Benefitfocus,inc. (BNFT)
CashFlow / TTM
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13
Cash flows from operating activities
Net loss

-42,442

-45,515

-54,690

-53,711

-53,034

-52,627

-46,516

-48,924

-48,513

-50,294

-50,826

-45,423

-42,577

-40,346

-45,446

-53,507

-60,787

-62,084

-63,286

-65,510

-65,426

-63,179

-57,772

-45,720

-37,148

-30,361

0

0

0

Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:
Depreciation and amortization

22,900

22,351

20,532

18,807

17,220

15,815

15,970

15,918

15,831

15,906

15,302

14,708

14,035

13,073

12,597

12,248

11,884

11,664

10,579

10,219

9,872

9,493

9,846

9,287

8,712

8,172

0

0

0

Stock-based compensation expense

16,882

19,572

31,023

29,955

30,910

28,868

16,837

17,886

16,074

16,137

16,124

16,155

17,743

18,088

16,433

15,020

13,351

10,454

9,675

8,314

6,884

5,588

3,925

2,556

1,489

1,202

0

0

0

Accretion of interest on convertible senior notes

11,431

11,256

8,377

5,541

2,749

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Interest accrual on finance lease liabilities

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Rent expense (less than) in excess of payments

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Change in fair value and accretion of warrant

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

744

892

892

892

892

0

0

0

Interest accrual on financing obligations (prior to adoption of ASC 842)

-

-

-

-

-

7,521

7,516

7,511

7,506

7,500

7,320

7,148

6,984

6,827

6,851

6,874

6,893

7,092

6,945

6,161

5,080

3,624

2,493

1,991

1,784

1,768

0

0

0

Rent expense in excess of payments

-

-

-

-

-

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loss on disposal or impairment of property and equipment

-

-

-

-

-

-

-

-

-

-157

-158

-283

-289

-141

0

0

0

-

-

-

-

-25

-60

-43

-54

-65

0

0

0

Provision for doubtful accounts

-99

111

108

265

270

364

297

378

412

75

522

750

711

667

0

0

0

-

-

-

-

-

-

-

-

-32

0

0

0

Change in fair value of contingent consideration

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-17

0

0

0

Changes in operating assets and liabilities:
Accounts receivable, net

5,172

11,875

6,244

4,977

-2,082

-8,650

-5,346

-644

2,800

-2,800

2,724

-2,758

-5,280

3,936

8,641

8,768

13,819

7,800

4,158

558

563

-2,357

-3,297

2,492

-98

10,264

0

0

0

Accrued interest on short-term investments

-

-

-

-

-

-

-

-

-

-7

-10

-69

-97

-220

-257

-275

-255

-205

-161

-157

-246

-162

0

0

0

-

-

-

-

Contract, prepaid and other current assets

895

3,642

4,467

3,228

3,946

570

-137

-1,684

-4,308

-4,519

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred costs and other non-current assets

-1,882

-2,893

-4,293

-3,985

-3,539

-3,137

-3,756

-4,500

-4,759

-5,538

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accounts payable and accrued expenses

3,700

426

1,539

3,591

-1,023

6,566

7,930

-928

746

-3,015

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Prepaid expenses and other current assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-1,037

-123

415

1,328

1,301

322

-380

-833

194

1,135

1,669

1,440

0

0

0

Other non-current assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-475

-960

-451

-1,380

-1,325

-1,242

-922

-824

0

0

0

-

-

-

-

Accounts payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-543

712

-198

3,418

1,241

3,283

-489

-199

-2,569

-1,058

2,146

2,625

0

0

0

Accrued expenses

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5,907

3,054

5,377

2,961

2,896

2,992

3,847

2,469

1,491

1,352

223

904

0

0

0

Accrued compensation and benefits

-259

161

193

464

31

649

1,257

30

534

-3,097

-5,299

-2,810

-4,626

-3,337

-3,595

-1,754

-3,932

3,310

2,555

160

2,909

3,192

2,527

3,778

3,140

4,521

0

0

0

Deferred revenue

-12,927

-14,047

-13,149

-11,110

-12,127

-9,165

-7,556

-3,022

-939

-1,922

-527

-5,564

-10,228

-12,537

-13,159

-10,626

-4,438

-1,189

1,258

4,816

10,065

14,288

19,044

23,025

20,710

22,701

0

0

0

Other non-current liabilities

-93

-92

25

-62

-149

-234

175

1

-134

-248

784

1,519

1,926

2,073

648

230

172

332

136

428

661

901

1,084

825

571

331

0

0

0

Net cash and cash equivalents used in operating activities

-5,061

-18,375

-10,552

-6,707

-7,820

8,981

5,149

-4,314

-2,207

-5,937

-17,031

-8,986

-10,421

-22,826

-26,722

-35,142

-45,188

-31,545

-31,884

-28,292

-25,070

-18,878

-15,245

-6,346

1,256

1,067

0

0

0

Cash flows from investing activities
Business combination, net of cash acquired

-119

20,914

20,914

20,914

21,033

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchases of short-term investments held to maturity

-

-

-

-

-

-

-

-

-

-

-

-

-

2,004

11,048

19,078

31,359

68,185

59,141

51,111

38,830

12,959

0

0

0

-

-

-

-

Proceeds from short-term investments held to maturity

-

-

-

-

-

-

-

-

-

2,000

4,500

11,000

15,700

40,225

48,525

55,825

54,127

32,667

0

0

0

-

-

-

-

-

-

-

-

Purchases of property and equipment

14,114

13,248

13,039

12,130

9,604

8,290

7,983

8,015

7,817

8,279

7,995

11,566

12,198

12,705

14,570

11,637

11,334

14,727

12,857

14,148

13,720

9,824

10,208

9,229

9,767

8,918

0

0

0

Net cash and cash equivalents used in investing activities

-13,995

-34,162

-33,953

-33,044

-30,637

-8,290

-7,983

-8,015

-7,817

-6,279

-3,495

-566

3,502

25,516

22,907

25,110

11,434

-50,245

-48,131

-45,928

-26,655

-1,953

-17,505

-25,781

-35,885

-22,077

0

0

0

Cash flows from financing activities
Draws on revolving line of credit

10,000

0

18,000

56,000

84,000

115,000

121,000

111,000

108,000

105,000

101,000

103,000

112,000

84,000

89,000

69,000

35,000

57,492

0

0

0

-

-

-

-

-

-

-

-

Payments on revolving line of credit

-

-

-

-

-

171,246

112,000

96,000

93,000

89,000

76,000

90,000

69,000

74,000

69,001

35,000

39,000

44,903

0

0

0

-

-

-

-

-

-

-

-

Payments of debt issuance costs

154

357

6,357

6,357

6,357

6,000

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Remittance of taxes upon vesting of restricted stock units

-

-

-

-

-

-

-

-

-

-

-

-

-

202

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Repurchase of common stock

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from notes payable borrowing

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,465

0

0

0

Repayment of notes payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

7,447

0

0

0

Proceeds from exercises of stock options

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3,055

1,891

2,730

2,817

2,833

2,913

1,148

699

0

0

0

Proceeds from issuance of common stock and warrant, net of issuance costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

74,538

0

0

0

-

-

-

-

-

-

-

-

Payments of debt issuance costs and deferred financing costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

566

0

0

0

-

-

-

0

-

-

-

-

Proceeds from exercises of stock options and ESPP

437

453

555

576

579

712

605

824

1,483

3,715

8,324

8,438

9,161

6,870

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Payments on financing obligations

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments on capital lease and financing obligations

-

-

-

-

-

10,540

10,279

9,598

9,345

9,017

8,646

9,041

9,445

10,200

10,685

10,523

10,299

9,884

8,855

7,833

8,499

8,231

7,649

7,045

4,694

3,343

0

0

0

Payments of principal on finance lease liabilities

10,109

5,884

4,112

2,699

1,375

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash and cash equivalents used in financing activities

-10,388

-7,415

124,139

124,848

127,830

134,902

-674

6,226

7,138

10,698

24,299

12,018

42,337

6,089

11,623

26,537

-12,604

78,790

69,231

59,419

71,512

6,260

1,854

73,679

65,721

66,952

0

0

0

Net decrease in cash and cash equivalents

-29,444

-59,952

79,634

85,097

89,373

135,593

-3,508

-6,103

-2,886

-1,518

3,773

2,466

35,418

8,779

7,808

16,505

-46,358

-3,000

-10,784

-14,801

19,787

-14,571

-30,896

41,552

31,092

45,942

0

0

0

Supplemental disclosure of non-cash investing and financing activities
Property and equipment purchases in accounts payable and accrued expenses

-197

154

161

409

174

244

-406

-71

641

389

721

34

471

699

548

1,328

1,209

1,489

0

0

0

-

-

-

-

-

-

-

-

Property and equipment purchased with financing and capital lease obligations (prior to adoption of ASC 842)

-

-

-

-

-

4,810

3,739

3,085

713

0

25,799

25,933

27,299

28,032

2,233

2,777

1,411

914

7,876

11,329

20,342

21,739

19,079

14,984

6,032

5,440

0

0

0

Post contract support purchased with financing obligations

-

-

-

-

-

790

275

275

275

0

0

-134

0

1,048

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Debt issuance costs included in accounts payable and accrued expenses

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

Allocation of proceeds to deferred revenue from issuance of common stock based on relative selling price

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

207

0

0

0

-

-

-

-

-

-

-

-