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Private company

Benefitfocus, Inc.

American prepackaged software services company based in Charleston2

In its 2022 annual report the company says: “Benefitfocus is an industry-leading, cloud-based benefits administration technology company serving employers and health plans. We help organizations simplify the complexity of benefits administration while engaging people in the right healthcare and benefit programs for them and their families. We also deliver insights to employers, health plans and their advisors to help maximize returns on their healthcare investment; and our services help reduce administrative burden and costs for organizations.”70

Last updated Oct 21, 2026.

Overview

  • IndustryServices-Prepackaged Software2
  • HeadquartersCharleston, United States2
  • Incorporated inDE3
  • Business address100 Benefitfocus Way, Charleston, Sc 294923
  • Filer categoryAccelerated filer3
  • Legal formCorporation2
  • LEI254900W89KP1OS3RXO892
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressC/O Corporation Service Company, 19808 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 53018932

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2021

53.4%Gross margin4
-2.2%Operating margin4
-12.2%Net margin4
-1.9%Revenue growth, 20214
$21.7MFree cash flow4

Where the money goes

Where each dollar of revenue went, fiscal 2021

  • Cost of revenue47¢$122.7M
  • Research and development17¢$44.7M
  • Other costs35¢$92.7M
  • Income tax1¢$3.0M

Out of $263.1M in revenue.4 The company lost money this year.

Where each dollar of operating cash went, fiscal 2021

  • Capital spending35¢$11.8M
  • Kept or used elsewhere65¢$21.7M

Out of $33.5M of cash from operations.4

Financial statements

Revenue56784$263.1M in 2021+42% since 2015
0$100.0M$200.0M$300.0M2015: $185.1M$185.1M20152016: $236.5M$236.5M2016+28%2017: $236.8M$236.8M2017+0%2018: $258.7M$258.7M2018+9%2019: $295.7M$295.7M2019+14%2020: $268.1M$268.1M2020−9%2021: $263.1M$263.1M2021−2%
Gross profit56784$140.4M in 2021+71% since 2015
0$50.0M$100.0M$150.0M$200.0M2015: $82.3M$82.3M20152016: $113.2M$113.2M2016+38%2017: $109.5M$109.5M2017−3%2018: $129.4M$129.4M2018+18%2019: $151.6M$151.6M2019+17%2020: $138.8M$138.8M2020−8%2021: $140.4M$140.4M2021+1%
Operating income56784-$5.7M in 2021−89% since 2015
-$60.0M-$40.0M-$20.0M02015: -$54.3M-$54.3M20152016: -$32.5M-$32.5M2016−40%2017: -$37.9M-$37.9M2017+17%2018: -$39.7M-$39.7M2018+5%2019: -$24.5M-$24.5M2019−38%2020: -$3.0M-$3.0M2020−88%2021: -$5.7M-$5.7M2021+92%
Net income56784-$32.2M in 2021−48% since 2015
-$80.0M-$60.0M-$40.0M-$20.0M02015: -$62.1M-$62.1M20152016: -$40.3M-$40.3M2016−35%2017: -$50.3M-$50.3M2017+25%2018: -$52.6M-$52.6M2018+5%2019: -$45.5M-$45.5M2019−14%2020: -$24.3M-$24.3M2020−47%2021: -$32.2M-$32.2M2021+32%
Fiscal year2015201620172018201920202021
Revenue$185.1M5$236.5M6$236.8M7$258.7M8$295.7M4$268.1M4$263.1M4
Cost of revenue$102.9M5$123.3M6$127.4M6$129.3M8$144.1M4$129.4M4$122.7M4
Gross profit$82.3M5$113.2M6$109.5M7$129.4M8$151.6M4$138.8M4$140.4M4
Research and development$52.2M5$56.6M6$49.5M7$47.9M8$54.7M4$46.2M4$44.7M4
Operating expenses$146.1M4
Operating income-$54.3M5-$32.5M6-$37.9M7-$39.7M8-$24.5M4-$3.0M4-$5.7M4
Interest
Income before tax-$35.1M4
Income tax$25.0K5$17.0K6$15.0K7$28.0K8$27.0K4$22.0K4-$3.0M4
Net income-$62.1M5-$40.3M6-$50.3M7-$52.6M8-$45.5M4-$24.3M4-$32.2M4

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Corporate structure

Benefitfocus, Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Benefitfocus, Inc.

  • Benefitfocus, Inc. Charleston, South Carolina, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Benefitfocus, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$147.1M4 Dec 31, 2021$139.5M4 Dec 31, 2020+5.5%
Accumulated depreciation$119.9M4 Dec 31, 2021$109.8M4 Dec 31, 2020+9.2%
Property and equipment, net$27.2M4 Dec 31, 2021$29.7M4 Dec 31, 2020−8.4%
Finance-lease assets$56.5M4 Dec 31, 2021$68.7M4 Dec 31, 2020−17.8%
Operating-lease assets (leased space)$774.0K4 Dec 31, 2021$1.1M4 Dec 31, 2020−30.1%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$31.0M4 Dec 31, 2021$90.7M4 Dec 31, 2020−65.8%
Marketable securities, current$37.0M4 Dec 31, 2021$95.1M8 Dec 31, 2020−61.0%
Debt securities held to maturity$95.1M4 Dec 31, 2020

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$34.2M4 Dec 31, 2021$12.9M4 Dec 31, 2020+166.3%
Finite-lived intangibles, gross$30.3M4 Dec 31, 2021$17.0M4 Dec 31, 2020+77.8%
Accumulated amortization$9.1M4 Dec 31, 2021$6.6M4 Dec 31, 2020+37.8%
Finite-lived intangibles, net$21.1M4 Dec 31, 2021$10.4M4 Dec 31, 2020+103.3%

Leadership

Who has led Benefitfocus, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Shawn A. Jenkins2013–2017
  2. Raymond Alexander August2018–2020
  3. Stephen M. Swad2020–2021
  4. Matthew Levin2021–2023

Chair

  1. Mason R. Holland Jr.2013–2021

President

  1. Shawn A. Jenkins2013–2015
  2. Raymond Alexander August2015–2020
  3. Stephen M. Swad2021
  4. Matthew Levin2021–2023

Chief financial officer

  1. Milton Alpern2013–2015
  2. Dennis B. Story2016
  3. Jeffrey M. Laborde2016
  4. Jonathon E. Dussault2017–2019
  5. Lou Anne Gilmore2019
  6. Stephen M. Swad2019–2020
  7. Alpana Wegner2020–2023

Chief operating officer

  1. Andrew L. Howell2013–2014
  2. Raymond Alexander August2014–2018
201520202025
Board members and other officers (21)

Former names

  • Benefitfocus,Inc.May 10, 2013 to May 8, 20203

Timeline

  1. Jan 24, 20238-K Entered a material agreement; Ended a material agreement; Completed an acquisition or sale47
  2. Jan 20, 20238-K Shareholder vote; Other events48
  3. Jan 13, 20238-K Other events49
  4. Dec 19, 20228-K Entered a material agreement; Executive or director change50
  5. Dec 15, 20228-K Other events51
  6. Nov 7, 20228-K Results of operations; Regulation FD disclosure52
  7. Nov 4, 20228-K Financial statements and exhibits53
  8. Nov 3, 20228-K Entered a material agreement; Executive or director change; Other events54
  9. Nov 2, 20228-K Regulation FD disclosure55
  10. Aug 18, 20228-K Entered a material agreement; Ended a material agreement; New debt or obligation56
  11. Aug 3, 20228-K Results of operations; Regulation FD disclosure57
  12. Jun 13, 20228-K Executive or director change; Shareholder vote58
  13. May 11, 2021New chief executive Matthew Levin becomes CEO12
  14. Sep 3, 2020New chief executive Stephen M. Swad becomes CEO13
  15. Apr 2, 2018New chief executive Raymond Alexander August becomes CEO14
  16. Sep 17, 2013New chief executive Shawn A. Jenkins becomes CEO15

Calendar

When it reported results

  1. Nov 7, 2022Reported quarterly or annual results52
  2. Aug 3, 2022Reported quarterly or annual results57
  3. May 3, 2022Reported quarterly or annual results59
  4. Mar 1, 2022Reported quarterly or annual results60
  5. Nov 3, 2021Reported quarterly or annual results61

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

101 filings to the SEC since October 2021: 2 annual reports, 4 quarterly reports, 19 major events, 39 insider forms, 13 large holders, 24 other. The latest 20:

  1. Feb 13, 2023SC 13G/A EDGAR
  2. Feb 9, 2023SC 13G/A SCHEDULE 13G/A EDGAR
  3. Feb 3, 202315-12G NOTICE OF TERMINATION EDGAR
  4. Feb 1, 2023SC 13G/A EDGAR
  5. Jan 30, 2023EFFECT EDGAR
  6. Jan 30, 2023EFFECT EDGAR
  7. Jan 30, 2023EFFECT EDGAR
  8. Jan 26, 20234 EDGAR
  9. Jan 26, 20234 EDGAR
  10. Jan 26, 20234 EDGAR
  11. Jan 25, 20234 FORM 4 SUBMISSION EDGAR
  12. Jan 25, 20234 FORM 4 SUBMISSION EDGAR
  13. Jan 25, 20234 FORM 4 SUBMISSION EDGAR
  14. Jan 25, 20234 FORM 4 SUBMISSION EDGAR
  15. Jan 25, 20234 FORM 4 SUBMISSION EDGAR
  16. Jan 25, 20234 FORM 4 SUBMISSION EDGAR
  17. Jan 25, 20234 FORM 4 SUBMISSION EDGAR
  18. Jan 24, 2023S-8 POS EDGAR
  19. Jan 24, 2023S-8 POS EDGAR
  20. Jan 24, 2023POS AM EDGAR

The 101 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

20 open-market trades by officers, directors and large owners since October 2021: 6 buys and 14 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Nov 1, 2022Wegner AlpanaChief Financial OfficerSale352$6.99$2.5KForm 4
Sep 2, 2022Wegner AlpanaChief Financial OfficerSale3,622$6.59$23.9KForm 4
Sep 1, 2022Wegner AlpanaChief Financial OfficerSale2,178$6.86$14.9KForm 4
May 11, 2022Levin MatthewPresident and CEOSale14,800$7.99$118.3KForm 4
May 10, 2022Levin MatthewPresident and CEOSale37,154$8.59$319.2KForm 4
May 3, 2022Wegner AlpanaChief Financial OfficerSale418$10.62$4.4KForm 4
May 2, 2022Wegner AlpanaChief Financial OfficerSale773$10.76$8.3KForm 4
Apr 5, 2022Wegner AlpanaChief Financial OfficerSale1,697$12.44$21.1KForm 4
Apr 4, 2022Wegner AlpanaChief Financial OfficerSale5,811$12.61$73.3KForm 4
Apr 1, 2022Wegner AlpanaChief Financial OfficerSale2,375$12.47$29.6KForm 4
Mar 28, 2022Indaba Capital Management, L.P.DirectorBuy100,000$12.72$1.3MForm 4
Mar 25, 2022Indaba Capital Management, L.P.DirectorBuy20,000$12.45$249.0KForm 4
Mar 24, 2022Indaba Capital Management, L.P.DirectorBuy22,047$12.37$272.7KForm 4
Mar 23, 2022IC GP, LLCDirectorBuy22,500$12.06$271.4KForm 4
Mar 22, 2022IC GP, LLCDirectorBuy26,536$11.42$303.0KForm 4
Mar 21, 2022IC GP, LLCDirectorBuy251,100$11.33$2.8MForm 4
Feb 1, 2022Wegner AlpanaChief Financial OfficerSale28$10.90$305Form 4
Jan 3, 2022Wegner AlpanaChief Financial OfficerSale713$10.79$7.7KForm 4
Nov 1, 2021Wegner AlpanaChief Financial OfficerSale352$10.89$3.8KForm 4
Oct 1, 2021Wegner AlpanaChief Financial OfficerSale119$11.06$1.3KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How Benefitfocus, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARBenefitfocus, Inc.1
  • CIK0001576169
  • Employer ID (EIN)46-23463141
  • Filer statusAccelerated filer1
  • Incorporated inDelaware1
  • Fiscal year endsDecember 311
  • Industry code (SIC)7372 Services-Prepackaged Software1
  • Business address100 Benefitfocus Way, Charleston, SC 294921
  • Phone843-849-74761
  • Shares outstanding34,420,618 as of Nov 4, 202210
  • Public float$382.9M as of Jun 30, 202169
  • On EDGAR sinceMay 10, 20131
  • Filings607 in all: 4 (230), 8-K (110), SC 13G/A (40), 3 (34), 10-Q (28), DEFA14A (19), SC 13G (15), SC 13D/A (11)1
    All 45 form types

    CORRESP (10), 10-K (9), DEF 14A (9), CT ORDER (8), EFFECT (8), UPLOAD (7), S-8 (6), S-8 POS (6), SC 13D (6), 4/A (4), 424B7 (4), 10-K/A (3), 3/A (3), 424B4 (3), POS AM (3), S-1/A (3), S-3 (3), 5 (2), D (2), DFAN14A (2), DRS/A (2), S-1 (2), 10-Q/A (1), 15-12G (1), 25-NSE (1), 424B3 (1), 8-A12B (1), 8-K/A (1), CERTNAS (1), DEFM14A (1), DRS (1), POSASR (1), PREC14A (1), PREM14A (1), S-1MEF (1), S-3/A (1), S-3ASR (1)

  • Latest filingsAnnual report (10-K) Mar 4, 2022
    Quarterly report (10-Q) Nov 9, 2022
    Proxy statement (DEF 14A) May 9, 2022
    Latest 8-K (8-K) Jan 24, 2023

Sources

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