BNFT - Earnings call transcript Q3 2018

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Operator

Greetings, and welcome to Benefitfocus Third Quarter 2018 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. I'd now like to turn the conference over to Mike Bauer, Director of Investor Relations. Please go ahead.

Michael Bauer

Thank you, operator. to Quarter welcome Earnings and afternoon, Benefitfocus' XXXX Third Call. Good

results be close our discussing will announced of the today. the We after operating in issued press market release

Executive Ray Officer. a Financial and Q&A up we Jonathon prepared President today will our some Ray August, offer session. and me Jonathon Dussault, are and Joining for Chief remarks, Officer; will open and Chief call our then the

guidance statements statements and remind personnel, of you These that predictions, that to and discussion losses risks considered such security financial results, could retention Before as that begin, to our from of market, forward-looking our regulatory future our laws, a including information forward-looking results differ expectations. recruitment the of let of me cause risk and positioning statements subject we considered materially be about statements early need including uncertainties, representing cyber views These today views under and are to other reflect environment fluctuation future. security will expectations as today's and management variety be changing and and only our growth, any not key include date. might the the of stage our continuing for of achieve federal actual profitability, GAAP subsequent of should

our Form and our could a please For XX-Q other and SEC refer report further discussion of actual results, affect on our risk factors that filings. the important material to quarterly other

During the to also refer certain non-GAAP course today's financial measures. will of call, we

over to release. those in press call now disclosures I'll turn about important the find measures can You Ray. our

Raymond August

We results consecutive achieved. really our had The XXXX season meeting a exceeding quarter significant This is our accelerated proud afternoon, with selling marks everyone. of quarter, great Thanks, growth. fourth for Benefitfocus and set Mike. foundation momentum. or finished targets. of the I'm we've the Good

across all our exceeded major Our quarterly categories. results expectations

profitability of cash to the with guidance, trajectory, we we QX, track we of our guidance, cash revenue flow end end in top be our Specifically, improved flow-positive. top our exceeded and we're on exceeded the remain pleased

feedback all solutions encouraging. across financial remains segments Industry our strong. Our is performance of on very business our major

fact, XX% these the our customer compared QX on by lives And our in employer basis. XXXX. consumer additions outpaced same growth additions large In to platform year-over-year employer grew those on

performance. Our I acceptance fourth how the participating BenefitsPlace other strength prestigious X of market-leading this contract offering including of strengthening and and under welcomed our specialty our Today, now in innovative platform sales MetLife. execution. discussing XX execution, underscores This revenue product improvement. will quarter signings consecutive and brands expanding Benefitfocus Beginning BenefitsPlace. on is continue improving the our to joined marks and color market quarter already suppliers sales carriers contract Aetna They QX and provide further with core. with opportunities

the indirect teams sales direct In gaining our we importantly, are posted continues and new logos, pace. and year-to-date, by It's over impressive also direct another has on broker efficiencies average employer our focus are employer that lives XX,XXX bookings lives, a traction another resulted grew sales count. logos in our quarter, employer consumers to at many focusing upmarket stories We increasing of our remain community this employees. sales They and by that sales platform targeting national accounts, example with strategic throughout on and team. teams. focused to transaction multiproduct number than brokers, QX, our this partnership of This strengthening enterprise employer on with the within by in in consumer larger our of we also success lives Not continue QX partnerships a added year. did customers platform. the SAP and We in channel more Key indirect new with signing our and well-known direct accelerated brand channel reflects significantly by existing strengthen. and more relationships. only and In size. growth strong prior grow direct our an consumer on

our community, in meaningful our in Our support in distribution our investments presence go-to-market especially capabilities indirect and larger sales vertical partner in our direct our channel, building transactions. strategy drives to team,

we employer All X,XXX. more customers, period. only platform leads large benefits represents believe of a ARPU. we We our are employer platform to this logo our the This expansion consumers customers. year of large third increase employer technology with over prior revenue or bringing in In XX%, XX year-over-year X,XXX the per large from total the count up of on average and user, XX quarter, over had

of very our energized new addition in this and milestone. our important growth and by of the year, the proud we're large We company more on platform. and overall both size quarter customers, significant average employer lives of And industry this are the new this even

While metric in we've to year, quarterly indicated last earnings our increased our net new actively a life-based logo as XXXX, XX% adds we shifting by in this call. are

stop introduce XXXX, the for of We this will believe into We and count large metric. a the the However, carrier our we new plan continue to logo measurement. of in will providing insight to as and XXXX provide logos employer remainder provide business. drivers plan better to

we priority, growth second In Now year-over-year existing let's opportunities. turn bookings. strong revenue in quarter, to experienced expanding customer our this

ARPU. Through and BenefitsPlace expanded employers offering, insurance opportunities country's flagship connecting through better easier our revenue choices Aetna. and largest platform including have with carriers and brands. quality agreements progress consumers benefits impressive and QX, giving we optimizes industry's access highest In BenefitsPlace health BenefitsPlace, of and added continued we the the companies, to employers both X brokers curated our offering, with our also increase We offering, our consumers.

insurance signed group also country's company, our We MetLife. life largest

and offering more platform. platform return growing, our part referrals With consumers. more from driving be of for reach every and value partnerships from this receives value, generates repeatable participant BenefitsPlace with this members sellers over develops on consumers Benefitfocus valuable In are brokers, carriers to We for our revenue million all and to want the suppliers, transaction XX of on ecosystem.

BenefitsPlace voluntary in managed X comprise of core the percentage disability, and United networks one States. represents policies the huge largest a insurance carriers life of the Our and

addition to largest Aflac, the a The Transamerica, quarter, the In carrier United and the number and care Platform third well to large health with Hartford, States Aetna, Genworth in Benefitfocus Cigna, insurance easily as of with use MetLife, Allstate during as and consumers. the connect more contracting

of on benefits through more available every seller finances their Together, the During agreement the and specialty manage We offerings platform. stage suppliers X better these cost-effective with peace of and will helping them life, of our under their health, provide specialty added options quarter, we have now well-being. XX best and leading, products. consumers product mind and families bringing

of During the conduct October months companies open and enrollment. November, most

this While the policies March XXXX launch. year levels we still over initial X been million strong. alone, have engagement in BenefitsPlace, early In have at to confirming what added process, we our BenefitsPlace anticipated

on early an significant opportunity. and emerging are in We capitalizing

initial our and with make significant pleased acceleration growth. are revenue We success to in our poised

Our third priority is of to business. core strengthen our the

performance our strong materially year-to-date in driven professional margins, efficiencies recurring operational shift focused have increasing by improved Collectively, improving free and increasing purposeful revenue strategic our from and investments data, gross decisions and services Our these streams. improved our is QX flow high-margin and trajectory. results, cash repeatable EBITDA to

quarter XX%, rate software revenue our retention the We have strong for both above year-to-date. and maintained

and single sales Our teams marketing are improving day. every

will platform. innovation investing continue strengthen in We our further that also

initiative focus our ongoing MIT our membership bring the in thinking in highlights technological ability and BenefitsPlace on advanced platform the recent the digital learning upon investments. to strategy. Our leverage data and and economy our build to Investments most recent

and file improving accurate operational infrastructure automation ecosystem. strengthens platform reduces the For timely our APIs, and our customer are differentiation, customer experience By to we significant. satisfaction, the platform, transfers, use profitability This thereby It is further more cost for and streamlining our for improves of and also example, reducing our automation increasing deepens data for we ability This, more improving leverage BenefitsPlace entire sellers. the growth. our and and customers. deliver our increasing

shareholder of Across relaunched core business. Our organization, When Benefitfocus. earlier new customer improve aligned team internal are priorities. and entire leadership every business and a associate to we our in support seamlessly working aspects our year, our all the we this to company made values is we strengthen

execution our as sales as for and and are strong proud By foundation We are demand fundamentals improving BenefitsPlace, of our results. strengthening year-to-date our ever. QX building and core,

free We We've are All revenue growth cash we year's on improve operational To drivers to to week, growth, meaningful, will with strengthen further creating fueled our We're in positioned high teens drive our drive the benefits organization will upcoming this and industry's cause our entire success unlocked the respected the margin to XXXX. revenue positive and significant total brands. and our of increased strong XXXX. to for most This our the continue this Sales aligned mid Conference. well BenefitsPlace, build demand coupled and largest, relevant revenue next in network by momentum, driving expansion platform. business. the our off progress expansion. host compared XXXX We're efficiencies, We've Kickoff with will XXXX acceleration most to continued year. our flow for accelerated

entire come to learn in together and and influencers collaborate, time, first For our prepare to sales XXXX. with direct the our team win channel resellers will partners,

of quarters strong consecutive X delivered have We performance.

helping brokers Benefitfocus And sellers, value. thanking We our achieve us close drive dedicated stronger will that success. and our I'd sustainable shareholder associates our to are we confident like and our than believe ever. for long-term business strategy our of is increased platform employers, by community

Now the over results. call I would to financial Jonathon? to Jonathon our review like turn to

Jonathon Dussault

third reviewing previous our compared third third provide our guidance. was to range. the for results you, million, of and XXXX above begin quarter quarter Total increase of details X% the by Ray. an revenue was $XX I'll and then of financial Thank guidance quarter the

to and software by the of XX%. and BenefitsPlace Third Breaking outperformance of exceeding primarily revenue prior services. high Employer in further. quarter excess QX growth end driven revenue the software of million, of for of increase our was reflective our platform's revenue strong by revenue services year-over-year the and professional software transaction $XX.X XX% line and to our software the GAAP services subscription of the of offset item revenue. third was timing retention quarter X% million, up over down our Carrier to guidance revenue $XX services revenue. Total revenue services The compared XXXX. revenue the compared results QX compared of to professional $XX.X period. quarter of million, professional by was timing driven quarter the representing growth increase an profit of line XX%. $XX million, prior with increase carrier a million, gross X% was BenefitsPlace XXXX. XXXX. an $XX.X Employer was growth services software increase revenue service partially activity, of timing up XX% $XX.X the accelerated as was include third prior-year an as of base. and of XX% momentum renewals million revenue in reflects margin subscription was expectations XX% $XX.X recurring the services of combination of compared period. in year as the our was revenue the This revenue million, Carrier was XX% was The an professional Total

loss margin was Non-GAAP in of operational the gross services to XXXX. a million margin. margin contributing from $XX.X gross compares million, the our $X.XX. a consolidated This Software XX%; XX% in of million share of $XX.X revenue software in in representing margin. gross loss gross gross non-GAAP Non-GAAP the in enrollment favorably a quarter. totaled XXXX. cost is an XX% up quarter, non-GAAP or in $X.X margin profit non-GAAP non-GAAP majority expense QX is of per invest softer, This end of million, and in profit profit we Recall or software The XX% the XX% this and added gross gross QX $XX.X seasonally a results reflected net open of third readiness. to margin gross

For subscription points increased points basis the nearly focused over year-to-date. and towards operational and our automation; scale. improvement This respectively. in operational gross our quarter data XXX of quarter in improved inherent efficiencies, transaction shift by and points platform's XXX year-to-date, our over margin basis Non-GAAP the BenefitsPlace gross improved and improved purposeful software the reflects combination consolidated investment over driven high-margin XXX and basis margin non-GAAP points, basis XX revenue;

and drive and in to continue guidance year-over-year in of to our consistent improvement favorably QX QX breakeven. X% compares also significantly adjusted EBITDA revenue adjusted XXXX. negative was We our EBITDA sequential the nearly results. This exceeded

our million revenue operational impacted recurring support combination efficiencies to trajectory, throughout prior continues expansion, favorably revenue accelerating our EBITDA our support the future reflective targeted adjusted increasing loss than to growth, improved company. are better by $X.X making was our margin Our of investments gross guidance. scale QX was and To and growth, is outlook. which net we Non-GAAP our in be

the of used both provided that $X.X quarterly cash million. use Moving carrier sequentially to non-GAAP sequential driving the away perspective. a shift we cash $XX.X free define cash by million. statement. Total operations flow XXXX balance We ongoing traditional and as or million the decline flow reflects contracts in from our our a flow cash a totaled service from measure year-to-date negative and from and on transaction-based purchases significant cash sheet. Free deferred cash, strategic QX of We negative the declined to ended period. $XX.X plus improved of the QX This prior million. quarter revenue on focus Onto QX in and $X.X large repeatable was in positive $XX in with and equipment, million property is cash revenue. operations the year improvement operations, from our flow generated materially $X.X million

make as by to have $XX.X use free cash improved solid achieving our we progress towards cash positive million. year-to-date, free flow flow continue of We

to move increasing well let's execution margin raising midpoint Reflective solid in of for lives and accelerated guidance. of positioned growth guidance platform adding expansion our the we revenue revenue ARPU, our XXXX. Now to are of and are steady our consumer XXXX and

growth total For million, $XXX $XXX X% are to revenue million compared we which at represents midpoint XXXX. XXXX, full year year the to targeting full of approximately

$XX to loss EBITDA adjusted million, and non-GAAP million of based $XX expect non-GAAP weighted $X $X.XX on per $X.XX million to XX.X net $XX share net We loss outstanding. of million of shares to million, a a

teens, total the and to our free anticipate full cash flow. generate to For mid we growth to business high year positive accelerate for meaningful to XXXX, revenue

a We later at will guidance formal date. provide XXXX

and transformation are very Markets educate Capital we Technology in our the our quarter better and consecutive We we our within X of present results. RBC QX, performance with and proud pleased closing, In execution. the positive business, Media to Conference. XXXX of plan about solid year-to-date To Internet, quarters the investors year-to-date are Telecommunications at

opportunities improvement sales generate are the XXXX, at meaningful your and expansion positioned our drive execution, are cash and we take that, revenue of We this of revenue our please confident shareholder With that now have begin questions. time. in session accelerate to our by ready core, continued to significant free the strengthening we Operator, business and flow value. growth question-and-answer

Operator

[Operator Thank Instructions] you.

First question line Raymond the James. state Peterson from of Please with Brian comes questions. your

Brian Peterson

very and nice taking this Thanks job for again the question quarter.

us has in you've revenue improvements sales translate a as XXXX Ray, should gone you the have and XXXX. much through do going bookings end set a feel the more like looks up it revenue So cycle, trajectory bookings forward? into what this faster-than-expected that And growth been to like rate help maybe drive really understand, sustainable this biggest you've seen?

Raymond August

a of their performance. is appreciate plan time. dimension. the our BenefitsPlace new this Yes. all It's overall year. as been who have Every earlier at executing one during making much. have different our we them business, up for taking products. on to a of specialty great. have in had Simply carriers our Thanks, selects at the The - market part and about for providers and We've We've exceeded Brian. is feel way truly quarter a look at of market, those, time and we're point ARPU we looked of quarters think we We perspective the everybody our out X for of particularly who be laid very from somebody us we signed least was period stated, BenefitsPlace. ecosystem. the at signed business strategy, shape, of consistent both check every entire embracing We're BenefitsPlace. it our about of The what - maximizing we now, X that we're side writing targets one we an really we like to up think BenefitsPlace lives and right an of as really business does this inflection now new ARPU And

really consumers excited different direction. We have have The many been all positive very a are contributing solutions that by it. in

BenefitsPlace this year from so clicked million a on X where BenefitsPlace providers. policies a selection, quarter has of have product we bought our This over - one consumer a far, on

they're we said not are logos we're consumers earlier, lives XX% we up year-over-year. which from are really the excited ago, about perspective, about, and From saw are offering. a year a that selecting community, our the recommending we What Benefitfocus. our was on a characterized eliminated the products we they're truly headwind platform quarter, spoke that So headwind. we brokers we what had seeing broker Last it as as

the advantages participating the where all their on everybody to then tailwind have recommending are employees to and time to are - putting recommending care us those Brokers lives them more and are our truly their and it ecosystem. we they're products Employers the their in they're products. sold. better a are platforms Carriers effective Now in of of employees, and brings customers, for getting brokers their are getting benefits they're are more advantage Benefitfocus, selling take BenefitsPlace paid family. their more offering every products to

the all with to for guidance is to So where with And get seeing factors can where point really pleased a We're accelerating really we're our our revenue us activity. going. pleased 'XX. and this help we enabled these

signals - getting been market. from it's So the great we're

Brian Peterson

evolution. highest And mean try Ray. on lot basis for a members might at levels had might products referenced higher are what adoption? BenefitsPlace, look hear, maybe that really than can That's on that in we what you balance could XXXX? X so you like understand on on I good the an Is the us ARPU point this that's help the of seeing share there that what the million triangulate to product anything to And

Raymond August

Brian. thanks, no, - Yes

and X right consumers that But over and year. recently we we're visibility that - of really from next products selecting representing BenefitsPlace, the just are that us one starting give started our revenue gave these Because they're different for were that million the trends do the know these on to selected carriers are year. products we've to on things next selected now. fact is BenefitsPlace year selecting enrollment see X the into products, happen carriers the confidence yes, being open are this So policies

visibility getting across board. but now, happen for So next we're the what we're placement increased seeing from will into year, the

Brian Peterson

Great, Ray. thanks

Operator

RBC comes next with of questions. MacMillan The Markets. question line proceed your the with Please Ross from Capital

Ross MacMillan

you Thank well. congratulations and my as

up And logos. - than XX% just faster Just guess. XX% on are is I lives quarter, the that the logos I double employer were that you case that well, digits growing still year-to-date, employer lives, the wondered, against commented the growth last rate?

Raymond August

lives phenomenon. the quarter, this X metric we're over as know, said, XX%. business. logos. about you Year-to-date, for quarter, XX%. seeing year, faster I the some What in versus customers to interesting use which is not next as Yes, is quarter of about This a can our we X up for up, sign is year-ago And pleased going we're you talking we're - you as year, growing this really we're lives to to But be are we it's customers said, as a typically enterprise going very that tell period. added enterprise big than

So average if the bigger, of is fact we're the at more accelerating getting selling we're is and ever-growing of number BenefitsPlace, that we the what lives going ARPU, companies, it's not and overall, it's total that increase, you is XX% love look look What at and revenue increasing is less XXXX the the smaller then given and into beyond. significantly. lives at we us growing that means selling our number about look for that when pie

Ross MacMillan

revenue. uplift? there's major software a obviously above you for maybe, how there color revenue it's for terms kind a if pro the Even are services revenue. that that And growth, incremental versus on to any mix drivers growth big to just logo think to the large in can incremental it's very Jonathon, of jump about next do I you of anything you'd of number of the the else wondered, on year? I sort think don't And services in big know what in terms provide is incremental get highlight growth, XX% just in

Jonathon Dussault

for question. Thanks the Yes, sure, Ross.

So know, more to or color components. a segments the as to revenue guide specifically me we you of but don't allow little bit provide on type, some

if growth foremost, quarter, our look think in it's first a at XX%. services I on basis, software and year-over-year up you the

of a you our in But real XXXX. performance prepared as only revenue, from that from underlying about gotten that's to in year-to-date, those future logos, today starting Launchpad provides had and the great increase into that the head XXXX. good that the like deals and year, one driving perspective a XXXX. XX,XXX quarter the mentioned the So XX% expectations that that drivers in in from really, it provides of quality some point you down we and UTS think embracement the when contributing his of market employees, break Ray BenefitsPlace to not catalyst revenue the But we've a the for line our remarks importantly, this but the is

what So business of those in and provides that's and growth you 'XX. the our we're the confidence the when that the provided BenefitsPlace, range that adoption the lives base guidance we for in combine with seeing quality

Ross MacMillan

Great. could. Jonathon, last if And one, just maybe one I

high vis-à-vis anything on earlier shifts QX that QX. either little year? And guide, you maybe The talk of a Are came Was out just shifts full could Just year into the next that there to or lower. end. into QX maintained just the QX there some of at it's revenues?

Jonathon Dussault

Yes, sure. Absolutely, Ross.

the we're a we've XXX. to year We've year-to-date from very that end guidance, being our perspective. the the proud Midpoint So we beginning-of-the-year XXX the was just raised revenue of our performance midpoint of provided, of guidance With of high X. exceeded beginning expectations. previous our our it

be issues I've where bit some throughout XXXX. little and heading But timing in comments would if the that year QX bit we timing So moved, a perspective. to from great pro a we're to there's throughout not my moved we'd today, the services it been thought that better, be, a revenue some referenced we're well and are mentioned I we in tracking we With where year, we a in above thought where full particular, catalyst originally little we find said, overall, be. some for where as

Ross MacMillan

you. Great, again. Congrats thank

Jonathon Dussault

Ross. Thanks

Operator

with from Next Jefferies. DiFucci your comes with proceed questions. question the Please line John of

John DiFucci

is the for It environment. hoping guidance mid- was John. dive to deeper could a This from Joe was on to great bit guys into little growth. business I you just high-teens see

you opportunities the but rate business had the win said were quarter, last flat, increased. think I

I So was wondering monetizing things guys improved, if just had meant better platform. just the this are you or

Raymond August

Yes. seeing Great question, of Thank the we're Joe. - you. The all above.

business next people very improving. the So seeing and our pipeline the period. enrolling going is product; obviously, larger buying spending is people into And than number seeing seeing more to We're in what year-ago We're XX% more We're companies more environment robust increase. it than our a product. our ago. year was robust at year, benefits the of much looking continuing their

improved benefits they're just are cost employers environment are efficiency, more those platform. which proposition, getting creating And platform the that together, those access employees factors important BenefitsPlace a get benefits this all part to their with more allows is much we're for a now in not seeing this to just lives ARPU and growth of we're activity coming getting they platform lower growth, provide the an because and where to So and operational improved the market. at real have a them

important people towards customers use of part we important prospects what attract real our to that they're told they appeal seeing to more their by Benefitfocus. a and think a as platform So the strategic that's and weapon real our part we're and company, can a of

John DiFucci

cash you Jonathon, guided positive next also for then to And helpful. flow. That's free year increased

I in to Just leverage more. differently, much growth, into revenue guess little much that Or that a growth drive diving that How phrased see? XXXX? is can how needed we bit investment

Jonathon Dussault

the for Joe. Thanks question, Yes.

to throughout flow. perspective. going investments a feel margin we about a expansion of headed system where be to result margins. ultimately, So opportunities couple Certainly, revenue continue continues made operational to organization, what's well. automation from will scale our to targeted And we good which have as more there mature the drive we're to in drive to cash our still that improve We've drive components efficient platform, solution as expansion. drive We and, a

we feel, combined, in drive that generation flow of our XXXX. in all cash margin result meaningful EBITDA and So will

John DiFucci

Thanks guys.

Jonathon Dussault

Thank you.

Operator

line Wedbush. Our is of Ives next Daniel from with coming proceed with your questions. question the Please

Daniel Ives

Hey, guys. Again quarter. great

let the in customer. you? with changed how terms that after terms So the of you of acquisition, them terms dynamics Maybe talk of in Bswift ask carrier competitively acquiring in sort of Aetna, the about me on the obviously, could market,

Raymond August

important both company, for Yes, Aetna, as very closely a key and and ours, Yes, benefit we competes be several a very, their worked ago. of medical called great ancillary benefit and company enrollment with care somebody key a of thanks. bought very that and Bswift, portfolio customers a in us years carrier a They them. life with solution to a part

want us special to see part revenue grow to they for this a the selected at to clearly, However, and that one and that of be something newest BenefitsPlace, very pleased spoke of participants and way very is of. They our as them we're they we be in Aetna be and it they see distribution platform. as Aetna, that unique to part channel

just So partner a of great ours. they're

Daniel Ives

thanks. Okay,

Operator

Jaffray. of is The with questions. Deka your from Please Piper proceed Nina line next with question the

Nina Deka

Hey quarter. on the congrats

Raymond August

Nina. Thanks

Nina Deka

to on QX, elaborate that make mentioned you little You a were targeted some in you looking maybe investments. just bit? Could

Jonathon Dussault

Yes.

are So there's a down in few things coming an from the that pipe QX, perspective. investment here Nina,

for expand next the It year. EBITDA investments targeted expect over making our settles we told, the We we for sales just course. and of there. for to the kickoff event fully BenefitsPlace XXXX platform with should to operationalize holding continue All some to year We're year strategy, pretty be dust a our in XXX robustly. and we're in margin basis the business And when team. our points invest big marketing, continue as

Nina Deka

Okay.

with platform. kick to the that to you've in million the going Okay, seen that year. revenue platform, that's until on but new revenue that That regards policies isn't mentioned are the some helpful. BenefitsPlace, BenefitsPlace And next X strengths then from you

contracting the carrier that what's in from in Or them? from strength So it was stream this of driving that the Benefitstore? business you it the is legacy already transitioning revenue the type that year? coming on the with do Is

Jonathon Dussault

Yes.

bookings is they're of be our So at what those and getting the our performance from core in And fundamental the as the we've XXXX. year, talked are legacy, base we to carrier look just strategic strength I them this at and they think very as we wouldn't our head ours strength employer I and segment. count, still into will logos us. about and call you're lives the strength still in both

Nina Deka

teens season. what only you it - Okay. mid understand think To Is more. year? still to trending, type do I it on get to from you of then enrollment portion coverage maybe teens, high high give is for that? higher a guidance And and happens it November bit have the partially take get more you're one that Is that? just way what us in Could to to little open on what of mid clarity your would through you next the

Jonathon Dussault

Yes.

we have taking to to UTS we visibility strong that the the already, components - you very - year. the it are into XXXX XX really it, so partners primary done the break the those strength So providers will community. when solid then we we're X into driving we're adoption, down And the of like And of channel enrollment, go have confidence carriers, just contributing next and momentum, for with that lot real just revenue a the through the though that of that that broker in the the And we we've planning that have open we've the we momentum a strong completed I'll high BenefitsPlace have. year signed early turning that seeing even account have live start strong lives they added to number earlier SAP to next already, with the start selling we year platform that brings in specialty season with new the table, adoption revenue. then the our and year, X lives the visibility like and

the signed selling We year's we that program, which as have in our Premier the into Broker all stuff head we XXXX, creates books XX-or-so pipeline with quality of season. this in for have brokers up combined

Operator

closing for Mr. President to CEO, remarks. I Thank Instructions] turn August, this [Operator At you. floor time, the will and back Ray

Raymond August

Great. again associates company. we're for we all excited very and very even to for more Benefitfocus their close strongly, XXXX excited I'd a this thank inflection and all We're Thank and much, to us great and the out beyond. - for appreciate for this like support. once point for the contribution you year as questions

So you position. for us done everybody you've everything that for put to thank in this

Operator

concludes Thank you. This today's conference.

participation. You may your lines disconnect Thank for your time. you this at

Benefitfocus (BNFT) 4 Nov 182018 Q3 Earnings call transcript