6.63 | -7.21 |
| Liabilities / Assets | 1.11 | 1.08 | 1.05 | 0.99 | 1.01 | 0.95 | 0.92 | 0.92 | 0.93 | 0.93 |
| Efficiency | ||||||||||
| Asset turnover | 0.24 | 0.23 | 0.24 | - | 0.25 | 0.17 | 0.18 | - | 0.18 | 0.17 |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 179d | 144d | 140d | - | 120d | 125d | 137d | - | 172d | 175d |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | 74d | 66d | 79d | - | 90d | 47d | 84d | - | 30d | 80d |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | - | - | - | - | - | - | - | - | - | - |
| P / S | - | - | - | - | - | - | - | - | - | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | -9.4% | -7.1% | -5.9% | - | -2.4% | -2.0% | -1.6% | - | -11.3% | -9.3% |
| Revenue CAGR (3y) | -7.8% | -6.2% | -3.6% | - | 0.6% | 0.2% | 1.4% | - | 0.6% | -0.6% |
| Revenue CAGR (5y) | -2.1% | -2.2% | -0.9% | - | 1.3% | 1.0% | 3.5% | - | 7.0% | 7.8% |
| Gross profit growth (YoY) | -14.5% | -16.4% | -14.1% | - | -8.0% | 3.5% | 13.1% | - | -7.2% | -11.2% |
| Operating income growth (YoY) | -27.9% | -5.5% | - | - | - | -55.1% | - | - | - | 37.7% |
| Net income growth (YoY) | 61.3% | 19.0% | -8.6% | - | -310.7% | -26.6% | 81.2% | - | 65.0% | 20.6% |
| EPS growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -28.1% | -59.1% | -80.4% | -57.0% | -50.9% | -21.5% | -19.2% | -89.5% | -98.9% | -170.5% |
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%
Peer comparison
Same SIC group: Services-Prepackaged Software
Comparing Benefitfocus against the 5 most active filers in the same SIC group.