Benefitfocus (NASDAQ: BNFT) will report its second quarter 2021 financial results on August 3, 2021, after market close. A conference call will follow at 5:00 p.m. ET to discuss the results and outlook, accessible at (855) 327-6837 (domestic) or +1 (631) 891-4304 (international). A replay will be available until August 10, 2021. Benefitfocus specializes in cloud-based benefits solutions, aiming to enhance efficiency and access to employee benefits. For further details, visit their Investor Relations.
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Benefitfocus, Inc. (NASDAQ: BNFT) has announced a series of One Place Local events to discuss the State of Employee Benefits 2021. These regional workshops, scheduled for late May and early June, will analyze the impact of 2020 on employee benefit adoption using data from 3.5 million enrollment records from large employers. The events aim to provide insights into plan design and enrollment trends and will be accredited by HRCI and SHRM. CEO Matt Levin emphasized the importance of leveraging data to navigate changing employee expectations.
Benefitfocus, Inc. (NASDAQ: BNFT) has filed definitive proxy materials with the SEC for its 2021 annual stockholder meeting set for June 30, 2021, at 10:00 am EDT in Charleston, SC. Stockholders of record as of May 10, 2021, can vote. The board recommends voting for incumbent directors and key proposals, including board declassification. Incoming chairman Doug Dennerline emphasized improvements in governance and engagement with stockholders. Notably, Indaba, a significant debtholder, has withdrawn its director nominations, indicating a constructive relationship.
Indaba Capital Management, which holds approximately 9.9% of Benefitfocus common shares and 22.9% of its convertible senior notes, expressed serious concerns over the company's governance and management decisions in an open letter. They criticized the Board's refusal to accept a shareholder-appointed director, highlighted troubling governance practices, and criticized the recent hiring of CEO Matthew Levin amid a lawsuit against him. Indaba emphasized the need for improved governance and transparency, threatening further actions if the Board fails to address these issues.
Benefitfocus, Inc. (NASDAQ: BNFT) has expanded its Benefit Catalog by incorporating a comprehensive suite of voluntary benefits from The Standard. This addition includes products such as accident, critical illness, hospital indemnity, disability, life insurance, and dental and vision plans, aiming to enhance employee financial protection. The move aligns with rising demand for additional benefits due to the COVID-19 pandemic, as highlighted by a recent analysis showing increased enrollment in supplemental insurance plans. Benefitfocus aims to improve the employee enrollment experience through this partnership.
Benefitfocus (NASDAQ: BNFT) has announced significant updates to its Benefitplace™ platform for health plan users, aimed at enhancing the Shopping & Quoting functions. These updates, driven by user feedback, include a refined general agency role, improved employee participation rating, and enhanced plan display for brokers. Further upgrades are expected in June, such as the ability to offer supplemental insurance products and more comprehensive census data collection. This initiative aims to boost efficiency and sales growth for health plans and improve user satisfaction.
Benefitfocus (NASDAQ: BNFT) announces the appointment of Matthew Levin as CEO, effective May 10, 2021. The board approved an initial equity grant to Levin valued at $5 million, comprising 70% restricted stock units (RSUs) and 30% performance stock units (PSUs). The RSUs will vest in four annual installments, while the PSUs will vest based on stock price milestones after two years, contingent on Levin's continued employment. This grant aims to align Levin's incentives with shareholder interests and ensure his retention.
Benefitfocus, Inc. (NASDAQ: BNFT) reported strong first quarter 2021 results, exceeding all guidance metrics. Revenue reached $65.1 million, a 2% decrease year-over-year, while adjusted EBITDA surged 261% to $14.8 million. Non-GAAP EPS improved to $0.01 from ($0.21) in Q1 2020. Despite a GAAP net loss of ($2.1) million, significant free cash flow of $8.3 million was achieved. The company strengthened its board's diversity and governance. For Q2 2021, revenue guidance is set at $58-$60 million, with an expected adjusted EBITDA of $8-$10 million, while 2021 full-year revenue is projected at $254-$260 million.
Benefitfocus Appoints New CEO
Benefitfocus (NASDAQ: BNFT) has announced the appointment of Matthew Levin as the new president and CEO, effective May 10, 2021. Levin succeeds Stephen Swad, who will assist in the transition until September 2021 and remain on the board. Levin brings over 15 years of experience in benefits administration and technology, previously serving as chief strategy officer at ADP. The company has reiterated its full-year guidance, indicating confidence in its future performance.