Benefitfocus, Inc. (BNFT) Q1 2022 Earnings Conference Call May 3, 2022 5:00 PM ET

Company Participants

Doug Kuckelman - Head, Investor Relations

Matt Levin - President and Chief Executive Officer

Alpana Wegner - Chief Financial Officer

Conference Call Participants

Jessica Tassan - Piper Sandler

Operator

Greetings and welcome to the Benefitfocus First Quarter of 2022 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. I’d now like to have the pleasure of introducing your host, Mr. Doug Kuckelman, Head of Investor Relations.

Doug Kuckelman

Thank you, operator. Good afternoon and welcome to Benefitfocus’ first quarter 2022 earnings call. Joining me today are Matt Levin, President and Chief Executive Officer; and Alpana Wegner, Chief Financial Officer. Matt and Alpana will offer some prepared remarks, then we will open for questions.

Before we begin, let me remind you that today’s discussion will include forward-looking statements that involve risks and uncertainties and opportunities and the impact of our growth strategy that could cause actual results to differ materially. For more information, please refer to risk factors discussed in our most recently filed Form 10-K. We also will refer to certain non-GAAP financial measures. Important disclosures about those measures can be found in today’s earnings press release. Lastly, we will reference a presentation furnished in 8-K, which you can also find on our Investor Relations website at investor.befitfocus.com.

With that, I’ll turn the call over to Matt.

Matt Levin

Thank you, Doug, and good afternoon, everyone. As I approach my 1-year anniversary with Benefitfocus, I have never been more confident that our company is on a path to achieve sustained growth. We are focused on making the necessary changes to create long-term value for our customers and shareholders. Today, I will cover our progress to date against our strategic plan and provide further insights on what to expect in the coming months. After that, Alpana will discuss our first quarter results.

Looking back at our work that started in the second half of 2021, I am proud of our team for taking decisive actions necessary to address a number of challenges to reposition the company for return to growth and importantly, to be a safe set of hands for our customers. The impact of our efforts to execute on our three-pillar strategy, which involves strengthening the core, growing with intent and increasing operational efficiency can already be seen. We identified and began improving many aspects of our customer service function with a specific focus on implementations and case resolutions. We also focused on platform enhancements for better data interoperability and expanding product offerings. These efforts have improved our go-to-market channel relationships and created meaningful leads and new prospects for future business. We believe all of these efforts will enable us to grow market share and solidify our position as industry leader. We look forward to providing additional insight into our strategy, accomplishments and longer-term financial targets at our Investor Day next week on May 10.