Benefitfocus, Inc.

2022 Q4 Form 10-Q Financial Statement

#000095017022023355 Filed on November 09, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q4

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $55.12M $68.05M
YoY Change -41.66% -63.37%
Cash & Equivalents $55.12M $31.00M
Short-Term Investments $0.00 $37.05M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $27.60M $16.49M
Other Receivables $0.00 $0.00
Total Short-Term Assets $101.0M $112.2M
YoY Change -23.52% -51.11%
LONG-TERM ASSETS
Property, Plant & Equipment $24.73M $27.20M
YoY Change -71.47% -8.41%
Goodwill $34.24M $34.24M
YoY Change 166.29%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $132.7M $148.7M
YoY Change 10.29% 11.8%
TOTAL ASSETS
Total Short-Term Assets $101.0M $112.2M
Total Long-Term Assets $132.7M $148.7M
Total Assets $233.7M $260.8M
YoY Change -7.41% -28.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.064M $10.57M
YoY Change -21.54% 389.12%
Accrued Expenses $7.552M $9.451M
YoY Change -76.67% 50.93%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $5.186M $0.00
YoY Change
Total Short-Term Liabilities $71.06M $72.24M
YoY Change 7.32% 17.86%
LONG-TERM LIABILITIES
Long-Term Debt $112.2M $182.1M
YoY Change 6.2% -1.2%
Other Long-Term Liabilities $392.0K $313.0K
YoY Change -99.53% -87.33%
Total Long-Term Liabilities $392.0K $313.0K
YoY Change -99.79% -87.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $71.06M $72.24M
Total Long-Term Liabilities $392.0K $313.0K
Total Liabilities $258.6M $258.0M
YoY Change 1.63% -22.25%
SHAREHOLDERS EQUITY
Retained Earnings -$489.0M -$508.2M
YoY Change 6.76%
Common Stock $384.9M $431.9M
YoY Change 1.04%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$104.1M -$76.32M
YoY Change
Total Liabilities & Shareholders Equity $233.7M $260.8M
YoY Change -7.41% -28.02%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q4

Facts In Submission

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StockholdersEquity
-104062000
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
-48595000
CY2021Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
155000
CY2021Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1523000
CY2021Q1 us-gaap Dividends Preferred Stock
DividendsPreferredStock
1600000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-2097000
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
-50614000
CY2021Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
102000
CY2021Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0
CY2021Q2 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
65000
CY2021Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
4376000
CY2021Q2 us-gaap Dividends Preferred Stock
DividendsPreferredStock
1600000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-15020000
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
-62691000
CY2021Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0
us-gaap Share Based Compensation
ShareBasedCompensation
10494000
bnft Accretion Of Interest On Convertible Senior Notes
AccretionOfInterestOnConvertibleSeniorNotes
507000
bnft Accretion Of Interest On Convertible Senior Notes
AccretionOfInterestOnConvertibleSeniorNotes
8590000
CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
4595000
bnft Non Cash Accrued Finance Lease Interest Expense
NonCashAccruedFinanceLeaseInterestExpense
19000
CY2021Q3 bnft Cancellation Of Convertible Senior Notes Capped Call Hedge Value
CancellationOfConvertibleSeniorNotesCappedCallHedgeValue
-98000
CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Equity Component Of Convertible Debt
AdjustmentsToAdditionalPaidInCapitalEquityComponentOfConvertibleDebt
-3566000
bnft Non Cash Accrued Finance Lease Interest Expense
NonCashAccruedFinanceLeaseInterestExpense
3259000
bnft Rent Expense Less Than Payments
RentExpenseLessThanPayments
-82000
CY2021Q3 us-gaap Dividends Preferred Stock
DividendsPreferredStock
1600000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-18054000
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
-81218000
us-gaap Profit Loss
ProfitLoss
-21427000
us-gaap Profit Loss
ProfitLoss
-35171000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
19955000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
18976000
us-gaap Share Based Compensation
ShareBasedCompensation
10722000
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Asset1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationAsset1
-0
bnft Non Cash Accretion Income From Investments
NonCashAccretionIncomeFromInvestments
-29000
bnft Non Cash Accretion Income From Investments
NonCashAccretionIncomeFromInvestments
-741000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
58000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
0
us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
GainLossOnSalesOfAssetsAndAssetImpairmentCharges
-1769000
us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
GainLossOnSalesOfAssetsAndAssetImpairmentCharges
-4074000
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
1930000
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-7520000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
11107000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-1872000
us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
-284000
us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
-161000
bnft Increase Decrease In Contract Prepaid And Other Current Assets
IncreaseDecreaseInContractPrepaidAndOtherCurrentAssets
-9591000
bnft Increase Decrease In Contract Prepaid And Other Current Assets
IncreaseDecreaseInContractPrepaidAndOtherCurrentAssets
-4009000
bnft Increase Decrease In Deferred Costs And Other Non Current Assets
IncreaseDecreaseInDeferredCostsAndOtherNonCurrentAssets
-2493000
bnft Increase Decrease In Deferred Costs And Other Non Current Assets
IncreaseDecreaseInDeferredCostsAndOtherNonCurrentAssets
-1238000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-5696000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
6960000
us-gaap Increase Decrease In Deferred Compensation
IncreaseDecreaseInDeferredCompensation
-1203000
us-gaap Increase Decrease In Deferred Compensation
IncreaseDecreaseInDeferredCompensation
-2136000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
2674000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-3441000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
80000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
191000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
6017000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
27296000
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
0
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
91361000
us-gaap Proceeds From Maturities Prepayments And Calls Of Held To Maturity Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities
0
us-gaap Proceeds From Maturities Prepayments And Calls Of Held To Maturity Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities
100588000
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
22045000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
58000
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
0
bnft Proceeds From Contingently Returnable Consideration
ProceedsFromContingentlyReturnableConsideration
0
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
14691000
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
0
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
500000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6116000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
7454000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
30120000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
1773000
us-gaap Payment For Contingent Consideration Liability Financing Activities
PaymentForContingentConsiderationLiabilityFinancingActivities
675000
us-gaap Finance Lease Impairment Loss
FinanceLeaseImpairmentLoss
4003000
us-gaap Payment For Contingent Consideration Liability Financing Activities
PaymentForContingentConsiderationLiabilityFinancingActivities
0
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
112000000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0
bnft Repurchase Of Convertible Senior Notes
RepurchaseOfConvertibleSeniorNotes
111628000
bnft Repurchase Of Convertible Senior Notes
RepurchaseOfConvertibleSeniorNotes
98678000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
1841000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0
bnft Cancellation Of Convertible Senior Notes Capped Call Hedge
CancellationOfConvertibleSeniorNotesCappedCallHedge
6000
bnft Cancellation Of Convertible Senior Notes Capped Call Hedge
CancellationOfConvertibleSeniorNotesCappedCallHedge
98000
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
4800000
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
4800000
bnft Proceeds From Contingently Returnable Consideration
ProceedsFromContingentlyReturnableConsideration
879000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
322000
bnft Payments On Financing Obligations
PaymentsOnFinancingObligations
327000
bnft Payments On Financing Obligations
PaymentsOnFinancingObligations
226000
bnft Payments Of Principle On Financing Lease Obligations
PaymentsOfPrincipleOnFinancingLeaseObligations
5686000
bnft Payments Of Principle On Financing Lease Obligations
PaymentsOfPrincipleOnFinancingLeaseObligations
3902000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-12014000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-107186000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
24123000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-78117000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
31001000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
90706000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
55124000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
12589000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
0
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
945000
bnft Non Cash Investing And Financing Activities Debt Issuance Costs Included In Accounts Payable And Accrued Expenses
NonCashInvestingAndFinancingActivitiesDebtIssuanceCostsIncludedInAccountsPayableAndAccruedExpenses
53000
bnft Non Cash Investing And Financing Activities Debt Issuance Costs Included In Accounts Payable And Accrued Expenses
NonCashInvestingAndFinancingActivitiesDebtIssuanceCostsIncludedInAccountsPayableAndAccruedExpenses
0
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11354253
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9989612
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11354253
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-6986000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-18054000
us-gaap Net Income Loss
NetIncomeLoss
-21427000
us-gaap Net Income Loss
NetIncomeLoss
-35171000
CY2022Q3 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
1600000
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
4800000
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Such estimates include allowances for credit losses and returns, valuations of deferred income taxes, long-lived assets, capitalizable software development costs and the related amortization, contingent consideration, incremental borrowing rate used in lease accounting, the determination of the useful lives of assets, and the impairment assessment of right-of-use assets, acquired intangibles and goodwill. Additionally, as described in revenue and deferred revenue below, estimates are utilized in association with revenue recognition, in particular the estimation of variable consideration using the expected value method from insurance broker commissions reported in Platform revenue. Determination of these transactions and account balances are based on, among other things, the Company’s estimates and judgments. These estimates are based on the Company’s knowledge of current events and actions it may undertake in the future as well as on various other assumptions that it believes to be reasonable. Actual results could differ materially from these estimates.</span></p>
bnft Contract Cost Payment Term Description
ContractCostPaymentTermDescription
The Company capitalizes costs to obtain contracts that are considered incremental and recoverable, such as sales commissions. Payments of sales commissions generally include multiple payments. The Company capitalizes only those payments made within an insignificant time from the contract inception, typically three months or less. Subsequent payments are expensed as incurred. The capitalized costs are amortized to sales and marketing expense over the estimated period of benefit of the asset, which is generally four to five years. The Company expenses the costs to obtain a contract when the amortization period is less than one year.
CY2021Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
0
CY2022Q2 us-gaap Loss Contingency Receivable Current
LossContingencyReceivableCurrent
9240000
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;font-style:italic;min-width:fit-content;">Concentrations of Credit Risk</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities and accounts receivable. All of the Company’s cash, cash equivalents and restricted cash are held at financial institutions that management believes to be of high credit quality. The bank deposits of the Company exceed federally insured limits and are generally uninsured and uncollateralized. The Company has not experienced any losses on cash, cash equivalents and restricted cash to date.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">To manage accounts receivable risk, the Company evaluates the creditworthiness of its customers and maintains an allowance for credit losses. Accounts receivable are unsecured and derived from revenue earned from customers located in the United States. </span><span style="font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">No</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> customer exceeded </span><span style="font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">10</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">% of accounts receivable as of </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">September 30, 2022</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> and December 31, 2021. </span><span style="font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">No</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> customer exceeded </span><span style="font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">10</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">% of total revenue in any of the three- and </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">nine-month periods ended September 30, 2022</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> and 2021.</span></p>
CY2021Q3 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
1600000
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
4800000
CY2022Q3 us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
2129000
CY2021Q3 us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
1886000
us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
5614000
us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
5625000
CY2022Q3 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
2461000
CY2021Q3 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
2268000
us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
7280000
us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
6589000
CY2022Q3 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
14626000
CY2021Q4 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
16292000
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9989612
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-8586000
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-19654000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-26227000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-39971000
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34279464
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33354624
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33937778
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32978394
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.25
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.59
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.77
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.21
CY2022Q3 us-gaap Marketable Securities
MarketableSecurities
0
CY2021Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
37049000
CY2021Q4 us-gaap Debt Securities Available For Sale Accrued Interest After Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAccruedInterestAfterAllowanceForCreditLoss
0
CY2021Q4 bnft Available For Sale Securities Debt Securities Net Carrying Amount
AvailableForSaleSecuritiesDebtSecuritiesNetCarryingAmount
37049000
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
0
CY2021Q4 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
37049000
CY2022Q3 us-gaap Lease Expiration Date1
LeaseExpirationDate1
2028-05-31
us-gaap Finance Lease Impairment Loss
FinanceLeaseImpairmentLoss
1769000
CY2021Q3 us-gaap Lease Expiration Date1
LeaseExpirationDate1
2028-05-31
CY2022Q3 us-gaap Accounts Receivable Gross
AccountsReceivableGross
29578000
CY2021Q4 us-gaap Accounts Receivable Gross
AccountsReceivableGross
18970000
CY2022Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
115000
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
167000
CY2022Q3 bnft Accounts For Returns
AccountsForReturns
1865000
CY2021Q4 bnft Accounts For Returns
AccountsForReturns
2312000
CY2022Q3 us-gaap Accounts Receivable Net
AccountsReceivableNet
27598000
CY2021Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
16491000
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
167000
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
200000
us-gaap Accounts Receivable Change In Method Credit Loss Expense Reversal
AccountsReceivableChangeInMethodCreditLossExpenseReversal
20000
us-gaap Accounts Receivable Change In Method Credit Loss Expense Reversal
AccountsReceivableChangeInMethodCreditLossExpenseReversal
18000
bnft Allowance For Doubtful Accounts Receivable Write Offs And Recoveries
AllowanceForDoubtfulAccountsReceivableWriteOffsAndRecoveries
72000
bnft Allowance For Doubtful Accounts Receivable Write Offs And Recoveries
AllowanceForDoubtfulAccountsReceivableWriteOffsAndRecoveries
26000
CY2022Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
115000
CY2021Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
192000
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
30133000
CY2022Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
32807000
CY2020Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
15105000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
5686000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
3902000
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
5151000
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
2598000
us-gaap Operating Lease Payments
OperatingLeasePayments
359000
us-gaap Operating Lease Payments
OperatingLeasePayments
362000
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
0
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
478000
CY2022Q3 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
0
CY2021Q3 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
7076000
us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
0
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
32204000
CY2021Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
28764000
CY2020Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
45
CY2020Q2 us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.0800
CY2020Q2 bnft Preferred Stock Redemption Percent Of Stated Value
PreferredStockRedemptionPercentOfStatedValue
1.05
CY2020Q2 bnft Shares Will Beneficially Own In Excess Of Shares Of Common Stock Outstanding
SharesWillBeneficiallyOwnInExcessOfSharesOfCommonStockOutstanding
0.199
CY2020Q2 bnft Common Stock Shares Outstanding Ownership Percentage
CommonStockSharesOutstandingOwnershipPercentage
0.199
CY2020Q2 bnft Percentage Of Hold Shares Of Preferred Stock Originally Purchased
PercentageOfHoldSharesOfPreferredStockOriginallyPurchased
0.10
CY2022Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
13335298
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
95000000
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
88000
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
4432216
CY2022Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
13335298
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
56190000
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
62026000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
174002000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
187993000
CY2021Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
18051000
CY2022Q3 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
9357000
CY2021Q3 us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
0
CY2022Q3 us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
0
us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
0
us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
0
us-gaap Contract With Customer Asset Reclassified To Receivable
ContractWithCustomerAssetReclassifiedToReceivable
0
CY2022Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
221795000
CY2022Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P3Y
CY2022Q3 us-gaap Contract With Customer Asset Reclassified To Receivable
ContractWithCustomerAssetReclassifiedToReceivable
0
CY2022Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
12835000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
26734000
bnft Percentage Taxable Income On Utilization Of Net Operating Loss In Indefinite Life Period Tax Cuts And Jobs Act Of2017
PercentageTaxableIncomeOnUtilizationOfNetOperatingLossInIndefiniteLifePeriodTaxCutsAndJobsActOf2017
0.80
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2022Q2 bnft Reimbursement For Agreed Upon Fees And Expenses Including Legal Expenses
ReimbursementForAgreedUponFeesAndExpensesIncludingLegalExpenses
600000

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